AUCKLAND GAS COMPANY

New Zealand Herald, Volume LX, Issue 18317, 6 February 1923, Page 9

AUCKLAND GAS COMPANY

REVIEW OF THE YEAR.

RECORD JOF EXPANSION.

INCREASED NUMBER OF USERS.

The sixty-first annual meeting of the Auckland Gas Company was held yesterday, the chairman of directors, Mr. J. H. Upton, presiding. ■■•■'. ;

| Before proceeding with the ordinary business th chairman made reference to the loss the company had sustained in tho death of Mr. T. Peacock, who nad been a director of the company for 37 years, and of Mr. Selwyn Upton, who was secretary of the company. The board had appointed the Hon. J. P. Campbell to the vacancy on the directorate. Mr. E. D. Ashton had been appointed secretary. ■ ' ' : .." ; ..- •'■ ' ■ ■'■' '■ The annual report of the directors, as published in the Herald of January 27, was adopted. In moving the adoption of the' report the chairman said the sale of gas for the year showed'an increase of .9.5 per cent, in quantity. The monetary increase was only 7.9 per cent., the difference being accounted for by the reduction in price of 3d per IOOOit. in June. Last month a further reduction, of 6d had* been made, These' reductions together .:■' represented. £37,500 a year. Owing to a reduction in price, the return from coke showed a decrease compared with the previous year, but all the coke produced was being gold. There was an increase in the returns from tar of 4.7 per cent. On the expenditure side coal showed a considerable : reduction in cost, but the cost of distribution had considerably increased. Rates and taxes accounted for £33,050, a decrease of £5253 compared with the previous year. On© of the reasons for the reduction was the decision of the Court of Appeal on the company's, liability for rates. Capital expenditure for the year was £65.484 14s Id, which just about absorbed the call now being . paid and the further and final call that would be made about the middle of the year. The total of the two calls, with premium, would amount to £68,656. These calls would fully pay up the contributing shares, ana all shares would then be placed on the same footing. '. : Consumers had increased in number by 1823, compared with 1650 in the previous year, and exactly double the number of .1916. The total number of consumers was 35,350, an increase since 1916 of 6493. The increase in the number of gas stoves sold by the company in the year was 1913, and "the total number sold and on hire was 19,219, an increase since 1916 of 6408. As ouite a number of stoves were sold by merchants, this by no means represented the total number in use. The company's mains now reached 460 miles, an increase for' this year of 14 miles. The . retiring directors, Mr.. J. H. Upton and Mr. W. R. Wilson,' were reelected. '•.,/;' ■:;, '.':■;.;■';■■■;

Mr. W. W. Bruce and Mr. F. C. Buddie were reappointed auditors. The chairman announced "that a dividend for the past half-year at the rate of 8 per cent, per annum would be payable to-day. s