AUCKLAND GAS COMPANY (LIMITED).

New Zealand Herald, Volume XXXIII, Issue 10045, 4 February 1896, Page 6

AUCKLAND GAS COMPANY (LIMITED).

! " ANNUAL MEETING. The thirty-fourth annual meeting of shareholders in the Auokland Oas Company was held yesterday afternoon, at the offices of the company. Mr. T. Peacock presided, and there was a considerable attendance. report and balance-sheet. Tho directors' roporb and balance-sheeb were laid before the meeting, as follow :— The operations of the company during the past year have been very satisfactory. The reduction made in the price of gas in June last, to 5s per 1000 e.f. nes, has resulted in an increased consumption of gas equal to 19 per cont. abovo that of the corresponding half-year in 1894. _ The directors havo now under consideration necessary extensions for the manufacture of gas and laying of pipes to tap additional districts, and are meeting with gratifying results in their efforts to extond the use of gas for oooking purposes. To meet this increase of business the directors will require to be provided with additional capital. Ib is not their intention, however, to call up more than a moderate sum, sufficient for present; requirements, The directors recommend the payment of a dividend for the past half-year of 7s fid per share on the paid up shares, and 3* 9d per share on the part paid up shares. This appropriation will leave a balance of profit to be carried forward of £2115 3s 4d. The directors havo again to express their regret at the loss of a member of the Board, in tho person of Mr. Reader Wood. The diroctors have appointed Professor Brown to fill his place. Mr. Thomas Ching and Mr. Thomas Peacock, two of the directors, go out of offioe by rotation, and offer themselves for re-election. The auditors, Mr. A. Boardman and Mr. H. Gilfillan, jun., offer themselves for re-election. For tho directors. Tuos. Peacock. Chairman. Auckland, 24th January, 1896. CAPITAL ACCOUNT, ON 31ST DECEMBER, 1895. Da- £. S. d. Freehold and leasehold land, buildings, manufacturing and distributing plant, meters, etc 183,053 5 9

We have examined the above balance-sheet and accounts, and compared thorn with tho company's books ami vouchers, and are of opinion that the balance-sheet is a full and fail balance-sheet, containing the particulars required by tho company's artlrles of association, and properly drawn up so as to exhibit i true and correct viewof the state of the company's affairs. (Signed) A. Boamman, l Auditors U. Gilfii.u;Uun.,/ • Auckland, 21st January, 18M. CHAIRMAN'S ADDRESS. The Chairman, in moving the adoption of the foregoing, reforred first to tho loss the company bad sustained in the death of Mr. Reader Wood, the late chairman. Whon the shareholders had last met, that gentleman had boon just stricken with serious illness, and shortly afterwards had been taken away. He had been connected with the management of the company for a very long period, and his opinion upon its affairs was highly valued by his colleagues on the board, In the exercise of their functions, by the articles of association, the director!) had appointor! Professor Brown to fill the vacancy, and from the technical knowledge which thab gentleman possessed, they hoped for valuable assistance from him in the conduct of the company's business. Passing on, the Chairman said, as shareholders wero aware, in the .■niddle of last year the directors had still further reduced the price of gas to 5s par 1000 feet net. It was gratifying to report that, notwithstanding the reduction, tho gross revenue from gas amounted to £35,723, practically the same as in tbo previous year. If taken with the residuals, there would be nn increase of £4815 j while in the neb menuo there was only a difference of £650. Looking to tho other side of tho balance-sheet, there was, j is mighb be expected, a proportionate I increase in the items of coals and stokers' i wages. One other item bo which ho would refer was that for maintenance of works. . renewals, labourers' wages, purification, j e v c, which, though tolerably uniform, | varied from year to year. The amount for ; the year with which they were dealing wis ; actually less than in former years. Coming to the general balance-sheet, it would be remarked there was an increase in the stock of coal". The directors considered it a matter of prudence that there should be a large stock, so as bo be independent of any complication arising from collisry strikes. Another item to which lie would refor was the stock of gas fitting!), including gas ranges and onginos. There was ulso a considerable increase to meet the requirements of customers here. In addition to illumination, the extension of | the v«so of gas onginos and cooking ranges I was a matter which had received very close attention from the Board and its officers; and it might interest shareholders to know that the company had sold no loss than 1400 cooking stoves, in addition to j which thoro were upwards of 500 on , hire. 'Tho Board had also authorised I that a portion of the offices should be i specially fitted up with a view to giving [full instructions, by & competent lady

