TIMARU GAS COMPANY.

Timaru Herald, Volume LXXVIII, Issue 11998, 21 February 1903, Page 4

TIMARU GAS COMPANY.

The tv.-eutv-tylitL. atonal meeting of the "liuiiur Gas" Company v.-as held at the Comp:i:.y\> "tike !->t Captain J. H. Sutter. "chairman of direct*:::;, presiding. There re c also preheat Mesiis A. Hart. J. Jackson and G. Gabites \diiectoiM. J. S. Gibson, .1. Lewis. J. Shepherd, K. H. Ferguson. W. A. Courtis, E. A.. F. J. and E. J. LeCreu. Mr \V. Evans (director) telegraphed an apology. The directors" teport as printed and circulate-! v.'us vtty bttet, and as iodov.s : '"Your b-.acd of directors have tnuch pleasure in M-biauting to the shareholders the twenty-eighth arucal report and b.daneef•••.■.•.i:i- the p:;s; year the turiMtinptioii i'£ ya.- ha.-, continued to iiicr-Mse. Au interim dividend of 5 per cent, for halfyear was paid in August, and director* propose to itjotinuen-.i a suaihir one for half-ve Lt ending Becembsr 51st. 19C2. The fbilowir-jc dheotois la-tiie by totati;.-: . and otter tLe&iselvea f.'-r te-electior.: Captain Sutter, MesMs E. G. Steticktr anc! \V. Evan.-."

The b.-.lanee-sliee- shoves that the pd-l-up capital ■ i> i2OOO shares at £5 and 20C0 at £2l. £14.000: debentures account. £5024 17s Sit: resetve account invented in plant, £'2292 2s 6d. The permanent works ate valued as an asset at £12.692 Cs lOd. mains and services at £4804 9s Bd, meters at £1836 ICs sd, site of works £800; uas rkti-gs and stoves. £S9S Is 9d; stock of retorts, gas coal. etc.. £426 15s lQd; office furniture. £SO: cash and accounts collectable. £2260 19s ICd. Contra accounts are £l7O Is 9c.

The pre St and loss account shows receipts : Balance at beginning of year (less £560 dividend paid in February). £3998 12s 8d; from gas, meters, and stoves. £5454 19s 3d; tar, £386 18s 7d: coke. £445 16.3 Id; weighbridge. £4 13s Id: transfer fees. £1 7s 6d; gas fittings and stoves. £4B 0s 3d: total. £10.340 7s 4d. Expenditure: Manufacturing account, £2891 : new plant. £IBBS 3s 6d (reserve accountl : renewals. £241 16s Id; general expenses. £65 13s 8d; director's fees. £B9 ss; income tax. £l2O 12s ; borough rates, £76 ss; Government license, £10: insur-

ance. £9 17s 9d; secretary. £193 6s 8d; dividend paid in August. *£7GO: interest. £ll3 17s 3d : land tax. £9 7s 6d; balar.ee, £3931 2s lid; total. £10.340 7s 4d. Taa chairman in moving the adoption of the report and balance-sheet, said he did not propose to add much, but he •would trive a few to show the progress of the last three "years. In 1900 they carbonised 1255 tons of coal for 13.743".CC0ft of gas: in 1901. 1412 tons for 151 millions: and in 1902. 1565 tons for nearly 13 million feet. Shareholders -would agree" that this was a very satisfactory state of thin -J?. This inerer.se in the business however it.volvsd liabilities for enlargements and extensir.es. and the income of the company -wonkl be pretty well swamped this year by executing them. With tht increased the condenser and exhauster

were too small, and in the course of a few months they would have to order larger ones, and * these are expensive things. In ?.dii:ioa to these it was necessary to lay a 6-inch main to Church street, and a 4-lnch main to Stafford street, to improve the circulation at the northern end of the town. They must also extend the mains at the north end. These addition -would make next year an expensive one. so that instead of a profit next year it was not at all unlikely chat there would be a call made upon shareholders. A conversational discussion took place, in which it was stated that the new work would not be paid for out of profits, bu: j.rolubly by issuing further debenture-. :md dividends would not be interfere 1 with. The chairman remarked that the extension of mains is a continual drain on the income. The company has eovt 30 miles or main?, and he contrasted thij villi the 17 miles of main's and 125 street lamps of WanganuL They must th» uv»i"s to th» borough boundary, and if the "" Greater Timaru" scheme is carried out they would have to extend them much further, or there would be u clamour, though they were not compellable to do it. Another director said they were safe from Greater Timaru for a long time to come. The proposal that the Borough Council should purchase the works was alluded to, and the chairman said the last offer made was £20,000, for works that had cost £27.000, so that they were not proposing to deal very generously with the company. TLe report and balance sheet were formally adopted. Tiie retiring directors were re-elected. There were two candidates for the auditorship, and Mr A. Montgomery was elected by ballot. Mr Gibson proposed a hearty vote of thanks to the directors for the careful manner in which they had conducted the business, and added a recommendation to the directors to favourably consider a suggestion that the excellent work of the staff should be recognised in a pecuniary way, in view of the increased cost o"f living. Mr Shepherd seconded the motion, and it was carried. The chairman thanked the meeting for the directors, and said he personal!? approved of Mr Gibson's recommendation. The meeting then closed.