GAS COMPANY.

Taranaki Daily News, 22 August 1922, Page 3

GAS COMPANY.

THE ANNUAL MEETING. INCREASE IN BUSINESS. The forty-fourth annual meeting of the New Plymouth Gas Co., Ltd., was held yesterday, wheu Mr. M. Healy (chairman of directors) presided over a good attendance of shareholders. The annual report stated: During the year an issue of £28,000 8 per cent, debentures was made, having a currency of ten years, which was readily taken up. Out of the proceeds of this issue the sum of £25,900 was applied in payment of debentures issued by the company and falling due on January 1, 1922. The cost of flotation has been charged to the revenue of the current year. After providing for expenses of management, cost of coal, etc., the profits for the year (including the balance brought forward from the previous year) amount to £2083 5s 3d: the interim dividend paid in February absorbed £565, leaving available for distribution £l5lB 5s 3d, which the directors propose to allocate as follows: In payment of a dividend which will absorb £7BO, bringing the total dividend for the year up to 7s per share in the first issue (fully paid up), 5s 7Jd per share on the second issue (£4 paid up), and 10 3-20 d per share on the third issue (15s paid); to renewal account, £4Ol 15s Id — a total of £llBl 15s Id, leaving to be carried forward £336 10s 2d.

In moving the adoption of the report and balance sheet, the chairman said he was pleased to inform shareholders that there had been a marked increase in the amount of business transacted by the company during the year, the total being £14,414 15s lOd, compared with £12,804 3s 4d for the previous year. The sales of gas amounted to £11,955 15s lOd, an increase of £715 15s 7d over last year. Sales of residuals amounted to £2246 6s, ,a very satisfactory increase on previous years. The amount of coal carbonised was 2596 tons, and cost £7134 2s sd, being £123 more than last year, which proved that the enormous increased cost had at last been overcome. For the previous three years the increase was £llOO, £l2OO and £llOO respectively. “There is no difficulty in obtaining coal now, as supplies are coming to hand regularly,” continued Mr. Healy. The total number of consumers was 1922, showing an increase of over 60 for the year. In repairs and renewals £1075 was spent, which included a new roof for the retort house. This expenditure had teen held over for some time owing to the high cost of labor and material. The debentures, bearing interest at the rate of 5 per cent, per annum, free of tax, matured in December last, and, although falling due at a very unfavorable time, owing to the stringency of the money market, they were successfully refloated at 8 per cent., subject to tax. The cost of flotation did not amount to 1 per cent, on the whole issue. The dividend it was proposed to pay this half-year was equal to the rate of interest that has been paid to debenture-holders during the same period. The hope was expressed that in future the company would be in a position to continue to pay that amount. There had been a call on the third issue of contributing shares amounting to £l2OO, including premium of 2s per share. The premium had been ♦added +o reserve account. This was the first call made since the shares were issued over ten years ago.

“There is no doubt that owing to the rapid growth of the town and the increased demand for new connections, calls will have to be made more frequently in the future,” concluded the speaker. “I think shareholders will agree with me that the year’s transactions have been very satisfactory’, and the increased turnover in comparison with previous years is evidence that the company has a progressive and expanding business.”

The motion was seconded by Mr. W. T. Jennings. M.P., who thought the results were very satisfactory. The report and balance sheet were then adopted. < The retiring directors, Messrs. W. T. Jennings and F. C. J. Bellringer, were reelected.

Mr. A. J. Tunbridge was elected auditor in place of Mr. C. S. Rennell, resigned. A hearty vote of thanks, carried by acclamation. was accorded the secretary (Miss Searle) for the excellent manner in which she carried out her duties last year, especially with regard to the issuing of debentures. Votes of thanks were also ac corded to the chairman, the directors and the staff.

At a subsequent meeting of directors Mr. Healy was re-elected chairman.