THE STATE COAL MINES.

Otago Daily Times, Issue 13385, 11 September 1905, Page 4 (Supplement)

THE STATE COAL MINES.

A PAYABLE NON-PAYABLE

WELLINGTON, September s. lno report on the v/orking of the State coal mines for tho year ended March 31 was presented to Parliament to-dav by tli» Minister of Mines. From Mav'last till tho end of the year 92,949 tons of coal were raised -at the Point Elizabeth mine (Greymouth), and 40,090 tons were raised at the oeadonville mine. The accounts appended to the report show that the capital outlay on the Point Elizabeth colliery is £37,279, and on tho Seddonville colliery £26'911! On_ tho general profit and loss account that is the result of operations of both <™i°intly. Tho net profits are ±11,«2, or a return of 8 per cent, on the debenture capital employed after allowBT.for full depreciation and all expenses. Ihe Point Elizabeth colliery profit and loss account shows a net profit of £17,353, and. tho Seddonville account a loss of £6093. After allowing for full depreciation and all expenses, the net profits on the' Point colliery over all expenses equals 3s'9d ner ton on the coal sold. Tho net profits on the entire operations of both mine 3 over all expenses equal Is Id per ton on the coal sold. The sales realised an average return on the coal from; Point Elizabeth of 18s-6d per ton,, and on the coal from Seddon.ville of 13s 3d per ton. The cost of coal winning in the binns at Point Elizabeth colliery is £62,5(3, equal to 5s a ton; and i at Seddonville colliery £10,694, equal to 5s 4d a ton.