WHITTOME, STEVENSON.

Auckland Star, Volume LXI, Issue 222, 19 September 1930, Page 4

WHITTOME, STEVENSON.

DIVIDEND REDUCED,

NOW 8 PER CENT

From an annual dividend rate of IVA per cent to 8 per cent is the reduction authorised by the shareholders in Whittome, Stevenson, Ltd. At the annual meeting held yesterday the chairman, Mr. C. Robinson, stated that, although sales has shown a slight increase in the year, gross profits had been less by £12,000. This had been the consequence of being compelled, in .the face of exceptional competition, to give a larger scale of discounts. However, arrangements had been made to obviate the cut-throat policy which had been in vogue, and the directors were hopeful that during the current term . profits would again be normal. Expenses had been curtailed, but taxation, for which provision had been made, had constituted a severe drain upon Pl Messrs. Thomson, Gray and Rodger were reappointed auditors. Feeling reference was made to tlie recent death of the late chairman of directors, Mr. R. Neill. . > As an interim dividend of 5 per cent was paid in March the final payment, due on October 1, will be 3 per cent.

WILTON COLLIERIES.

COAL IN NOVEMBER

The first annual report of Wilton Collieries, Ltd., states that the company had undertaken to supply coal in November next, which would mean that the_ colliery had been opened and was supplying coal to the market in a little more than eighteen months from the date of the registration of the company. This, the directors believed, would be a_ record so far as Waikato mines of a similar size were concerned. . After commenting upon the abandonment of the scheme for an aerial ropeway as a means of transporting coal from the mines and the adoption of a more suitable method by the purchase of one-half share in the Waipa Coal Company's railway, the report says the mine was opening tip splendidly. The main heading on the coal was in a distance of about 500 ft, while several cross headings were in progress, all on clean, hard coal, about 711 6in thick," and thickening as the work proceeded. Agencies had been allotted and in addition large orders covering a lengthy period were assured. Under those conditions the directors felt that the shareholders would have every reason to be gratified at the future prospects of the company. , The financial side of the compauys operations had been very carefully watched, and it was estimated that sufficient funds were in hand to enable the company to complete the work ra progress to bring the mine to a producing stage without unduly straining the financial resources of the company. It might be necessary, however, to dispose of about 10,000 further shares. The retiring directors, Messrs. E. Luke and T. E. Clark, offered themselves for re-election. Chief items in the balance-sheet are as follow:— LIABILITIES. '•, . £ Paid capital 60,382 Waipa Collieries 20,000 Creditors • National Bank 344 ASSETS. - £ Mining property 19,265 Railway and rolling stock ...i.... 25,000 Mine development 11,870 Furniture and Fittings 250 Preliminary expenses and brokerage 8,211 Sundry debtors ... 1,008 r Cash on deposit 14,400. The amount to debit of profit and loss is £1831. ... .