Page 5 Advertisements Column 4

Taranaki Daily News, 19 July 1921, Page 5

WELLINGTON GAS COMPANY. 8 PER CENT. MORTGAGE DEBENTURE ISSUE. An announcement is published to-day concerning the issue of £350,000 8 per cent. Mortgage Debenture Stock. (of which £250,000 are offered for public subscription) by the Wellington Gas Company, Ltd. The prospectus states that the purpose of the issue is to provide money for extension of plant at the gas works and manufactories at Miramar, the con- . etruction of additional workshops, the extension of mains and services gener- I ally, and particularly to provide gas for adjoining suburbs that do not yet possess this convenience. The Mortgage- Debenture Stock is issued in sums of £5O and multiples thereof, repayable on Ist October, 1931, but the company reserves the right to redeem the said stock at any time after Ist October, 1926, upon giving six months’ notice to the holders, by paying par value and interest to date. Interest will be payable half-yearly at the rate of 8 per cent, per annum free of exchange. The etoek is secured by' a Mortgage Debenture Stock Trust Deed, in which the Guardian Trust ami Executors Company of New Zealand, Ltd., is appointed trustee for the stockholders, and the stock is further secured by a floating charge on the general assets of the company as described in the trust .deed, and by specific mortgage of freehold land. The security consists of first-class assets, and the concrete assess alone have a value at the present time of £550.000 —twice as great as the amount of the loan now offered, for subscription ( £250,000). Upon the expenditure of moneys raised, by the present issue the assets will be greatly increased. The Wellington Gas Company has made steady and consistent progress since its establishment in 1869, and today its authorised capital stands at £550,000. In respect of gas consumption, in 1880 the sale of gas was 37,000,000 cubic feet; in 1890 it was 65.000.000 cubic feet; in 1900 it was 110,000,000 cubic feet; in 1910, 280.000.000 cubic feet; and in 1920 it jvos 466,000.000 cubic feet,