GISBORNE GAS COMPANY.

Poverty Bay Herald, Volume XLVII, Issue 15223, 22 May 1920, Page 5

GISBORNE GAS COMPANY.

- ■-<■• - 1 The 37th annual meeting of the shareI holders of the Gisborne Gas Company wan held lastjtvening. Mr. Geo. Matthewsou, | chairman of directors, presided. ' I The directors' annual report stated:— An interim dividend was paid on September 30, 1919, amounting to £1,335 Is., and the balance now available for distribution, less . appropriations made at last genera] • meeting of shareholders, is £2752 16s lid, out of which your , directors recommend a : payment of a further dividend of 6d per share, oh 53,402 amounting to £1,335 '-lit, and to write' off £417 15s lid depreciation qn mains, " meters, and working plant, and to carry the balance, £1,000, to general reserve, ljhe retiring directors are Messrs. A. Cuthbert, D. S. Jamison, and W. H.. Chrisp, who are eligible and off er themselves for re-oloction. The auditors, Messrs. ;J. H. Evans and H. M. Porter, also retire, and offer themselves for, re-election. _.-■'■■ In moving the adoption of tho report nnd balance-sheet, the chairman dwelt on the steady progress of the company, and gave some interesting* data m connection therewith.' He stated that the increase of gas consumption for the year had been b,161,700 cubic feet, which was equal to 13.88 per cent, increase dyer last year. The nett increase of consumers was 187, and the nett profit was £4,087 17s. lid., an increase of £380 14s. 6d. on that* of tho previous year. The chairman proceeded to explain the difficulty arising m connection with the scant and irregular supplies of coal,- and pointed out that at that very time ho was speaking the company was m a precarious position, as the stock of coal was seriously depleted. It would be several days before relief could be expected. Speaking of the cost of. coal the chairman explained that the average cost for the year 1918-19 was 48s. 4d. per ton, whilst the average for the year 1919---2Q had risen to 665. 6d. per ton. Unfortunately, 9. further rise had taken place, and m consequence . the directors had found it imperative to increase the price of gas on May 1 last Id, per 100 cubic tp.ek. This increase, however, would be eaten up by the increased cost of coal. Therefore, he thought gas consumers were being exceptionally well treated by only having this increased amount to pay,' as wages and all other expenses had increased very materially. ' During: the year two settings of retorts had-Joeeii reset, and m view.-o^tihe''fmctheri-iiy;i:staßed demand it would bo necessary this year to ol'ject a new bench of rotofis. In conclusion, Hie chairman congratulated, shareholders upon the satisfactory prospects ahead of the company, and he could Bay that financially they were never m a sounder position. The motioiJ was seconded by Mr. A. T. Hookey, and carried unanimously. The retiring directors, Messrs. A. Cuthbert, D. S. Jamison, rjid W. H. Chrisp, were re-elected, whilst Messrs. H. J. Evans and H. M. Porter were re-appointed auditors. ' A vote of thanks was heartily accorded 'o the manager and secretary, Mr. O. Prince, and strtff for their excellent services duriner the past.y,ear. ;