CO129-090 - Public Offices & Others - 1862 — Page 145

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Grat discontent has been expressed in the public Journals and felt by the Government, and generally in the Colony, at the present badly illuminated state of its public streets. His Excellency the Governor has already been pleased to assert that the Government will gladly avail itself of any scheme which aims at proper illumination; and from the present inefficient and unsatisfactory provision made through the medium of oil, and from its economy, there is no doubt that gas will be extensively used by the natives, not only for lighting but also (on account of the great expense of fuel) for general domestic purposes.

An arrangement has been entered into with His Excellency the Governor of the Colony, which has already received the sanction of the Home Government, through his Grace the Duke of Newcastle as Colonial Secretary, for the privilege of lighting the City with gas, upon terms highly advantageous.

It is ascertained upon credible authority, that 800 public street lights will be required so soon as the supply can be furnished, and it is believed that this demand for the City only will occasion a consumption of at least 82,000 cubic feet of gas daily, in addition to which there are upwards of 50 Public Buildings, and about 120 large Mercantile Establishments, and 800 or 900 Tradesmen and other European Residents; and it is for this demand the Company propose in the first place to provide, acquiring, however, at the same time, land enough, and laying down pipes and erecting works so as to meet the increased general demand which it is believed will be rapidly made upon them.

A responsible Contractor has undertaken to supply all the Plant and Machinery, including 12 miles of pipes, varying in size from 12-inch to 2-inch main, necessary for efficiently supplying 100,000 cubic feet of Gas daily, for the sum of £10,000 free on board, taking in payment one-half in shares and half in cash. The freight of the plant, &c., the cost of erecting works, laying down the mains, and supplying meters and lampposts, are estimated, with an ample margin, at £9,000; so that the whole of the works, ready for the distribution of gas, toay be safely reckoned upon as not exceeding £19,000. The land whereon it is proposed that the works shall be constructed has already been set out by the Government in an advantagrous position, and a Lease has been arranged to be given for a term of 999 years for a reasonable annual payment.

Of the success of the undertaking there can be no doubt, as, after making liberal allowances under every item of expense, and from statistics procured from Hong Kong, should the demand be even limited to the 100,000 cubic feet per day, as estimated, it is apprehended that the Company's profits from the commencement of operations cannot be less than 20 per cent. per annum upon the proposed Capital; and this profit will probably be increased commensurate with the anticipated further demand for light.

The above calculations have been based on the supply of Coals from England, but should the Coal found in the Islands Labuan and Formosa, and the Empire of Japan, possess sufficient Gas- producing qualities, the profits to the Company will necessarily be largely increased.

With reference to the relative mercantile values of the different modes of illumination in Hong Kong, the Editor of the China Mail, of 29th May, 1861, computes that, if Gas were sold at 5 dollars (25s.) per 1,000 feet, it would favourably compete with Oil; and this calculation is confirmed by gentlemen who have been resident there, and who are impressed with the great advantage which the consumers of Gas will possess over the consumers of Oil, and of which the residents of Hong Kong are fully aware.

A most favourable arrangement has been made with the Concessionnaire for the purchase of his privileges, by which he has agreed to take entire payment in shares of the Company.

The amount of each call will not exceed £2. 10s. per share, and will be made at intervals of not less than two months.

Considering that the scheme has the sanction and support of the Imperial and Colonial Governments, and also the necessity of Hong Kong being better lighted, the amount at which Coal can be purchased for delivery at Hong Kong, and the price which will be obtained by the Company for Gas, it is confidently submitted that it possesses elements of success which cannot fail to afford the contem- plated dividend upon the amount of capital required for its development.

Applications for Shares, addressed in the annexed form to the Directors, may be sent to SAMUEL WOODS, Esq., Broker to the Company, and to the Secretary of the Company, of whom also Prospectuses and further information may be obtained. Every application must be accompanied by the annexed Bankers' Receipt.

Communications for the Board of Directors to be addressed to the Secretary of the Company, at their Temporary Offices, No. 92, Gresham House.

FORM OF APPLICATION FOR SHARES.

To the Directors of the Hong Kong and China Gas Company, Limited.

GENTLEMEN,

and I

I have this day paid to your Bankers a deposit of £ hereby request that you will allot me

Shares of £10 each in the Hong Kong and China Gas Company, Limited, and I hereby agree to accept such Shares, or any smaller number that may be allotted to me, and to pay the remainder of the deposit of Ten Shillings per Share on the Shares allotted, and to execute the Deed of Settlement of the Company when required.

Beceived the

Name in full

Address in full_

Date

day of

I am,

Gentlemen,

Directors of the Hong Kong and China Gas Company, Limited, from

the sum of

186

on account of the

Prospectus, on an application for an allotment of

being the deposit made in accordance with the terms of the

Shares in the undertaking,

£

For MASTERMAN, PETERS, MILDRED & Co.,

ì:

Bankers.