HYDRO-ELECTRIC ENGINEERING COMPANY.

Poverty Bay Herald, Volume XLVII, Issue 15543, 11 June 1921, Page 9

HYDRO-ELECTRIC ENGINEERING COMPANY.

The following report lias been issued to shareholders by lhe llydro-Electrie Engineering Co. : In presenting their first annual report," the directors regret having to inform shareholders (hat they have not been able to make the progress with the headworks that they had hoped to do. Before the financial stringency made itself felt the works were proceeding at a rate which was calculated to complete Hie installation hi about July, 1922. Unfortunately, lhe further necessary capital to maintain this rate of progress was not procurable owing to the shortage of money for investment purposes, and work was suspended. The directors do not propose to resume active operations until the whole of the capital necessary to complete the undertaking is assured. Active steps are being taken to this end. The total expenditure on the head works is £66,776 5s 9d, as shown on the balance sheet. The turnover in the' engineering department has been quite satisfactory. The actual net amount to he carried forward in the profit and loss j account is £404 15s 4d, but it must be explained that all work done for the head works has been charged at cost, ; Had Hie usual percentage of profit been added, the net profit on the year’s work-' ing would have exceeded £3OOO. This; gives an indication of the possibilities i of this branch of your company’s busi- j ness with a largo turnover, and share-! holders arc urged to do their business j with the company. Four directors, I Alessrs. H. D. deLautour, O. H. Elliott, j F. Hall, and J. B. Kells, retire in ac- j eordanee with the Articles of Associa-; tion, hut being eligible offer themselves 1 for re-election. Any shareholder intending to nominate himself or some other member as a director must send in the nomination paper to the company’s office at least seven clear days before the date of the annual meeting, otherwise such nomination cannot be accepted at the meeting. The auditor, Air. H. E. Dodd, retires in accordance with the Articles; of Association, and is eligible for re-’, election.