A PROSPEROUS CONCERN.

Evening Post, Volume LXXIII, Issue 27, 1 February 1907, Page 8

A PROSPEROUS CONCERN.

"WELLINGTON GAS COMPANY* "THE BEST YEAR ON RECORD." "In the matter of gas transactions the year just closed has been the best the company has known," declared Mr. D. Anderson, Chairman of Directors, at the well attended annual meeting of shareholders of the Wellington Gas Company, held at the Wellington Chamber of Commerce to-day. Mjr. Anderson was moving the adoption of the annual report and balancesheet (already summarised in these columns) arid addressing the meeting on the work of the company during tho year. The shareholders, ho said, were again to be congratulated upon tho result as shown by tho profit and loss account and the balance-sheet. He thought the position of the company all the more satisfactory as there was no other similar company in tho colony that was subject to the keen competition of tho electric light as tho Wellington Gas Company had been for several years. Notwithstanding this exceptional circumstance the company not only had not gone back, but on tho contrary had steadily increased its output year by year, and in the matter of gas transactions the year just closed had been the best the company had known. He cited figures showing the records of the sale of gas during the last five years. In 1902 the company solu 142 million feet of gas, in 1903, 162 million feet; in 1904, 179 million; in 1905, 191 million; andin 1906 the sale had risen to 210 million feet. Of course a steady and progressive increase of this character coulcf not be procured without effort and some sacrifice on the part of the company. On the other hand experience had proved that the placing of every facility in the way of tho public to consume gas had invariably met with its reward in the increased business secured. The directors had during the year endeavoured to further popularise the use of gaf during tne day, especially for cooking purposes, and had adopted I the system of renting out cooking ranges at a small monthly rental. In the twelve months over two hundred of these stoves had been fixed and were in daily use, and the directors expected to fix a like number during the present year. The system provided consumers with a cheap and efficient means of cooking, and at the same time benefited the company oy a large consumption of gas. Mr. Anderson also referred to the policy of the company in reducing ine s price of gas, and stated that the results of the reduction made fifteen months ago had been exceedingly gratifying, and not only justified the policy of the directors' in bringing the price of gas nearer the spending capacity of the wage-earning classes, but also brought before the board the possibility of a still further reduction at no very distant date.' The rapid expansion of the company's business ' would necessitate providing large extensions of plant before very long, a new gasometer being imperatively necessary in vie-w of the almost daily increase in the demand for gas. In concluding, Mr. Anderson referred to the zeal and energy given to their respective departments by the engineer, .Mr. Birch, the secretary, Mr. Helliwell, and by Mr. Norwood, head of the fitting department, iie then moved the adoption of the report and balancesheet, and recommended on behalf of the board that a dividend of five per cent, for the half year be paid, making ten per cent, for the year. The motion was carried unanimously. In the course of some discussion, Mr. G. M. Kebbell emphasised the necessity of a reduction- in the price of gas. He ''had for many years redbmmended that, gas should be sold to the public at/ the very cheapest possible rate, and the results of the reauction that had been made had proved his contention to be correct. The retiring directors, Messrs. D. J. Nathan and A. E. Pearce, were reelected. Messrs. R. Wilberfoss and 0. S. Watkins were appointed auditors. Votes of thanks to the directors and" the staff concluded the meeting.