GAS COMPANY.

Auckland Star, Volume LIX, Issue 30, 6 February 1928, Page 4

GAS COMPANY.

SHAREHOLDERS' MEETING.

CHAIRMAN REVIEWS PAST YEAR.

EMPLOYEES NOW TOTAL 750,

Directors' and shareholders of the Auckland Gas Company met at the annual meeting which was held to-day, forty shareholders being present. The chairman, .\li . •!. H. Cpton, in reading Ins annual report, said: —

"Beginning with the working account, whiih is. Hi course, the account of most direct interest, the first item is sale of gas, £39"i,t)-3S 5 2. This is less by £9611, accounted for by a fuither discontinuance of public lighting, amounting to £3600; discounts to industrial enterprises have been learranged. causing a reduction of lewuue or about £4000; a decrease in sale of gas by meter of nearly one-half per cent, has cost nearly £200 U. thus accounting for the difference. The various operations under the heading residuals, fittings, etc., have given us le.-s by £4600. On the other side, coal has cost £6630 less, lepairs and maintenance £7931 less: preneial charges are more by £1598. being payment to the Provident Association, and the new charge by the Government for meter testing.

"The net result f our vea - operations is a revenue of £474,506 17/7; our expenditure. £368.180 2.9. plus depreciation, £ IS,OOO, leaving a balance of £88,326 14 10 to meet the dh'dend of £87.350 1/3, the balance. £976 13 7 is carried forward. 'Ihe amount receive' on capital account was £55.012. The expenditure was £52,566. made up as follows: New buildings and machinery, £10,327: mains and services. £33.003; meters, £8725; and land, £510; 33 m.les of new .nains have been laid, making a total of 613 miles; 3078 -tovjs were sold, making a total of 32.422 in use; 1533 new consumers were connected, making the total number 46,129.

"Our debenture issue of 1921. of £150,000. mature® on May 1 next, and we piopose to issue £200,000 new debentures, bearing interest at 6V2 per cent per annum, with a currency of seven years. £150.000 of this ii for the purj oee of replacing the above-mentioned iseu . the balance to be used in the d - lopment of the business of the company. "The nur-iber of persons in the employmept of the company 750. It is perhaps not as well known ae it should be in these days of unemployment that the Gas Company is 60 great an employer of local labour, both directly by wages and indirectly by local purchases," concluded Mr. Upton. The motion was seconded by Mr. A. Clark, and carried unanimously. The retiring directors, Mr. A. S. Bankart and Mr. V. J. Larner, were re-elected.

Messrs. W. W. Bruce and F. C. Buddie were re-appointed auditors. Votes of thanks were accorded the directors and staff.