G.—2

6

The total sales of State coal from the James Mine for the year amounted to 22,898 tons, value £34,762, giving an average of £l 10s. 4-35 d. per ton, an increase of 7-57 d. on last year's average. The sales of coal, &c., through the medium of the depots totalled 98,326 tons, value £198,745, as against 104,486 tons, value £210,619, for last year. The profits at the mines were £2,693, and at the depots, &c., £3,722, making a net profit of £6,415. £4,552 was applied to the Sinking Fund Account. Items from Balance-sheet. The following items taken from the balance-sheet, which has been audited, will prove of interest as indicating the more important items of expenditure, and for reference in respect to the position of Capital Account, reserve funds, and other accounts shown therein : — £ The amount written off for depreciation for the year was .. .. 16,654 The payments for interest totalled . . .. .. .. 9,252 The payments for sea carriage of coal amounted to .. .. 49,482 The cost of railway haulage amounted to .. .. .. 28,997 The total wages paid for coal-winning were . . .. . . 76,834 The amount paid for management and office salaries (Head Office and mines) totalled .. .. .. .. .. 3,617 The gross capital expenditure on the whole undertaking to the 31st March last was .. .. .. .. .. .. 594,871 The total depreciation written off to date (equal to 59 per cent, on the gross capital expenditure) amounts to .. .. .. 352,478 The debenture and loan capital stands at .. .. .. 227,601 The net profits of the State Coal-mines Account from inception to the 31st March, 1926, are .. .. .. .. .. 109,573 The net profit for the year ended 31st March, 1926, was .. .. 6,415 The sinking fund is in credit .. .. .. .. .. 48,199 General reserve stands at . . . . . . .. 64,953 The amount at credit of Profit and Loss is .. . . . . 1,863 The cash in hand and in the Public Account at the 31st March last was (last year £12,888) .. .. .. .. .. 2,115 The present net book value of permanent or fixed assets is . . 242,393