UNPROFITABLE YEAR.
WESTPORT-STOCKTON COAL
LOSS OF £1112 SHOWN.
NO DIVIDENDS POSSIBLE.
[BT mJIQiITU." OWN
CHEISTCHURCH. Thursday.
The annual report of the WestportStockton Coal Company states that the output of coal for the year amounted to 104,257 tons, as against 130,750 tons for the previous year. Unsatisfactory labour conditions during the early part of the year prevented a good output from being obtained, while during the latter part of the year heavy importations interfered with the demand for and production of New Zealand coal. The directors reported that the mine had never been in better condition to supply a satisfactory output, and that already there were indications of an improvement in trade. The year's operations resulted in a loss of £1112, reducing the balance at the credit of profit and loss account to £951, which amount the directors proposed should bo carried fonvard. It was impossible to pay dividends this year on either preference or ordinary shares. The paid-up capital of the company is £197,785, and the debentures issued total £40,000. The reserve fund amounts to £7874, and the property account stands at £224,335.
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Bibliographic details
New Zealand Herald, Volume LIX, Issue 18018, 17 February 1922, Page 4
Word Count
183UNPROFITABLE YEAR. New Zealand Herald, Volume LIX, Issue 18018, 17 February 1922, Page 4
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