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INCREASED OUTPUT.

Westport-Stockton Coal Report. The twenty-eighth annual report of the directors of the Westport-Stockton Coal Company, Ltd., to be presented at the meeting of shareholders on February 28, covers the year ended December 31 last, and is as follows: The year’s output was 105,648 tons, being an increase over last year of 1145 tons. After making provision for taxation and depreciation, the year’s operations resulted in a profit of £3779 16s, which the directors recommend should be carried forward. 6£ Per Cent First Mortgage Debentures—With the consent of the debenture holders, this stock was renewed for a further term of five years from October 1, 1933, to September 30, 1938. 8 per Cent Second Mortgage Debentures—Arrangements have been made to pay off the whole of this issue, amounting to £19,450, on and after January 3, 1934. This will reduce the cash on deposit and in hand item in the balance-sheet by £19,450. * The director retiring by rotation is Mr W. Baxter, who offers himself for re-election. The Accounts. are** 1 * * tem s of the balance-sheet LIABILITIES.

The profit and loss account gives the balance from coal account as £65,964, and transfer fees as £5. Freights and distributing expenses totalled £43,465, royalty £2878, interest and exchange £2949, and taxation £3548. Depreciation is set down at £6831, and salaries, rents, fees and general expenses totalled £2338. The net profit was £3779 16s and this added to £477 brought in makes £4256 18s Id to be carried forward.

£ s. d. Capital paid up 197,785 10 0 1st debs, and int. accrued 50,396 15 0 2nd debs, and int. accrued 19,761 4 0 Sundry creditors 8,348 11 7 Profit and loss acc 4.256 18 1 £280,548 18 8 ASSETS. Property account 222,299 13 8 Furniture 162 14 2 Tools and stores 2,700 15 8 Coal stocks 75 0 0 Sundry debtors 12,360 6 11 Sundry debtors, house purchase 1,828 15 6 Claims 52 14 11 Cash on deposit and in hand 41,069 1 10 £280,548 18 8

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/TS19340215.2.186

Bibliographic details

Star (Christchurch), Volume LXVI, Issue 20231, 15 February 1934, Page 15

Word Count
334

INCREASED OUTPUT. Star (Christchurch), Volume LXVI, Issue 20231, 15 February 1934, Page 15

INCREASED OUTPUT. Star (Christchurch), Volume LXVI, Issue 20231, 15 February 1934, Page 15