WESTLAND POWER’ LTD.

Hokitika Guardian, 4 June 1930, Page 3

WESTLAND POWER’ LTD.

•' Directors of Westland Power, Ltd, report that development of the company’s undertaking has progressed favourable, and the auxiliary plant and main plant have been working satisfa torily. Accounts, which cover a period of 14 months, from November Ist, iW3, to December 31st, 1929, disclose a net profit of £357,1s lid (subject to income tax), which is considered satisfactory in view of the fact Jiat the company is only in its second year 6F operation. During the period under* review, further reticulation has taken, place, and a number of new consumers have been connected up. Additions and improvements have been made to t ,e wa.er races and the reservoirs, and the main station at Dilimans has been completed. A stand-by plant, equipped with Diesel engines, is now in course of erection: Total increase in capital expenditure has been £16,277 6s 2d, and the fixed assets now stand at £57,344 12s 2d. Paid-up capital has increased by £5,392 7s, and further accommodation has been secured from the company’s bankers to the extent of £lO,315 3s Id. The company is now in a position to supply power up to a capacr ity of 820 k.w., and negotiations are taking place with further prospective consumers. When the balance of power is arranged the revenue receivable should enable a satisfactory return to be made on capital outlay. The an? mil balance sheet and accounts can be seen by shareholders at the office of the company. Messrs Kirkcaldie (chairman) and H. (1. Williams, directors, offer themselves for re-election. Messrs Watkins, Hull, Hunt and Wheeler, auditors, also offer, themselves for re-election.