GAS COMPANY

Evening Post, Volume CXIX, Issue 30, 5 February 1935, Page 11

GAS COMPANY

ANNUAL MEETING

8 PER CENT. DIVIDEND

shareholders in the Wellington Gas Company was held today.' ,•

In. moving that the report and bal-ance-sheet be adopted, the chairman of directors, Sir Harold Beauchamp, said:— "■■'■■ ;•■■■■ :

The board was pleased to be in a position to. recommend a dividend of 4 per cent, for the .last. half of the com' party's year, and with the interim dividend of 4 per cent, paid in August last, this- will-give'1 shareholders'a return of 8 :per ■cent.lf of the; full-year, and permit the. carrying forward of £14,769 .4s lid.;;' . ■ - : I

The resolution was seconded by Dfi C. P. Knight. ;.■.-; . '-.■■„ ;

Mr., A.- Strang moved: "That as from January-1,.;1934, and.until otherwise determined; in - general meeting, .the directors shall be paid out of the funds of the- company for their attendance at board meetings the sum of £1100 per, annum. All such remuneration shall be divided amongst the said directors as they may, determine." He said !; the responsibilities of the' directors had increased considerably and he congratulated-them on the way they had done their job. The company had continued,, to pay the same 'dividend through bad times.

The. motion was seconded by Mr. C. J. B. Norwood, who said the directors had certainly brought the company through very difficult tunes. Their shares occupied-a place on the market alongside gilt-edged securities.

Sir Kenneth Douglas opposed the motion, and contrasted the .business of the company with that .of other companies, whose directors received much less in the way of fees. He did not see any justification for increasing the fees from £800 to £1100.

Mr. E. Booeock asked if it were true that gas companies were presented from paying a greater dividend than 8 per cent.

The chairman said there was no law against a higher dividend, but there was an arrangement that the dividend would not be increased until the company: could reduce its charge to the consumers. That time was not yet.

The motion was carried on a show of hands. . : .

Mr. Dyer moved: "That in view of the improved position of the Wellington Gas Company, and the improvement in business generally, the directors will at an early date take into their favourable consideration the restoration, of the 10 per cent, cut they were forced to make in the salaries and wages of the staff during period of depression." - . :

Hesaid he. trusted that the directors would give the proposal sympathetic consideration.

Mr. R. A. Wright, M.P., supported the motion,, and said that the directors, if they could not restore the full 10 per cent, should consider restoring 5 per cent.

The motion was carried.