The Portland daily press., 1897-06-03
THE GAS COMPANY.
1t Will Keep the Books on a New
System Hereafter.
THE REPORT OF THE SPECIAL
COMMITTEE.

Its Statement of the Company's Financial
Condition-The Old Style of Bookkeep-
ing Described as Non-Illumina ting and
Vigorously Condemned-An Example
of the Confusion 1t Causes.
The Portland Gaslight company will
adopt new system Of bookkeeping as
recommended by the special committee
appointed at the annual meeting in May.
1t was stated yesterday that this change
in the method of conducting the COM
pany's business had already been decided
upon. The report of the committee gave
many reasons why it should be done. The
stockholders of the company met yester-
day in pursuance to a vote adjourning
the annual meeting to that day There
were two matters to come before the
meeting, the report of the treasurer,
tabled at the May meeting. and the report
of the special committee consisting of
Messrs. Edward NJ. Rand, Sidney w.
Thaxter and Edward H. York. The re-
port is an exhaustive summary of the
company's financial condition and shows
it to be even more prosperous than sup
posed. The committee find that the
present system of bookkeeping is mis-
leading and vigorously condemn it. This
is their report which was presented by
Mr.. Rand and accepted by the stock
holders:
Portland, June 2, 1897.
+1,nr 49, Ill. i L
light Company:
The committee appointed to audit the
treasurer's account, examine the securi-
ties and investments and report to this
adjourned meeting beg leave to present
the following report:
The report or statement presented by
the treasurer at the annual meeting is
chiefly remarkable for its non-illuminat-
ing qualities. 1t is not full statement
OF the receipts and expenditures and does
not disclose the entire amount of income
OF the company for the past year. 1t fails
to show the profit and loss on the years
business or the present financial condition
OF the corporation. 1t leaves the affairs of
the company enveloped in the same
mystery and secrecy which have sur
rounded them for many years, and is not
such report as the stockholders are an
nually entitled to receive
From the treasurer'S report and from
the books of the company as explained by
its officers your committee have made up
an account OF the financial condition of
the company and of the business for the
year ending April 80. 1897. as follows
VIZ:
Condition of the Portland Gas Light
company as shown by the books April 80,
1897.
featuring appliances, street
mains, s2o7. 913. 40
Meters il .985. s.
Gas stoves 6SS 10
Pipe, 10000
aan1 a,, h u.re ZOE gas IVY 0o w w
Other material on hand, 400. 90
Cash on hand, 9,2H. II
Investments, 81, 1864. 35
Accrued interest, 1890. SO
s542, 1870. o3
LIABILITIES.
Canita1 stock seto aoo m
Sundry accounts payable, 100000
-----
$500, 900. 90
Balance April ~, 1897, 191 ,4S9. 43
------
An estimate of the nlant inclpdino re.,
estate. machinery. manufactmrinn sn Mi :
ances. street mains and francbise s a moro
in accordance with its actual yaIne than
the compa9v would s Give i the ao fo1Ia OF
results:
ASSETS.
Real estate, machinery, manu-
Z featuring appliances and
street mains, $S49, 800. 90
Other assets as above, 334, 476. "a
sasa zze "A
LIBARTTJTIES
Capital STOCK, $349 800 90
Sundry accounts payable, 1900 go
--
$35O, 800 Cd
Balance April 30, 1897, 332, S75. "a
$685., ZIG. 81
The company had in quick assets April