WELLINGTON GAS WELLINGTON

Dominion, Volume 19, Issue 99, 21 January 1926, Page 13

WELLINGTON GAS WELLINGTON

DIVIDEND OF 8 PER CENT. PROPOSED

The report of tho directors of the Wellington Gas Company, which is to be presented at the fifty-sixth annual meeting of shareholders, states that bighlv satisfactory results continue from tho fjlovor West vertical retort plant. The materials for enlarging the plant arrived in December, and the erection is now in progress. The erection of the new gasholder was commenced last August, and it is expected that the work will be completed by next July. The capacity of the holder will be two million cubic feet. The erection of the new offices has been completed. The present offices will be altered for use as shops, a.nd will then be available for lei ting purposes. Twelve miles of new mains have been laid, and 917 services connected; 1370 cookers have been fixed. This constitutes a record, the previous highest number being 1193 in 1924. A reduction of 2d. per 1000 cubic feet was made in tho price of gas in April. A further reduction of 2d. operated from October 1. Six reductions have been made during the past three years, making a total decrease of 17a. per ICOO cubic feet. This entails a concession to consumers of .-£34,000 per annum. After payment of the interim dividend of four per cent, on the ordinary shares, the year’s dividend on tho preference shares, providing for depreciation of plant, buildings and machinery, also for depreciation reserve, the profit and loss balance amounts to .£38,285 18s. sd„ which it is proposed to appropriate as follows: Day a further dividend of 4, per cent. (malting 8 per cent, for the year), Ji11,152 Bs. od., and to carry forward the balance of J 127.133 ss. sd.

Sir Harold Beauchamp and Mr. Gerald Fitz Gerald retire from the board by rotation, but, being eligible, offer themselves for re-election.