WESTPORT-STOCKTON COAL COMPANY

Nelson Evening Mail, Volume LXVI, 11 February 1933, Page 11

WESTPORT-STOCKTON COAL COMPANY

ANNUAL REPORT Notwithstanding a reduced output the Westport-Stockton Coal Company Ltd., has improved its financial position, .according (o the annual report and statement of accounts to be submitted to the annual general meeting of shareholders on 24tn February. , The accounts for the year ended 31st December last show that after making provision for taxation and writing oh £953.1 8s as depreciation, the year’s operations resulted in a profit of £477 2s, which the directors recommend should be carried forward.

The year’s output was 104,503 tons, being 2352 tons, less than in 1931. In the previous year a working surplus of £7892 4s 3d was obtained, which was utilised in writing off a loss made in 1929 of £5316 7s 2d and in writing £2575 17s Id off depreciation. The latest balance-sheet shows that expenses have been cut down, and the company’s affairs put on a sound basis. Freights and distributing expenses were £48,159 13s 4d last year, compared with £56,464 13s 2d in the previous 12 months, while travelling expenses, salaries, rent, and office expenses were reduced to £2369 9s 8d from £1702 13s sd. Interest and exchange were £3400 Bs, against £4541 11s Id in the previous year. The director retiring by rotation is Mr R. 0. Dixon, who offers himself for re-election. Messrs Godfrey and Franklin also offer themselves for reappointment as auditors.