The annual meeting of Shareholders was held at the offices of Messrs. Schénhard & Ca. on Wednesday. There were present, Messrs. R. Francis (in the chair), P. "Brunat, Douglas Jones, J. Beattie, J.D. Thorburn, and J. Fournel. The number of shares represented being more than one-fourth of the capital of the company, the meeting was declared regularly constituted.
The Cuarnaan said—I conclude, Gentlemen, that it is needless to read the Report, which has been in your hands for several days. In 1887 the price of gas was reduced 8 per cent. after the first quarter, and as in 1888 the consumption increased 2 per cent, the receipts have only been lessened by i Per cent, in consequence of an increase of about Tls. 300 in the proceeds of the sale vf coke and tar. The loss by leakage was 2 per cent. less than in the preceding year, and the price of coal has been lower. The return from the Chinese property has been more than in the preceding years, which has enabled us to write down the value to Tls. 8,662.12, a reduction of Tis, 727.82. The value of the works has also been written down to Tls. 47,000 instead of Tls. 49,000, as in the preceding year. If any one has any observation to make or question to ask I shall be happy to answer.
No question being put, Mr. Tuoxsvxs proposed and Mr, Bzatrre seconded That the report and accounts as printed be passed.
Carried unanimously.
Mr. Francis proposed and Mr. Dovotas Jones seconded That the profits be divided as proposed in the report, and that the dividend be paid on and after the Ist of March next.
Carried unanimously.
Mr. Bearrtz proposed and Mr. THORBUKS seconded That Mr. R. Francis whose appointment has expired be re-elected a director of the Company for " new period of three years.
Carried unanimously.
Mr. TuorsvKy proposed and Mr, Beat-seconded That the election of Mr. Douglas Jones as director in the place of Dr. IS. Little, resigned, he confirmed, Carried unanimously. the songs, and the encores, which were so frequent, that the chairman had to remonseconded strate more than once. Mr. Campbell's That Messrs. Vinay and Lajeat here-elected parody of Queen of my Heart" was as auditors for the year 1889, good as anything, and Mr. Armstrong's Carried unanimously.
Violin Solo was excellent. Great amuse-The Cuarssax—This, Gentlemen, conment was caused by the topical duet, the cludes the business of the meeting. I thank Two Orphans, in character, in which the you for your presence.
Constance's goat, and the Hervine's chief After a vote of thank to the Chairman, engineer were neatly introduced, these and proposed by Mr. THorsurx, the meeting other local allusions bringing down the was closed. hall. Mr. Fyfe's recitation was received with immense applause. Mr. Swales sang The Report of the Company begins with "The Boys in Blue" in the character of a congratulations to the shareholders on the Jack Tar, but he forgot that Jack is not in Progressive improvement la ite working. the habit of wearing cuffs. Mr. Gurney *he consumption of gas increased sensibly made a great hit with The Last Aboard," during the year, the public consumption and Mr. Scott's Hibernicisms were capital. having been 93,875 cubic metres against In fact the singing all round was very 90,101 in 1887, and the private consumption good, and the singers whom we have not 121,647 cubic metres against 121,356 in mentioned by name did just as well as the the' previous year; making the total others. It was past midnight when the 215,542 cubic metres against 211,456 in last note died on the air, and the audience 1887. On the other hand the average cost dispersed, delighted, but at the same time, of the coal used was only Tls. 3.20 per ton sorry that it was the last concert of the against Ts. 3.49 in the previous year. The season. leakage was reduced from 93% in 1887 to 74% in 1888. The exact figures of the
Text read from the printed page and cleaned; old type leaves the occasional error.