WAIMATE GAS AND GOAL COMPANY, LTD.

Oamaru Mail, Volume XXXVIII, Issue 10525, 5 August 1910, Page 3

WAIMATE GAS AND GOAL COMPANY, LTD.

(From Our Own Correspondent.)

The fourth annual meeting of the. above was held in the Borough Council Chambers last night. Mr J. Manchester presided over :m attendance ol ! 13 .shareholders. The ;u11>11:11 report and balance-sheet circulated to .shareholders was taken a.s read, and the recommendations contained therein

adopted. Messrs Akhur.si, and Grant Mere re-elected directors anil Mr G. V. Cochrane re-elected auditor.

The published statements show that sales of gas lor the year amounted to 3.876,29.3" cubic feet, returning £.1570 lis Id, an increase of 8 per cent, on the previous year; 259 meters were in. use ill addition to 02 street lamps. Coke had been rather a drug on the. market, and the price had been reduced to Is per bag. Sales of residual fittings, etc., amounted to £230 5s 'ld, making a total turnover of .€IBO6 1C» sd. Management expenses, wages, repairs, coal, rent, taxes, and interest amounted to £1153 4s 3d, in addition to which £66 2s 4d was written off preliminary expenses, leaving a net profit on the. year's work of £537 !)s lOd. The payment of an 8 per cent, divided absorbed £OOO, and reduced the balance brought forward from the previous year from £l2O 3s J.Od to £lO7 13s Bd. The directors considered the profits mado fully justified the high dividend recommended, but did not anticipate that any further increase could be expected for some time. The balance-sheet showed paid-up capital, £7500. Plant and building, after four years' work, stood at, cost £7500 9s Id, goodwill £IOO, preliminary expenses £OO 2s 4d. Shareholders congratulated the directors upon the economical and efficient management of the Company, and the directors' remuneration was again fixed at £SO, an amendment that it be increased to £6O finding no seconder. A shareholder mentioned that the quality of the Saturday night gas might be improved, and the manager, who was present, satisfactorily explained that the same trouble arose in all large towns. The apparent inferiority was only during the hours of greatest consumption, and the cost of a high pressure plant was out of the question for AYaimate. A vote of thanks to the staff was passed, the auditor having reported very highly upon the work of the secretary (Mr'CVawshaw), and the directors eulogised the services of all the employees.