The Northern Daily Times.
Liverpool, Merseyside, England, 1856-08-20 00:00:00

REPORT,

The directors submit to the proprietors their report of the
affairs of the financial year ending the 30th June last, It
is satisfactory to them that they are enabled to state that
the business of the company has increased to some extent
during the year. They fear, however, that this increase will
not meet the expectations of those parties who took a san-
guine view of the prohahle results of the reduction of the price
on the lst January, 1855.

The gas rental for the year ending 30th June, 1854

£121,121
Ditto ; 855 125,024
Ditto ... 1856 121,643
The price in 185.5 was reduced from the lit January to the
30th June in that year, within the parliamentary borough,

•
from 4s 6d per 1,000 cubic feet to 49 ; and during the pas
year the price for the entire period, within the above district
has been at 4s.

Tile profit and loss account for the year ending
ing 30th June last is
From which has to be deducted the amount
paid for dividends for the half-year ending
31st December, 1855.

Leaving towards the dividend ....£22,61.4 13 0
for the half year ending 30th June last ; but, to make up the
dividend to which the proprietors are entitled, the direc-
tors will have to draw from the reserved fund £1,335 7s.
The directors recommend that the proprietors should
declare a dividend for the half-year ending 30th Tune last,
at the ree of £5 per cent. on the consolidated stock of the com-
pany. The directors have pleasure in stating that the new works
of the company at Wavertree are nearly completed, and will
be available for the requirements of the company during the
ensuing winter. Since the last half-yearly meeting, the
directors have arranged with the Town Council the terms and
conditions upon which an inspector of meters is to be appointed.
The directors beg to inform the proprietors that the four
following gentlemen retire by rotation from the board of
directors, but are eligible for re-election, viz :—William
Fosbery, Esq. ; William Robertson Sandbach, Esq.; Samuel
Henry Thompson, Esq.; and Charles William Reade, Esq. ; also
that James Radley, Esq., one of the auditors, retires by rota-
tion, but is re-eligible. G. H. LAURRYCE, Chairman.
The Chairman said : Gentlemen, I beg leave to move
the adoption of the report which you have just heard read,
and to invite your examination of the accounts of the com-
pany, which have been submitted to you. It is a great
relief to me, indeed, that I shall not have to occupy your
attention with any lengthened remarks of my own. The
accounts speak for themselves. The course of events out of
doors during the past half-year has not been of that difficult
character which distracted our attention when we last met.
All goes on smoothly and well. There are those who may
have anticipated that the results of the reduction in the
price of gas would have been more apparent, and that a
large consumption would have been shown ; but. I, for
rmeyPsusltl,
.f may say that
notl a
one o f iliperfectly
thosewhothsatisfied with t
ht that, at ile
the
ivery
mfires t,
dowgreesehoeunitd be ab
renohainlge to pay o
upon
pon ourur10 p
reservede r cent, without
fund
but
when I show you that, out of the reserve of £13,000, we
hare only had occasion to draw £1,300 to pay the
dividend. that will prove to you we have nothing to fear
from the reduction of the price to 4s. The times, too, have
been rather against us. The heavy income-tax, and other
circumstances, have checked consumption ; bin I think—
and I anply the observation to all commodities—that they
who sell good and cheap articles need never be afraid that a
reduction in price will not produce an increase of consump-
tion. There is only one difficulty which presses on
my mind—that is, the price we may have to pay
for cannel ; but, if we could only guarantee the
continuance of the existing contracts all would
he quite right. However, I have no fears for the event.
It is my duty to explain the past, and not to prophecy what
may come afterwards, and I hope there is nothing either in
the report or the accounts laid before you which could snake
you hesitate in adopting the report, for which I now ask
your acceptance.

Mr. Alderman Cooper seconded the motion, which was
unanimously adopted.
On the motion of the Chairman, seconded by Mr. Sand-
baPh, a dividend, as recommended in the report, was
declared.

The retiring directors and retiring auditor were re-
elected, and Mr. W. D. Chidson was elected one of the
auditors in the room of Mr. Mann, who resigned in conse-
quence of ill health.

The remuneration of the directors was fixed at £5OO,
which was voted.

Mr. Charles Turner asked how long their contracts for
cannel had to run ?

Mr. King replied that some of them would expire in about
four years. Those most beneficial to the company had four
years to run ; others had two years to run, and they haft
two others which were just expiring. One for £35,000
would esnire in June, 1859, and another for £13,000 in
June, 1860.

Mr. C. Turner asked what was the average price they
were now paying for cannel

Mr. MoQeley suggested that this was a question which
they ought not to diicuss.

The matter was accordingly allowed to drop.
Mr. C. Turner moved that the thanks of the meeting be
given to the directors for their management of the company.
They had had a difficulc negotiation with the Town Council,
and they had conducted it with satisfaction to the pro-
prietors, and he believed the public generally. He was
aware that a good deal of fault wss found with them by
some parties out of doors, but he felt convinced that the
town in general felt well satisfied with them, and that the
company was conducted with justice to the proprietors and
consumers. (Hear, hear.)
Mr. Moseley seconded the motion, which was unanimously
adopted.
The meeting then separated.