NEW PLYMOUTH GAS COY.

Taranaki Daily News, 12 August 1919, Page 6

NEW PLYMOUTH GAS COY.

I ANXUAL MEETING. »The l 4lst annual meeting of shareholders in the New Plymouth Oas Company was held at the Soldiers' Chili yesterday afternoon. The chairman of directors (Mr. T. Furlong) presided. DIRECTORS' REPORT. The report of the directors staled that during the year there had been unexpected increases in the cost of coal and other material, but the board had been fortuniite in so regulating their charges that on the year's working, after providing for interest 011 debenture capital and dividend at the usual rate, a substantial amount would b'e carried forward. After providing for expenses of management, oost of coal, etc., the profits for the year (including the balance brought forward from the previous year) amounted to £3178 5s sd. The interim dividend paid absorbed £fi93 13s lid, leaving available for distribution the sum of £2484 lis Od. This the directors proposed to allocate as follows: £925 in payment of a dividend, bringing the total dividend for the year up to 8s Od per sliare on the first issue, 7s per share' 011 the second issue, and on the third issue; to renewal account £500; leaving £1059 lis Cd to be carried forward. CHAIRMAN'S ADDRESS 1 . ' In moving the adoption of the report and balance-sheet Mr. Furlong said the shareholders would admit that the position of the company, as reflected in the balance-sheet, was a strong one, and 011 closer examination it was even more favorable than appeared. on first sight. The increase of business to which he referred at last annual meeting lad proved that it was not of a temporary nature, the operations having shown a still further substantial increase last j'car, so much so that the directors were able to report a credit balance at the bank of approximately £272 The directors experienced many anxious moments in regard to coal supplies. Owing to the dislocation of the coal trade generally, supplies, instead of coming to hand at regular intervals, were frequently interrupted, and the works had had to carry on under a hand-to-mouth policy, the directors not knowing with any degree of certainty when further supplies were coming to hand. However, they had to be fully alive to the interests of the company and its shareholders, and despite all the difficulties which had had to be contended with they had succeeded, with the generous assistance of local residents, in 'carrying on without any serious inconvenience to their consumers, who now totalled ISIO. Regarding the condition of the works and their equipment, shareholders might assume that they were efficient by the fact "that the output had 'oecn more than maintained, the total for the year being 29,551,000 feet and the amount of toal used 2339 tons, whilst the highest daily production had risen as high as 107,000 feet, a substantial, increase on the preceding year. Pealing with the byproducts, such as coke and tar,*he stated I that these had increased in proportion to the increased business of the company, and no difficulty had been experienced in disposing of the respective outputs. Sales of gas realised £897 more than last year, and residuals some £239 more, or total additional receipts under tlies? two headings of £113(1. and tlierc was available for distribution, including the amqiint carried forward from the previous year, £3178. It would be seen that the directors recommended that this be distributed by paying fi dividend at the rate of 8% per cent.,. and the placing of £SOO to the credit of the renewal fund, leaving to be carried forward £1059 lis Od.

On the expenditure side coal had cost them £4738. an increase over the previous year of £ll.lß. Maintenance charges anwHiitted to £1240, and rates, taxes, and insurance to £305. It would be remembered, he said, that last; year, in referring to the report and balance-sheet, he had mentioned that the directors had received a communication from the borough council asking if the company was prepared to enter into negotiations for the sale of fhe works. This letter was followed up bv another this year, asking for a conference between representatives of the borough council and the company. This the directors had agreed to, and the conference took place recently. The discussion was of a very cordial nature, The borough representatives submitted certain proposals, and these the directors bad agreed to give full consideration.

Regarding the present and future pf gas the chairman said he did not think he could do better than repeat the oftquoted Temarks delivered in an address by Sir William Siemens many years ago, in which lie said: "I am bold enough to go so far as to sav that raw material (coal) should not be used as fuel for any purpose whatsoever, and that the

first step towards the judicious and economical production of heat is the gas retori, in which the coal is converted cither entirely into gas or into gas and' coke, as is the case at our ordinary gas works." X!ie soundness of that forecast was never nlore strongly manifested than at the present time. Mr. Furlong then moved 1 lie adoption of the report ar.i! balance-sheet. The motion was seconded by Mr. M. llealy. . .Mr. E. Dockrill, in speaking.of the work of the past year, said the directors had experienced some difficulty in maintaining supplies of coal, and it would not be unreasonable to expect further difficulties this year, and there might have to be a. revision of the company's rates. Mr. E. I'. O'Leary expressed pleasure at being back again after some years' | absence, and in finding that the company I had been making substantial progress. He congratulated the directors on the way the business had been run. Mr. F. C. Bellringer also congratulated the shareholders on the satisfactory report, but stated that as far as he could see they must be prepared for a further increase in. the price of coal before very long. The report and balance-sheet were then adopted unanimously. ELECTION OF DIRECTORS. Mr. E. (Dockrill, one of the retiring directors, stated that on account of advancing years he had decided not to seek re-election. Messrs T. Furlong and W. T. Jennings, MP., were elected to the vacancies on the directorate, Mr. J. S. S. Medley was re-elected auditor at an increased remuneration. GENERAL. The chairman moved that on account of tho congestion of business at the end of the year the next annual meeting be held on the third Monday in August, 1020, instead of the second Monday, The motion was carried. On the motion of Mr. O'Leary the sunt of £75 was voted for distribution amongst the directors for their services during tho year. A hearty vote of thanks was accorded to Mr. E. Dockrill for his services. Air. Furlong said tliait Mr. Dookrill had been identified with tho company since its inception, and had rendered good service on the directorate and_for some time ds chairman. The motion was carried enthusiastically. Votes of thanks were also passed to the staff for their services during the year, and to the chairman and directors.