THE GULCHER (NEW) ELECTRIC LIGHT AND POWER COMPANY.

New Zealand Mail, Issue 1180, 12 October 1894, Page 36

THE GULCHER (NEW) ELECTRIC LIGHT AND POWER COMPANY.

The following extract from the city notes of the Electrical Review, of the Ist June, will doubtless be read with interest by a largo number of our readers, especially in view of Mr De Castro’s connection with the syndicate, whose lighting of the city is just now the talk of the town : The lamentable history of this Company is almost drawing to a close, for we learn from the latest report and balance-sheet (which is up to June 30th, 1893) that the directors have for some time past taken steps to limit the engagements of the Company in view of its possible voluntary liquidation, a course which they will recommend the shareholders to adopt at the ensuing general meeting. It is a meagre and mournful document ; but the period which it covers is so remote that worse may remain behind. Besides a knowledge of the present condition of the Company, it would be particularly interesting at this stage to known the financial results of the general contract for the GrenofC Station. The misfortunes that have attended this ill-starred Company will be attributed to various causes; but we are reluctantly compelled to say that, in our judgment, the chairman has been in a great measure to blame for the series of disasters. Mr De Castro may be an able man in his own walk of life, but. lie was wholly unfit for the duties of a working chairman of an electrical manufacturing company. If he had exercised the usual functions of a

chairman, and left the business to other hands, there was a ren.oto possibility of successful trading, for the Gulcher Company has had at times the assistance of able men ; but the chairman left neither well nor ill alone, and to his extraordinary policy, based on more sanguine expectations, we consider the position of the Company is due. "Wo do not for a moment suggest that Mr De Castro acted from any but tho best of motives, but good intentions badly executed simply mean disaster in an industrial company. It must also bo pointed out that Mr De Castro lost no opportunity of alienating the sympathy of the shareholders of tho Company. Ti.ero was not tho openness about tho p.-ocaed--ings of tho Company that ono would have liked ; above all things Mr Do Castro had a mortal terror of nowspaper reporters, and never with his goodwill were they present at the meetings of the Company. Tho accounts from our New Zealand branch, which reached England in November, were insufficient and had returned to Now Zealand for complotion and correction, involving a delay of nearly five months. Honco tho impossibility of calling tho present general mooting earlier. Notwithstanding the large order from tho New Zealand Electrical Syndicate, Limited, and the hopes thereby raised, the result of the year’s working has been a serious loss. Tho sales in England dwindled down to. less than £SOOO, and the hire of installations practically ceased. Under the circumstances tlio directors liavo for somo time past taken steps to limit the engagements, of tho Company, in view of its possible voluntary liquidation—a course which thoy will recommend . tjie, share-

holders to adopt at the ensuing general meeting.