A RECORD OUTPUT

Evening Post, Volume CXXXIX, Issue 31, 6 February 1945, Page 6

A RECORD OUTPUT

WELLINGTON GAS CO., LTD.

"Notwithstanding the difficulties in' obtaining supplies of suitable coal and other wartime problems, the results for the year must be considered satisfactory in present conditions," said Dr C. Prendergast Knight, chairman, at the annual meeting of the Wellington Gas Company, Ltd., today. "For the first year in the history of the company the sales of gas exceeded 1000 million cubic feet. The actual figure was 1006 million, an increase of 85 million cubic feet over 1943, and 38 per cent, since 1938."

Coming to the balance-sheet the S^oi^P said that the revenue, £354,615, was £29,102 greater than the previous year, but this had been absorbed by the extra costs of coal materials, and wages. Compared with the year 1939 the cost of coal had inth^mioi 18 * P6r ton- This increase on the 60,291 tons carbonised during 1944 amounted to £33.160. The erection of the third unit of the Glover-West plant consisting of 16 retorts, which was in progress for three years owing to delay in obtaining materials, was completed ™ebS UaPL last> nd §as making commenced at the end of April Capital expenditure for the year amounted to £20,597. Further heavy capital expenditure would be required for additional manufacturing plant. The policy of making adequate provision for depreciation had been continued, the amount written off for the year being £20,852. To provide for deferred maintenance a deposit of £7000 had been made. Full provision had been made for taxation to December 31, 1944. The present rate for companies on the highest scale was 14s 2-3 d m the £ Wages paid during the year l} ed £82-165. There were at present 70 employees on military service.

*v i Knight spoke appreciatively of the loyalty and co-operation of the company's employees, and of the help the company had received from the Coal Controller.

The chairman referred to Mr. George F. Pearce, who had been a director of the company since 1919 and deputychairman since 1939, and who had decided to retire from the board in December last. The directors recorded their high appreciation of Mr. Pearce's valuable services to the company during the past twenty-five years. The vacancy caused by the retirement of Mr. Pearce, was filled by the appointment of Mr. M. J. Kennedy who had also been appointed managing director of the company, the chairman continued. In this position he will continue to be the chief executive of the company. The board had appointed Mr. Matthew Kennedy, B Com to be secretary of the company. The motion for the adoption of the report and balance-sheet was seconded by Sir Charles Norwood and carried Messrs. A. T. Young and W. s! Wheeler were re-elected auditors.

"The directors recommend the payment of a dividend of 3 per cent, for the last half of the company's year" added the chairman. "This, with the interim dividend paid in August last, will give shareholders a return of 6 per cent, for the full year, and is the same as paid for the previous year After payment of the dividend the balance forward is £14,656, slightly less than in 1943."