WESTPORT-STOCKTON LOSS
After providing £5471 lor depreciation and £4138 for taxation, including additional taxes lor 1941 of £2082, a loss of £649 is shown in the accounts of the Westport Stockton Coal Company. Ltd., for the year ended December 31. This compares with a net profit of £7173 for 1941 and £7586 for 1940. When the loss is deducted from £19,816 brought forward, there is £19,164, which the directors recommend be carried forward. During the last two years the company paid 8 per cent on preference shares and 2Va per cent on ordinary shares. . Had fresh legislation not been passed last May the net profit would have been over £1430, states the report. The company had been obliged to pay extra taxation, which had been assessed on the previous year's profits. The lower profit was largely due to a heavy increase In cost of production, also mining material. The year's output was 146,743 tons, against 147,054 the previous year.
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Auckland Star, Volume LXXIV, Issue 35, 11 February 1943, Page 3
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159WESTPORT-STOCKTON LOSS Auckland Star, Volume LXXIV, Issue 35, 11 February 1943, Page 3
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