GREY VALLEY COAL

Evening Post, Volume CXXII, Issue 106, 31 October 1936, Page 12

GREY VALLEY COAL

MO DIVIDEND THIS YEAR

The directors of Grey Valley Collieries, Ltd., report for year ended September 30 that the balance transferred from the profit and loss to the appropriation account is £3993 2s lid, which together with the credit balance of £244 5s Bd, brought forward from the previous year, makes a total credit of £4242 8s 7d. After making provision for depreciation and ta^tjpn totalUnK £2900 it is recommended that me balance of £1342 8s, 7d.be <*mcd forward to next year's accounts Coal production for the year totalled 44,109 tons being very much below the tonnage towhich the mine is equipped and is capable of producing. The difficulty of. controlling production costs on a reduced.output such as this, added to the recent rise in labour and other costs, has given the directors, as well as the company's staff, much anxiety during the year. While the directors regret their inability to recommend the payment of a dividend, on the year's operations, the .somewhat better prices now being obtained and the general improvements in trade conditions afford a more promising outlook for the ne 'Thfe Umine is in an excellent, condition and the coal is maintaining its high quality as development pro-

gresses," state ".the directors. ."During the year a complete inventory. and a valuation of the plant and equipment was made, and your directors are satisfied that the company have very good value on the figures as shown in the balance-sheet. This valuation has convfneed your directors that depreciation equalling the maximum allowed for taxation relief is ample to write off under this heading, and such amount has been provided." The directors recordwith* great regret the death of Mr. F. R. Hogarth, who.had been a member of the board since the, inception of the company and who rendered valuable services. Mr. k, a. Bell, who had been a member of the board for ten years, during the last four of which he had occupied the position of chairman, found it necessary to resign during the year, and the directors wish to record their appreciation of his services. With a view to economy, ithasbeen decided that the directorate be reduced to five members, with a corresponding reduction in directors fees Mr. C. M. Malfroy was appointed to fill the vacancy for the remainder of Mr. Bell's term, • thus, bringing the number to five. The directors also record their appreciation of loyal services rendered by the staff during the year. Mr. C. C. Davis and Mr. Hector Morpeth'retire from the board but are -eligible and offer themselves for reelection.