The Hastings Passenger Lift Company

From Historical Hastings

Following the liquidation of the company which initially operated the West Hill Lift in 1894, a new company was formed in that same year, the Hastings Passenger Lift Company[1], taking out the following advertisement:-

THE HASTINGS PASSENGER LIFT COMPANY, LIMITED.—This property was purchased by Mr. William Plummer, and a new Company has been formed, with a capital of £6,600, £3, in debentures at 4½ per cent., and £3,000 in ordinary shares of £10 each. The latter have all been subscribed, and applications are being received for the debentures, which will form the first charge upon the Company's property. The first directors will be Mr. William Plummer, Mr. Newham. and Mr. Boutwood.

The lease of the lift was transferred to the company in March, 1894 - the new company agreeing to take on the debts incurred by the lift's previous owners.[2]. Evidently the company had a successful first year, the annual report being published reading as follows[3];

”The directors have pleasure in presenting to the shareholders their first annual report and balance-sheet, which, notwithstanding the very bad seasons and inclement weather of the past year, they consider satisfactory. The lift is in good working order, and has worked without any hindrance during the whole year. The directors are now carrying out an improvement which it is hoped will materially reduce the friction of the ropes, and lead to a considerable saving in the consumption of gas. The receipts from advertisements and automatic machines are somewhat less than was anticipated, and the directors have now entered into an agreement by which the sum of £50 a year will be obtained from these sources. The directors are desirous of placing the remainder of the 44 per cent. debentures, which will effect a further saving in the item of interest, and they will be glad to receive applications from the shareholders or any of their friends for these debentures, which are a first charge upon all the Company's property, and an excellent security, The directors, in view of the prospect of increased income and reduced expenditure, look forward with confidence to enlarged dividends in the future. After paying interest and all other outgoings, there is an available balance of profit for the year of £307 19s, 3d., out of which the debenture interest and an interim dividend of three per cent. have been paid, and the directors now recommend the payment of a further dividend of three per cent., making six per cent. for the year. This will leave a balance pf £42 5s., which the directors suggest should be laced to a reserve fund. The retiring director is Mr. Alfred Newham, who is eligible for relection. The auditor, Mr. Benjamin Pomfret, also retires, and is eligible for re-election,”

References & Notes