Vol. 43 No. 13
I move:—
That the Alliance and Dublin Consumers Gas Company Special Order, proposed to be made by the Minister for Industry and Commerce, and laid in draft before Dáil Éireann on the 29th June, 1954, under sub-section (4) of Section 10 of the Gas Regulations, 1920, be approved.
The main purpose of the Order is to extend the area within which gas may be supplied to within nine miles of the General Post Office, and also to the Bray district.
Secondly, its purpose is to increase the borrowing powers by £250,000 by the issue of debenture stock. Thirdly, it increases the permitted maximum of the Special Purposes Fund from £93,000 to £130,000. The existing limitations were imposed in 1909 and this increase is necessitated by the considerable rise in the cost of plant and renewals since that time.
Fourthly, it establishes a new fund to be called the Renewals Fund. At present the company does not include in its annual accounts any amount for depreciation, but such renewals are charged as and when effected. This method would have the effect of equalising as far as possible the annual charge in respect of such renewals. Fifthly, the purpose of the Order is to empower the company to appoint as directors persons in administrative and technical posts in the company. At present, the company is precluded from appointing any person holding office under the company.
Notice of intention to apply for this Order was given by the Alliance and Dublin Consumers Gas Company. No objection to the making of this Order has been received. I now ask for its approval by resolution.
