AUCKLAND GAS COMPANY.

New Zealand Herald, Volume XXXIX, Issue 11877, 31 January 1902, Page 3 (Supplement)

AUCKLAND GAS COMPANY.

ANNUAL REPORT.

The following is the report to bo presented to the shareholders at the fortieth annual meeting to be held on Monday, February 3: —The directors, in presenting tho annual report, have pleasure in stating that the consumption of gas continues steadily to increase, the increase for the last year being 19,553,000 cubic foot. This gives a ratio of 8.3 per cent., which exceeds that of the previous year. Tho profit for the year, which has been carried to net revenue account, amounts to £29,153. Tho directors recommend tho payment of a dividend for the half-year of 7s 6d per share on the fully paid-up shares, and a proportion, ate amount on the partly paid-up - shares, which will absorb £11,30*. During the year, the Board, in order to meet the expenditure on new works and mains, called up 10s on the partly paid-up shares, which, together with tho premium charged, produced £10,307. Tenders were also called for 783 £5 shares, which produced £10,307, an average of £13 3s 3d per share. - These make a total of £20,614, of which amount £10,786 has been carried to the credit of the capital account and £9828 to premium capital account respectively. The new coal store at Freeman's Bay has been completed, and now contains 2500 tons of coal, forming a needful reserve stock against emergencies. The building in which the retorts are to be erected has also been finished. The largo gas holder ordered by the company from America was received in good condition, and has been erected in an efficient manner at the site, foot of Collogo Hill Road. It is now in use, and tho increased storage accommodation is proving of great service to the company. Steps have now been taken by the board to introduce the pro-payment meter system in connection with cooking ranges as well as with lighting. It is hoped that a considerable extension of the consumption of gas will be made in this direction. .The directors who retire by rotation on this occasion are Mr. W. Philcox and Mr. J. H. Upton. These gentlemen are eligible, and offer themselves for re-election. It devolves upon ''-.tho; meeting to elect two auditors and fix the remuneration. The prosent auditors, Mr. A. W. Thomson and-Mr. J. F. Buddie, offer themselves for re-appoiut-menti". ". .