NEW PLYMOUTH GAS COMPANY.

Taranaki Daily News, 16 August 1916, Page 2

NEW PLYMOUTH GAS COMPANY.

ANNUAL MEETING. The annual general meeting of shareholders in the New Plymouth Gas Company was held on Monday, when Mr. E. Dockrill, chairman of directors, presided over a good attendance. The annual report stated, inter alia:— The directors submit the balance-sheet and revenue and profit and loss statement of the company fOi the yeai ended June 30, 1!>10. .They have again much' pleasure in informing the shareholders that there has been a satisfactory increase in the company's business, but regret that there has Veen a considerable falling-off in profit, owing to advances in the price of coal, freights, fittings, wages, etc. These increased costs are outside the control ot the directors, and it is to be hoped will only be of a temporary character. After providing for expenses of management, cost of coal, bad debts, and interest on debenture capital to July 1, 1916, the profits of. the year (including the balance brought' forward from the previous year) amount 1 ' to £1912 12s 4d, which the directors' have allocated as follows: To paying of a dividend of 5s per share in the first issue (fully paid up), 4s per share on the second issue (£1 paid), and 3d per share on the third issue (as paid), including the interim dividend paid in February last on the three issues, £925; to be placed to the credit of renewal i account, £500—£1425; leaving to be carried forward a balance of £487 12s 4d. The retiring directors are Messrs C. T. Mills , and T. Furlong, who are eligible and offer themselves for re-elec-tion. .

The chairman, in moving the adoption of the report and balance-sheet, said that owing to the increased cost of coal, wages,, rates and other things, tlje company \va3 only able to pay out a dividend of 5 per cent, this year, as against sy a per cent, in the previous yeah At the same time the directors, with the object of strengthening the finances of tlio company, had carried forward £lB7, which was an increase of £4O compared with the previous year, and- £SOO bad been put to the reserve account. I Mr. T. Furlong, in seconding the motion, said that the chairman bad gone fully into matters in which the shareholders wore interested, and as far as iie could sec had summarised the position correctly. It was satisfactory t* note that the number of custom liad increased, and that the sales of gas showed a substantial increase, enabling the directors to place a further £SOO to the reserve fund. This, together with the amounts of the two previous years, represented £ 1*740 which had been placed to the credit of this fund in the last three years. The municipal -electrical undertaking had been a strong competitor with the company, and had depleted their revenue to some, extent as far as light >vas concerned, but there were other channels in which the com; pany could extend its business, as was clearly shown by the balance-sheet. It simply wanted careful administration to place the company in a strong financial position. Mr. W. T. Jennings, an ex-director, congratulated tin- directorate on getting through a trying year successfully. The setting aside of a further sum of '£soo to reserve, in addition to the sum of last year, showed that the directors were putting the company in' a sound position. Shareholders would therefore be satisfied with a reduced dividend.

Mr. F. C. J. Bellringer referred to the amount of outstanding accounts, £1079 lSte Bd, and 'asked as to what the accounts represented, and whether they were considered good. The secretary (Mr. Jones) explained that a large proportion of the amount represented gas consumed during the current month. Mr. E. P. Webster considered the allocation representedv2os in the £. Ho had been a member of the committee appointed to go into these "matters, and pointed out that all doubtful accounts had been written off. Mr. \V. P. Xicol] said that the amount standing to residuals appeared to be a substantial one, and he asked for some further information. The chairman agreed that the amount was somewhat large, but there had been a somewhat substantial reduction during- the winter months. Mr. M: Healy said that he and the chairman had given this matter attention some time ago and a reduction had been made in the price of coke, which had created an increased demand.

The report and balance-sheet were approved. The retiring directors, Messrs T. Furlong and C. T. Mills, were re-elected, and Mr. J. C. Davies was re-elected auditor. On the motion of Air. Bellringer, a very hearty vote of thanks was accorded the directors for their services, and they were unanimously voted an honorarium of £SO. A proposal wafc made, that the honorarium be £75, the same as last year, but the chairman suggested, on behalf of his co-direetofs, that as there had been, a reduction in the dividend the honorarium should be reduced to £<lo. A hearty vote of thanks was also accorded to the manager, secretary, anil, members of the stall' for their services.,