WELLINGTON GAS COMPANY.

Otago Witness, Issue 3514, 19 July 1921, Page 21

WELLINGTON GAS COMPANY.

8 PER CENT. MORTGAGE DEBENTURE id SUE. An announcement, is published to-day concerning the issue of £356,000 8 per cent. Mortgage Debenture Sto -k (of which £250.000 ate offered for public subscription) b v the Welling; one Gas Company 'Ltd.)The prospectus states that the purpose of the lssiie i* to provide money for extension of plant at the gas works and manufactories at .Miramar, lire construction of additional workshops, the extension of mains and si i vices generally, and particularly to provide gas for adjoining suburbs that, do not yet possess this convenience. The Mortgage Debenture Stock is issued In smns of £SO and multiples thereof, repayable i n Ist October. 1931; but the company reserves the right to redeem the said stock at any time after Ist. October, 1926, upon giving six mouth- notice to inn holders-, by paying par value and interest to date. Interest will be payable halfyearly at the rate of 8 per cent, per annum free of exchange. The stock is served by a Mortgage Debenture block Trust. Deed, in which the Guardian Trust and Executors Company of New Zealand (Ltd.) is appointed trustee for the stockholders. and the stock is further secured by a, floating charge on .the general assei- of tho company as described in the trust, deed and by -pacific mortgage of freehold land. . . , The security con- -Is of what i- termed first--lass assets, and the concrete asseie alone have a valug at the nrcseut time of £559 Coo twice as great as the amount n f the loan now offered for subscription (£250,000). Upon the exnemliture of moneys rai-ed by the present issue the a,-sets will be- greatly increased. The Wellington Gas Company has made -(iv.lv and consistent progress s nee its es ablishment. in 1860, and to-day its authorised capital stands at fiooOOtO. In iv-rpc> c.f consumption, m 1880 tho • a!« of gas was 37.U0.CC0 cubic fwt. in I** if was 65.CCD.C09 cubic feet: in WOO. 110.000.000 cubic feet: in 1910. 280.000.990 cubic feet.; and in 1920 it mi; 466,0.0.0,0 cubic feet. , . Prospectus and d-henture* may lie obtained from the Bank of New Zealand, or from the company > office. A\ e-lmaum.