DOBSON MINE

Grey River Argus, 17 March 1932, Page 8

DOBSON MINE

Coy’s Annual Report The seventh annual report and balance sheet of the directors of the G,rcy Valley Collieries, Ltd., for the year ended 'September ' 30th, 1931, for presentation to the annual general meeting of shareholders, to be held in Christchurch on March 22nd, has been issued. It states:—•

The balance transferred from the profit and loss to the appropriation account is £7906/10/-, which, together with the credit balance of £591/17/6 brough forward from the previous year, makes a total’credit of £8498/7/6. The directors have made full provision for depreciation and taxation, these amounts totalling £5500.

It. is recommended that of the balance £2115/9/4 be transferred to the general reserve, and £BB2/18/2 carried forward.

The , directors further recommend that the total amount of £9115/9/4 in the general reserve account be transferred to the disaster loss account, reducing the debit balance therein to £6OOO. Owing to the adverse trade conditions, which operated throughout the Dominion during the period under review, the demand for cohl was not as brisk as in previous years. The total quantity produced and disposed of was 99,944 tons.

The plant and equipment have been maintained in good order and condition and added to during the year. A new Beiliss and Morcom air compressor with British Thomson-Houston electric motor and equipment, costing £2OOO, were installed, and are working very satisfactorily. Messrs Bobert B. Bell, Hector Morpeth and Allan Smith retire from the Board in accordance with the articles of association, but are eligible and offer themselves for re-election. Mr J. M. A. Hott resigned from the Board during the year, and Mr J. B. Templin, of Christchurch, was appointed to fill the vacancy. The Auditors, Messrs Stewart Beckett and Company, also retire, and offer themselves for re-election. The liabilities, besides the £150.000 capital, include: —■

In the profit and loss account the credit by mining is set down at £15,997/9/16, while debtor items include £4822/11/4 to rents, rates, taxes, salaries and insurances; and £2507/9/11 to stationery, stamps, exchange, travelling expenses, general expenses, law costs, directors’ fees; with £9Ol interest (Bank of N.Z.), and £450 debenturo interest.

At the annual meeting last year a final dividend of 3: pot cent, was declared. .he payment being left to the discretion of the directors The economic conditions subsequently, and the ci.-.ailment of railway orders, and the importation of Australian coal, widen, was encouraged by the abnormal exchange rate, caused the. directors to decide on a policy of conserving the cash resources of the company, and it was decided to further postpone the payment of the dividend until a later date. This position in regard to the dividend is unchanged. An interim dividend of 3 per cent was paid the preceding May. A comparison of principal items in the years 1930 and 1931, is as follows: —•

per cent first mortgage debentures £6000 0 0 Provision for taxation £1500 0 0 Bills payable £1500 0 0 Dividend declared but not paid £3000 0 0 Sundry Creditors £4321 13 8 General Reserve £9115 9 4 Assets are set down at £126,433/10/2, and include: —• Leases £6422 7 10 Development £35,500 0 10 General buildings and ac commodation for employ ees £22748 1 1 Railway siding and road construction £11420 17 10 Plant, tools & equipment £27022 4 1 Disaster loss account £15115 9 4 Stores & Coal on hand £6353 15 8 Sundry Debtors £1495 8

1930 1931 Liabilities- £ £ Capital £100,000 100,000 General Reserve 7,000, 9.115 Debentures 6,000 6,000 Taxation provision 3,776 1,500 Sundry creditors 5,478 4,321 Assets—- £ £ Leases 5,586 6,422 Development 35,500 35,500 Gen. buildings 22,205 21,330 Plant, tools, equipment, etc. 25,788 27,022 Stores and coal on hand 7,529 6,353 Bank 284 372 Disaster loss ace. 15,115 15,115 Debtors 490 1,495