WAIPA RAILWAY AND COLLIERIES

Wanganui Chronicle, Volume 72, Issue 92, 18 April 1929, Page 12

WAIPA RAILWAY AND COLLIERIES

A net profit of £5291 was earned by the Waipa Railway and Collieries Ltd. for the year ended January 31, 1929, which contrasts with £4633, the not profit of the previous year. The profit was struck after providing for depreciation on general plant,X rolling stock, and railway. With the balance of £10,743 brought forward from the previous year, the balance available is £16,034, and out of this the dividend of 8 per cent, takes £4794, leaving £11,240 to be carried forward. In their report the directors say that the output for the year covered by the accounts wag practically the equivalent of that for the previous year. At the present time the potential output of the combined Waikato Collieries was greater than the demand for coal. The nearing completion of the Arapuni hydro-electric power system was likely adversely to affect the demand for coal in the Auckland Province, and the problem of finding a sufficient outlet for small coal must shortly become acute. The paid-up capital of the company is £59.928 15s; sundry creditors and income tax account for £2607 against £2628 in the previous year, unclaimed refunds of capital is shown at £4B 15s, against £5l ss; and the profit and loss total £16,034, against. £15,5.37. The assets comprise railway construction less depreciation £34.747 against £.39.7.33. general plant, buildings, etc-, £6208 against £65.32. sundry debtors £10,729 against £10,045, fixed deposits £6721 against £4628, Now Zealand Inscribed Stock £15,840, unchanged, and cash at bank and in hand £1374 against £1366.