COMPANY AFFAIRS.

Auckland Star, Volume LXIII, Issue 226, 23 September 1932, Page 4

COMPANY AFFAIRS.

WILTON COLLIERIES. FURTHER LOSS LAST YEAR. TRADING CONDITIONS DIFFICULT. The annual report and statement of accounts issued by Wilton Collieries. Ltd., for the period ended June 30, disclose a lose of £6500 on the year's operations. The directors state that trading conditions have not improved since last report. "During the past year," continues the report, "great efforts were made to stabilise the coal industry and the directors did everything possible to assist in this direction, but without success, and for our efforts we were asked by competitive companies .to close our mine. This led to drastic changes in our policy, in that wo found it necessary to withdraw from the Waikato Coal Mine Owners Association, also the New Zealand Coal Mine Owners' Association, and • conclude a separate agreement with our miners, which enabled the Wilton mine to keep working and supply its customers while the other WaLkato mines were closed owing to the The selling of the output from the mine was in the hands of an outside organisation, and it was found necessary to cancel that arrangement, as the sales were not sufficient to enable the company to work successfully. The coal sold for the year totalled 49,270 tons, all grades, and for the first three months since the company had undertaken its own sales, 19,200 tons of coal had been sold, as against 12,000 tons sold under the old arrangement for the 6ame period of last year—an: increase of about 7000 tons. The loss was due entirely to lack of business owing to the lowered purchasing power of the people and the necessity for economy. Every saving possible consistent with efficiency had been effected, and royalties for the next 12 months had been cut in half and woirid represent a very considerable saving to the company. . _ Equipment had been maintained in. firstclass order, and while no depreciation had been written off, £2120 bad been expended in keeping the plant in its original condition. The company had been successful in securing the Government contract for the supply of coal to the New Zealand railways, representing 25,000 tons over a. period of about 14 months. The retiring* directors, Messrs. J. A. Gentles and T. E. Clark, are offering themselves for re-election at the annual meeting, which takes place on Friday, September 30. A loss of £1190 was incurred last year, and £1832 for the previous term. The balance-sheet shows: —Liabilities: Paid capital, £93,208; debentures, £17,050; National Bank and sundry creditors, £27,964. Principal assete are: Mining property, development, railway and rolling stock and machinery, £112,544; stocks, sundry debtors and cash, £6381.