AUCKLAND GAS COMPANY, LIMITED.

New Zealand Herald, Volume XLII, Issue 12784, 7 February 1905, Page 3

AUCKLAND GAS COMPANY, LIMITED.

J'-' ~„,' ''"'"'V .-<»"' f;"'-. ; '' ■«"';' '" ] ' '■"•-.'' ■ , ■'■ "' < ANNUAL MEETING. < .-.'.. .'. -,■.■ ..... r.'". t The 43rd ; annual general meeting of shareholders in the Auckland ['. Gas*. Company, i Limited, was held at the company's office, .' Wyndham-street,, yesterday at-noon. Mr. Thos. Buddie, chairman of directors, pre-" sided, ' and there were 25 shareholders pre- 1 sent. - ! ■■'■'- :; ■■''■'•.■'■.■'".''. . "•■. i " . ; DIRECTORS' REPORT. , . ,;.; -•; 1 , The 'report .of the , directors was as | under:—"The profit for the year 1 is £31,925 16s, which 'leaves, after payment of : the ) usual dividend, a balance of £6251 Is. A J sale of shares was made in March last, when J ■1097 shares were sold at an average of £13 15s 3d, and yielded £5485 paid-up capital, ] and £9611 12s 4d premium capital. Professor Brown and Mr. John Brown retire from ' the board by rotation; they are eligible, and; ' offer themselves for re-election. The audi- , tors retire iii accordance with the articles, and offer themselves for reappointment."« i ■ f ' STATEMENT i OF;ACCOUNTS. , ,■,, '< The statement of accounts for .the year ended December 31, 1904, was as t follows: — Capital Account.—Dr.: General expenditure to December 31. 1903, £320,174 0s 2d; ■ freehold lands, unencumbered, .£13,860 18s 6d; expenditure during year ended December 31, 1904, viz.— buildings and machinery in -oxten-, sion of works. £21,193 10s; now and additional mains and services. .£8595 2s; new aim additional meters, £2943 10s 9u; land. £200: total, £367,067 Is sd. Or.: Paid-up capita! on 34,2*9 shares, at £5 each, £171.146; premium capital, no', carrying dividend, £116.815 17s 4d; balance, £79,1C6 4s Id: total, £367,067 Is 5d.-' '■'.-.■'■''.' Revenue Account.—Dr.: Manufacture of gas —Coals. £29,453 183 6d; purification, including £1487 19s 7d for labour, £1826 8s 7d; salaries of engineer, officers, and clerks at works, £2281 19s 3d; wages (carbonising). £6582 9s Id; repairs and maintenance of works and plant, including £3631 10s 5d for labour, £5491 10s 3d. Distribution of Repair, maintenance, and renewal of mams and service pipes, including £1067 19s Bd .for labour, £2429 Is 9d; salaries and wages of officers and rental clerks, including £1712 15s 4d for labour, £4208 14s 2d; repairs and renewals of meters, including labour, £357 5s 3d; repairs and renewals of stoves, including labour, £591 12s 7d; , pipes for j gas ranges, including labour. £256 19s 10(1. Public lamps—Labour,..» and material, - £2448 0s lOd. • Rents, rates, and taxesRents payable, £68 12s 6d; rates and taxes, £3478 3s Id. Management—Directors, £800; salaries of secretary,; cashier, accountant, and clerks, £2657 14s 6d; stationery, printing, advertising, and stamps, £716 7d; general charges. £1393 7s lOd; company's auditors, £62 10s. Law charges, £149 39s lid; bad debts, £257 10s 8d; interest, £604 8s 3d: total expenditure, £66,117 3s lOd; balance carried to net revenue account, £31,925 16s: total, £98,042 19<5 lOd. Or.: Sale of gas, £77.294 17s 6d; public lighting, including gas supplied. . extinguishing, cleaning, : repairing, renewing, i'etc., lamps in city and suburbs, £5164 6s lid; i residual products, £13,104 4s lid; gas fittings, gas engines, gas . ranges.* fittings, etc., £2380 , 9s 2d; rents receivable, £99 Is 4d: total receipts, £58.042 19s lOd. ,:-.: ;i : Profit and Loss (net Revenue Account).—Dr.: Additions and alterations— office, Wynel--1 ham-street, £2534 6s. 7d; and dwellinghouse at, the, works, Devonport. £232 Is 3d; removing portion of plant, etc., to the new works, ; £952 18s lOd; balance of net profits December 31. 1904. £57,618 8s 9d: total, £61.337 15s sd. Or.: Balance of net profits December 31. 1903. £54,670 15s sd— dividend for half-year ended December 31, 1933, £12,422 18s 6dj less dividend for half-year ended .Tune 30, 1904, £12.835 17s 6d—£29,411 19s sd; balance from revenue account No. 4, £31,925 16s: total, £61,337 15s sd. Depreciation Account.—Cr.: Amount at credit, £10,000. Reserve Fund.