SYDNEY BRIDGE

Evening Post, Volume CXV, Issue 10, 13 January 1933, Page 6

SYDNEY BRIDGE

CONTRACTORS' BIG LOSS dorman, long, and -company;, (From "The PostV' Representative.) ' LONDON, 6th December. ■The accounts; of Dorman, Long and Co., the iron and steel manufacturer! and constructional engineers, of Middlesbrough,- show a debit balance of £387, 768 as a result of the year's oper r ations to 30th September-last. Of.this' debit, £247,000 is due to loss on the Sydney Harbour Bridge contract. One of the greatest drawbacks has been the depreciation of Australian currency. ' Apart from this'loss "the year's results compare, favourably with those of the , preceding, twelve' months. At £340,116, including £81,792 derived . •from other bridge contracts, trading profits are substantially the same. Since 0n1y£10,876 is brought in, tie earnings fall" far short of the Debenture interest requirements (£303,754), but the position is eased by a surplus of £119,344 brought in from taxation reserve! The Debenture payments leava a deficit of £140,768, which, added to the Sydney Bridge loss, brings the outstanding debit up to £387, 768. ' '": Depreciation has not' been charged upon fixed plant, but all plant in operation has been! fully maintained. Themaintenance of idle collieries, mines, and works,,has been charged against profits. Fixed assets stand in the bal-ance-sheet at £17,757;285, which obviously is not commensurate with' present, earning capacity.