THE WELLINGTON COMPANY.

Evening Post, Volume CV, Issue 24, 29 January 1923, Page 3

THE WELLINGTON COMPANY.

The annual report of, the directors of the Wellington Gas Company states that the Glover West vertical retort installation, which was under construction last year, has since been completed, and is now in operation. During the • year slight reductions were made in the freight rates on coal. These reductions, together with economies effected, enabled the company to reduce the price of gas. The first reduction was made in September, of 3d per 1000 cubic feet, and the second reduction of 4 per 1000 cubic feet was made at the end of the year. Alter payment of the interim dividend of 3£ per cent, on the ordinaryand the year's dividend on the preference shares, and < after providing £14,----961 5s lid for depreciation of plant, buildings, and machinery, the profit and loss balance amounts to .£22,828 lls Bd. This it is proposed to appropriate as follows: —To pay a further dividend of 4-£ per cent., making 8 per cent, for the ( year, absorbing £12,546 9s, carrying forward a.balance of £10,282 2s Bd. Sir Harold Beauchamp and Mr. G. F. Pearce retire from the board by rotation, but are eligible for re-election. Sales from. all .sources amounted to £218,026 13s Id, and the principal item of expenditure is: Manufacture .and distribution of gas, coals carbonising, purification, maintenance, and running expenses, £140,482 $s Id. The total assets amount to £658,272 13s. lOd. The new plant has only been in operation for about four months. It is working well' up to expectations, and has enabled the company to revert to the manufacture of the small coke, a fact which is greatly appreciated by housewives, who found some difficulty in burning the very large coke which was supplied for a period last year. During the war period the company only paid dividends of 5 per cent., but for the" 1 last two years have paid 8. per cent. The two reductions of 3d and 4d coming during the time of financial stress were very welcome to the consumers, and if things continue to further improve the directors may see their way to make other reductions • in, due course. It is stated "that the price of coal before the war was 16s per ton; it is now 365.