—Dr.: 10 debentures of £100 each (issued under Auckland Public Buildings Act. 1875). £1000; 55 debentures of £100 each, Auckland Harbour Board, £5500; 40 debentures Of £50 each, Auckland City Council, £2000; balance employed in the business of the- company. £11,500: total. £20,000. Or.: Balance at credit of fund, £20,000. Balance-sheet.—: Reserve fund per account No. 7. £20,000; depreciation fund, per account No. 6, £10,000; net revenue account for balance per account No. 5, £57,618 8s 9d; sundry tradesmen and others, £3872 7s lid; deposits by consumers, \ £1243 2s Id; temporary loans, £26,355: total, £119,088 18s 9d. Dr.: Cash at bankers. £914 2s lid; debentures, per account No. 7. £8500; stores in hand—coal, £5696 7s 7d; residual products, £1731 8g 6d; fireclay goods; £921-9s!lid; S gas fittings, gas ranges,'and gas engines, £6327 'J7s 9d; horses and carts, £448 9s; fitting department. £984 18s 6d; sundry stores, £4247 ss; accounts duo to the company. £10,049 ilss,6d; accrued interest en . debentures. £161 capital, balance per account No. 3, £79,106 4s Id: total, £119,083 13s 9d. "" CHAIRMAN'S SPEECH. . .., In moving the adoption of the directors' report and the statement of accounts the Chairman (Mr. T. Buddie) said:—" In bringing before the shareholders the 43rd annual report and balance-sheet of the company the directors have the pleasure of again calling attention to the continued growth of tho-company's business. The balance-sheet exhibits l this in ~ such detail and with such clearness that it is not necessary to dwell upon it at any length. The revenue, or working account, shows a balance of £31,925 16*. The items of expenditure under different headings are in some cases more than last year and in others lessthe total expenditure being £66,117 3s lOd, or £7009 2s, 5d in excess of last year. On tho other hand the revenue from salo of gas, public lighting, and residual products has been £6140 in excc«s of last year. The quantity of coal carbonised was 29,387 tons, being an increase of 2424 tons. Nearly 12 miles of new mains have been laid, the total length of main now ! being over 185 miles.: Tho increase in quantity of gas sold was 23,066,000 cubic feet, the total sale of gas for the year being 323,584,000 cubic feet, while the sale of coke was increased by nearly 2000 tons. . The cost of manufacture shows a slight increased* but this is to be accounted for by the fact that the work is being carried-on' partly at the, old works and partly at' the new, and until we get altogether, into the new works there will riot be the saving in the cost of manufacture which, no doubt, will then be attained. The new works are progressing very satisfactorily. Five settings of .retorts are now completed, of which three; are now in use, and 11 settings; are in course * of ■' construction. Wo have every ... prospect of being able to remove into the new works in time for the winter of next j year. ";•■ The coalbreaker and elevator have now been completed and are in •operation, and it is intended to introduce stoking machinery, j By these and similar methods we expect there will be a saving in the cost of manufacture of ga's. I may inform you that j for about two years gas has been supplied to consumers of 40,000 cubic feet and upwards per month at 4s 6d per 1000 cubic feet. The directors anticipate being able to make further reductions in the hoar future. Tho item of £2534 for additions and alterations at head office represents the cost of the new building and; alterations to the old one in "Wyndham-street, which, now ' constitutes a, very complete warehouse for the company's stock of goods, offices, and showroom, in which gas fittings can -be.; exhibited to advantage. Re public lighting: There has been an increase of 125 lamps. There are now 1100 lamps in the city and suburbs. The amount charged for public lighting has been reduced to a very low price. With reference to the subject of gas lighting, the superiority of incandescent gas lighting over every competitor is being constantly demonstrated in the large cities of the world. It was at one time thought that the electric; light would supersede ever;' other. That expectation had not been