THAMES GAS COMPANY.

New Zealand Herald, Volume XIII, Issue 4460, 29 February 1876, Page 3

THAMES GAS COMPANY.

The half-yearly general meeting of tlio Thames Gas Company, was held hi Mr. T. L. White's office, Shortland-street at noon yesterday. A quorum of shareholders being present Mr. G. J. Stone was voted to the chair. The minutes of the last annual meeting were read and confirmed. The following balauce-sheet was then read to the meeting :— Capital Account.—Dr. :To capital, amount of calls, £15,965 15s ; creditors for unpaid accounts, &c., £341 ; protit and loss, £991 6s 4d: total, £20,29S us Hid. Cr. :By freehold land aud building, £17,910 9s 9d; stock of coal, shale, and residual products, £944 Is Od; debts due to company, £369 12s 6d ; office furniture, £159 0s 5d j cash at Bank of New Zealand in hand, £915 5s lid: total, £20,298 5s 11-Jd. Profit aud Loss Account. —Dr. : To dividends, wages, and general expenses, £1357 lis 4d; bad debts, £IGG 7s 2d; balance to new account, £991 6s 4d: total, £3,445 Is Id. Cr. : By balance 21st July, 1575, £1275 17s 9d; gas account, £1764 7s 9d; residual products, £406 8s 4d; coals sold, £295 10s 9d ; sundries, £2 12s 6d : total, £3445 Is Id. In moving the adoption of the report, the Chairman said: Gentlemen, We have not prepared auy report, nor shall I consider it necessary to trouble you with any lengthened remarks. This we regard as an interim meeting, and wo shall prepare, we trust, a satisfactory report, as well as balance-sheet, for our annual meeting. The balance-sheet has been read, and you perceive by it that we have a balance of profit and loss carried to the new account of £991 Gs 4d. This will justify the payment of a dividend, which we shall recommend,.and I shall propose presently o"» f jj per centTlor the halfyear. 1 regret we shall not be able to carry forward a larger balance ; but still, the half-year before us is one in which we may reasonably expect a larger consumption of gas. We regret, however, to have to inform you, as you may judge from the state of affairs at the Thames, that our gas consumption does not increase as wo might have expected ; but during the last two months, there has been a falling off of 15,000 feet per mouth. This may be reasonably accounted for, when tlio shareholders bear in mind that many of the principal works of the Thames have been stopped. On the other hand, we have taken advantage of our good balance to write off bad debts to the extent of £166 7s 2d. We have also a large stock of coal and shale on hand, ready to commence the business of the half-year. I do not think that there is any other business L need touch upon. The balance-sheet will bo handed to you, and, if there are any remarks to be made upon it, I shall be glad to hear them. I beg to move the adoption of the balancesheet, and to move that a dividend of Is lOid, about equal to 5 per cent, per half year, he paid to the shareholders, due on the 7th of March next.—Mr. P. Dignan seconded both resolutions, which were put, ami carried nem. con.—Mr. Stovin asked how it was that in gas, the "accounts for which were considered pretty well certain to be collected, bad debts should accrue to the extent •hewn in the statement.—The Chairman: Well, that matter is very easy to answer. The chief of the bad debts have accrued in the sale of coal. -When the lield was in a more prosperous condition, applications were made to us for coal, and we sold a considerable quantity to increase the profits of the company. Some unfortunate sales were made, and they have become bad debts. Certain as gas accounts appear to be, when the district is undergoing serious depression there are losses even upon, gas—Mr, Stovin was satisfied with the explanation, and proposed a vote of thanks to the Chairman, which concluded the business.