NEW PLYMOUTH GAS COMPANY.

Taranaki Daily News, 13 August 1918, Page 8

NEW PLYMOUTH GAS COMPANY.

annual meeting of. shareholders. The animal meeting of shareholders of the \ew Plymouth Gas Company was held at the Soldiers' Club yesterday afternoon Mr T. Furlong, jun., chairman of directors presiding. In the absence of the secretary (Mr. J. Jones), who had been indisposed for the past 10 days, Mr. J. S. S. Medley j acted in that capacity for the meeting. ANNUAL REPORT. The annual report stated that the company's business still continued to increase in a very substantial manner, and that notwithstanding a continue# increase in the working expenses the year's transactions had yielded a substantial profit. After providing for expenses of management cost of coal, bad debts, and interest on debenture capital to July ], lilJij, the profits of the year (including the balance brought forward from the previous year) amounted to £2840 10s 7(1, which the directors had allocated as follows:—To paying of a dividend at the rate of 8s !)d per share in the first issue (fully paid up), /s per share on the second issue ( £4 paid) and sVi*l per share on the third issue (is paid), including interim dividend, £l6lß 15s; to be placed to the credit of renewal account £700; leaving to be carried forward a balance of £027 15s 7d. CHAIRMAN'S ADDRESS. In moving the adoption of the annual report and balance-sheet the cnairman said he felt justified in extending the congratulations of the directors to the shareholders upon the satisfactory financial position of the company e,s disclosed by the balance-sheet, which showed that it was materially improved when compared with the balance-sheet of last year. The chairman paid a tribute to the various branches of the staff. The coal supplied, which was under State direction and the best available, had come to hand regularly, transportation had been satisfactory, and the results had been consistently maintained throughout the year. During the last month or two whilst tho weather had been so particularly cold and wet, there had been an unprecedented demand upon the commodity of the company, which had risen as high as 97,000 ft of gas per day while the make for the year ended June 30 was 27,086,300 ft, showing a substantial increase over the previous year. Continuing, Mr. Furlong said: Owing' to circumstances arising out of the Tvai, he cost of production had increased,

not only as regards fuel, %ut also in other directions. Tills was not comr mon to the local Gas Company, however, for as would liavc been seen by ; . the reports of other industrial concerns, they had been affected in like manner. Although wo have a. f ormidahlo competitor in the municipal electrical under-. taking, our business has grown very considerably. Through every avenue oi consumption—domestic, cookers, and iircs—there has been au advance, indicating at once that the recognition 01 I gas for general utility purposes has .been well maintained. Regarding the general condition of I the works, he said: I think they are in satisfactory order. Two managers of similar concerns who had visited ivew Plymouth recently and had been over the works, expressed themselves as being well satisfied with their geneia. condition, and shareholders can therefore rest assured that the plant is capable of maintaining its present output and revenue. The increase in the gross profits is mainly attributable to the higher consumption, of gas and to the larger income derived from residuals. Thß chairman then reviewed the bal-ance-sheet and revenue account. During the year the directors had received a communication from the Borough Council, asking if the company was prepared to entes Zhto negotiations for the sale of the works. The directors after consideration, replied that they were not prepared to entertain the proposal at the present time, which they considered inopportune. In conclusion, he reminded them that the possibilities of the company were many and wide in the matter of the attainment of that desired end, increased sales. One of the first aims, of those in charge of an undertaking such as this was to give satisfaction to the consumer if it were at all possible and to keep on good terms with local authorities, for if these objects were, attained, or partially so, many rough places would be made smooth, and pleasant business relations result. He then moved the adoption of the annual report and balance-sheet. Mr. W. T. Jennings, M.P., an exdirector, seconded' the motion, and extended his congratulations on "he satisfactory result of the year' 3 .work. He had been somewhat critical in the past, hut was satisfied from the results that the administration had been very careful. Mr. E. P. Webster, in criticising the balance-sheet, stressed the importance of increasing the reserve fund, which was always a valuable asset to any industrial concern. He was -,»tisned that the introduction of new retorts had brought about an all-round improvement. Messrs M. Healy, E. DockrilJ, €. T. Mills, and W. L. Newman also congratulated the shareholders on the satisfactory state of the company's affairs. Mr. Newman mentioned that | the power was not always as good as could be desired at his residence, and ho suggested the directors should give attention to seeing that standard calorific quality was maintained. J The chairman replied that on two or | three occasions owing to the non-arrival of the usual supplies of coal, temporary relief had had to be sought, and the quality of the coal obtained had not always ' been up to that usually used, and that might account for the condition. He though, however, that tli3 improvements in the way of new retorts that were to be added in the next few months, all anxiety with regard to calirifio power would be allayed. Mr. Shnttleworth, the oldest shareholder in the company, and an exchairman, expressed pleasure at being at the meeting, and added his congratulations to those of previous speakers. The report and balance-sheet were then adopted. ELECTION OP DIRECTORS. Messrs M. Healy and P. C. Bcllringer wero elepted directors, and Mr. C. T. Mills, a retiring director, was accorded a hearty vote of thanks for his services. Mr. J. S. S. Medley was re-elected auditor. The usual honorarium was voted to the directors, and votes of thanks were accorded to the members of the staff, and also to the chairman. At a subsequent meeting of directors, Mr. T. Furlong was re-elected chairman.