CHRISTGIIUBCII. GAS COMPANY

New Zealand Herald, Volume XLV, Issue 13666, 6 February 1908, Page 3

CHRISTGIIUBCII. GAS COMPANY

[BY TELEGRAPH.— PRESS ASSOCIATION".] CHUi&TCHoncH, Wednesday. The 44th annual general meeting of "share-; holders of the Christehurch Gas Company was held to-day. " > The directors, in their report, stated that the results of the year's operations bore testimony to the, progressive policy determined upon by them a few years ago. During the period referred to it was decided to develop the manufacturing branches of the business, and also to erect new* workshops, showroom, and offices. Extensive machinery and plant had also been imported, and was now in operation for the manufacture of ammonia water, gas, and fire bricks. The new retort-house, now under construction, was designed to meet the increasing demand for gas with economy of production. These works had entailed a heavy outlay, necessitating the issue of £25,000 of "debentures, the calling up of £40,000 additional capital, and the absorption of large cash reserves. The figures of the balance-sheet, it was stated, amply justified the policy of the company, as in view of the increasing cost of coal and labour it was doubtful if the old rate of dividend could have been maintained but for the revenue derived from the new branches of business referred to. The directors recommended the- payment of a dividend of 5 per cent., making, with the interim dividend of 5 per cent, paid in July last, 10 per cent, for the year, and after providing for reasonable additions to the reserve and renewal funds, to carry forward the balance of £3917 lis Id.

The report and balance-sheet were adopted, and the- retiring directors were reelected.