WELLINGSTON GAS COMPANY

New Zealand Times, Volume LI, Issue 11736, 25 January 1924, Page 3

WELLINGSTON GAS COMPANY

ANOTHER SUCCESSFUL YEAR. 8 PER CENT. DIVIDEND. Following is the annual rcpoit -toy the Wellington Gas Co. 10 be. submitted to the annual meeting next month: “The directors submit herewith tho statement of accounts lor the yeat ended December 31st, 1923. The resuits obtained from the Glover West Vertical Retort Plant nave proicd highly satisfactory. It has been tiecided to extend the piesent installation by adding a further Hi retorts. ' “Our policy of reducing the price ot gas as far as possible has been continued. In January a reduction of fourpence per 1000 cubic feet was made, and a second reduction of threepence per 1000 cubic feet took effect m September. A further reduction of threepence per 1000 cubic fee* is to be made as from March Ist, i.r„4. “After payment of the interim dividend of per cent, on the ordinity shares, the yeai’s divide oil .oil .the preference shares, and after providing £l6 330 6s 7d for depreciation of plant, buildings, and machinery, also £IOOO for depreciation reserve, the profit and loss balance amounts to £33 • 627 4s 9d, which it is proposed to appropriate as follows;—Pay a further dividend of 4J per cent, (making 8 per cent, for the year) absorbing £1?,p46 9s and to carry forward the balan a of’£2l,oßo 15s 9d. _ “Mr Gerald Fitzgerald and Dr. C. Knight retire from the board by rotation, but, being eligible, offer themselvee for re-election.