ers in Sccretury,.H. King Bille at Buchanan, F. W. Potter, H. F. DI. Bell, C.R. Burkill, P. F. Lavers, Al Fleet, J.
Hanson, E. A. Probst, ACE. Knights, R. 8. Furlonge, E. H. Dunning, and F. Haskell 'The Secrstary read the formal natio ing the meeting, after which, 'The Chairman said' that there was small error in a date in the profit and loss account, in relation to the prym ut of a! dividend of "1x per cent on the capital. The 25th January was set down ax the! date; it ought to be 25th July. Tt was a mere clerical error, and did not affect any-! thing else in the accounts. He th n pro-} eyeded as follows Tam much j-leased to lo able to congra-tulare xhareh the results of last y are all (he more so factory hi fully justify the policy of your Directors in further reducing: the price of gas ayearago. Such reductions enaly'e us to compete successfully with other illuminant~ and' will probably have more marked results as our field of operations! extend. Consumers have benefited during the year to the extent of Tls. 12,000, or equal to 3 per cent on the! an increase of Ts. 17,196.07, which taking into consideration the reduction in selling price, is equivalent to an increase of 18! per cent on last year's business. Of this, Tls. 9,946.47 was derived from Foreigners and Public Lamps, and Tls. 7,249.60 from natives—cheaper price telling in both case and aided, as regards Chinese, by their having resumed wot as engines, interfered with by the troublous times of 1900. OF Residuals, the increase in Tar 7,063.00, noe. Total 1 just entirely due to the of carp nissing material cost Tls. 18,455.45 over last year and is satisfactorily recounted for by the greater production and sale of yas. other items there is no change worth yon, The dalane- of Working, Tis, inst. Ths, Tis. yee than last ud Loss account speaks for he balance, is. 62,453.14, will, if you approve, be dealt with as recom mended in the report and embodied in resolutions to be a. The total expenditure on C cement. is Ts. 51,942.96; of this, and buildings took Tis. HI being the Additinns to "marine joining
ye cost. Tis, 25,248.10, the pr s being Ts. LU for a pew il tank at Pootung, Tls. 4,492 for tae and Tiquor tank xt the welks, aad is. 5,967 for condensers. Distributing plant additions have est Ts. 16,87L2, which new meters cost Ts. 5, the balance being ior new mans and ser views, hare bad a record your both as re: gards increase in the quantity of gas produced and sold and in the amount of profit. made, while the total consumption per head proves that gas is growing in favour for donosti: nse, the increasing use of yas for cooking and heating being very market and likely to extend. The spread of me candescent yas lighting is a very satisfaetury feature and quite natural one, as it Lecemes maze zt cognised t affords a Large increase of light for the sam cost as when using the old burner. yr the Sune amount of light at much lower vast. In this we are only following the trend of events in important plates in Europe. In Berlin, for instance, out of a total umber of gas lights installed, it is sti-mated that 95 per cent are fitted with incandescent. burners, and_ practically the whole of the street lighting in that City is derived from some form of incandescent burner, while a large proportion of the lighting London, Liverpool, Manchester and Glasgow (not to mention other Places) is by the same method Altho lih we are not afflicted here with London fogs, it is worth noticing how duce ing the heavy fogs there of last winter me candescent gas proved its penetrating power and did good service, the elec tric lighting was absolutely useless. I ought not to omit to call your attention. also, to the increasing use of the intensified incandescent yas Jizhts, which fford such a splendid illumination for spaces where powerful lighting is required and the use of which we should like to see extended here. You will remember that in March, 1900, we made proposals to the Municipal Council for a general impreviemont in street lighting—or, failing their acceptance of the bigger proposal, we asked to be allowed to improve the licht~ ing of those portions of the Settle-
Company's paid-up capital. The accounts; ments where hitherto thes had only per have no doubt had your attention. Work: mitted us to continue with the old-fashioning account shows that the receipts for and obsolete system of fiat-famed burners. Gas and Residuals, together with the profit The Council then postponed a decision ax on fitting account during 1901, amounted "sufficient time had not yet elapsed for to Tls. 252,966.99, an' increase of Tis. the formation of a final opinion as to the 26,015.65; gas sales being Tls. 201,276.36, financial and other rest Its of the recently
Text read from the printed page and cleaned; old type leaves the occasional error.