THAMES GAS COMPANY. ANNUAL MEETING. Thames, September 1.

Te Aroha News, Volume VI, Issue 296, 5 September 1888, Page 5

THAMES GAS COMPANY.

ANNUAL MEETING. Thames, September 1.

The annual meeting of the Thames Ga^ Company was held at the oifice of Mr F. A. White, at noon to-day, Mr C. B. Stone, Chairman ot Directors, presiding;.

Kkvokt. — The sixteenth annual report was presented as follows : — The directors havo much pleasure in presenting shareholders with the "balance-sheet and Profit and Loso Account for fcho year ended 31st -July last, from which it will be seen that, after making a provision for bad and doubtful debts, there remains a sun of .CJ, 078 17s 2d available tor division, which they recommend being appropriated as follows : —To payment of a dividend of Is 6d ]>6r share, which, with the interim dividend paid in March last, is equal to 8 per cent, per annum on the paid-up capital of the Company, leaving a balance of .C 330 4s 2d to be carried forward to new account. In accordance with the Company's Articles of Association, the Chairman, Mr C. B. Ston6, retires from tho directory, and, being eligiblo, otters himself for re-election. It is also the duty ol this meeting to elect an auditor for the current year. Mr George Frasei- again oflers his services to the shareholders.

Balanck-shket.— The statement of ac counts tor tne year ending July 31st, 188S, was as follows: — Working account — Dr. : To coals and shale, £752 8s 9d ; to stokers' washes, £335 14s ; to wear and tear, £189 4s 3d ; salaries, £450. General expenses — honorarium, C 10 0; auditor, £8 8s ; property tax, £86 7s 4d : license fee, £12 10s ; lates and taxes £58 17s lid ; miscellaneous,, £138 18s 2d: total, £3,652 10* Id Cr. : By gas, L' 3,232 10s ; by residual products, L'l7l 12s lid: by interest, C 248 7s 2d ; total, £3,652 10*. Id. Profit and loss account : to dividend paid Bth September, 1887, C 748 13s ; to dividend paid Bth March, 1888, £748 13s ; bad debts, L' 3 3s ; balance, 1,078 17s 2d : total, £12,579 6s 2d. By balance, 3Lst July, 18S7, £1,059 4s (kl ; working account as above, £1,520 Is 8d • total, £2,579 6s 2d. Balance-sheet :— To capital — Amount of calls on 9,982 shaies at 38s each €18,965 1 6a; to reserve fund, I'B9l 2s lOd ; to insurance fund, £312 5s 6d ; to dividends unpaid, £39 6s ; to profit and loss, £3,078 17s 2d ; total, £21,287 7s 6d. Cr. : By freehold land, t'4B7 16s l()d ; by p1ant,£12,042 6s; by buildings, L' 3,30 0; by stock of coals and shale, £418 18s 6d ; by stock of residual product?, C7B 11s; by stock of gas, £157 10s : by investments, C 3,553 0s 3d ; by office furnituie, C 95 15s; bj r debts due to Company, £436 13s 9d ; by cash in Bank, and in hand, £716 16s 2d ; total, C 21,287 7s 6d The accounts were audited by Mr (!. Fiaser. The Chairman, in moving the adoption of the report and balance sheet, said that the directors could congiatulate themselves and tne shareholders thot in the face of the bad times they could show such good results, and that) they were able to pay the usual dividend. .He thought he was safe in saying that theie were not many firms, in Auckland that could pay dividends undi,«, turbed in the face ot the existing depression, or that could show only three guineas bad debts made during the year. As tho.^e present "\\eie all d hectors, it was almost unnecessary to mention that they had had to reduce the pi ice of gas in order to meet the timea. The directors did not think that would effect the payment of dividends materially, because the consumption of gas would no doubt be conespondingly increased. The thanks of the directors and shareholders were specially due to the working manager, Mr Wilson, who had saved almost more than could have been expected by building his own retorts, laying his own mains, etc. The Company's stock of coal was good, and amidst the general scare and panic over coal stocks, they had nothing to fear for three months at all events. fie (Mr Stone) had much pleasure in moving the adoption of the report and balance sheet. Mr Walker seconded the resolution, which was agreed to. Dirj.ctok. — Mr C. B. .Stone was icelected tor the ensuing year. Audttok. — Mr George JTrascr was reelected auditor. Thavks. — Votes of thanks were passed to the manager, and to Mr F. A. White (Secretary) foi their careful management of the Company's affairs. This concluded the business.