PROFITABLE YEAR

Wanganui Chronicle, Volume 80, Issue 34, 10 February 1937, Page 6

PROFITABLE YEAR

WELLINGTON GAS CO. DIVIDEND OF 8 PER CENT. INCREASING TAXATION [ Per Press Association. ] WELLINGTON, Feb. 9. The annual meeting of the Wellington Gas Company was held today. Moving the adoption of the report and balance-sheet, Sir Harold Beauchamp said it was gratifying to renort that the results for the year had beer* satisfactory and the directors recommended the usual dividend of 4 pe«' cent, for the last half of the company’s year which, wi-.h the iktrim dividend of 4 per cent., paid in August, would give the shareholders a return of 8 per cent, for the full yea'.. There was an increase of revenue of £10,725, but this was more than absorbed by the extra cos. in wages, materials, and increased taxation: Income tax had increased oy £4OOl, and land tax by £llB7, an i payment for these now amounted :o 13s lod for every pound paid to shareiiv.’ders in dividends. He mentioned also that city rates were increasing. When a general reduction was made in wages the company immediately reduced the price of gas to consumers. No doubt they had noticed that two of the larger gas undertakings had been forced to increase their price, but so far this matter had not been considered by the Wellington company. The motion was seconded by Mr. Gerald Fitzgerald and carried. Messrs. Fitzgerald and A. L. Warburton were re-elected directors, and Messrs. H. A. Gold and E. D. Dymock auditors.