IN SOUND POSITION

Dominion, Volume 21, Issue 111, 8 February 1928, Page 5

IN SOUND POSITION

WELLINGTON GAS COMPANY RECORD YEAR FOR CONSUMPTION PROFIT AND LOSS BALANCE OF £35,564 “The increase in the gas consumption is the largest recorded. I may say that during the past three years, the consumption has increased 20 per cent., and during the past five years we have added 5,300 new consumers, fixed 7500 cookers, and laid 60 miles of mains." This information was given bv the chairman of directors (Sir Harold Beauchamp) t<> shareholders at the fifty-eighth annual meeting ef the Wellington Gas Company, Ltd., yesterday, which was well attended. In moving the adoption of the annual report and balance sheet, Sir Harold Beauchamp said (nat the directors were able to present a Hitisfactorv statement, the net profit being 413298 greater than last year. Reduction in Price of Gas. “In accordance with our usual practice ot reducing the price of gas as far as possible," proceeded the chairman of oirectors, “a further reduction of .twopence per 1000 cubic feet was made on January 1, 1928. That reduction will immediately benefit our consumers by 414750 per annum. We have made eight reductions since August, 1922, a total °f twenty-one pence per 1000 cubic feet, which, based on the present consumption, would mean an annual saving to consumers of not Jess than 4149,000. The last reduction in the price of gas is justified by the increased profit to which I have just referred. There has been a further rise in the price of coal, and tins, of course, has increased the cost of manufacture. The present price of coal is 120 per cent, greater than it was in 1916.” The company liad had a record year for the sale of gas appliances, as follow, 1926 figures for comparison being given in parentheses:— Cooker, 2215 (1825); heating contracts, 264 (350); bath ueaters, 541 (385); gas coppers, 275 <312); additional meters fixed, 1400 (1170). Extension of Plant. year,” continued the chairman, ‘I referred to the extension of tlie carbonising plant, and the erection of a second unit, which is now completed. The results obtained from the Glover West Vertical Retort system continue to be highly satisfactory. The plant has a daily capacity of 4,000,000 cubic feet. “There has been a heavy capital expenditure; 23 miles of mains were laid. The reticulation of Ngaio and KhandaL lali is now practically completed. It will be some years before the company will receive a material return on the outlay. Tlie company was able to assist in relieving the unemployment difficulty last winter by placing no fewer than 130 men on main laying. “Further alterations have been made | to Courtenay Place premises, and tlie space leased at satisfactory rentals. A contract has. been placed for the supply of materials for re-sheeting the No. 1 Gasholder nt Miramar. The materials arrived last month, and good progress has been made with the work. When completed, we shall have three gas holders of a total storage capacity of 3,850,000 cubic feet. Superannuation. “Up to date, 169 employees have joined the superannuation scheme established in 1926. Tlie total life cover is .£112,000. I am pleased to say the scheme is working satisfactorily. The board decided in May last to subsidise £ for 2£ contribution's to the Sick and Benefit Society. This enables members, by paying 6d. per week, to receive £2 per week during sickness. At present there are 180 members. It is gratifying to report that our relations, with all classes of our workmen continue to be satisfactory. You will be interested to know that the wages paid by the company for the past year amounted to .£83,000. Gas Regulations and Calorific Value. “The company’s declared Calorific Value is 475 B. th U. It is satisfactory to report that the tests carried out by the Government officers showed the average Calorific Value to be 491 B. th U. Tlie Government Meter Inspector commenced his duties in February last, and all repaired meters are tested and stamped by the inspector. The number of meters tested was 2300, and the fees paid amounted to 41200. . . “The position of our industry is thoroughly sound. We are better equipped, year by year, to give the best possible service to the public. In the matter of gas cookers, gas fires, and other appliances, manufacturers are to-day turning out articles of a much better quality than heretofore. This is especially noticeable in respect to cookers, the demand for which is increasing in leaps and bounds. The new gas cookers are not only economical, but the designs are most attractive. Tlie company has been in existence for 58 years, and has never, I believe, been in a sounder position than it is to-day.” The chairman, in conclusion, recorded his own appreciation, and tha*" of his colleagues, of the loyal and efficient service rendered by tlie staff of every rank and grade during the past year. In that connection, special thanks were due to tlie general manager (Mr. M. J. Kennedy), whose efforts, on behalf o the company, had been so well seconded by the engineer (Mr. J. Hungerford). Tlie motion to adopt the report and balance-sheet was seconded by Mr. G. Fitzgerald, and carried unanimously without discussion. The recommendations of the directors to pay a further dividend of 4 per cent., making 8 per cent, for the year, and to carry forward the balance of 4)24,412 2s. sd. were adopted. The retiring directors, Sir Harold Beauchamp and Mr. G. F. Pearce, were ’re-elected, and Messrs. H. A. Gold and E. B. Dymock were re-elected auditors.