WELLINGTON GAS COY.

Dominion, Volume 7, Issue 1986, 17 February 1914, Page 4

WELLINGTON GAS COY.

ANNUA*. MEETING. . HOW THE BOARD FACED THE STRIKE. EXTENSION OF WORKS The" 41 th auimal meeting of tho Wellington Gas Company was hold ill t'lo Demonstration lkaia of the com- ! pany's premises at neon yesterday. Mr. D. J. Nathan, chairman of directors, presided. lit moving the adoption <rf' , the report and balance-sheet, the chairman said that he was able to report continued progress through, the year. The StrtSto CKsis. "Although," he.said, "the directors' ore able to.pjaco before you a satis'fa«-1 tqry, result for the working of the twelve months, ft is only proper that, you should know that the latter part of the- year was a period of great anxiety, both to your board and to its principal officers, owing to ttie difficulty in obtaining coal, which arose from the strifco of waterside 'Workers. By the aid of i its reserve stocks of cgal,. and the re-. employment of carbutotted water gas' to a considerable extent, enriched by kerosene oils, the board was enabled to continue a full supply of gas to the .customers, though at.a greatly 'enhanced cost to the.company. ' "The- directors felt that an attempt should be made to continue 'the full supply of gas as, apart from the inc.onveni-. enee that would be caused domestically By a cessation of supply for lighting and cooking, the. closing down of all manufacturing industries , that depend so largely on the use of gas for heat and power would have been; during tho i.u.mistrial crisis, a .very, great calamity, and one to be avoided at all costs, tho direetors_ trust that their customers and fiie public appreciate the action of the company iij continuing tho supply" with* out ■ making any increase in the cost of gas in order to partly recompense for the increased expense- of production. As tho directors had'to purchase inferior coals at' high prices"4h6 full effect of which will not be felt until tiio current have, after allowing for. the Known loss in 1013, placed the sum of £3000 to a,, special suspense account, to be drawn against during 1914. Works E*&fislon3i "As the results obtained from the. vertical retorts installed at Mirainar cbntmuo to be good both as to outpat arid economy pi work, the board de-. eided in October to order m, farther unit for, erection it Mirainar, Whilst the present unit hasaniasimum output of threc-quairtors of a million feet per diem, the new unit will bo larger and will have a maximum output of ano Million four fathdred thousand feet- in , tho twenty-four hours, The cost of . the'purchase' and'erf fiction of this new plant, with tho esfciisious a.t Mirattutr consequent thereon (including the shift* , ing to Miramar frgni the City 'works of such plant as is suitable for will amount to : about £50,00. As pointed out by iiie' when I addressed ymi last,year," tho board does .not pro* poso to ask the shareholders for additional capital to meet this expenditure, bat anticipates _tha.t it will be able to finance it. until' the greater portion of the lands lying between Courtenay Place and Wakefield' Street can bo released and disposed of. » "The sales of gas continue to stew a gratifying increase, hwiug amomite'd^ :■ 'Six per cent, during the yoar";'C'o'9 how sorviecs have been laid, .is compared have been .fisfedj as compared with'Bol in fchb previous year.' ' Owing ;to tho economy effected' in. tho .•.manufacture of'gas at'the new Works,-' fho -directors felt"'themselves'' justified in making .a substantial reduction; iii i,te price" of gas : . As from April 1 the rates °f discount allowed on; gas used.far.manufacturing and for power purposes was increased—Uvlis materially reducing the cost to large >on-sumers--and from September. 1 the rates for. gas t<j ordinary cqusutimrs was reduced'from ss, 'sd. to .o's. mis per thousand: feet. ;It is unfortunate that the disturbed conditions of the last coupler of mOliths, of the year liavo prevented the making of it-proper comparison of the results so gained) but eo far as can be. judged at present, the director's are. satisfied that the reductions have been a- step, in the flglit. .directwii, and will result in increased business to the com* paliy,- , .. .'■..-. Firiange.. ''By the payment of the 'asi instat-' mejnt of the,.call on tho oriiliMiry shares. : that fell duo on M'ft'rqh 15 last* the share ca.pilirl became £&3S,?gp s i derived from' ordinary shares, and $78,088, from the' : preference shares issued, or £308(868 in ■ all, of which the'sum of £808,58? has been revived. 4o meet the 5. p.or cent,-' dividend oil tho. preference shares, and the customary .dividend: Of 10 per cent. On tho ordinary 'shares, the amount of will bo' required each year. The amount carriei!' forward under tho.

proposals submitted to, .vou ?% tjie directors in the balance-sheet row.stands at $2?!;498, which is Still a less, sum than the amount of quo year's dividend which the. board is of opinion ought to be in hand, so as to afford provision, for possible eoiy.tingene.ic.s arising put. of coal of iabaiif difficulties. Ti'c Wrcl has carried to ft suspeiyso'-account an amount of .£2OOO -towards the cost of dtsniaiH'ling part of the city worija,. leaving the writing-dpiyn. of the .asset 1 Until the Works- ar<}; ; ])erina'ii.ontly put out of commission. Thevalue- of .lands, buiidiijjgs,, plant:,, plains, .nte'tef s, etc.., appears_this year qs £J3i,i75. J ah increase of £9767 on last s'ear, duo to new mains., ■meters, a.nd services, and some small additions tp plant,. Ti'ip bpafd has placed a further -suni of £l'2oo to the credit of tho .retorts renewals -'suspense accountj being the .estimated doteriora l tioii of this vertical, retort settings duriiifZ tho past year."

Tina report (which lias already been published) involved tlift payineivt -of a dividend of. 10 i'w cent, . per aitniiiu on the ordinary shares, of which 5 per eeitt. was pardon August 1 last. The . motidu to. adopt .the report *as. secoudc'd l>y Mr. H. iieaiicliaihp, and carried without. (Iscftssipii, Messrs. p. J. ffathan and Harold fieaiicb.-a-rop were ' re-elected directors, a;njj Messrs. O. S. Watltiii-s and jl-. Wjlborfoss wore reappointed auditprs at the Annual remuneration of £100 jointly. . Staff Folloitatisns,

Bcauchamp proposed a vote'of "thanks to the staff, which bad worked "loyally and efficiently; and meiitioned in particular the long and faithful service of Mr. HeUiwelj, Who had been with thfe conipany far thirty years> during which time he had done vahiablo work. , t:hp directors had granted him six months 5 leave of absence to visit the Old Country, a-mj lio doubt ho wnuld csiiw hack wjtli mueii iiifornvatioii that w-pnld bo vftluable to the eonipany.

In returning; thnnks on behajf of tho staff, -Mr. HelliwoU said ho was deeply grateful to the directors fop granting him nit extended holiday. During tho lengthy period of his association with the company he had watched it grow from 11 small cmioerii with great intor* est. When lie joined the staff tho mrmb.er of consumers <iyns 2100; iipw there were,-14,000—an iiis'tance of tho progress nui.de. Now. 'departments li.ad been added to the firm's wo.rks,.such as were dreamed of in Its younger davs. ' Cooking by gas ivai>not- ni.tic.h indtdped in t'ho'ij, Jm : t the people frerq hec-tnmiip; snore and more skirled with ii.sadvantages, so niuch '%<> that nearly Iflilrt stoves' were erei'M last- year. Cooking by ijas would heeohie more

popular still, and as the company, had to rely on tho day consumption of gas few rts progress, it would hare to give this branch more and'more attention. »Ir. UellnveH assured them that ho flonld do his best whilst in Great Britain to obtain information which Would be of benefit to the company.