WELLINGTON GAS COMPANY

New Zealand Tablet, 28 July 1921, Page 37

WELLINGTON GAS COMPANY

8 PER. CENT. MORTGAGE DEBENTURE ISSUE.

An announcement is published in this week's Tablet 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 Mortgage Debenture Stock is issued in sums of £SO and multiples thereof, repayable on October 1, 1931, but the Company reserves the right to redeem the said stock at any time after October 1, 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 money to be raised is to be used mainly for constructive works, and will mean an immediate increase in the business earnings of the Company. The Company exists to supply an indispensable public service, and has no competitor in business. The Wellington Gas Company has made steady and consistent progress since its establishment in 1869, and to-day 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, 110,000,000 cubic feet; in 1910, 280,000,000 cubic feet; and in 1920 it was 466,000,000 cubic feet. The Directors of the 1 Company are:—D. C. Prendergast Knight, LL.D. (chairman), Messrs. H. Beauchamp, G. Fitzgerald, G. F. Pearce, and A. L. Warburton. Mr. M. J. Kennedy is general manager and secretary.—Advt.