COMPANY NEWS
WESTPDRT-STOCKTON COAL OUTPUT SLIGHTLY LOWER: PROFIT HIGHER Net profit of £12,169, against £10,630 in the previous year, was earned by the Westport-Stockton Coal Company Ltd. in the year ended December 31, 1933. Dividend recommendation on preference shares remains at 6 per cent. During the year the last £10,485 of debentures was paid off, and this item has now disappeared from the balance sheet. During the last six years £70,000 of first and second debentures has been paid off. An item .appearing in the balance sheet for the first time is provision for social security tax. bringing the total provision for taxation to £IO,IBB, compared with £8,824 Inst year. Cash on fixed deposit and in current account has also increased. The fact that a fall of rock completely blocked the mine mouth during the year and resulted in operations ceasing for a fortnight, illustrates tlie contingencies which coal companies have to face, and explains the policy of the management in building up n substantial reserve to meet them. The year’s output of coal was 141,951 tons, compared with 142,730 tons in the previous year.
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Bibliographic details
Evening Star, Issue 23189, 11 February 1939, Page 12
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185COMPANY NEWS Evening Star, Issue 23189, 11 February 1939, Page 12
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