COMMERCIAL

Star (Christchurch), Issue 2039, 19 September 1874, Page 2

COMMERCIAL

LYTTELTON GAS, 'COAL, AND COKE COMPANY. The annual meeting of the company took nlace at the Mitre Hotel on Thursday evening ; there was a good attendance of sharedoldera. Mr H. Hawkins occupied the chair. •' • ■■■ ■ • * .- The Chairman said he hod not made any lengthy, report. The balance sheet submitted would spea,x for itself. They -would see that a bill for tbe plant, amounting to £1879 7s 4d, had been drawn in London at SO days' si^ht. The amount would have to be paid on the arrival of the plant, a portion of which was on board the ships Taunton and Cathcart, the remainder being on board the ship Bndy-' mion. There were several accounts yet unpaid. The directors had purchased from Mr Allan Mb plot of freehold land adjoining that purchased from Mr Grubb. The business o? the greatest importaa.ce that evening was to make "provision to meet the calls on the company, and it would be for the shareholders to decide whether they should bor-ow money at interest or issue fresh' shares. He thought that it would be better for the shareholders to take up fresh sharse, and thus raise the amount, of capital required. The Hokitika company had 2000 shares ; they, had called up £2 per share, and borrowed the. remainder of the money. It would, however, be for the-shareholders to decide which should be best. Bespectins the action taken by the directors, he might state that they had purchased a site from Mr Grubb,- for £GCX There had baen a petition presented against the bill when passing the General Assembly, but he was glad to say it had successfully passed. The directors had lately purchased from Mr Allan the next section of ground for £2CD. By doing this they considered they had saved at least £150. At the last general meeting a question of patent gas was mooted, and inquiries (causing a delay of four months) took place, and resulted in the company rejecting the scheme. The plant was ordered in February, and no time had teen lost in getting it out. Mr Cunningham had been entrusted with an order for fittings. Mr Walker, of the Christchurch Gas Company, hod prepared a list of requirements, and this list •was based on Christchurch requirements. They must be aware that there was a great deal, to do before the plant could be erected— one thing notably was

the excavations. Tenders for this work had been called for, but only one had been sent in, amounting to £660, which the directors considered excessively high, and recommended that the matter be left to the incoming directors. His opinion was that the work could be done for £20} to £253. At present no permanent officers hai been appointc-.., neither had there been any expenses incurred 2cr office work. There was a sum of £50 due to l_r Ross, and also a prof essional fee of £8 Bs. Atpre.-eut no steps had been taken to call for tenders i for br.-ldiiigs, and this was not necessary until the p-ant was on the ground. As soon as the pVmt anived this matter would be attended to at once. The articles of the company liad not been returned from Wellington, and the e:ipenses of passing the bill and solicitor's expenses had not been included ii the balance-sheet. The Chairman then read the balance-sheet. The next business was the election of two directors. The Chairman said that Mr Cunningham had placed his resignation in his hands before he left -for England. , .-•■ Ona ballot being taken, Dr Bouse was declared the retiring member. Mr Fyfe moved, Dr Bouse seconded, and it was resolved, " That Messrs Cunningham and Bouse be re-elected directors." A discussion ensued respecting the number of shares that should be issued. After a motion and amendment on the subject had been moved, it was finally resolved that the shares be increased to 1300, and that they be offered to the present share- • holders, each one being allowed to have a similar number as he originally held, and that one month from the date of the notice be allowed to the shareholders to send in applications ; and that afterwards they be offered to the public. The Chairman said that it would be necessary to appoint auditors. Dr Boure moved, Dr Macdonald seconded, and it was carriea— " That Messrs J. S. Willcox and A. J. Bogers be appointed auditors." Mr Carder moved, Mr Atkinson seconded—" That the balance-sheet as read be received and adopted." The motion was carried. . Dr Macdonald moved, Mr AUwright seconded, and it was carried — " That the thanks of the meeting be given to Mr H. B. Webb for his services in getting the biU passed through the House of Eepresentatives." ' Mr Carder moved and Mr.Hobbs seconded— " That a vote of thanks be given to Mr Hawkins for the time and trouble he had taken in this matter." The motion was carried unanimously. Mr Hawkins briefly returned thanks, and eaid he hoped shortly to see the town lighted with gas. The meeting then terminated. . . > ' MAIL NOTICES. Mails close at the Chief Post-office for the following places (subject to necessary alterations) :— For Wellington, Kelson, and the Australiati colonies, per s.b. Ofcago, on Monday, Sept. 21, at 11.15 a.m.