Mexborough and Swinton Times, June 6.
Meeting of the Gas Company.
The 11th ordinary meeting of the shareholders of the Conisborough Gas company (limited) was held in the Church Sunday school room on Wednesday, 4 June at 4 p.m..
Major Grantham was call to the chair and read a letter from the reverent, J.G.Wood, to the effect that absence from home would hinder his attendance.
The chairman proceeded to read the directors report:
“The Directors, in submitting to the Shareholders the balance sheet of the Company for the year ended 31st of March 1879, beg to state that at its commencement there was a balance of £484 10s 7d due to the bank, but, owing to the satisfactory working of the company during the year, they have the pleasure to inform the shareholders that such balance has been reduced to the sum of £223 2s 9d.
The Directors strongly urge upon the Shareholders the advisability of applying the years profit towards defraying the bank debt, with the confident expectation of being able to declare, at the next annual meeting, that the debt has been quite liquidated.
Three directors, namely, Messrs Saville, Tasker and major Grantham, retire in accordance with the provisions of the Articles of Association, and are eligible for election. The directors have, with regret, to announce the death of Mr J.W.Nicholson, who had been a director of the company for many years. Mr S.Hawks Wright was re-elected Auditor for the current year.”
Signed on behalf of the Board.
The balance sheet shows a total income of £629 14s 6d, and a total expenditure of £599 14s 3d, leaving a balance of £30 0s 3d in hand and a net profit on the years working of £241 8s 1d, being about 8% per annum.
Mr Charles Searle proposed “that the report and balance sheet be adopted” seconded by Mr T.H.Simpson, and carried unanimously. Proposed by Mr T.H.Simpson, seconded by Mr Nicholson, “that the profits go to pay off the bank debt.”
Mr Searle moved “that the company divide 3% and the remainder of profits go to pay off debt.”
He begged the meeting to remember that there were those in the company who could not afford to allow their money to lie dormant year after year as they have been called upon to do so.
Major Grantham intimated that to adopt Mr Searle’s motion they would have to borrow at 5% from the bank to pay a 3% dividend.
As no one seconded Mr Searle’s motion it fell through and original motion was carried unanimously.