GISBORNE GAS

Evening Post, Volume CXI, Issue 130, 4 June 1931, Page 14

GISBORNE GAS

ORDINARY DIVIDEND : : PASSED . V Directors of Gisborue Gas Company report' for, the year, ended 31st :March, a credit' balance of £3886 16s'9d compared with £3240 vlast' ; ye?ir. Last year the com.pany!.paid:'B : ■pfir..cent.'i on ; its preference shares and 5 per cent, on its ordinary shares, the -latter-dividend is passed for this year, the directors reporting:—"ln not recommending the payment this year of a dividend on the ordinary shares, your directors feel that the shareholders will recognise and approve that they are adopting a prudent and • conservative policy in strengthening the financial position of the company." » New mains have been laid and one hundred and fifty-six gas cookers supplied and fixed, arid sale of other appliances is reported as satisfactory. Sales of gas have decreased to a slight extent, "but considering'the depression, which "has naturally affected'the building trade, our results are satisfactory." ■'■.", Special reference is.made to the installation of the new Glover-West vertical plant, taken over in December. The result in the saying of coal and stoking is acknowledged as "equal to the results claimed by the makers, and augurs well for the future." Provision has- been made for writing down the value of the old horizontal plant by £3500 as against reserve account. More central offices at a large reduction in rent have been obtained; "valuable savings" have been- effected; all parts of the works are maintained in good order. Net profits are recommended to be disposed of as follows:—Payment of preference dividend £794 on £9925; carry forward £3092- 16s 9d. Preference shares number 10,000,' issued at £1, less £75 uncalled; ordinary shares number 53,402 fully paid issued at £1. Eevenue £32,858 as against £34,096 last year.