The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1871-02-04 00:00:00

TRE STOURBRIDGE OBSERVER.

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count. Prior to the year 1863 the largest amount paid
for labour was £BB6 15s 7d. In 1862 and in 1068 it one
less than that sum, being £867 4s 14. In 1864 it was
£1,003 ts 44, 1865 .£1,104 laid, in 1866 £10839. 4d, in
1867 it reaches the large bUM of £1.861 4s 14, in 1868
£l.BOB 183 82, and in 1869 £1,551 flu 22.
It is noticeable that about that time, when the amount
for labour was Co largely increased, the company were
engaged in the laying down of new mains 47c., the infer-
ence, in the absence of information to the contrary, being
that the labour expended on the laying of the new mains,
Pic., has been charged to revenue instead of to capital
account. Therefore, the labour chargeable to revenue
account has been estimated at £9OO per annum for the
seven years 1868 to 1889, and the balance £2,979 is 9d
has been carried to capital account by the committee.
The item charged under the head of maintenance of
works, does not appear to have exceeded £373 Os 7d in
any of the years, with the exception of 1867, when it
amounted to the large sum of £699 5s 94, and the com-
mittee are of opinion that when instances of this kind
occur that the company should show in their animal
statement how such additional charges arise. The
sum expended in law charges during these years amounts
to £3OO kfa 22, and it is presumed that these charges were
incurred in respect of capital, and are not in any wey
connected with trade accounts, and therefore ahould have
been charged to capital account.
The auras paid to directors and auditors in the seven
years 1063 to 1869, is £1,480, against £994 in the ten
previous years. The bad debts and allowances in the
seven last years amount to £549 10i, against £127 lie in
the previous tea years.
The committee have made out a separate account
showing the amounts due to the Gas Company for divi-
dends at 10 and 73 per cent, upon new and old shares
respeetively, from the year 1863 (when all dividends were
paid in full) until the end of 1869, amounting to £9,507
Is 4d, showing also the sums which have been appropria-
ted to the payment of dividends during the same time,
amounting to £2,515 80, leaving £6,081 13s 4d due for
dividends tri full. After adding to the balance of £5,384
19. 53d, which appears in the general statement at the
end of the year 1869, the probable amount of account.
due for one quarter, and estimated value of the stock of
meters, fittings, tools, coal, coke, and other materials and
products, amounting to £3,320, a balance to the credit of
the concern is shown amounting to £1,713 thi lid. And
if the thousands of cubic feet of gas are taken which
were consumed in one year, end which the committee
arrived at by taking the average gross receipts for gas
fur 1863 to 1869, viz., 4)4,069 Is, at an average rate of
35 8d per thousand cable feet, they find the quantity to
be 22,195,000 cubic feet.
j This quantity at Is per thousand cubic feet, produces
l• sum of £1,109 15a, which taken from :the balance re-
maining to the credit of the concern after paying all
dividends, leaves a balance sit to the credit of £63311s
10, leading the committee to the conclusion that gas
may be supplied to the town of htourbridge at a reduc-
tion of Is per thousand cubic feet without detriment to
the shareholders' legal claims of 115 and 7i per cent., on
old and new shares respectively.
Although the account last referred to has dealt with
the amount of dividends as if they ware due upon the
total amount of capital raised, in considering the matter
fully, a question arises as to whether the full amount of
that capital is represented by the present works and aye.
tom of mama.
It is well understood that the mains which weie pro-
vided and laid out of the original capital have been
several times in part taken up, and replaced With tualLis
of larger disnensions, the cost of which, it is presumed,
had been defrayed out of the additional capital which
the company were authorised to raise, in which ease as
much of the original capital as the coat of the maina
amounted to in the first instance weruld be extinguished.
If the committee are justified in taking this view of the
question, thh atuouet due for dividends is considerably
lessened, and ass consequence, the balance to the credit
of the concern, after reducing the price of gas will be
correspondingly increased.
The committee has thought it advisable to take the
aggregate of the years 1863 to 1869, rather than select
any one year of the seven for the purpose of showing
whether or not gas may be supplied at a reduction upon
the present price of gas.
urther, the committee would recommend in the event
of the lass Company continuing to supply gas to the
town that in future the Commissioners should insist that
the annual etatement of accounts should be as framed as
to include all charges in detail, and not to be satisfied
with the very vague balance-sheet annually drawn up.
giving as little information as possible. Thu committee
wish to direct your especial attention to this fact, that
Gill hoard is entitled to every information upon these
subjects to enable them to consider the interests of their
constituents.
The committee is further convinced that there can be
Do just cause for concealment in any of these particulars
uuless to cover some injudicious outlay. It seems inhe-
rent in the constitution of this and other blunter cam.
ponies that the consumers must pay for any loss arising
from either mismanagement, accident, or any other cause
whatever, either by an immediate payment out of revenue,
thereby causing a larger charge to be made than eliuuld
be necessary, or, worse still, by increased capital, which
is equal to mortgaging the consumers' credit, and for
which an excessive amount of interest is paid.
Dated 16th Jan., 1071.
"

(Signed)
H. HUGHES,
J. Mettivaa.
HENRY NRIENAM,
J. W. WOuLLRY..
Mr. Edwards moved that the report be re-
ceived. which was seconded by Mr. Perkins, and
carried uusuituuttely.
Mr. Allsop then moved that a special meeting
be called that day fortnight, to consider and die-
cuss the whole question.
Mr. MeEwen seconded it, and it was carried.
A vote of thanks was then accorded to the
committee for their services in obtaining infor-
mation upon the question.
Soule discussion ensued as to the naming of
a street at the buck of Talbot-street, mid at was.
ultimately mulled Victoria-street.