OIL CHIEF HONORED

Poverty Bay Herald, Volume LV, Issue 17738, 26 March 1932, Page 2

OIL CHIEF HONORED

GOLD 30-YEAR SERVICE BADGE Mr. H. C. Cornforth, chairman of directors of the Vacuum Oil Company, was presented, during a dinner at Monzies in Melbourne, with the company’s gold badge which marks 30 years’ service in the company. Similar badges are being w,orn by eight other members of the company. Mr. Cornforth was appointed managing director of the Vacuum Oil Company Pty., Ltd., in UHfi, during the critical years of the war. During those troublous times, lie not only guided the destinies of the company, but under bis managing directorship the company expanded and became more firmly established in the industrial and social life ot the community. Under Mr. Cornforth’s management, the affairs of the company have progressed in a truly remarkable manner, and its personnel, service, facilities and trading results have boon developed to their present, high standard as a result of his wise guidance. Mr. Cornforth has always taken a great, interest in the welfare of the staff. In 1920, with the co-operation of his co-directors, Mr. Cornforth introduced an annuity scheme by which employees may be retired on a pension. Another scheme introduced by the board of directors provided that dependents of an employee who lias been over live years in the company’s service may receive a benefit, on the death of such employee. Funds lor both annuity and death benefits are supplied entirely by tho company. Another plan also introduced during Mr. Corn forth } s managing directorship is one whereby employees may take up, as they become available, shares in the company. In thanking his co-directors for the presentation, Mr. Cornforth said that the Vacuum Oil Company, which commenced business in Australia and New Zealand 37 years ago, was the oldest oil company in Australia. When it opened its doors to business in Melbourne in February, .1895, the stall, numbered three. In 59 years the company had grown to an organisation employing over 3009 people with an annual pay-roll of over £1,090,000. When the company first started business, it sold a dozen grades of lubricating oils. To-day the company markets 250 products, rpiite apart from special lines such as hardware. A new era, added Mr. Cornforth, had opened for the company on the introduction ,oi’ a bulk distributing scheme for motor spirit and kerosene. J. his was commenced in 1925. In perfecting this branch of the company’s service, tho company had spent over £4,000,000. The company operated five Britishbuilt oil tankers, the latest of their kind. Each of tlio.se vessels was callable of carrying 3,000,000 gallons of motor spirit. 'l'o-dav tho company s investments in plant and equipment in Australia, New Zealand and the South Pacific Islands stood at approximately £5,000,000. Every year the company spent large*sums 01. money on local industries which help lo keep workers in those industries in employment.