GAS COMPANY'S YEAR

Evening Post, Volume CXV, Issue 13, 17 January 1933, Page 9

GAS COMPANY'S YEAR

DIVIDEND MAINTAINED

Directors o£ the Wellington Gas Company, Limited, in their report and statement of accounts for the year ended 31st December, 1932, point out that there has been an appreciable shrinkage in revenue ™r, ing rl h? Past J'ear' as compared with 1831. llus is, due to: (a) The present adverse^ financial and economic conditions, and (bj to substantial reduction in the price o£ gas, which took effect from August, 1931. The directors decided to give consumers the full benefit derived trom the reduction in wages by reducing the price of gas by 3d per 1000 cubic feet, winch benefited consumers to the extent ot, say, £7800 per annum. During the past year four miles of gas mams were laid, 714 services were connecteel, and 1659 cookers installed: After payment of the interirij 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 hind, the balance to the credit of profit and loss amounts to £25,546 14s Id. It is 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 8s; and carry forward the balance of £14,394 6s Id.

The retiring directors are Dr. C. Prendergast Knight and Mr. G. F. Pearce; who offer themselves for re-election. Messrs. H. A. Gold and E. K. Dymock,' the retiring auditors, also offer themselves for re-election.

Principal items in the company's accounts and balance-sheet for 1932 compare with those of 1931 as under:— 1932. 1931. £ i £ Cost of manufacture^- , Management and charges 150,563 104,203 Rates and taxes 27,952 28,026 Superannuation 2,429 2,488 Sick Benefit Fund .... 229 -234 Sales of gas and goods 233,775 250,742 LiabilitiesCapital issued ...... 363,370 363,370 Debentures 200,000 200,000 Depreciation reserve . 45,400 45,400 Taxation reserve .... 15,000 15,000 Owed by company .. 27,859 43,369 Debenture redemption 90,000 75,000 AssetsProperty G33.26S 6-16.437 Stocks 33.390 35.984 Due to company .... 20,437 27,284 Government stock ... 49,877 41,532 Investments ..., 1.900 8,400 Deposits .• 29.632 2(5,400 ; ' Bank 7,735 3,387