WELLINGTON GAS COMPANY

Dominion, Volume 26, Issue 97, 18 January 1933, Page 12

WELLINGTON GAS COMPANY

Dividend of 8 Per Cent. The payment of a further dividend of 4 per cent., making 8 per cent, for the year, is recommended by the directors of the Wellington Gas Company. In their report for the year ended December 1 31 last, which is to be presented at the annual meeting of shareholders on February 7, they point out that there had been an appreciable shrinkage'in revenue during the past year, as compared with 1931. This was due to, (a) the present adverse financial and economic conditions; and (b) to substantial reduction in:the' price of gas, which took effect from August, 1931, The directors, the report continues, decided to give consumers the full benefit derived from the reduction in wages by reducing the price of gas by 3d, per 1000 cubic feet,' which benefited consumers to the extent of, say, £7BOO per annum. During the past year four miles of gas mains were laid, 714 services were connected, and 1659 cookers installed... After payment of the interim dividend of .4 per cent, on the ordinary shares, the year’s dividend on the preference shares, providing for depreciation of plant, buildings, machinery, etc., also debenture redemption fund, the balance to the credit of profit and loss amounted to £25,546/14/1. It was recommended that this sum should be appropriated as follows: To payment of a further dividend of 4 per cent, (making 8 per cent, for the year), £11,152/8/-; and carry forward the balance of £14,394 6/1. The retiring directors are Dr. C. Prendergast Knight and Mr. G. F. Pearce, and, both being eligible, they offer themselves for re-election. Messrs. H. A. Gold and E. K. Dy mock, the retiring, auditors, also offer themselves for re-election. The main items in the company’s accounts and balance-sheet for last year compare with those of 1931 as follow: —

1932. 1931. Cost of manufacture — £ £ Management and 150,503 charges ... t.. 104,203 Hutes and taxes • ■ • • 27,952 28,020 Superannuation • •. • 2,429 2,488 , Sick benefit fund .. 234 Sales of gas and goods Liabilities— 233,775 , 250,742 303,370 Capital issued 303,370 Debentures 200,000 200,000 Depreciation reserve Taxation reserve ... 45,400 45400 15,000 15,000 Owed by company . . 27,859 43,369 Debenture redemption 90,000 ' 75,000 Assets — 633,208 35,390 Property , Stocks' 046,437 35,984 Due to company ... 20,437 27,284 Government stock .. 49,87 < 41,532 1,900 8,400 Deposits 29,032 20,400 Bank ii.7o5