WELLINGTON GAS COMPANY
STRINGENCY OF MONEY MARKET.' OBJECTIONS <TO HEAVY TAXATION. ■ A I, (Per United Press Association.) WELLINGTON. February 14. At the annual meeting of the Wellington Gas Company, the Chairman referred, to the stringency of the money market at the present time, which was very acute, and would probably become more acute as time goes on. It was Very apparent that the company cannot hope to raise the money it needp at the low rates of interest obtainable even a short time ago. *He had. previouslyreferred to the heavy taxation to which the company has befen subjected for the year just closed. , ‘‘The income -tax amounted to £22,699 . 2s 6d, the assessment being at the rate of 7s 6d in the pounds Which is almost a shilling per thousand feet on the total gas sold, or even over 10 per Cent, on the paid-up ordinary share capital of the company. For the present year the rate of \ assessment will be at the rate of 8s 9d in the pound. YouVwill thus' see the tremendous disadvantage under whiohfthe; gas companies have to labour, aa t compared with municipal undertakings of a like nature.”
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Bibliographic details
Otago Daily Times, Issue 18170, 15 February 1921, Page 4
Word Count
193WELLINGTON GAS COMPANY Otago Daily Times, Issue 18170, 15 February 1921, Page 4
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