THE GAS COMPANY.

Taranaki Daily News, Volume L, Issue 60, 31 July 1907, Page 3

THE GAS COMPANY.

ANNUAL MEETING. The annual mooting of shareholders of the New Plymouth Gas Company, Ltd., was held on Monday afternoon, Mr A. Shuttleworth (chairman of direotore) presiding. The annual report showed that the profits for the year, after providing for working expenses, cost of coal, management, bad debts, and interest on debenture capital to July Ist, 1907, and including the balance brought forward from last year, amounted to £2903 Os 4d. This the directors recommended should be disposed of as follows:—To payment of a dividend alt the rafte of 10s per share on the first issue (fully paid up), and a dividend of 8b per share on the 2nd issue (£4 paid up), including the interim dividend paid in January last, £IBOO 0s Od; leaving a balance to be carried forward of £llO3 0s '.&. The directors recorded the loss by dea';h of Mr Cla-rence Rennell, !the company's secretary. The directors had passed a resolution placing on record their appre« ciartion of the able and efficient manticr in which the late secretary had carried out his dilties since the formation of the company. Mr O. S. Rennell had been unanimously appointed J>y »he Board to fill the vacancy. A third iss le of debentures of '£3ooo was made on the Ist January last, and a fourth and last issue of £2500 On the first of the present month (July). Both issues were over applied for and allotted at a premium. Mr A. M. Thomson and Mr A. Shuttleworth retired from the Board by rotation, and offered themselves for reelection. The auditors, Messrs J. O. Davies and J. S. McKellar, also retired, and were eligible for re-appointment. The Chairman, reviewing the work of the year, said the directors were again able to place before the shareholders a very satisfactory report and statement of accounts. Shareholders would be glad to learn that the business of the company had grown at a considerable pace during the past year. This result was the more gratifying because it had been achieved in face of the keen competition they had had to encounter from the electric light. Notwithstanding the loss of custom arising from that competition, there had been an increase in consumption of 1,000,000 cubic lest of gits as compared with the previous year.tho quantity sold being 17,000,000 cubic feet. Three hundred and twelve new services had been laid on, and they now mustered 1355 consumers. Looking over his records, he found that during the past ten years the output of cas had increased from 4'/ 8 million CuWe feet to 17 million Cubic feet, and during the corresponding period consumers had increased from 250 to 1355. That the recent reductions in the price of gas were appreciated by the customers was shown by its increased use for purposes other than lighting. During the year about 100 gas stoves, cookers, grillers, and bath heaters were sent out on hire !to customers, all supplied and fixed by the company; and exclusive of those bought privately and fixed by local gasfitters. There had been a large expenditure on capital account for extension of gas wains, services, new meters, and now plant. They had installed an additional exhaust to provide for any temporary breakdown that might occur with the one now in use. The original plant at the works, consisting of the condenser, exhaust, purifier, station meter, governor, and old retorts, was in December last replaced by new md modern plant of greater capacity. Now and additional retort benches with r.'- ! generating furnaces were in course of construction and ncaring completion. , The gas mains had been extended io Vogeltown; further extensions had been made at Fitzroy, atod in various parts of tho borough and suburbs. The total extensions for the year were about ri'/J miles. Besides some larger mains had been laid in substitution for inadi'quite ones. Since the close of the financial year further applications had ■ been made to extend the gas mains,

and several new services had been instilled- The total outlay on capital account during the Year amounted to "£<il74, distributed as fn'lowa: On mains and services £4290,0n new plant £1323, on meters £5Ol, total £6174. This brought the expenditure on capital account for the past two yeairs up io £10,002. Although some substantial reductions in the price of gas have recently been made, the revenue from sales of gas and residuals amounts toj £7oo3—n:n increase of £409 on last year. 'After providing for the usual dividend they were able to carry firward an balance of r £lloß. The premiums received on debentures wcro not Included in profit, but carried to the credit of the r*serW tund. The report and bilanec-sheet were approved. Messrs Shuttleworth and A. M. Thomson wero re-elected directors and Messrs MeKellnr and Davies auditors. The meeting accorded votes of thanks to the directors, manager, nnd secretary. :