MORE GAS

Evening Post, Volume CXI, Issue 34, 10 February 1931, Page 9

MORE GAS

THE LOCAL SERVICE

INCREASED USE

SUPPORT FOR INDUSTRY

In his speech to shareholders of tho Wellington Gas Company at their annual meeting to-day, tho chairman (Six Harold Beauchamp) referred to . the fact that, in spite of the adverse conditions with which the company had had to contend, the result of the year's working could be regarded as satisfactory. "It will," he said, "compare favourably with any of its predecessors. The increase in tho gas consumption for tho past year is 27 million cubic feet. During the past live years our increase has been 113 million feet. A total of 11,000 cookers havo been fixed, and 81 miles of mains laid. It is gratifying to report that we have had a good year for the sale of gas appliances. The figures are as under:— Cookers 2251 Gas fires , l 223 Bath heaters .............. 573 Gas coppers 308 Additional meters fixed ... 1131 "During tho past year wo have made several extensions to our reticulation system. In all 10 miles of mains were laid, making the total length 250 miles." ■ • • ■ ■ / Continuing, the chairman said that three storys have been added to the Courtenay place buildings. A long-felt want, an up-to-date cooking demonstration room, was provided on '.-the top floor, also further office accommodation. Tho balance of the space had been let at satisfactory rentals. By tbeso additions the company was enabled to provide better accommodation for shareholders' meetings than heretofore. The Newcastle coalrniners'• strike, which lasted for 15 months, ended in Juno last. The company is building up its reserve stock of coal to provide for any emergency. Notwithstanding the many difficulties it had had to face, it wouid be noted that the year 'closed with a balanco to the credit of profit and loss of £32,871145. After making provision for depreciation, the directors Tecommend tho payment of a dividend of 4 per. cent, for the past six months. This, with tho interim dividend paid in August last, would give a return of 8 per cent, for the year. If shareholders approved of the appropriation suggested by the board,., ™c company would'carry forward & 21,719 Ge, which was slightly less than the previous year. INCREASED TAXATION. Under the provisions of the Land and Income Tax Amendment Act, 1930, the special exemption of s''per cent, on the capital value ,of land formerly al-, . lowed for income tax purposes had , been amended to 5 per cent, on the taxable balance of the taxpayers' intarest in land used, and an allowance is made for depreciation of buildings, where used in tho production of the taxpayers' income. The rates of allowance fixed arc- as follows: —Reinforced concrete, '14 per cent.; brick, stone, or concrete walls, 2 per cent., iuicL wood framed, 3 per cent. Income tax has, been increased by 10 percent., making the present rate -4s 11.4 din the &. Land tax and the annual licence had also been increased. The amount paid for rates and taxes, £12,351, was on.increase of not less than £.5959 compared with tho previous year, or nearly 00 per cent. . . • NEW ZEALAND MANUFACTURES. In 1927 the first section of the 24----inen cast mains was laid from Miramar Works to Wellington road, Kilbimic. Tho board has decided to complete this work, and tho order has been . placed for the pipcii. Shareholders would be interested to' know that the pipes will be> supplied from the Onakaka Iron and Steel Company, and will be manufactured in the Dominion. The new 24-inch main will be laid from Wellington road to the Tory street gas holder.- The length is 3000 yards, and 900 tons of pipes will be required. In the carrying out of this important | work a considerable number of men: will be employed, which will materially assist to relieve the present congested state of the labour market. The direc-1 tors stated that they had that in view when deciding to put this work m hand rather sooner than they originally anti- ■ eipated. . STAFF WELFARE. There are 184 employees in the superannuation scheme. The total life cover is £130,000. Tho amount paid by the company was £2<ol. Ihc scheme is working to the entire satisfaction of those assured," reu>srked the chairman. "The board subsidises ,-S for & contributions from the cm-, plovoes. This enables members, by paying 6d per weok, 1o receive £2: weekly (luring sickness. At present there "are 169 members. Tho cost to the company was £227. 1 might mention that the total wages paid for the past year was £76,193. '' Before concluding, I should like to place on record our appreciation of the loyal and efficient service rendered by j our chief executive officers and of the whole of the rank and file; to our general manager and secretary, Mr. M. J. Kennedy, and our "engineer, Mr. John Mungerford, wo are particularly indebted for the zeal and ability which they have displayed in carrying :out their varions duties." He formally moved, "That the report and statement of account now submitted be received and adopted, and that the dividend therein recommended bo and the same is hereby declared, also that all payments of dividends heretofore made by the directors to holders of preference shares issued m pursuance of the resolution adopted at the extraordinary general mooting of the company lield on the 3rd August, : 1911, bo and the same arc hereby ratified, and that subject to profits being available therefor the directors be and they are hereby authorised to declare and pay to the holders of such preference shares during tho year ondinc 31st December, 1931, dividends as provided by the said resolution of the 3rd day of August, 1911." Mr. Gerald FitzOerald, deputychairman, seconded; The report ,»nd balance-sheet were adopt cd. n - The retiring directors, Messrs. v.' Fitzgerald and G. F. Peaiee, were reelected, and Messrs. H. A. Gold and X It. Dymouk wore rcappomted auditors.