WELLINGTON GAS CO.

Gisborne Times, Volume XXVII, Issue 2416, 3 February 1909, Page 2

WELLINGTON GAS CO.

A QUIET YEAR, CO-OPERATION FOR WORKERS. [Tiiess Association.] WELLINGTON, Feb. 2. . Pbe annual meeting of the Wellington Gas Company -was held yesterday. The report, which was adopted, recommended -payment of a, dividend for the past half-year of 5 per cent. Messrs. D. J. Nathan and A. G. Pearce were 're-elected to the directorate . .The chairman, Mr. Nathan, said that twelve months -ago lie had the pleasure of congratulating Hie company upon the results obtain” ed for the -previous year. Had the exceptionally good return obtained .in that year continual during 1908, the directors had hoped to 'arrange for a, reduction in the price of gas, but the shareholders -would' see that the results obtained in 1908, though comparing favorably with those obtained in 1906 and the 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 the labor 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, hut it was probable that the number during the current year would be decreased owing to a reduction of the number of new buildings in course of erection. The sale of gas had increased by £5850 and products by £1097, but- the cost of the production had increased i by £6031, and there had been a large increase in the working expenses in many other directions, especially in taxation, and also in connection with the system of maintaining gas installations at a small charge. The chairman made an interesting

announcement in connection with the. issue of new shares. 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 o»f the company that" tile 'bulk of the employees should bo financially interested in the progress and economical work!rig of the concern, and the best •method of providing for this interest was by joining them as shareholders. Arrangements had been made bv which fortnightly or monthly payments could be made by the employees to meet the cadis, as some of the employees desired to pay up the shares

•in full. The 13 shares remaining unissued of the 7500 fully-paid-up shares were allotted to them, whilst in order to satisfy the demand of tho em-

ployees the issue of new shares had been increased from GOOO to GO3B. The directors proposed to encourage other employees to become shareholders by issuing further shares to them as they might he required. The shares ''were issued to employees on . the 'understanding that they were not to he parted with until they were fully paid up, when tiro scrip would he issued and the shares would be freed of :any lien by the company. The directors 'were desirous that every employee of twelve . months’ standing should become a. shareholder, and had under consideration a suggestion to enable this result to he eventually obtained.