IS IT ROBBERY?

Taranaki Daily News, Volume LIII, Issue 289, 1 May 1911, Page 7

IS IT ROBBERY?

MAYOR TAYLOR TAKES OFF THE GLOVES.

I Christchurch, Thursday. | I In addressing a huge crowd alter the j declaration of the municipal poll at i Christchurch on Wednesday evening, Mr. [ T. E. Taylor, M.P., the new Mayor, had j something to say about the Christchurch Gas Company. He said the day was gone when any monopoly like that company should be allowed to levy tribute year by year upon the people of the city. Under the most extraordinary conditions a company like the Kaiapoi Wollen Company thought it was remarkably well off if it earned 8 per cent., but here was another company, in possession of a perfectly legal monopoly, which had not to face competition or bad debts, and whose dividends ranged up to 17y 2 per cent. Of the capital of that company the shareholders contributed only £BO,OOO, yet its capital to-day stood at £183,000, while its property was worth £300,000. The £IOO,OOO difference between subscribed capital and the present capital represented profiits ;■ transferred to capital account. That £IOO,OOO belonged to the city and should never have been taken from the city. It was said that his friends and himself stood for the confiscation of the Gas Company's property. If by the Lake Coleridge scheme they were able to bring the value of the Gas Company down to £83,000, the shareholders would I still get all they had subscribed. Was' that robbery ? That was common jus-1 tice. He would pledge his word that he would do his best to make that company disgorge the money it had taken from the people of the city. Although it ■ was Coronation year he would not ask the people to celebrate the Coronation of the King on cold tea and stale buns. (Great laughter.) i lninni niunrnn nm nnrn