COMMERCIAL

Greymouth Evening Star, 21 November 1939, Page 12

COMMERCIAL

PUBLIC TRUST OFFICE Estates of a value of £518,813 were reported and accepted for administration by the Public Trustee during the month of October, 1939. The total value of the estates and funds under administration by the Public Trustee on March 31, 1939, was £61,715,713, and the new business for the seven months ended October 31 was £3,509,693.

Grants of administration made by the Court in favour of the Public Trustee numbered 261 for the month. During the month 520 new wills appointing the Public Trustee executor were .prepared on behalf of testators and lodged for safe custody, and 336 existing wills were revised to provide for changes desired by testators. The total number of wills now held in the Public Trust Office on behalf of living persons is 95,318.

WESTPORT COAL CO. TN SATISFACTORY POSITION DUNEDIN, November 20. A satisfactory position was disclosed at the annual meeting of shareholders of the Westport Coal Company to-day. Moving the adoption of the report and balance-sheet, the chairman of directors (Mr. James Begg) said that, in spite of heavier taxation and the social security tax, the company had been able, with the assistance of earnings and the reserve fund, to show a profit for the year of £22,738/14/10, or £B7l more than last year.

The output of coal, 250,290 tons, was an improvement of 9417 tons over last year’s figures. In the profit and loss account, the expenses of management, including rates and taxes, showed an advance of £3494. “It will be readily understood,” Mr. Begg said, “that after 58 years of mining operations at Denniston we have traversed a great area of ground, and the bulk of our output is now obtained from pillar extraction. The directors have in contemplation the opening up of new areas of virgin countijy, and extensive boring is being carried out to ascertain the extent of the field and the quality of the soil, though indications at present are that both these factors are likely to be satisfactory. Large reserves of coal of good quality have been proved in other parts of the company’s property, though the development of these areas will require a new system of transport. In the company’s mine at Millerton there is 20 years of work in sight, with large, undeveloped deposits of coal on the company’s lease. “Unfortunately,” Mr. Begg added, “we have not been entirely free from industrial troubles, and for the last fortnight our Denniston colliery has been idle, owing to the refusal of the truckers to handle some new mine tubs, which are slightly larger than those which have been in use for some years, but are smaller than those in use at the State mines and many other collieries. We consider the complaint frivolous and unreasonable, especially in view of the difficulties of getting new tub material.”

The report and balance-sheet were adopted. STOCKS AND SHARES. CHRISTCHURCH, November 21. Sales: Government 1946 Stock £99 '2/6, 1954-58 Stock £9B/10/- (3), New Zealand Breweries 36/10, 37/-, Broken Hill Proprietary 83/6. WELLINGTON, Nov. 21. Sales reported: Four per cent. Stock 1958 £9B/7/6, Bank of New Zealand 40/9, Commercial Bank 16/5, Southland Frozen Meat 29/6, Electrolytic Zinc Ord 62/-, pref 63/6, Woolworths Limited Ord. 25/2. Sale to-day: Four per cent. Stock 1958 £9B/7/6 (3).