COMPANY NEWS

Evening Star, Issue 23501, 15 February 1940, Page 14

COMPANY NEWS

WESTPORT-STOCKTOH COAL SHARP DECLINE IN NET PROFIT Net profit of the Westport-Stockton Coal Company Ltd. in the year ended December 31, 1939, was £29, against £12,169 in the previous year and £10,630 in 1937. The balance from the coal account was £93,840, against £114,816 in 1938. No dividend is . recommended. Payment in 1938 was 6 per cent., on preference capital. The directors in their report state that the year’s output was 138,183 tons, against 141,951 tons during the previous year. The amount brought into the accounts was £22,204, making the .total available at profit and loss £22,232, which the directors recommend should be carried forward. Had fresh income tax legislation not been passed by the. Government in June of last year, the report states, the company’s net profit would have been more than' £2,100. The company had been obliged to pay this'extra taxation, which had been assessed on the previous year’s profits. The income tax provided in the last year’s accounts had been correctly assessed at that time. The decrease in the net profit was largely due to a very heavy increase in the cost of production and also of mining material. AUCKLAND GAS CAPITAL Resolutions dealing with the proposed capital reorganisation of the Auckland Gas Go. Ltd. will he considered at an extraordinary meeting of shareholders on April 3. It is proposed to reduce the authorised capital from £1,500,000 to £750,000 by converting one-half of the share capital into 5 per cent, perpetual debenture stock.