NEW PLYMOUTH GAS COMPANY, LIMITED.

Taranaki Daily News, Volume XLVII, Issue 8169, 31 July 1906, Page 2

NEW PLYMOUTH GAS COMPANY, LIMITED.

2Sti[ annual meeting, Tic annual meeting of the Now Plymouth (lis Company was hold on Monday. There was' a good attendance of shareholders, the chairman of directors, (Mr A. Shutllcworlh) presiding. REI'OBT AND IULANCK SIIUCT. The ropjrt congratulated shares holders on the substantial progress and expansion of business during lite past year. Including the balance brought forward, the amount available for appropriation was £2,8 Id ltts !)d which the directors recommended be allocated to a diyictend of 10s per share on the first issue (fully paid up) and a dividend of 8s per share on the second issue (£4 paid up) including interim dividends, absorbing £I,BOO, leaving £lOll lUs i)d to bo carried forward. Mention was made of the second issue of debentures for £2,500 made on Ist July 1000, which was considerably over-subscribed and allotted at a premium. In moving the adoption of the report anl balance-sheet the chairman said that neyer in the great history of the company had such substantial progress been made during anyone year, both as respects the volume of business transacted; extension of gas mains, nirl additional service laid on. The (inanity of gas sold was 15,857,(100 cubic feet, being an increase of nearly 2,000,000 cubic feet on the previous year. There were now 1030 consumres and the unprecedented number of 205 new services had been laid on during the last twelye mouths. The records tor the past live years showed the output of gas increased from 8,000,000 cubic feet in the year 11102, to nearly 10,000,000 cubic feet in the year 1000, and during the same period consumers increased from 500 to 1,030. The Filzroy extension was commenced in the early part of March, and that suburb was connected with gas by tho end of May. It was originally intended to carry the mains as far as Tisch's store, but as numerous applications were subsequently received from property owners residing beyond this point to have tho gas installed, the main was further extended in the direction of the bacon factory, Saekville street, along the Clemow road, and other branch streets, to meet the requirements in these localities. Arrangements had been made with the County Council and Road Board for some street lamps, which will be fitted with "Gunnings" automatic lighting and extinguishing apparatus. "' The company would not, of course, receive any return on this outlay for the past year, but there was every prospect that the investment will be a sound and productive one. The work of fixing the new purifier, new station meter, and 8 inch enlargements at the company's work was progressing, and would be completed shortly. Tho three inch mam from Currie street to the Theatre itoyal had been replaced with a six inch main. Further extension of mains in various parts of the Borough had been made Altogether about four miles of new and additional mains had been laid in the borough and suburbs. Tlie remaining old rotorts will be dismantled and replaced with three benches, each holding six retorts Whe i this addition was completed, the company would have live benches containing _ thirty retorts (all on the regenerative principle) of the most modern and improved type, and identic cal with those us"d by the larger gas companies in other parts of New Zealand There had been expended on capital account this yearj: On Fitzroy extentension, on mams and services in Various parts of the Borough and mburbs, on new and additional meters, on new plant and enlargements at the company's works, the sum of £1 V I2S, .vliicli brought the expenditure for the past four years up to £12,012, During the year the 'price of gas to general consumers was further reduced by lod per 1000 cubic feet, making the net charge 7s 0,1 per 10.10 cubic feet, and in addition special concessions had been made to large consumers. These reductions represented a total value of over £SOO. The directors anticipated that the increased consumption and economies effected will materially assist in recouping the loss of income arising from these concessions. With respect to debentures', a first issue of C'l,ooo was made on the Ist January last, and a second issue ot £2,500 on the first of the present mouth (July). The two issues, amounting to £0,500, were considerably over-subscribed, debentures to the extent of £12,000 being applied for. In the second issue the debentures were allotted at a premium. The profit and loss account showed a satisfactory result, tho profit on the year's transaction being £2,282, and adding £SOO brought forward from the previous year, making the total available balance £2,812. Not, withstanding the increased share capital and reductions in price of gas, the balance of profit showed that all was ;n due proportion, and the directors recommended the payment of the usual dividend. As they, were aware, the company had now come into competition with the electric light recently installed by the Borough Council. On the face of this competition and loss of the Council's patronage, business had considerably increased, due partly to the many convenient domestic purposes for which gas can be used ; and also to the introduction of incandescent light, which lias caused a revolution in gas lighting. This system did not end with the saving of gas, but in addition the light was far superior and more brilliant. It confirmed also the experience of gas companies in other parts of the world : that wherever gas came into competition with electricity, gas as an industry held its own. The pist had been a busy year and the manager had had an anxious and busy time in attending to the various works and extensions, all ot which had been carried out entirely under bis supervision. The thanks o'f Ihe shareholders were due to Mr Arthur for the indefatigable and elli cient manner in which lie had carried out these works, and the same remarks applied to the secretary for the zealous and able manner in which the duties of his department were performed.— The. motion was adopted. Mr M. Dockrill and Mr T. Furlong junr. were re-appointed to the directorale, and Messrs J. C. Da vies and J. S. Mc [Cellar were appointed auditors. Votes of thanks to the directors, chairman, and officers concluded the lnectmj'