COMPANY AFFAIRS

Wanganui Chronicle, 25 February 1947, Page 7

COMPANY AFFAIRS

GAS COMPANY’S GOOD RESULT “Coal stocks continue to be very low and we are still carrying on from day to day without reserve stocks.” said Dr. C. Prendergast Knight, chairman of directors of the Wellington Gas Company, at the annual meeting of shareholders yesterday. “It is satisfactory to report that, notwith standing many serious difficulties encountered during the year, the board is able to recommend the payment of a dividend of 3 per cent., which, with the interim dividend of 3 per cent, paid last August, will give a return of 6 per cent, for the year. Under the conditions prevailing at present this result must be considered satisfactory. “Insufficient supplies and the unsuitable .quality of the coal available caused consider* abl anxiety during the year. The unavoidable restrictions in the gas supply which livre shortages entailed were mainly • t'" reduced revenue, the t* : • £344,699, a reduction of £6’33 • •' ’’ pend i lure has also been reduced because o£ lower taxation and the shortage ot' lauou., which has curia. ku pairs and maintenance. Because < f t t-«<• deferred maintenance deposit was increased by £7OOO during the year, making the total £21.000. “In my address last year.” continued Dr. Knight. ‘‘l referred to the contract placed in June. 1945. witli Messrs. Huvnln-c.vr " r, u - gow Ltd., England, for a carburet ted water gas plant. The installation, consisting of two units each of a daily capacity <»1 one and i quarter million cubic feet, is now in course of erection. However; there have been delays in shipping the materials from England, and the contractors have now advised that the balance of the plant will be shipped this month. Willi the erection of Hie new plant, the carbonising capacity of the works will lie increased to a total of five million cubic feet per day.” Referring to Hie superannuation scheme the chairman said there were 144 members, with a total life cover of £126,875. The cost to the company last year was £lBlO, and the total cost since Its inception 21 years ago is £54.010the employees had contributed a similar sum. Eighty-two claims, amounting to £48.433. had been paid to date. The sick benefit society had 14G members and the funds of the society amounted to £836. The cost to the company for the year was £239, and sick payments totalled £43.'». "This’ has been a very difficult year and we appreciate the help wc have received from

the* Coal Controller. Mr. C. H. Bonney. and his officers in their constant efforts to provide coal supplies.” concluded Dr. Knight. Messrs. A. T. Young and W. S. Wheeler, the retiring directors, wore re-elected.