WELLINGTON GAS COY

Hokitika Guardian, 19 July 1921, Page 2

WELLINGTON GAS COY

8 PER CENT MORTGAGE DEHEN- . TIIRE ISSUE. An announcement is published today concerning the issue of £350,000 8 per cent Mortgage Debenture Stock (of which £250,000 are offered for public subscription) by the Wellington Gas Company, Ltd. The prospectus states that the purpose of the issue is to provide money lot' extension of plant at the gas works and manufactories at Miramar, the construction of additional workshops, the extension of mains and services gener--1 ally, and particularly to provide gas for j adjoining suburbs that do not yet pos- ' sess this convenience. • The Mortgage Debenture Stock is issued iii sums of £SO anti multiples thereof,* repayable on Ist Obtober, 1931, but the Company reserves the right to redeem the said stock at any time after Ist October, 1920, upon giving six months’ notice to the holders, by paying i par value and interest to date. j

Interest will be payable half-yearly tit the rate of 8 per cent per annum free.

of exchange. The stock is secured by a Mortgage Debenture Stock Trust Deed, in which the Guardian Trust and Executors Company of New Zealand, Limited, is appointed trustee for the stockholders, and the stock is further secured by a Heating charge on the general assets of the Company as described in the trust deed and by specific mortgage, of freehold land. The security consists of first-class as.sets, and the concrete assets alone have a value tit, the present time*- of £550,033

—twice us great as the amount of the loan now offered for subscription (L‘250,000). Upon the expenditure of moneys raised by the present issue the assets will be greatly increased. The money to be raised is to lie used mainly for constructive works, and will mean an immediate increase in /the business earnings of the Company. The Company exists to supply an indispensable public service, and has no competitor in business.

The Wellington Gas Company lias Igmade steady and consistent progress since its establishment in 18(59, and today its authorised capital stands at £550,000. In respect of gas consumption,, in 1880 the sale of gas was 37,000,000 cubic, feet; in 1890, it was (55,000,000 cubit? feet; in 1900, 110,000,000 cubic, feet; in 1910, 280,000,000 cubic feet ; and in 1920 it was 1(5(5,000,000 cubic feet. The directors of the Company are:— Dr C. Prcndergast Knight. L.L.D. (Chairman), Messrs H. Beauchamp, G. Fitzgerald, G. F. Pearce, and A. L. Warburton. Mr M. J. Kennedy is general manager and secretary. Prospectus and Debentures may be obtained from the Bank of New Zealand, any member of the Stock Exchange, or from the Company’s office, Wellington.