NEW PLYMOUTH GAS CO.

Taranaki Daily News, 14 August 1917, Page 7

NEW PLYMOUTH GAS CO.

ANNUAL MEETING. The annusll meeting of shareholders tin the Sew Plymouth Gas Company was lield at the Soldiers' Club 3'esterday afternoon. There was a fair attendance, .and Mr. E. DockrilJ, chairman of directors, presided.

RETORT AND BALANCE SHEET. The chairman moved the adoption of the report and balance sheet (previously and in doing so analysed the figure? .given in the latter at consider> able length. He also referred to the economic conditions now prevailing, and' the additional cost of material, expressing the opinion that all things considered the position might lie considered satisfactory

Mr. T. Furlong, Jr., seconded the motion. The chairman, he said, had summarised the position correctly, and the statement of accounts, together with the auditor's certificates, left no doubt as to the position of the company. He also referred to the abnormal conditions prevailing at the present time, financially and otherwise, and to the fluctuations in the prices of material, coal and freight, incidental to the production of the company's commodity. The same difficulties were being experienced in other parts of New Zealand, also in England, the general opinion being that the increased charges were of a permanent nature, and would have to be met by a readjustment of prices. Under all the circumstances it seemed to him that the position of the company was satisfactory. He wished to point out no fresh capital had been raised during recent years, the expenditure on capital account had been yaid out of revenue, and bad debts amounting to between £4OO and £SOO had been written off.

Mr. F. C. Bellringer asked for explanations with regard to several items on the balance-sheet, which he did rot consider explicit enough. He had noticed that there bad been a big saving in the amount of coal carbonised, without it being indicated on the balance-sheet by results.

Mr. M. Healy also criticised the balance sheet at length, stating that he had expected better results from the large amount of gas produced and the quantity of residuals. There was a wdie disparity between last year's and the previous year's residuals, which would require some explanation.

Mr. G. A. Corney was similarly of opinion that there were apparent inconsistencies in the balance sheet which should be explained. The chairman replied at length, explaining the items referred to, and pointing out that the Government taxation had been £2OO more than last year. Mr. W. T. Jennings, M.P., asked for information as to the stock of coal on hand, what had been allowed for depreciation, and if the outstanding debta were good.

The chairman explained, and Mr. Jennings paid he was quite satisfied.

Mr. E. P. Webster dealt with the balance sheet in detail, with special reference to the residual account. He was of opinion that the amount shown in the balance sheets of the two previous years had been brought down unexpectedly when the actual quantity of residuals had been computed. He thought the directors would have to be ex'tremely careful to economise as much as they could, in keeping with the existing order of things. The motion for the adoption of the report and balance sheet was then put and carried. GENERAL.

The retiring directors—Messrs E. Dockrill and E. P. Webster—were reelected.

Mr. J. S. S. Medley was re-appointed auditor at the same remuneration as last year. On the motion of Mr. Jennings, a hearty vote of thanks was accorded to the directors for their services during the past year. A similar compliment was paid to the staff.

• At a subsequent meeting of the directors Mr T. Furlong, Jr., was elected chairman for the current year, and a motion was passed expressing appreciation of the services rendered by Mr. E. Dockrill, as chairman, for several years past.