WELLINGTON GAS COMPANY

New Zealand Times, Volume XXXVII, Issue 8350, 10 February 1913, Page 4

WELLINGTON GAS COMPANY

THE YEAR’S TRANSACTIONS. The directors of tho Wellington Gas Company, in their statement of accounts for the year 1912, report a steady growth in the demand for gas. During the year five miles 34 chains of new mains were laid and 670 new services fixed, whilst over 800 gas cookers were sold and fixed in the company’s district. Gas was first made at Miramar on July 26th. and the new works hare proved quite satisfactory. The old plant has been maintained in fair order, and the sum of AG264 has been expended out of revenue on extensions and repairs. Ou June 14th last, A 50.000 debentures matured and were duly paid off. and the property of the company is now unencumbered by any mortgage debt. Out of the 75.000 one pound 5 per cent, preference shares authorised, 72,401 were issued, and tho directors have agreed to issue 577 more to employees at par. Halfyearly dividends on preference shares were paid in June and December, and an interim 5 per cent, dividend on ordinary shares was paid on the called-up capital in August, and a similar dividend is now recommended. Messrs A. E. Pearce and O. P. Knight retire by rotation, but. being eligible, offer themselves for re-election. No other nominations have been received. The balance-sheet shows:

£ s. d. X 6. d. To capital <£550,000 In 40,000 share* of JB10 each and ' 150,000 5 per cent, preference shares of -El each— ■ 7,605 shares fully paid 76,950 0 0 10,000 shares .£9 10s paid 95,000 0 0 Less calls unpaid 113 10 0 0 6883 shares X9 paid 52.917 0 0 Less calls unpaid 205 10 0 52.741 10 72.401, £1 pref. shares 72,401 0 0 Less calls unpaid 78 19 2 79.399. Calls paid in advance 22 0 10 Premium capital account ... 27,752 0 7 Shareholders’ deposit* 9.844 7 7 Consumers' deposits 1 654 10 0 Amounts due by company 5,750 1 0 Loans at call 8,000 0 0 Reserve fund 25,000 0 0 Works extension reserve ... 40,000 0 0 Betort settings and renewals suspense account 2.250 0 0 Taxation suspense account 1,000 0 0 Insurance suspense account 500 0 0 Dividends unpaid T79 19 2 Profit and loss balance 32,220 9 7 X450.073 9 7 £ s. d. By immovable and movable nronertv. land and plant. maim meters, tools, etc.. in use and in stock ... 421,6bd 5 7 Stocks of gas, products, oil. goods, fittings, engines, fireclay goods, motors. horses, carts, etc 16,874 16 7 Amounts due to Company... 7,684 15 11 Deposits at call 2,000 0 0 Cash in bank and in hand 1,860 11 6 .8450,073 9 7 PROFIT AND LOSS ACCOUNT. , £ 6. d. To manufacture and distri* bution of gas. repairs and renewals of plant, management, interest, bad debts, and miscellaneous charge* 66.796 10 5 Work* extension reserve account 5,000 0 0 Betort setting* and renewals account 1,250 0 0 Dividends paid in June, August, and December ... 13.123 2.10 Profit and loss balance ... 32,220 % 7 ,£118.390 2 VI Bed. £ d. By balance De» cember 31,1911 30,536 18 2 Less dividend paid in Febrnary, 1912 9,270 12 C 21,266 6 a Sales of gas. products, goods, fitting*, eto ... 97,123 16 8 , .£118,390 a 10