realised, and, owing , to tho invention of the incandescent mantle, gas more than holds its >.'wrt in the large, cities of tho world. In London', for instance, it is found that the use if i eslight as compared with electric light is »; twelve to one, there being 74,938 gas to t>ls> electric lamps.Berlin and Paris show roe-alts even more favourable to gas, ; Berlin having only 688 ■electric and 23,215 gas lamps. In Paris there are 1919 electric and 51,8-16 g'.tk lamps. The proportion of gas to electric lamps in Berlin is as 33 to one, and in Paris 2? to one, and the reason given by those in authority in : three' of the greatest cities in the world is because gas is more economical '■< in ■ cost and more: diffusive: and efficient in effect; in -i. other words, both cheaper and better. Devonport: The growth of this district during the past fivo years has been, so much ..beyond the ■ most sanguine expectations . that during last winter the company's engineer, found it extremely difficult -to- supply the demand for gas with satisfaction to the; consumers. By means, however,' of increasing the size of the mains the difficulty : was remedied to some; extent temporarily; but the directors : havefound it necessary * to face the necessity ofproviding a larger holder, to meet the wants of this important and increasing suburb, and this worik will be. accomplished in time for next, winter's supply. The question of extending the mains, to Lake Takapuna has occupied the attention of your board, but no decision has yet been arrived at. Incan- . descent lighting: > ? The sale of Welsbaoh I burners has reached 25,297, being an increase of 4772. Other patterns of incandescent mantles are alsc supplied by tradesmen in the town. On capital account the expenditure has been:— buildings and machinery, £21,193 10s; now mains; £8695 2s; new and additional meters, £2943 10s 9d. In March last tenders were invited for shares, and 1097 were allotted to: tenderers at an average price of £13 15s 3d. The directors contemplate raising more capital shortly. ■■; The share capital has been in- . creased by £5485 by sale-of shares, and I

now stands at £171,1+5. The premium capital stands at £116,815, showing an. increase of £9611. Tho amount expended beyond the proceeds of shares was £17,936. ■•! The loyal interest in the welfare of the company constantly displayed by the whole staff has contributed largely to /its success, and the j thanks of the shareholders are due to them. -■ Mr. Thos. Peacock seconded the motion, and the report and accounts were unanimously adopted. ■■.-. '. ..','.' THE DIVIDEND. : On the motion of the Chairman, seconded by Mr. Thos. Peacock, a dividend at the rate of '7s 6d per share was declared for. the half-year ended December 31, 1904. \ '" ELECTION OF DIRECTORS.' ' 1 On the motion of the Chairman, seconded by Mr. Thos. Peacock, the retiring directors, Professor F. D. Brown and Mr. John Brown, were re-elected unopposed. , . Professor Brown returned thanks for the continued confidence shown by the' shareholders in returning him as a" •director! of the <i/;inoany. He, trusted that the next three years' operations would prove as successful as had been the case during the past three years, and had little doubt but that such would be the case. ;:' ;< ' '•' ft \ Mr. John Brown also returned thanks, assuring the shareholders that would continue to do his best to look after the interests of the company. , ; '-;.,. APPOINTMENT OF AUDITORS. On the motion of Mr. John MeLaehlan, Mr. D. Dingwall seconding-, Messrs.; J. F. Buddie and. A. W. Thomson were reap-' pointed- auditors. '.■ '■ ■ '•s'{':"-. '-'■ ,:■ THANKS. On -the; motion of Mr. 'i Win. Culpaix a-; hearty vote of thanks was accorded the directors for theu past services. The Chairman returned thanks on- behalf of the members of the board, and assured the shareholders ' that the directors would continue to give their best efforts to the interests of the company. "'■'-;■.■.'■■'-' . * , On Mr. W. R. Wilson's motion, the secretary (Mr. E. B. Parsons) and the company's staff were thanked for their services' during the past year. "Mr., Parsons returned thanks on behalf of the staff.