lease of the works and pay 6 per cent. on the value of present capital, reserving 1 per cent. as a sinking fund, and to supply consumers at 5/-. At the same time giving security for the performance of such proposal; or, to purchase the works at a fair value by competent persons. The reply of the Directors was — “Gentlemen, — We have already announced our intention of reducing the price of gas to 6/- per 1000 feet from the 1st of January next. In fixing the period for this reduction we have not acted capriciously; and it is not our intention to vary the time named for it. We regret that our intended reduction should not have been received in a better spirit, and we cannot omit this opportunity of noticing that statements in reference to our company were made, and uncontradicted at the meeting from which this Deputation emanates, regardless of all authority. We have reduced the price from 15/- to 8/- and have further resolved to reduce it to 6/-; and we assure you that we shall always bear in mind the public interest in our proceedings. We claim, however, and intend to exercise, the right to manage our own affairs unbiased by all unjust or unwarranted agitation, whensoever it may arise. We decline your offer to lease or purchase our works”. After delivering the reply, the Directors withdrew.
A meeting took place on the following day (Feb. 15th) this time at the Town Hall, Hastings, to receive the reply. After reading the same, Mr. Beeching said it was for the meeting to decide whether the meeting between the Company and consumers could be met, or whether they would form another company, — Mr. Hutchings did not approve of monopolies, and the Gas Company was a monopoly, but if they reduce to 6/- from the 1st of April next, instead of from the 1st of Jan. next year, he thought the meeting would be satisfied. — Mr. Bacon would ask if anyone could say the demands of the consumers were unjust. Had the Directors met the Deputation in a proper spirit, they would have parted as friends. The price at Ramsgate and Margate was 6/-, and Mr. Barlow had told him that before he left London a company had offered to supply him at 3/6 — Mr. Dunk (a spokesman for the Company) said it did not at all matter as to the time the reduction should take place [Dissent], and as to the alleged discourtesy of the Directors, they only left as soon as the reply was given to avoid discussion. — Mr.Ginner, as chief officer of the Gas Company, thought the meeting was going rather headlong into the question of reduction. He was sure there was no company could pay a dividend at 4/-, and Hastings ought not to expect it even at 6/-. They had reduced from 15/- to 12/- without being asked to do so. Afterwards they reduced to 10/- and, four years ago, they further reduced to 8/-. — Mr. Bacon said, at Whitehaven, the price at one time was 12/6, it was afterwards severally reduced to 10/- and 8/-, and there the company -
