New Plymouth Gas Company.

Taranaki Daily News, Volume XLVII, Issue 7887, 1 August 1905, Page 2

New Plymouth Gas Company.

ANNUAL MI2ETING, The 27 th annual meeting of the New Plymouth G-as Company, Ltd., was held on Monday. Mr A. ShutHi. worth (chairman of directors) presided over a fair attendance. ihe directors' repurt for year envl- ' tog June 30 stated that the business oi Hie company contfnutd to injenasc. 'lire sum available for ap- . pic-jJiiation, including the amount ' Brought forward from I act year, jwas ~i241 8s Vd. 'i he directors recomir.unded that £2OBI (is I'd be alloted as followsfaymeut of a I dividend at the rate oi 10s per share on the first issue (fully paid up) anu |a dividend at the rate of 6s per share lon vnc second issue (413 paid up;, including tiie interim dividend to December 31, li) 04, paid in January last, £I6OO ; to be placed to renewal i.ccount, £Bl tis 6d ; to be placed to reserve fend, £IOOO. This left & balance of £560 2s Id to be carried lorward. The report stated thai

directors had decided to further reduce the price of gas by increasing the discount as from July 1 to 2s Is per 1000 cubic feet, making the net charge 7s lid per 1000 cubic feet to | general consumers,

i. The Chairman, in moving the adoption of the report and balance-sheet,, remarked that the result of the year's operations was very satisfactory , both as regarded the turnover and the financial results. The quanllty of gas sold for that period was 14,015,000 cubic feet, being an increase of 1,091,100 cubic feet over last year's output. Applications (or extension had been numerous, and 140 new services had been laid on. The number of consumers was now 800, and the company also supplied 101 street lamps- The incandescent system of lighting continued to gain favour with the public from year to year, and was now generally adopted by the company's customers. During the year about 2600 yards, or one nule and a half of three-inch mains nad been distributed over fourteen streets in various parte of the borough. The expenditure on capital •account was as follows :-On new mains and services £IOB6, new meters £253, new purifier £IBO, plant generally £9O, total £1609. The total outlay fori the past three years now amounted to £7614. A further call of 20s per share on the second, issue (2000) had |been made to meet this outlay, and the whole of the calls had been paid since the annual accounts closed. The accounts show«l a profit on the year's transactions of £2335, which, witn the £906 brought forward from the previous ; year made up the £3241 to be appropriated. With' regard to the reduction in the price ot gas to 7s lid per 1000, the directors were sanguine that the loss of income, which they estimated at the old figures at £350, would be partly recouped by an illcreased output. Summing up, the Chairman remarked that altogether the company's future prospects were very encouraging. The recent' extension of the gas mains- to Fitzroy would be proceeded with on arrival of the material from Home. So long as the company's business continued to increase further outlay would lac incurred from time to time for new mains, services, meters, etc., and additional capital would be required to meet this prospective delay. The balanoe-shcet showed the paidup capital to te £17,169, and the liabilities £5443 15s 8d ;• total .£22,612 15s Bd. The assets included land and buildings £MB9 5s 7id, plant £19,277 16s Id, furniture, fittings, coal, etc., j £571 16s 9d, accounts owing £IOB3 li7s 3d ; total £22,612 15s Bd. The report and balance-sheet were i unanimously adopted. • - The Chairman moved a motion empowering tiie directors to raise a sum not exceeding £12,000 upon debentures at 5 per cent. He explained that having regard to the expansion : of the company's business, past, and future, the directors had decided that ■ it was not ip the interests .of the shareholders to rely upon temporary Joans, or to increase the capital by a i further issue of shares. They felt • confident that the course suggested • lt - most, advantageous way of raising the necessary capital. The 1 whole of the debentures would not, of course, be required at present: the issue would be only for such sum as • might be required from time to time He mentioned that.the Auck- ' . ll f, as . Company, under somewhat similar circumstances, had . recenclv . raised £30,000 upon debentures which ■ wo , re . lak en up by shareholders, and had power, to raise .£60,000. Mr Davics seconded the proposition which, after a keen discussion as to the respective advantages of a new skre issue or debentures, .was car-

The retiring directors, Messrs a' * ? 'H SOn m? n W - L - Newman were re-elected. The other directors are •ulZhn Sh^ worlh (Chairman) Messrs j alt p V Url ° ng ' iunr " and W Raviv DaVl « s (fc-clcctwl) and H. Bajly were appointed audits

I (who V wor,°' vn*l ks to the Sectors im? m Qted an honorarium) and officers concluded the meeting.