FACTS FOR INVESTORS.

Auckland Star, Volume LXVI, Issue 272, 16 November 1935, Page 4

FACTS FOR INVESTORS.

GREY VALLEY COLLIERIES. DIRECTORS' POLICY.

"I think I may congratulate shareholders on the result of the year 6 working," said Mr. R. B. Bell, chairmanof Grey Valley Collieries, Ltd., at the annual meeting. "The company has no liabilities, its tangible assets are being adequately "written down and its reserv-es are growing. The policy followed, while making a demand upon patience of shareholders, is the one that is likely to produce the best results in the future." The sum of £5000 having been written off for depreciation and provision made for taxation, actual net profit for the year just closed exceeded £900. It would have been appreciably more but for the fact that increased wages had to be paid to the miners. "The mine at Dobson," said Mr. Bell, "is equipped and ready to work a minimum of five days a week for 50 weeks per annum, but, despite the continued and, I may say, strenuous efforts of your directors and their officers, it proved impossible to work more than 136 days, or nil average of little more than two days and a half per week last year. If the output can be increased by only onethird. the gain to the miners will mean the difference between the existing rather stressful conditions and comparative ease and comfort. At the same time, as the existing overhead costs will not be appreciably increased, the company's net profits will at once reach a figure permitting the payment of a regular dividend. "The colliery at Dobson continues to be maintained in a high state of efficiency and development work underground continues well in advance of coal production. The coal being met with as development work proceeds is of the same high quality and it is safe to say that the whole of the company's property has never been i in better condition than it is to-day."