Less written off for Deprecistion,. "1416, 200,00
By Fire Iosurance—St; Moutls unexpired...
200.00 By Stocks on Hand—"Fittings The Cmarauaw, in opening the meeting, ssid: Gentlemen, we are not num eric: ally strong, but we have sufficient votes represented to go on with the busi Before commencing the business, however, may sey afew words to account for my ccoupying the position of Chairman—at this meeting. I am sure that you will all share with me the regret that our Chairman, Mr. Hague, is not sufficiently well to be present to take his post here today. I will ask the Secretary to read the notice calling the meeting.
Mr. Yz0 accordingly read the notice.
The Cuamsay then sxid—Tho minutes of the last meeting I think it is our practice 33 to take as read, and with your permission I will propose to take them as read. A liar course may, I think, be adopted which now been before you for with regard to the report and accounts
some few days. I think that the point which are usually dealt with in the Directors' report appear in this one, and not very much remains for me to say.
net profits of the year are very isfactorily large. They amount to Tls. 45,362.20. Last year our profits were only Tis, 41,512. This increase is in the face reduction of 25 cents per thousand therefore it all the more gratifying. The Ret Fud is the next point dealt with in report, and that, you will largely increased, and now 49,000. There may, hower heavy calls upon that in the immediate future, on account of our having to provide a new gasholder, and also to provide more accommodation for our staff. A Manager's and Secretary's house is now being built. However, the Re-servo Fund is a matter which, I think, should be kept well in view, in order to mest any unfor i case of any camp cause a attain upon the Company' sources. The depreciation which had ber written off is about the same as in preious years. The consumption is a very factory feature in thia report. it wae 10.2 per cent. "above the pre-ater than last year, and last year
ceding year; ao that our percentage has been steadily incre Whether it likely to go on increasing is a matter which you will be able to judge of as well as myself. For my part I hardly think so. The population is not likely to be as great sumption of gas provision for more storage, and we found it necessary to proceed with the new gasholder. We have had a great strain on our resources, but we have been able to Keep up the supply by means of a little extra energy on the part of our manager. The leakage is also an interesting item in pre As long as we can maintain it at the present standard we have every reason to be perfectly satisfied. Another point is with regard to the Deed of Settlement, but will form the subject of a later resolution, and therefore I will not make any remarks upon it at present. I beg to propose the first resolution Tls. 4.413 with the French Company, ai Tis, 4.80 here.
0 Cxarnatan anid this was a point in the practical working of the Company which he dared esy Mr. Yeo would be able to explain, The Suonerary said there wore such things as good and bad mon and there were also such things as good and bad coal. The coal used by the French Company was not the same as the coal used by this Company; and the figures Mr, Brandt had mentioned might be questioned. It was not the price of coal that had to be con-much as the amount of gas to bbe got from it.
Mr. Braxpr enid ho knew for a fact that in each case came from the same He had had occasion to know this, and it looked funny that their conl be so much dearer. Aa to the tained by the two companies, they might depend on other matters.
French Company might have some special contact, and thought they were hardly in a position now to go into a comparison.
The Secretary anid ho know it for a fact that the French Company were paybly more than they wore. He Brandt if he could give the figures of the French Company's contrast.
Mr. Porpow remarked that thi question had been brought up at the Inst ing, and thoroughly investigated Ho was sure that the si holders were perfectly well convinced then that the comparison drawn was perfectly erroneous, He could place his hands on the figures of the whole statement which showed that the cost of working of this Company com-pated, very favourably with that of the uch Company. If any shareholders would got the statements of both companies analysed they would sco that that was the 3 id ho did not deny that it ought to be so. The French Gas Company was a small company. It had not the good appliances that the English Company had and could afford to work with, Be I point before id distinctly that the English Company did not get better coals than the French Company; they got the same coals, The Cuarmax thought all the directors could say was that the matter should be looked further into, It was very antisfactory Mr. Purdon's assurances in giving planation he had. If there was point where a saving could they would consider it. The interest of the directors was the at of the other shareholders. Every care was ox-excised to get the best coal and to get the dest results from it, as far as the lights and judgment of the directors went. there was no other remarks to be made he would put the resolution.
Mr. Brandt said he saw there was to be now house for the manage 3,500. Ho aske:
piece of extravagance.
They had soon the shares fall on account of the introduction of the electric light.
The Cuatemax—Have the shares fallen?
Mr. Braxpr—They did, and went up again (laughter). He did "not think that
Text read from the printed page and cleaned; old type leaves the occasional error.