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LIMITED LIABILITY COMPANIES. |
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CHAPTER XXII.
THE GAS AND WATER COMPANY.
The question of establishing a Gas Company for East Grinstead was first considered in 1847, a committee being appointed at a meeting on January 19th in that year to consider the matter. Nothing came of it, however, and on October 25th, 1854, another public meeting was held and the question taken up in real earnest. The necessary capital was soon guaranteed; the provisional directors were elected on November 16th; a week later Mr. T. Cramp was appointed the first Secretary ; a month after a site for the works was chosen; and on February 1st, 1855, the East Grinstead Gas Light and Coke Company was formed under a deed of settlement and duly registered. In its early days the Company did well. For many years its capital did not exceed £1,780, and dividends reaching 10 per cent, were paid. Then it fell upon bad times and the whole concern was mortgaged for £500. But in due course, with a change of management, its old prosperity was restored and enough was earned to pay a dividend of 221/2 per cent. Then came the addition of the Water Works, which were opened with some ceremony on December 21st, 1880. To meet the great expense involved a new Company, with increased capital, had been formed under an Act passed on June 17th, 1878. It was named the East Grinstead Gas and Water Company. The shareholders in the old Company received £12. 10s. of stock in the new for every £5 of their holding in the first Company. Mr. William Pearless was the first Chairman of the old Company and he was succeeded by Mr. W. V. K. Stenning, who still holds office. The first Directors, in addition to Mr. Pearless, were Messrs. W. Chapman, J. |
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