The annual general meeting of shareholders was held on the 25th instant, Present:—Messrs. J, I. Miller, chairman BE, J. Hogg, C. W. Goodwin, 8, H. Clarke, A. R. Tilby, J. F. Rodewald, G. W: Cowie, R. Brand, E. W. Batt, J. P, Bisset, J. Anderson, 0. Brandt, and T. G. Meade, Manager.
The Chairman read the notice calling the meeting, and proposed that, the minutes of lust meeting being rather voluminous, they should, son that occasion, take them as read.
Mr. Cowre seconded, and the motion was passed.
The Cuaran said he had now the pleasure of laying before the meeting the Accounts and Report by the Directors. for the 12 months ending S1st December last. He thought they might congratulate themnselves upon the very successful working of the year. The Chairman at the last meeting "had held out to them good hopes of the success of the Company—anticipations which, he thought, had been in every way carried out. ig the future, he might on the present occasion hold out aqua good hopes. The increase in consumption of gas during the past year had been over 10 per cent—very nearly 11 per cent., compared with the previous one. The enhanced value of coal, however, and the high rates of freight from all the ports of production, had made the cost of the gas rather dearer. The Report and the Accounts placed everything fully before the Shareholders, and had been in their hands for several days. It had been customary to take these as read, and he proposed to do that at. "On looking over the accounts, the only item of bad debts incurred during the year, he saw, was one of Tls. 39.26, which was satisfactory. The Shareholders would see written off a sum of Tis, 1208,86 for shroff's defalcations. This had ocourred through'the man absconding in Nov. 1869; and the amount had been carried forward in the accounts from time to time, till the Directors thought it better, as there was but very slight chance of recovering any more, to put it down as The amount of the defalcation was Tls. 2,700 and the shroff was secured in the sum of $1,000, which had been recovered. There was stil a faint hope of reeovern some part of it through the English Consul, but lid was ed tobelive there ao very litle chance of doing so. During the year they had from home a new assistant-manager, which he hoped would add to the efficiency. of their staff. This gentleman had now
getting acquainted with the details of been here some months, and was rapidly the work. The shareholders would nee in the Report that the Directors recommended
depreciation. This was on the cost of land a.sum of Tls. 20,000 to be written off buildings and plant, on account of which
Text read from the printed page and cleaned; old type leaves the occasional error.