Download Always under Pressure: A History of North Thames Gas since by Malcolm E. Falkus PDF

By Malcolm E. Falkus

This non-technical, readable booklet lines the historical past of North Thames gasoline from the nationalization of the fuel in 1949 until eventually privatization in 1986, a interval which observed the swap shape a place within the Fifties the place its survival used to be threatened.

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Extra info for Always under Pressure: A History of North Thames Gas since 1949

Sample text

Compensation for municipal owners was naturally calculated on a different basis, while the many private companies whose shares were not actively quoted had also to be dealt with differently. But for Gas Light & Coke Company shareholders the terms of compensation were relatively straightforward. They were paid compensation during 1949 and 1950 in 3 per cent Gas Stock at an amount which was not ungenerous, although a severe financial crisis in September 1949 raised interest rates and caused a sharp decline in the value of the stock.

They were paid compensation during 1949 and 1950 in 3 per cent Gas Stock at an amount which was not ungenerous, although a severe financial crisis in September 1949 raised interest rates and caused a sharp decline in the value of the stock. Another problem was what to do about co-partnership schemes. The Gas Light & Coke Company's scheme had existed since 1909 and included the great majority of the Company's employees. Under the scheme, co-partners received a small annual bonus related to gas sales, two-thirds of which was held in Company stock and went into a pension fund, while one-third was paid in cash.

Nevertheless, in 1948 the company still supplied over 60 000 consumers from its works at Poplar, and among its largest customers were the Royal Mint and the Port of London Authority. The Lea Bridge, Homsey and North Middlesex undertakings were all small companies on the northern borders of the North Thames area and all had been associated with the Gas Light & Coke Company through the South Eastern Gas Corporation before the war. The Lea Bridge 30 Always Under Pressure District Gas Company supplied the Borough of Walthamstow and part of Leyton.

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