WELLINGTON GAS COMPANY.

Oamaru Mail, Volume XXXVI, Issue 10062, 2 February 1909, Page 1

WELLINGTON GAS COMPANY.

(Per I'hes.s Association-.) Wellington, February 1. The annual meeting of the Wellington Gas Company was held to-day. The report, which was adopted, recommended the payment of a dividend for the past half-year of 5 per cent. Messrs J. 1). Nathan and E. Pearse were re-elected to the directorate. The Chairman (Mr Nathan) said that twelve months ago he had the pleasure of congratulating the Company on the results obtained for the previous"year. Had the exceptionally good return obtained in that year continued during 1908 the directors had hoped to arrange for a reduction in the. price of

gas, but shareholders would see that the results obtained in 1908, though comparing favorably with those obtained in 1906 and previous years, had fallen considerably below those of 1907. This reduction of profits was due to the large increase in the cost of coal and all other materials and of labor, an increase which was not compensated in any way by either better quality or results. The volume of gas made showed an increase of about 10 per cent. The number of fresh connections made was 978, but it was probable that the number during the current year would be decreased owing to a reduction in the number of buildings in course of erection. The sale of gas had increased bv £5850, and products by £1097, but the cost of the production had increased by £6031, and there had been a large increase in the working exjienses in many other directions, especially in taxation, and also in connection with (he system of maintaining gas installation at a small charge. At the annual meeting of the Wellington Gas Company the Chairman (Air J. D. Nathan) made an interesting announcement in connection with the issue of new shares. The employees of the Company, he explained, were given the right to become shareholders on the same terms as were offered to the shareholders. The directors felt that it was essential to the well-being of the Company that the bulk of the employees should be financially interested in the progress and economical working of the concern, and ' the best method of providing for this interest was by joining them as shareholders. Arrangements had been ma!de : by which fortnightly' or monthly payments could be made by the employees to meet :the calls, as some of the employees desired to pay- up the shares-in-full. The forty-three' shares remaining unissued of the' 7500 f idly-paid up shares were allotted' to-- them, whilst •in order to satisfy the demand of the employees the issue of new shares had been increased from 6000 to 6038. The directors proposed to encourage other employees to become shareholders by issuing further shares to tliem as they might be required. The shares were issued to the employees on the understanding, that they were riot to be parted with until they were fullypaid up, when the scrip would be issued, and the shares would be freed.of any Hen by the Company. The were desirous that every employee of twelve months' standing should • become a, shareholder, and had under consideration a- sugestion to enable this ''-result to be eventually obtained.