NEW PLYMOUTH GAS CO.

Taranaki Daily News, 11 August 1917, Page 2

NEW PLYMOUTH GAS CO.

AXXUAL REPORT, The report of the directors of the Now 'Plymouth Gas Company, to be submitted at the 3(Hh animal meeting of shareholders, on Monday next, is as follows: — "The directors beg to submit herewith the balance sheet and revenue and profit and loss statement for the year ended 30th June, 1017. They have great pleasure in informing the shareholders (hat the company's business still continues to increase in a very substantial Qkimior; unfortunately, however, there hjjj'been a considerable increase in the cmnpany'.s working expenses and taxation, thus causing a further reduction in the company's profit. The directors regret that an interim dividend was not paid, but it was thought inadvisable to do so, owing to the uncertainty of the coal situation, and the necessity of maintaining as large a reserve of coal as possible. This decision on the part of the dreetors' proved a wise one, as the company was enabled to keep its consumers supplied with gas when the Dominion's coal supplies failed. The directors now propose to pay to ilie shareholders a dividend equal Io thai paid for the previous financial year, so that the shareholders will have been only temporarily incommoded by the nonpayment of the interim dividend. After .providing for expenses of management, cost of coal, bad debts, and interest on debenture capital to Ist July, 1917, the profits of the year (including the balance brought forward from the previous year) amount to £IOOO 0s 3d, which the directors have allocated as follows:—To paying of a dividend at the rate of 5s per share in the first issue (fully paid up), 4s per share on the second issue ( £4 paid), and 3d per share on the third issue (5s paid), £925; to be placed to the credit of renewal account, £500; £1425; leaving to be carried forward .«. balance of £-'44 0s 3d. Upon confirmation by the shareholders of the foregoing appropriations, the dividend will be payable at the close of the meeting. Tjle retiring directors arc Messrs E. Dockrill and E. P. Webster, who are eligible and offer themselves for re-election. An auditor will have to be appointed by the meeting in place of Mr. J. S. S. Medley, who is eligible for re-appointment."