The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1844-02-06 00:00:00

THE REPORT.

The document set forth that the statement of accounts
showed the steady progression of the company's rental,
evidencing the increased consumption of gas from in-
creased building and population, and its extended use,
especially in private dwellings, as well as the estimation
in which the company's gas was held. Comparing the
price of gas here with that in other places, and combining
the comparative illuminating power of each, the result
was almost invariably in favour of Liverpool—the value
here being enhanced by its purity. The public would soon
participate in this favourable position of the company's
affairs; for as the contingent fund, owing to the surplus
of the year, being now £5,000, the committee recommend
a reduction of prices from the Ist of April next to 6s. Od.
per 1,600 feet to all consumers within the parliamentary
borough, thus anticipating the time of reduction required
by the act. The committee bad given notice of an appli-
cation to parliament next (the present) session for addi-
tional capital, requisite for the further prosecution of the
works. The committee regretted that insinuations had
been thrown out that the company purposed, in their bill,
to retard the beneficial operation of their former act in
favour of the bill. The result of the present year dis-
proved such imputations; it had been the endeavour of
the committee to act with perfect good faith, and delusive
impressions should give way to a better understanding,
for the mutual benefit of consumers and the company.
Mr. J. FLETCHER moved the adoption of the report,
which was seconded by Mr. HORE.
Mr. MOZLEY, after some observations on the present
position of the company, requested the Law-Clerk to read
the clause requiring the company to reduce the price.
Mr. LLOYD complied. The clause (in the 11th William
IV.) commenced by stating that 10 per cent. per annum
should be the profits of the company. It then stated that
the accounts should be filed with the Clerk of the Peace,
to be laid before the justices, and then went on to say, if
it shall appear to such justices that the profits of the com-
pany exceeded £lO per cent. on the amount paid in re-
spect of the shares, the company should make such a re-
duction
in the price of gas as the company might deem
prudent, or as in the judgment of the justices should be
proper; but so, as such p► ices, when reduced, should in-
sure to the company a profit of £lO per centum per an-
num. The clause which followed, the 12th, stated that
the company were entitled to receive £lO per annum as
the profit on their shares, from the passing of the act.
Mr. MOZLEY inquired what was the amount of capital
on which a dividend had been paid, and Mr. STEEL re-
plied £127,000.
The LAW-CLERK said the number of shares on which
a dividend had to be paid was 1,270. He added, in further
reply, that after paying the profit on the shares, and all
expenses, a reserved fund of £5,000 should be invested,
and that until 1842 there was nothing that could be placed
to the surplus fund.
Mr. MOZLEY said that in 1842 there was a surplus of
£1,300 so to be applied ; in 1843, £3,700, making up the
contingent fund of £5,000. It might appear strange that
up to 1842 there was no surplus, and that there should be
such a surplus in 1842 and 1844 ; and be would therefore
ask had the amount of interest paid to the proprietors ex-
ceeded £lO per cent.

Mr. H. BANNER said it had not. The total profit paid
to them was exactly £lO per cent.
Mr. MOZLEY said the answer showed that the imputa-
tions thrown out were improper, and had arisen from a
want of knowledge or inquiry on the subject. He was
glad to state that he had been connected with another
company for the last twenty-five years, whose expendi-
ture, in proportion to its rental, was very low ; that that
company was prepared to go hand in hand with this ; and
that both companies were prepared to anticipate the
wishes of the public ; so that the whole town would have
the advantage of a reduction in the price of gas ;—(ap-
plause)—and this, not by force, not by compulsion, not
by any pressure from without, but merely by carrying out
the spirit of the act. He had no doubt the companies
now in existence would be able to give the town an ample
supply of gas, and that there would be a gradual and pro-
per reduction in the price of it. He verily believed also
that if the town increased one-third beyond its present
size, they would still be able to furnish all that was re-
quired ; and as they were now enabled to reduce the rates
one-seventh, be had no doubt, with additional capital to
complete their works, two years would not pass over the
heads of the inhabitants of Liverpool without a still fur-
ther reduction. (Great cheering.) He said this much in
order that the public might not be misled into the unne-
cessary expenditure of a large sum of money by a third
company.
_ _

Mr. KERSHAW moved that the thanks of the proprie-
tors be given to Mr. Steel, the manager, for his great
skill and indefatigable exertions in maturing and bringing
the concern to its present state of prosperity.
Mr. BRUCE seconded the motion.

Mr. L. HEYWORTH also bore testimony to the zeal,
energy, and talent of Mr. Steel in the management, and
also to his exertions in economizing the expenditure. Mr.
BANNER also spoke highly of Mr. Steel; and the motion
being put was unanimously carried.
Mr. STEEL returned thanks, stating that he should ex-
ert himself to the utmost to deserve their approbation.
Mr. R. MATHER moved that a dividend of £lO per
cent. be paid on each share, which was seconded by Mr.
HORS, and adopted.
The retiring directors were then unanimously re-elected.
The LAW-CLERK having read the notice of the intend-
ed application to parliament,
Mr. CLARE moved that the proceedings of the commit-
tee relative thereto be confirmed, which was seconded by
Mr. ROBERT MATHER.

Mr. MOZLEY said, before the motion was put it should
be known to what extent they sought to increase their
capital, and as the committee proposed to lay pipes in the
out districts, which were comparatively unproductive,
whether they would still be able to realize £lO per cent,
to the shareholders.

Mr. BANNER said they were now reduced in their ca-
pital account to £l,OBO. A limited demand for additional
pipes would take up the whole of that sum. Even if they
did not go beyond Liverpool, such was the increasing
consumption that they would require an increase of capi-
tal. The out-townships required more consideration ; but
it seemed hard that a gentleman who lived a short dis-
tance beyond the boundary, should be deprived of the be-
nefit of gas, though he was a large consumer at his place
of business in the town. At the same time the committee
made it a point not to lay out capital unless they saw the
certainty of its realizing £lO per cent. With regard to the
extent of additional capital, they had certainly asked for a
large sum, but from the mode in which the company was
managed, he trusted the public would be satisfied that it
would be properly expended. He thought, as it was ex-
pensive to go frequently
.to parliament, and considering
the increase of the town, it was advifable to obtain leave
at once to raise a sufficient sum to provide for present and
and future contingencies.
Mr. MOZLEY said the princi▪
ple adopted by the com-
pany in laying, out money was correct, and in asking for
additional capital to afford addi▪
tional convenience, and to
light the out-townships, the public, he had no doubt,
would coincide with them. Sn small a margin as £l,OOO
was too little, but he wished to know if the committee had
made up their minds as to the amount they should ask for.
Mr. BANNER said they intended to ask for £127,000,
and repeated his reasons for approving of asking for
enough at once.
Mr. L. HEYWORTH thought one important argument
bad been overlooked. They had already the materials for
supplying any quantity of gas that might be required.