PALMERSTON NORTH GAS COMPANY

New Zealand Mail, Issue 1774, 7 March 1906, Page 70

PALMERSTON NORTH GAS COMPANY

ANNUAL MEETING. The fourteenth annual general meeting of shareholders of the Palmerston North Gas Company, Ltd., was held in the rooms of the Chamber of Commerce on the 27th ult. The chairman of directors (Mi- Allan Strang) presided. Tho directors’ report is as follows: “ In presenting the annual statement of accounts, the directors are pleased to report there has been a considerable increase in the consumption of gas. A reduction in the price, of gas was made in August last to large consumers. The directors have now decided to make a further reduction in the price charged, to take effect from May Ist. A dividend of 4 per cent, was paid on August 21st, and a dividend of 6 per cent, is now recommended for the past hallyear, leaving a balance of £2720 5s Id to be further dealt with. Your directors recommend the placing of £2OOO to ‘ reserve fund invested in plant,’ which will in cron so this account to £BI3O 4s 3d; the balance cf £720 5s Id to be carried forward to next year’s account. The retiring directors are Dr Collins and Mr A. Strang, who, being eligible, offer themselves for re-election. The retiring auditors, Messrs Ruthorfurd and Connell, are eligible, and offer themselves for re-election. The dividend will bo payable after February 27th, 1900.” Iu moving that the report be adopted, and that the dividend be paid as recommended, the chairman sa d:—“lt is with great pleasure that I can again meet tho shareholders and place before them a satisfactory report and balancesheet. Last year I pointed out the steady increase in the consumption ol gas, and I am pleased to say that the past year shows a still better result. Continuing their former policy of reducing the price of gas whenever such is possible, your directors have decided to again make a large reduction, which will come into force from the Ist May next. It should bo remembered that when doing this the directors had to tako into consideration the fact, that the - arlier closing of the shops, especially on Saturday nights, will make a perceptible difference in the consumption. During tho year we have manufactured upwards of 25,000,000 cubic feet of gas, giving an increase of over 3f- million cubic feet, or about 17 per oent. Our meters are 150 more than last year, and we now have 1020 of these in use. Street lamps have also been added to to the extent of ten, making the total just under 200. The sale of incandescent burnens, mantles, and arc lamps ha.s largely increased, showing how much the latest improvements in these lines are appreciated. We have naturally had to spend large sums of money in extending our plant and mains, and your directors deemed it advisable to make a call upon capital, which, I am pleased to be able to report, was well responded to by shareholders, who, in most cases, paid their calls in advance, thus, I think, showing that they have a firm belief in the business. The principal item in this expenditure is our new gas-holder (£2770 15s) now in course of erection, which will increase our storage from 42,000 cubic feet to 172,000 cubic feet, and will be a great relief to our engineer and staff, and should be sufficient to meet all demands for many years to come. We have laid one mile and three-quarters of cast-iron gas mains, bringing the total up to twenty-four miles and a half now in use. In our retort-house an old setting of six retorts has been converted to the generator system, and another bench of four retorts has been replaced with a new setting of five, so that avo are iioav well prepared to meet any future demands. Wo have also opened iioav dhoAvrooms and offices in tho Square, Avhich already promise Avell, besides being more convenient for consumers and tho office staff. The thanks of the shareholders are again due to Mr Kennedy, our energetic manager and secretary, Avho has. as usual, carried out his duties faithfully and avgll, and has been ably supported by the rest of the officers. I should, perhaps, mention that our employees in the Avorlcs, during the year, formed a union, and made demands for higher Avages than oven the Wellington Gas Company pay; your directors, after thoroughly going into tho matter, thought it advisable to allow the dispute to go to the Arbitration Court, and it iioav aAvaits the Court’s decision. With these few remarks, I have pleasure in proposing tho adoption of the report and balancesheet, as read, and in recommendiig that a dividend of 6 per cent, lor I he half year, making 10 per cent, for i.he year, be paid.” Mr J. M. .Richardson (a director) seconded the motion, which was carried unanimously. It Avas resolved, on the motion of Mr T. Aoocks, seoonded by Mr M. J. Kilgour, that the retiring auditors, Messrs Rutherfurd and Connell, 'he re-elected for the ensuing year, and that their remuneration he twenty guineas. It was also resolved, on the motion of Mr E. B. Brown, seconded by Mr M. J. Kilgour, that the retiring directors, Dr Collins and Mr A. Strang, be re-elected for the ensuing year, and

the directors’ remuneration be 175 guineas. The chairman stated that during the year the staff had received increased salaries and a bonus. On the motion of Mr E. N. Barraud, seconded by Dr Collins, both directors, a special vote of thanks Avas passed to tho manager and secretary (Mr M. J. Kennedy) and staff