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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Bibliographic details
Star (Christchurch), Volume LXVI, Issue 20231, 15 February 1934, Page 15
Word Count
334INCREASED OUTPUT. Star (Christchurch), Volume LXVI, Issue 20231, 15 February 1934, Page 15
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