GAS COMPANY'S ANNUAL MEETING.

New Zealand Mail, Issue 365, 8 February 1879, Page 21

GAS COMPANY'S ANNUAL MEETING.

The annual meeting of the Wellington Gas Company was held at the Chamber of Commerce on Monday. Mr. P. A. Krull, chairman of the board of directors, occupied the chair, and there were about fifteen members present. ANNUAL REPORT. The foil owing report was taken as read:— " The directors submit the usual annual statement of accounts, showing a considerable increase in the company's business during the past year. The available profit is £5086 4s. 10d., and a sum of £1409 15s. was paid in July as an interim dividend. The directors recommend the payment of 10 per cent, for the last half year, or 15 per cent, for the year;—calls paid during the year to receive 15 per cent, from date of payment;—and that a sum of £IOOO be added to the reserve fund, and the balance carried forward. The telescope gas-holder, to contain 180,000 cubic feet, is complete and in use. The mains have been extended four and a half miles during the year, making now nearly 17 miles laid. The material for a retort house 104 x 60, with retort stack, to contain 96 retorts, left Glasgow per Estrella on the 28th October last, and may be expected at an early date; a further supply of mains and meters will also arrive. The number of consumers- in December had increased to 1235, an increase of 335 during the year. The directors recommend various alterations in the articles of association, and afurther increase of capital; the annual meet-

ing will be made special to consider the proposals. Two of the directors retire, viz.— Messrs. J. Kebbell and G. Hunter, who, being eligible, offer themselves for re-election." The Chairman, in moving the adoption of the report, referred to the large increase in business during the year which was disclosed by the facts brought out in the report, and said that in order to meet the increasing demand for gas the company had decided to increase its plant. By the aid of plant now on its way the company would be able to supply, if necessary, 300,000 ft daily, whereas at present the highest consumption in any one day had been 145,000 ft. This enlargement of plant would enable them to extend their mains freely without their being called upon to increase their consuming power for some considerable time to come. The Estrella was now due, and might be looked for at any moment, and as the bills for the material on board of her had been accepted, it was included in the plant of the company, as set out in the balance-sheet. The cost of erection would not be very considerable. As most of the shareholders no doubt knew, arrangements had been made by the company with the City Council for the occupation of land adjoining the present works, on which the new plant would be erected. An arrangement of this kind had been made previously; unfortunately it fell through; but now another arrangement had been made. He had been in hopes of being able to place on the table before the shareholders the document confirming the transaction; at any rate he had signed it, and the arrangement might be regarded as completed. Shareholders would notice from the report that the number of consumers had been increased by 335 during the year. It was really astonishing to find that the consumers supplied by the company had increased in a few years from 670 to 1235, and no doubt would continue to increase. There was one matter to which he might perhaps allude, the directors would watch very carefully new developments in connection with the electric light.' At the present moment nothing had occurred to make gas shareholders afraid of their property, so far as could at present be seen. The only direction in which the electric light could possibly be made to apply to Wellington would be in regard to the lighting of streets. The places of business in Wellington were not large enough to justify the use of the electric light, the motive power and other matters connected therewith being too expensive. Although the directors had little fear, they were keeping their eyes open, and if anything new turned up the shareholders would at once be called together and asked to authorise the directors to secure patents, and to use the electric light in connection with the Gas Company. He might add, the directors wished to recognise publicly the assistance they had received, not only from the manager, but from the whole of the employes. Everything had gone on wonderfully smoothly, and the efforts of the employes had enabled the directors to make so favorable a report as they had done. He begged to move the adoption of the report. • The auditors' report was produced and read, testifying to the accuracy of the directors' report. Mr. W. M. Bannattne seconded the chairman's motion, and the report was adopted. THE ELECTION OF DIRECTORS. The Chairman notified that Messrs. George Hunter and John Kebbell were the retiring directors, and were eligible for re-election. Mr. Levin inquired whether the meeting had the power of fixing directors' honorarium ? The Chairman : Yes. Mr. Levin said the reason he asked was that he noticed five directors had £75 divided between them. He knew that they must give up a considerable portion of valuable time, most of them doing a large business for themselves. The condition of the company showed that they must have exercised great foresight in the past, and no doubt they would have to do the same in the future, and he thought they ought to be paid very much better. He had spoken to one or two gentlemen on the subject, and they seemed to agree with him. But in order to put the matter more clearly before the general body of shareholders, he might mention that in Auckland the directors had £240 a year divided among them ; in Christchurch, £4OO ; and in Dunedin the matter was in the hands of the Corporation. He therefore thought £l5O might fairly be given, and would move that the honorarium be increased to that amount. Mr. Joseph Nathan seconded. Mr. GREEN could not see why the payment should be limited to £l5O. The directors of the Wellington company surely were .as well worth £240 or £250 as those of the Auckland company. Personally he liked to see directors well paid, because one then felt freedom in criticising them. He moved that the honorarium be £250 per annum. Mr. Bannattne said he held the same opinion, and should vote for such an increase were it not that he found directors of these companies, when they once were elected, stick to their seats like limpets. (Hear, hear.) Mr. David Anderson also thought directors should retire occasionally.

The motion was lost. Mr. Schultz moved that £75 continue to be the honorarium. Mr. Anderson seconded. Mr. Bannatyne moved that the sum be £100; but this was lost, also Mr. Schultz's amendment; and Mr. Levin's proposal was agreed to. The Chairman thanked the shareholders for the confidence thus displayed in the directors. He must say he thought the increase not altogether undeserved. He found that in Auckland, where there was £12,500 received for gas annually, the total salaries paid amounted to £IOOO. In Christchurch, where there was £15,000 received for gas rates, the salaries amounted to £1355 ; while in Wellington, where the amount was £17,000 for gas rates, the salaries came to £623. He did not think, therefore, that the

increase would be begrudged. It had been hinted that the directory was made a kind of family arrangement, but that was the fault of the shareholders. They had the power in thenown hands, and c ould alter it just when they pleased by nominating and electing other gentlemen. Messrs. Hunter and Kebbell were then reelected. ELECTION ok auditors. Messrs. Schultz and Kebbell were again nominated as auditors. Mr. B. Smith inquired the rate of remuneration paid the auditors. The Chairman replied it was fifteen guineas a year between the two. , Mr. Smith said he thought it too little, and moved that it be increased to twenty ; but withdrew the motion on hearing that the auditors were satisfied with the present rate. the electric light. Mr. Levin suggested that the directors should immediately secure the power to take advantage of electric light patents, in case it might become necessary; there could no harm arise from securing the power. The Chairman explained that the directors did not think it necessary at present to do so. He was in receipt of full information on the point from England, Germany, and France, and the directors would take action at once when it became necessary. SPECIAL. The meeting then resolved itself into a special meeting, and the following resolutions were agreed to :—That the words twenty shares be expunged, and to insert, in lieu thereof the words fifty shares.—That the proposed amended regulations be made applicable to the share capital to be subscribed in excess of the present subscribed capital of £50,000. The meeting then adjourned.