COMPANY AFFAIRS.

Auckland Star, Volume LXIII, Issue 259, 1 November 1932, Page 4

COMPANY AFFAIRS.

GREY VALLEY COLLIERIES. OUTPUT MUCH LOWER. NO DIVIDEND PAYMENT. The eighth annual report of Grey Valley Collieries, Limited, states that the output for the year ended September 30, was 49,560 tons, compared with 99,944 "tons in tho previous year. Owing to an industrial dispute, the mine was closed from October 1, 1931, until "February 15, 1932, and the trade has been very depressed since the reopening. Tho balance transferred from the profit and loss to the appropriation account was £5021, W'hich, together with the credit balance of £883 brought forward from the previous year, made a total credit of £5904. Full provision had been made for depreciation and taxation, the amounts totalling £3500. It is recommended that of the balance of £2404, the sum of £2000 be written off disaster loss account, reducing the debit balance to £4000, and £404 be carried forward to next year's accounts. Following Is a comparison of the company's results and appropriations for the past three years:— 1930. 1931. 1932. £ £ £ Brought forward 022 592 883 Net profit 19,070 7,906 5,021 £19,592 £8,498 £5,904 To reserve .... 4,500 2,115 2,000* Depreciation and taxation ..... 8.500 5,500 3,500 Dividend — I'er cent .... 6 — — Amount 6,000 — — Carried forward £592 £883 £404 •To disaster loss account. PROPOSED LIQUIDATION. MACKY, LOGAN, CALDWELL. A notice issued to shareholders of Macky, Logan, Caldwell, Limited, states that an extraordinary general meeting will be held at the Chamber of Commerce on Friday to consider and, if deemed expedient, pass the following resolution: — "That it has been proved to the satisfaction of this meeting that the company cannot by reason of its liabilities continue its business, and that it is advisable to wind u.p the same, and accordingly that the company be wound up voluntarily, and that Harry James Mills, of Auckland, accountant, be appointed liquidator for the purpose of such winding up." In an accompanying letter to shareholders, the directors state that the decision to report progress to the shareholders was made for the following reasons:— "The trading results of the company during the six months ended Juy 31, show a further ions' 'erable loss. "The company's overdraft at the bank is considerably in excess of the arranged limit, and while the bank was prepared to find further advances subject to conditions, it declined to find interest due to depositors on February 1, 1932, so that your directors can no longer rely on carrying out the obligations they entered into by deed with the depositors. "The conditions on which the bankers of the company agreed to find money for trading involved, in the opinion of your directors, a liquidation of assets in so short a period that further losses would accrue." -> The directors state that the conclusion was arrived at that owing to the' conditions prevailing and the uncertain outlook, together with the accumulation of losses and obligations, the company was unable to carry on. The secretary of the company was suggested as liquidator, having bee\ unanimously chosen .by the > directors.