teacher, in the proper mode ot using gas' sbovos for cooking; purposes. These classes would be immediately in operation. The Board, he might add, expected a continued increase of gas used for cooking purposes. Then as to gas engines; the sale and the hire of these had been pushed, and it was satisfactory to know that these engines were not only adapted for general purposes, but even in the case of private installations of electric light it had been proved that they were the most economical and the moso suitable for that purpose. So that even with those who would be inclined to insist upon having electric light, the company would be brought into beneficial contact with them in the consumption of gas. It was, however, still more satisfactory to know that in the incandescent gas light, in its most improved form, they had ft light which was superior to electric light. Not only was it equal in brilliancy and characterised by comparative absence of heat, but gas was far and away the cheaper illummant. At the present time, on the Continent of Europe, it was reckoned that the cost was nob more than one-eighth tho cost of electric light. In view of the importance of the incandescent gas light being suitably supplied and efficiently fitted up, the Board had taken over the sole agency for the district, and in addition to supplying private customers had arranged with the City Council, at An early date, to give a public demonstration of its capabilities by lighting up the Free Library and Reading Room. Then, proceeded the chairman, thore whs the f&cb communicated in the report that the company was extending its services into new districts. He was sure shareholders would agree with him, that, presuming the.money was judiciously expended, increased consumption would follow. lb was satisfactory also to know that the area of the company's operations was being thus extended. As to the capital required for this purpose, at the time the present partially paid-up shares wero issued it was distinctly arranged that calls should bo made upon thorn at such times an the increase of tho company's business might require it, The amount required at the present time was nob much. In conclusion the Chairman said ib must bo gratifying to the shareholders and the Board that tho company was in such good accord with the consumers of gas. The Auckland Gas Company having acquired such a prominent position in the ranks of colonial gas companies, they had every ground for hope— with the gas rates reduced so decidedly lower than at any other place in the colony— that the directors' policy might bo justified by a still further increase of business. He then moved the adoption of the report and balance-sheet. Mr. Raynks seconded. In reply to a shareholder, The Chairman thought the call on the now shares would probably bo about s*, plus the usual premium. In reply to another shareholder, he added that the cash and current account was £1218 againsb £4874 on tho lasb occasion. Mr. MoLaohun asked why a premium should bo charged ? The Chairman'explained that ab the time the new shares were issued ib had been arrangod that there should be a premium of 50 per cent. That was a distinct understanding, and it was only fair. Tho Secretary read the resolutions arrived ab in this respect, which bore out tho chairman's remarks. | Tho report and balance-sheet, after a little further discussion, were then adopted. RE-KI.ECTIONS. On the motion of Mr. Mason, seconded by Mr. DnscAN' MoNab, Messrs. T. Ching and T. Peacocke wero re-olected directors. Mr. Bottle proposed, and Mr. MoLachIjAS seconded, the proposition to re-elect Messrs. A. Boardman and H. Gilfillan, jun,, as auditor*. This was carried unanimously, The announced that tho dividend would be payable on the morrow (Tuesday). A vote of thanks to the Chairman concluded tho proceedings.

£183,953 6 9 CR. i. ». d. 50,000 shares nt £5 each ,. .. 260,000 0 0 Paid-up capital on 15,500 shares, at £5 each 77,600 0 0 Paid capital on 13,743 shares, at £210* each 34,35710 0 4111,857 10 n Premium capital 68,740 8 6 Balance .. .. „ M .. 21,955 7 3 £183,953 6 9 REVENUE ACCOUNT FOR TOE YEAR 1895. Dr. £ s. d. Coals 10,198 0 9 Stokers'wages 2,403 5 2 Distribution of gas .. .. .. 1,375 0 8 Water 2113 4 Maintenance of works, renewals, labourers' wages, purification, etc. 2,805 4 10 Dirootors 310 0 0 Auditors 30 0 0 Salaries 2,817 14 10 Stationery, printing, advertising, and stamps 383 1 2 Kent 40 1 11 Petty cash 40 13 8 Rates and taxes— Genoral Government £1,220 17 0 Local authorities .. 1,207 0 4 2,437 17 10 Insurance 78 14 0 Legal expenses 2164 Had and doubtful debts 54 0 10 Balance „ ,. 18,893 1610 £41,637 18 i CR. £ s. d. flas 35,723 8 9 Residual products 6,77910 2 Transfer fees 16 0 0 Interest , .. 319 17 3 £41,837 18 2 NET REVENUE ACCOUNT ON SlST DECEMBER, 1895. Dr. £ s. d. Dividend declared February, 1895 .. 8,389 6 3 Dividend declared July, 1895.. .. 8,339 8 8 18,778 12 9 Balance of net profits, 31st December, 1895 27,872 12 7 £44,8.M 6 1 Cr. £ a, d. Balance of net profits, 31st December, 1894 25,757 9 3 Balance of revenue account for the yoarl395 18,893 15 10 £44,651 5 1 GENERAL BALANCE-SHEET, ON THE SlST DECEMBER, 1895. DR. £ s, d. To bills payable 401 1 8 Sundry tradesmen and others .. 1,017 11 1 Deposits held as security for current accounts 723 9 4 Cash on deposit for calls and accrued .interest, 4,K0 7 7 Unpaid dividends 10 17 6 It-servo fund account 15,759 15 10 Renewal of maters account .. .. 418 13 0 Not Itevenuo account 27,872 12 7 £51,315 9 1 Cr. £ s. d. Stock of coal and shale .. .. 2,904 1(1 3 Stock of residual products .. .. 1,165 7 6 Stock of fireclay goods 668 0 8 Stock of gas fltiings, including gas ranees and gas engines in stock and on hire 6,185 2 8 Stock of horses and carts .. .. 90 0 0 Cash at Bank of Now Zealand—Current account 1,213 14 11 DoliUowins to the Company.. .. 2,585 11 2 25 debentures of £100 each ,, ,, 2,509 0 0 Cash -in fixed depositBank of New Zealand £5,000 0 0 Bmkof N.S. Wains 2,500 0 0 Union B. of Australia 3,000 0 0 Bank of Australasia.. 3,000 0 0 13,600 0 0 Accrued interest on fixed deposits and debentures 226 8 8 Capital account 21,866 7 3 £51,315 9 1 RESERVE FUND ACCOUNT, ON THE 31ST DECEMBER, 1395. DR. £ B. d. 25 debentures of £100 eich, issued under the Public Buildings Act, 1S75 2,600 0 0 Cash on doposit at Bank of Australasia 3,000 0 0 Cash on deposit at Bank of New South Wales 1,600 0 0 Cash on deposit at the Union Bank of Australia 3,000 0 0 Balance employed In tho business of the company 6,769 15 10 £iOJ759 15 10 CR, & S, d. Amount at credit of the fund .. 10,769 15 10