Auckland Gas shows a loss

Press, Volume CXI, Issue 32612, 21 May 1971, Page 17

Auckland Gas shows a loss

(New Zealand Press Association)

AUCKLAND, May 20.

Auckland Gas Company, Ltd, made a loss of $79,000 in the year to March, 1971, the chairman (Mr A. G. Wilson) said in a preliminary report.

In the year to March 31, 1970, the company increased net profit $1657 or 12.1 per cent to $15,321. The loss was the result of sales being less than budgetted, delays in receiving natural gas, and unprecedented higher costs—including costs of labour and payroll tax.

A compensation claim for breach of agreement is under negotiation with the Natural Gas Corporation, the amount being considerably in excess of the loss.

The main transition period is now behind the company, and with sound and aggressive marketing it is expected that increased gas sales will be attained. The directors are therefore recommending that a dividend of 5 per cent be paid from capital reserve realisations, which will be tax free to shareholders, Mr Wilson said.

Gas is one commodity that, in a period of substantial price increases, is still sold at rates which have not changed significantly for the last five years.

While it is disappointing not to be able to introduce the new lower natural gas tariffs yet, present gas tariffs are at least being maintained. The company is endeavouring to hold the line against inflation by increasing sales and reducing unit costs, and lower tariffs will be intro-

duced as soon as economically possible, Mr Wilson said. The dividends will be paid on July 22, ex dividend June 28.

Morombe No. 1 report

Bounty Oil, Ltd, advises that on May 14, the Morombe No. 1 offshore exploratory well in the Malagasy Republic, was drilling ahead at a depth of 9570 ft after setting 9 5-Bin diameter intermediate casing to a depth of 8392 ft The well is programmed to 11,000 ft.

Tap-dancing results

A record 550 entries have been received for the eleventh annual tap dancing festival of the Christchurch Tap Dancing Association, which began on Wednesday. Entrants, aged between four and 19 years, have come from many parts of the South Island.

The competition will end on Saturday evening. The judge is Miss W. Canon. Yesterday's results were:— Tap trios, under 12 years: Glenys Vine, Jennifer Davey, Christine Rushton 1, Sandra Edmond, Jackie Edmond, Christine Rushton 2, Roa-Hansen, C. Manson, Heather Dlomand 3. Song and tap dance, six to eight years: L. Patrick 1, Carol Fullan 2, Jillian Oetgen 3. Tap solo, under 12 years (boys only): W. Rasmusson 1, R. Wells 2.

Tap duo, under 14 years: Georgina Eaton, P. Fitzgerald 1, Lynette Baylis, Joanne Marsden 2, Carla Gurney, Sandra Leen 2. Wednesday’s. results were:— Tap dance, novice: N. Kerr 1, Lisa Fisher 2, Jillian Oetgen 3. , s< ? n B and dance, under six: Leota Goodall 1, K. Patrick 2, Donna Bees 3. Simultaneous dance duo, under 14: Georgina Eaton and P. Fltegerald 1, Marrlanne Jemmett and G. Miller 2, Carla Gurney and Sandra Leen 3. Ten dance, novice eight to 10: Lynda Duncan 1, Debora Cooke 2, Karen Cooper 3. Tap duo, under 12: Ann Pluck and Vickie Sanford 1, Tania Pope and Tamsln Murphy 2, Maree Leen and Faye Dando 3. „ Ta P dance, under six: Leola Goodall 1, K. Patrick 2, Lyndal Jowers 3. under 10 (boys Safe *’ B - Ho£enk 2, Debra Beange 3. Song and tap dance duo: Marrlanne Jemmett and G. 2f Un £ r . 11 Georgine Eaton and P. Fitzgerald 2) Julleann Dillard and Rosemary Taylor 3. Tap dance, novice, 12 and over: Bernice Moon 1, Jan Foley 2, Anne Miller 3. Song and dance top teams, under 12: Llane Duncan Studio 1, Leathern Corkery Studio B 2, Leathern Corkery Studio A 3. Tap dance solo, 12 to 14: Anne Paterson 1, Maree O’Boyle 2, Sandra Rusmusson 3.

Song and top dance, any age, boys only: M. O’Connor 1, P. Fitzgerald 2, G. Milner 3. Simultaneous top duo, open: Patricia Fitzgibbon and Brenda Price 1, Brenda Park and Anne Paterson 2, Anno Paterson and