NAPIER GAS COMPANY.

Evening Post, Volume CVII, Issue 22, 28 January 1929, Page 12

NAPIER GAS COMPANY.

The directors o£ the Napier Gas Company report a balance to the credit ol profit and loss of £11,031 9s 3d. Out of this amount the directors recommend a dividend of 3 per cent, and 3 per cent, on preference and ordinary capital respectively (making a total dividend for the year of 0 per cent, on preference and 8 per cent, on ordinary shares), which will absorb £4603 Uk, leaving an amount to be carried forward of £7027 18s 3d. The company's business for the past year has been quite satisfactory. The directors do not recommend a transfer from profits to the plant replacement fund -this year. There is already a large amount standing to the credit of this fund. A considerable capital expenditure has still to bo provided for in connection with the now building at Hastings, and a further extension of mains. During the year shareholders applied for and were allotted 492 £10 preference shares, which, with the exception of_ 50 shares, are fully paid. This extra capital (£4-120) has been used partly towards the cost h{ building alterations at the now Hastings property, towards the extension of Hastings mains (thus keeping in touch with the expansion of the town), and towards a reduction of money on deposit. It is anticipated that the rentals from the Hastings building will cover interest on capital outlay, while the now office and showrooms there will provide a muchneeded and convenient business centre for an increasing number of. customers. The company states that it is still meeting a constant demand for modern cookers, which, as compared with older stoves, give a saving to gas consumers of over 25 per cent., with maximum efficiency. The fitting of so many of these modern appliances is mainly responsible for a reduction in Napier gas sales, but at the same time the company's consumers arc receiving much better service from the use of gas. At Hastings there has been a sligEt increase in gas sales, due to an increase in the number of new consumers who are now being served from the new mains. The company has now a total of 6284 gas consumers, an increase during the year of 334. Messrs. F. Logan and A. D. Brown, retiring directors, offer themselves for re-election.