lteervesnd Depreciation ture Bad Debts 2 ten off Office and SMiscollaneous Bxpensee:—Printing, Advertising, By Balance of Proft as per last account...
13,3082 Profit on Gas account for the year 1889.
Do. on Sales of Fittings do, The Cuamman pursned—in rising to propose that the accounts be passed, and the Report of Directors be approved, I desire to congratulate the shareholders on the sound and prosperous position to which the affairs of the Company have attained. Tels now more than six years since some of us paid the first call on our shares, During that time the Company has passed Yhrough various vicissitudes of fortune. Three years ago it was loaded with a debt which seemed to be greater than could be borne. So much was this the case that the plant, in the spring of 1867, was on the point of passing from the hands of the shareholders to meet the claims against the Company. This was the lowest point of the Company's fortune, and from this it hae fortunately been raised. It has now righted itself, and gone on steadily improving, until, at last, we can not only pay a fair Dividend and Jay by a sum against evil days, should they ever come; but at the same time make the public sharers in our prosperity. It is to be hoped that increased consumption of Gas will not only compensate for the reduced price we propose tomake, but justify us, atthe end of another year, in making the article of Gaslight a0 cheap as to bring it within the reach of all classes of the Community. Indeed, I see little reason to doubt that we may, in a year or two more, be able to supply yas as cheaply in Shanghai as it is supplied in many towns of England. There is only one matter that 1 know of, which detracts from these congratulations on our position and prospects asa Company, and that is the many complaints made by consumers respecting irregularities in their bills, This matter had a fair share of discussion at the last General Meeting, andI did hope we had heard the last of them. Our manager, at the request of the meeting, then drew up'a letter pointing out the many causes that contribute to make gas accounts probably the most difficult to regulate of any accounts I happen to know. This report was published in the Daily News of 28th May 1869. Now venture to say there is not one per cent of these complaints, that is not capable of being satisfactorily referred to one or other, or several of these causes combined, Mistakes on the part of the Company's assistants may doubtless sometimes happen; but these would, I believe, be found to be the exception. It will be among the first duties of the new Directors to examine number of these complaints, and I trust the results will be not only to remove any source of dissatisfaction on the part of Consumers, but. to prevent the recurrence in of complaints in future. I beg to move That the accounts of the Compan: for 1869, be passed, andthe report of the Directors ap: proved.
Mr. Toorat was glad to hear that one of the first duties of the new Directors would to be enquire into the numerous complaints that were made by consumers, in regard to their accounts. These much required in-ection; for some of them were certainly plicable. His gate lamp, for example, had a metre to itself, burned $6.50 orth of gas during the short summer nights; but during: the declining months of the year consumed a gradually declining quantity, tilt came down, in October and November, to $3.50. With the assurance that the Directors would look into these matters, he had pleasure in proposing that the accounts he passed.
Mr. Benvanp objected to the entire amount of profit being carried to Reserve Fund, as some among the outstanding accounts might be bad, and these would then have to be treated asia loss, in the accounts for next yeat He proposed, therefore, that Tls. 20,000 should be placed against eapital account, reducing the estimated value of the stock to Tls. 130,000, which would be more commensurate with the actual value of the plant. He thought it was a false idea to let property stand at more than it was worth; and the Land and Buildings were certainly not now worth, nor likely ever again to be worth, Tls. 150,000.
'The Caarnwaw allowed that, if the plant were valued just now, it might nut prove worth its cost value.' Still, Tls. 150,000 was what it had cost, and it-was better to show this clearly Mr. F. B. Jouxson thought this was a mere matter of statement of account, which it was better to leave to the Directors to arrange as they pleased There were, how-
Text read from the printed page and cleaned; old type leaves the occasional error.