GAS COMPANY.

Taranaki Daily News, Volume LII, Issue 170, 11 August 1909, Page 4

GAS COMPANY.

ANNUAL MEETING. The annual meeting of the New Plymouth Ga» Company was held at the office of the secretary (Mr. C. S. Kennel i ; on Monday afternoon. There were present Messrs. A. Shuttloworth, in the chair, G. A. Corney, T. Furlong, E. Dockrill, A. M'L. Thomson, T. S. Weston, W. T. Jennings, J. C. Davies, W. C. Weston, J. Handy, J. G. Arthur, and C. S. Rennell.

CHAIRMAN'S STATEMENT. The Chairman in moving the adoption of Oil! annual report and balaceshent said:—"lt gives' me great pleasure to inform you that there lias been a steady increase ol during the past twelve months. 'Following my usual custom 1 purpose giving you a brief outline of the year's transactions. The quantity of gas sold was over 20,000,000 cubit- feet showing ail increase of-about l,soo,ooocubic feet upon the previous year; 13.) new services have been installed, the total number of consumers and a half of new gas mains have been laid. We have now out on hire about 270 g.is stoves, bath-heaters, etc., and the demand for these appliances s'till continues. Several improvements at the works and additions to plant have been made duriit'; the year. A substantial concrete wall lias been erected along the [\awau and .Molesworth Streets boundary. and a galvanized fence will shortly be erected on top of the wall. When all is completed it will greatly improve tile company's property. The house formerly us'ed as a manager's residence had to be shifted to make room for an extension of the coal ehedj which lias been enlarged bv the erection of an addition of '34 feet in length. The shed has now a storage capacity for about 800 tons coal. The workshop liad also to be shifted to malic room for the new purifier. Another underground tar well has been constructed which will hold about 0000 gallons of iar. Two new and additional retort benches have been built, and one setting of retorts had to bo removed. The expenditure on capital account for the year on plant, meters, mains and services, on coal shed and property account was £3230. The debenture capital has been increased during 4lhe year by a further issue of £2500 on July 1, 1908. Profit and loss. The gross revenue for the year amounted to £8250. The result of the year's working after making all necessary provisions leaves a net profit of £2228, and fi disposable balance of £2965, including the amount brought forward from the preceding year. From this sum we have written oft plant and meters £2OO, and carried *to the credit and reserve fund £414 odd; this fund will now stand at £ISOO, the same as the renewal account. I should like to give you an idea of the amount distributed locally by the Gas Company. Take by way of illustration the past year. I find we paid in dividends on share capital, interest on debenture capital, for salaries wages, sundry local trade accounts, rates, taxes, and_ other charges at. total of about £750(1. So that as a local concern the company distributes-annually a very respectable amount. An association of the gas companies of New Zealand ha« been duly formed and incorporated, the objects being chiefly to protect the j companies doing business in New Zea- ; land."

ELECTION OP OFFICERS. On the motion of Moss'rs. Jennings anil Bavies. the retiring directors, Messrs. A. Slinttlcworth and T. Furlon" were re-elected. " On the motion of Mr. Furlong, seconded by ilr. T. S. Weston, Messrs J. S. .M'Kellar and J. C. Davies were reelected auditors. THAXKS.

Mr. T. S. Weston .moved and Mr. Jennings seconded that a hearty vote of thanks' be accorded to the directors for their services during the past year. This was carried and the usual honorarium was also voted.

IXCUEASE OF CAPITAL. Mr. I'urlong introduced the question of the company increasing the authorised capital by_ £20,000. made up.of 4000 shares of £5 each. The policv would materially strengthen 'their 'financial position, lie pointed out the share capital together with delientures amounted to £38,000, while -the expenditure to date s'tood at £43.000. fins companies, to preserve their existence. had to show considerable amount of enterprise. The local company contemplated stili lurthcr extensions in the suburbs, ami in the near future „ new gas holder would have to be erected involviii" an expense of not less than £(1000. " He then advanced several other reasons why the course he outlined should be adopted.

The Chairman thought the time was opportune when the increase of capital should be considered. He dealt at length with the policy adopted by several of the gas companies in the dominion re increasini; capital. Mr. T. S. Weston- said that aftc,- the reninrlcs of Mr. I'nrloiiEf and the chairman he thought the shareholders could not do belter lhan leave the matter in the lmnds of the directors to formnlnlo n scheme which could be submitted to the shareholder*. He felt *nre they would give every eonsideraalike shareholders and public The suggestion was adopted.