WESTPOT-STOCKTON MINE

Evening Post, Volume XCV, Issue 43, 19 February 1918, Page 11

WESTPOT-STOCKTON MINE

The directors of the Westport-Stock-ton Cpal Co. report that, ■ 'owing t.o labour difficulties in the early part of the year and the shortage of miners and truckers, there has -been a decrease in output for the year 1917. The amount of coal mined was 166,716 tons, being 16,416 tons less than last year. -The report states further: "It is'gratifying to note that the development of the company's property is proceeding satisfactorily, and that, given a sufficient supply of men, the output could be 'much increased. Our expenses have been very heavy this year, and the increased taxation, amounting 'fp £5.411 4s 6,d, as against J3J259 last year, presses heavily on a company such ours, so shortly entered upon it's 'profit-earning stage. The amount to the credit of Profit and Loss Account is : £16,953 14s 9d, which the directors recommended be allocated as follows:—The payment of £3817 14s 6d, being the dividend of 8 per cent, on preference shares; th.c payment of a dividend of 5 per cent, on ordinary shares, absorbing £6573 10s; the transfer of £3DOO to depreciation; and the balance of £3562 10s 3d to be- carried .forward." The directors retiring by rotation are Messrs. W. M. Joynt and W. Nicholls, who are eligible and offer themselves fqr re-election.

Gross profits on sales last year were £85,335, as compared with £73,329 the -previous year; net profit £13,385 for 1917, as against £17,921 for 1916; general expenses, wages, salaries, and taxation are about double tills year.