WAIKATO COLLIERIES

Otago Daily Times, Issue 22368, 15 September 1934, Page 8

WAIKATO COLLIERIES

HEAVY TRADING LOSSES SINGLE MARKETING ORGANISATION SUGGESTED. (Special to Dailt Times.) AUCKLAND, September 14. . Unfavourable conditions still obtain in the Waikato coal trade, judging by the past year’s results of the five companies engaged. Three companies showed substantial losses, one a small profit without providing for depreciation, and the fifth passed into the hands of the debenture holders. The net loss of the Taupiri Coal Mines, Ltd., which balances on March 31, was £12,248. The Glen Afton Collieries, Ltd., recently announced a net lose of £10,859, and the Pukemiro Collieries, Ltd., show a loss of £5025 for the year ended August 31. A profit of £662, with the reservation mentioned, was shown by the Renown Collieries, Ltd*# for the year ended July 31. This company has now proposed the writing off of £48,000 ordinary share capital and extinguishing the preference share dividend arrears. The share capital of the Milton Collieries, Ltd., has been lost, and modified reconstruction is in progress. An improvement is reflected in the trading accounts of some of tbe companies, increased sales having been made. The combined yearly output of the Waikato is placed at about 600,000 tons, and it is stated that during the first six months of 1934 the output increased by 100,000 tons, compared with the same period of 1933. This is due partly- to the increased use of Waikato coal by the Railways Department. The adverse showing by the companies is attributed to the low prices ruling, and it is claimed that even the recent increase will not place the companies on a reasonable : profit-earning basis. The establishment of a single marketing organisation has been suggested, and it is understood that the way is still open for this. It is believed that the basis of allocations has prevented progress up to the present.

HIDE SALE Messrs Waters, Ritchie "nnd Co., Ltd, report as follows: — We held our usual monthly gale of hides on Thursday. Tanners and exporters were in full attendance when we submitted a catalogue of 1931 hides, 248 yearlings and 1423 calfskins. Competition was rather weak, and values showed a decline of id to Id on cows and Id to an occasional Jd per lb on ox. Yearlings and calfskins were also lower by Id to id per lb. Following are some of our best prices:— Ox.—l 681 b, 72d; 18 63/06lb, 7id; 2 Sllb, 7K: 8 76/BHb, 7id; 47 76/78lb, 7d; 51 C4/061b, 7d; 31 701 b, o|d; 54 63/6611), 63d; 40 751 b. 6Jd: 9 631 b, 61d; 17 631 b, 6Jd; 24 751 b, 6id; 14 62/6311), 6d; 22 74/791b, 6d; 83 631 b, 5Jd; 7 751 b, s|l; 16 761 b, 53d: 27 73/751b, sfd; 43 62/641b, sgd; 14 72/831b, sid; 51 56/6311), sjd; 18 58/641b, 5Sd; 30 561 b, sld; 7 71/7311), 51d; 22 54/571b, 6d; 18 491 b. 43d; 60 45/40lb, 4id; 18 40/411b. 4d; 16 501 b, 33d; 18 38/48ib, 3Jd. Cows—2 611 b, Od; 8 621 b, s|d; 34.601 b, 4|d; 7 651 b, 4§d; 5 58lb, 4|d; 185 367451 b, 4ld: 159 541 b, 4Jd; 70 37/451b, 4Jd; 100 571 b, 4Jd: 6 60lb, 4d; 64 551 b, 31(1; 70 441 b, 33d; 33 54/571b, S|d; 76 36/451b, 3|d; 23 54/6211), 3Jd. Yearlings.—Light, 5d to Old; heavy, 3Jd to 4Jd. Calfskins.—First, BJd to B.Jd; light, 5d to 7d. HORSE SALE KEEN DEMAND FOR ALL CLASSES. Wright, Stephenson and Co.. Ltd., held a successful horse sale on 'Thursday in their Dunedin horse sale yards, A catalogue of 54 horses was submitted to auction, including 20 draughts, 18 springcarters and the balance hacks and ponies. Competition was exceptionally keen throughout and practically the whole entry was disposed of at prices highly satisfactory to the vendors. All farm sorts suitable to go into immediate work met the best inquiry, and the entry was insufficient to fill buyers’ requirements. The top price obtained was £sl for a nice quality seven-year-old mare, sold on account of Mr D. Russell, Milton, while a six-year-old gelding offered on account of Mr Arch. Clark, Waitati, realised £49. Some of the other sales were as follows:_ — Draughts.—Seven-year mare, £7; sixvear gelding, £45; 10-yenr gelding, £35 10s: eight-year mare, £35; seven-year gelding, £35: aged draughts, £l4 to £32. Spring-carters.—Six-year mare, £35; three-year mare. £3O; six-year gelding, £3O; six-year gelding, £2B: four-year gelding, £26; aged spring -carters, 111 to £22 10s.

Hacks. —Five-year gelding, £18; sevenyear mare, £l6 10s: five-year mare, £l4; aged sorts, £2 to £B. Ponies.—Seven-year-old, £7; eight-year-old, £5.

PORT OF LONDON AUTHORITY GOOD SURPLUS LAST YEAR. The accounts of the Port of London Authority for the year ended March 31 last show a surplus on revenue account of £1,452,053. compared with £1,326,710 for the previous 12 months, and £1,490,009 for 1932. Interest on investments: totalled £48,185 (£04.279), and the net income from properties purchased for dock extension and from head office estate amounted to £13,253 (£15,672). Adding £397,181 brought in, the total available was £1,913.274. as against £1,911,861 for the preceding year, when the balance brought forward was £474,375,' and £30,820 excess of tax w r as recovered over tax paid during the year. Interest charges on port stocks, less credits, required £1,289,231, as against £1,310,416 for the previous 12 months, and £203,409 (£183,774) was charged in respect of interest and instalments on stock redemption funds. The balance carried to the

general, balance sheet is £395,492, against £397.181, showing that the outgoings wer* evenly set off against income. The' total of the general balance sheet i»£43,039,8341, compared with £42,415,060. On the debit side the Port stocks standing total £36,048,101 (£35,528,449)* creditors and credit balances, £486,46i (£363,420); interest on Port stock accrued, £274,892 (£265,538); general fund for the maintenance and renewal of promises and plant and for v dredging, £129,460 (£146,255); insurance fund, £600,036 (£638,994); general reserve fund* £1,000,000 (same); stock redemption funds, £428,795 (£331,129); provisional redemption funds, £143.102 (£122,233)! and capital redemption, £3,531,98* (£3,305.244). On the other aide debtor? and debit balances are shown at £399,434 (£420,311); accrued charges on good? and shipping, £263,143 (£294,293); storar and materials on hand, £49,171 (£41,986) r investments, £2,169,439 (11,791,240); ta€ cash, £259,095 (£25,415).