TEXAS OIL CORPORATION.

Evening Post, Volume CIX, Issue 139, 16 June 1930, Page 12

TEXAS OIL CORPORATION.

The Texas Company (Australasia) Limited is a subsidiary o£ the Texas Corporation and distributes its products throughout Australia and New Zealand. The accounts of the parent concern and its subsidiaries for the calendar year 1929 are now available, and reflect' an increasing volume of business and a material increase in investment expenditure. The earnings of the corporation for the year 1929, available' for dividends and surplus, after deductions for income taxes and all reserves, were 48,318,072 dollars (£9,941,992). Gross operating earnings were 213,262,170 dollars (£43,881,105), as' compared with 196,234,235 dollars (£40,377,----415) in 1928. At the close of the year the earned surplus was 150,710,975 dollars (£31,010,489), as against 131,247,826 dollars (£27,005,725} at the end of 1928. Production of crude oil for the year amounted to 1,764,373,975 gallons, and the acreage held at the end of 1929 totalled 5,631,424 acres. Petrol sales for the year reached 1,066,085,----830 gallous. Bulk distributing facilities were completed in the West Indies, Brazil, South. Africa, Australia, New Zealand, and Philippine Islands. Assets include cash 27,926,201 dollars, nearly 2,600,000 dollars more than at close of 1928. Marketable securities total 49,727,----694 dollars, against nil in pevious year. Notes or bills receivable 2,290,517 dollars, increased 360,000 dollars. Accounts.'due, or sundry debtors, 45,029,800 dollars, as against 32,465,949 dollars. Stocks of merchandise, crude and refined oils, are assessed at 135,850,40S dollars (£27,952,758). Aggregate of current assets, 271,705,127 dollars (£55,906,404), as against 152,594,885. dollars (£37,570,964) in previous year. Permanent investments, which include affiliated and non-affiliated companies, lands, leases, wells, pipe-lines, tank farms, refineries, cars, and other railroad equipment, ships and marine equipment, and sales stations, total 311,820,098 dollars, against 266,381,138 dollars, and prepaid and deferred charges are shown at 12,180,300 dollars, against 6,323,439 dollars. Current liabilities? aggregate 39.571,]56 dollars, against 62,266,696 dollars in the previous year. The common capital stock (par value 25 dollars, £5) is 240.251,2.:50 doldollars, as compared with 211,053,850 dollars, in the previous yp.ar. The total of <he balance-sheet is 609.553.054 dollars (£125,484,170).