H e had calculated the yearly profits realizable :—320 tons of coal would be required, which, at 18s. per ton, was ,£288 ; an extra 100 tons to carbonize, at 18s., ,£90 ; manager, clerk, overseer, stoker, and two lamp-lighters (say), ,£450; wear and tear of machinery, ,£200; dividend on outlay of ,£8000 at 15 per cent., ,£1200; surplus fund, ,£57, making a total of ,£2265. This sum would be raised by .£1920 worth of gas at 12s. per 1000 feet; 200 tons coke, at 30s, per ton (below its value), would bring in ,£300; coal tar, which would readily sell at £% per ton (say), ,£30, and ammoniacal fuel, ,£15 ; total, ,£2265. Such an abstract of the lecturer'sfigures,no doubt, will elicit a smile of amused incredulity to-day. But Mr. Allen was quite serious when he spoke, and all who listened to him seriously considered what he said. THE FIRST GAS COMPANY.
A public meeting was held on the 28th of August, 1850, in the same building, to consider the means necessary "to form a company to supply gas to the City of Melbourne." It was convened by the Mayor (Dr. Greeves), and was well attended. Resolutions were agreed to (1) Affirming the necessity existingforthe establishment of a Gas Company ; and (2) Appointing a Provisional Committee to make necessary initiatory arrangements. This body consisted of Messrs. W . M . Bell, William Overton, J. B. Webster, Frederick Cooper, Nathaniel Dismore, William Williamson, William Clarke, E d m u n d Westby, Andrew Russell, C. H . Dtght, G. Nicholson, John Hood, Robert Kerr, William Westgarth, Francis M'Donnell, A. H. Hart, Thomas M'Combie, Joseph Clowes, William Anderson, John Knight, J. T. Smith, John Hodgson, W . J. Sugden, and Rev. John Allen. The basis upon which the company was to be conducted provoked much difference of opinion. The City Council offered the use of some land for the works upon conditions of which Overton disapproved; and he also opposed the payment of fees to the Directory until the company should supply gas to the public. Upon both of these points he could not obtain even a seconder, andfinally,after procuring the entry of his written protest on the minutes, he left the room. This accounts for the absence of Mr. Overton's name as a candidate at the election of officers that eventually took place, and thus it happened that the m a n whofirsteffectually struck light in the gas movement, found no place in the organization of which he was the founder. At length the Prospectus was officially promulgated on the 18th September. The City of Melbourne Gas and Coke Company was to be erected on a capital of ,£20,000 in 4000 shares of ,£5, with liberty to increase the amount conditional upon three-fourths of the proprietary acquiescing. The management was to be vested in twelve Directors, to be chosen by the shareholders. The holding of 20 shares was the Directory qualification. N o individual could hold more than 100, and dividends were not to exceed 20 per cent. The company was to be considered formed when 2,000 shares should be allotted. Within four days after the issue of the Prospectus 1558 shares were applied for. The first meeting of shareholders was held on the 25th September, to which the Provisional Committee presented a most encouraging Report. The deed of settlement was also submitted, and adopted. Thefirstelection came off at the Mechanics' Institute on the 9th December. Mr. John Hodgson officiated as Returning Officer, with Messrs. Michael O'Shea and Samuel Goode as Scrutineers and the Rev. J. Allen, pro tern. Secretary, as Poll Clerk. It resulted thus : C O M M I T T E E (i2).-Elected: Messrs. John Hood, A. Russell, W . M . Bell, A. F. A. Greeves, H. Moor, M.L.C., J. M . Smith, W . Williamson, D. S. Campbell, N. Guthridge, M . Lynch, Robert Smith Abel Thorpe. Rejected: Messrs. James Barwick, F. M'Donnell, J. R. Pascoe, R. Robinson, E. Barker! Geo. Milne, J. Pittman, Luke Chambers. T R U S T E E S (3).—Elected : William Westgarth, M.L.C., William Stawell, John Hodgson. Rejected : D. Benjamin. A U D I T O R S (2).—Archibald M'Lachlan and George Annand. SECRETARY.—Elected : John Allen. Rejected : C. O. Le Souef, W . S. Gibbons, H . Patterson. SOLICITOR.—Elected : W . U. Tripp. Rejected : E. Sandwell. BANKERS.—Elected : Bank of Australasia. Rejected : Union Bank.
