WESTPORT-STOCKTON COAL COMPANY, LIMITED.

Press, Volume LIX, Issue 17702, 2 March 1923, Page 9

WESTPORT-STOCKTON COAL COMPANY, LIMITED.

j; ANNUAL MEETING. i , , The annual meeting or tee Westpert-Stockton Coal Company, Ltd., was held on Wednesday, the &th nit., at 3 p.m., at the office of tho Company, 183 I Cashel street, Mr William Keece, chair-man, presiding over a good attendance j of shareholders. An apology for uu- avoidable absence was received from Air •1. P. Newman. ANNUAL REPORT. The Directors present herewith accounts to 31st December, 1922. The output for the vear amounted to 93.883 tons as against 104,257 tons for 1921. Trade conditions unfortunately did not improve to the extent anticipated during the early part of the year, and we were ,in a position to produce more coal than wo liad markets for. As competition is now very keen, the Directors have devoted much time and attention towards the discovery of some means of reducing the cost of production, and to this end they ore installing a system of water transport one mile in length, and this system will be further extended as circumstances warrant. A great deal of development work has also been carried out during tho year, resulting in further confirmation of tho extent and value of the coal deposits on the Company's property. balance to the Credit of Profit and Less Account, including £951 -is 4d brought forward, is £5,274 5s lOd, which tho Directors recommend should be allocated as follows:—Payment of 8 per cent, on Preference Shares, requiring £5,305 4s lid; the transfer of £1,500 to depreciation, leaving a balance of £1,469 0s lid to be carried forward, to next year's accounts. The vacany on the Board of Directors caused by the much regretted death of Mr W. M. Joynt, has been filled by tho appointment of Mr Cyrus Williams. The Directors retiring by rotation are Dr. E. G. Levinge and Mr J. P. Newman, both of whom are eligible, and offer themselves for re-election. Tho Auditor, Mr W. S. Godfrey, also offers himself for re-appayvtment. WILLIAM REECE, Chairman. IS3 Cashel street, Christchurch, N.Z., February 7 th, 1923. BALANCE-SHEET. AS AT DECEMBER, 81st, 193-2.

LIABILITIES. £ s.'<l. £ s..d. Authorised Share Capital—--262,9*0 Ordinary Bharea of 10s each .. 131,470 I) 0137,060 Preference shares of 10s eoci .. C£,E3O 0 0 ±'200,000 0 0 Subscribed Capital—--262,9*0 Ordinary shares fully \ pai<l .. 131,470 0 0 182,681 Pre»«ronco Bharee fully, paid .. 66,815 10 0 . ■ 197,785 10 O Debentures—--160 Deb. (Slp.c.) of £260 each 40,000 0 0 Interest accrued thereon ~ 625 0 0 — 40,625 0 0 Reserve Account 7,874 4 8 Sundry creditor* 6327 13 'fi Bank of New South Wales 6,254 4 9 P. and L. Account, Ist Jan., , 1922' .. ■'.. 961 i.A Add profit for 1922 • 7,823 .1 6 . . ; £265,140 18 3

ASSETS. ' JS b. d. Property Account . .. ' .. 223,382 11 10 Furniture: Christoliurch asd Weetport .. £OB 10 7 Toole and Stores .. .. 5,640 9 9 Coal Stocks .. '.. .. 3,700 0 0 Clainm 13 18 6 Sundry Debtors ... 17,770 ffi U Sundry Debtors—House Purchase .. . ■ 6,903 1 8 War Loan and Boposits .. 4,064 15 0 c £•265,140 18 S