CHRISTCHURCH GAS COMPANY

Otago Daily Times, Issue 20319, 30 January 1928, Page 3

CHRISTCHURCH GAS COMPANY

A SATISFACTORY REPORT. (Special to Daily Times.) CHRISTCHURCH, January 27. The annual report of the Christchurch Gas, Coal, and Coke Company, Ltd., for the year ended December 31 last states that the main extensions for the year totalled 10i miles, and 573 new consumers were added, making a total of 23,085. “ We have still a most satisfactory demand for gas cookers,” the report states, “ 1634 having been fixed during the year, and our sales of gas show a steady increase. The renewals and extensions to the manufacturing plant at the works, referred to in our last report, have been completed. The first section of the new rotor benches in the horizontal retort house have been erected and are in operation. The material for the second section is now under order. The new exhausters, condensers, and washers have been erected and are working most satisfactorily. Liberal provision for depreciation has been made, £14,265 16s 5d having been charged against revenue. To meet the cost of the extensions in both the manufacturing and distributing plants and provide for future requirements, your directors decided to make a further “ issue of 100,000 shares, which were offered to shareholders in the proportion of one share to each three shares held. The issue was over-subscribed, hut your directors decided not to allot the whole of the additional shares applied for, but to allot on the basis of the quota to which shareholders were entitled. The total allotted was, therefore, 94,330 shares, leaving a small balance of 5670 shares available for issue as required. The directors recommend the payment of a dividend of 4 per cent., making, with the interim dividend already paid, 8 per cent, for the year, and to carry forward the balance of £6566 8s lOd. The retiring directors are Sir George Clifford. Mr F. I. Cowlishaw, and Mr Richard Allen, who offer themselves for re-election. The revenue account, after allowing £14,265 16s 5d depreciation for buildings and plant, shows a credit of £22,271 10s 9d, which, added to the balance brought forward from the previous year (£7813 2s lid), makes £30,084 15s 8d to the credit of the profit and loss account. The interim dividend of 4 per cent, absorbed £11,573 5s 4d, and the final dividend will absorb £11,944 18s 6d, leaving £6566 8s lOd to be carried forward.