WILTON COLLIERIES.

Waikato Times, Volume 114, Issue 19053, 18 September 1933, Page 2

WILTON COLLIERIES.

THE ANNUAL REPORT. • / IMPROVED TRADING RESULTS. NET PROFIT OF £3168. Improved trading results are shown by Wilton Collieries, Limited, in the fourth annual accounts for the year ended June 30, a net profit of £3168 being disclosed, as against a loss or £6500 in the previous year. The resuits are considered very satisfactory by the directors, in view of the trading conditions under which t'he company operated during the year. The amount has been appropriated to reduce accumulated losses, which are now £6443. In their report, the directors announce their decision to effect a capital amalgamation with Renown Collieries, Limited. The report states: “It t'he energies of the various companies were directed along peaceful lines, the output of coal could be very considerably increased. The policy of the directors has always been one of conciliation and a desire to work in close co-operation with the other Waikato companies, but the cold reception of this policy by our competitors made headway along these lines impossible. On several occasions the directors of the Wilton Company advocated a policy of amalgamation, with a view to reducing overhead costs and securing a much cheaper system of distribution of mine outputs. thus enabling coal to be sold at reasonable prices to tfie public and leaving reasonable profits to shareholders. In an endeavour to safeguard the shareholders’ money the directors have decided upon a capital amalgamation with Renown Collieries, Limited. This will enable a. reconstruction of the finances of horn companies and effect a considerable reduction in overhead charges, thereby ensuring the successful exploitation of the vast coal reserves.”

Big Demand for Coal. The report adds that it was frequently stated that there many mines in the Waikato. Perhaps the last .mine to open, namely, the MacDonald mine, should not have, been opened, but the fact remained that if the general output was down (which was not admitted), then .some'of the mine owners were responsible, as over the past two winters, at least, the public requirements of coal had not been fully met, with the result that largo quantities of llrewood had taken the rightful place of coal. The company had increased its output considerably, although prices had been so low that it was only by careful handling of the company’s business thatia profit-had been made. The mine was opening up well. The company’s plant .had been kept in firstclass order, and was capable of dealing with a very large output. The retiring directors, Messrs J. R. Hetherlngton and A. Crum, are offering themselves for re-eleotion. The Aooounte Analysed. In the latest balance-sheet, paid capital stands at £93,326, as against £93,208 a year ago, Debentures appear unchanged at £17,450, while liability to the bank at £13,663, and ■sundry creditors, £20,198, are separated this year. Last year the two Items totalled £27,964, a reduction of .'£4lo3' in the aggregate , haying been 'effected during the . year. Assets total £144,638, as against £138,222 in 1932. Mining property is £832 higher at £21,207. Mine development, railway, plant, stocks, stores, sundry debtors, cash on deposit 'and on hand are totalled at £107,302, whereas a year ago mine development, ■ railway and plant appeared at £9.2,168 and stocks, stores, sundry debtors, 'cash on deposit and on-hand £6381, a total of £98,519. Preliminary expenses and brokerage remain at £9680. Gross profit amounted to £12,290, compared with £5651 a year ago. Expenses were £9122, a reduction of £3llß.