C—2

6

The average price realized by the mine on the total sales for the year was £l 7s. 2-4 d., an increase of Is. 2-sd. on last year's average. The total sales of State coal from the James Mine for the year amounted to 43,410 tons, value £55,609,* as compared with 36,942 tons, value £53,284,* for last year—an increase of 6,468 tons, with an increase in value of £2,325. The average price realized by the mine on the total sales for the year was £l ss. 7-4 d. per ton, a decrease of 4-sd. on last year's average. The sales of coal, &c, through the medium of the depots totalled 144,100 tons, value £271,269, as against 116,749 tons, value £220,505, for last year. The profits at the mines were £1,236, and at the depots, &c, £14,620, making a net profit of £15,856. £7,321 was applied to the Sinking Fund Account. Although more time was worked at both collieries, the output from the Liverpool Colliery was not sufficient to fulfil orders, thus causing a financial loss to be sustained in operating this colliery. Apart from this the financial results obtained in operating the State coal business were, on the whole, satisfactory. 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 .. . . 13,339 The payments for interest totalled .. . . .. .. 7,706 The payments for sea carriage of coal amounted to . . .. 62,792 The cost of railway haulage amounted to . . .. . . 41,894 The total wages paid for coal-winning were . . . . .. 108,165 The amount paid for management and office salaries (Head Office and mines) totalled .. .. .. .. .. 4,015 The gross capital expenditure on the whole undertaking to the 31st • March last was . . . . . . . . . . . . 655,688 The total depreciation written off to date (equal to 61 "67 per cent. on the gross capital expenditure) amounts to .. .. 404,336 The debenture and loan capital stands at .. .. .. 157,283f The net profits of the State Coal-mines Account from inception to the 31st March, 1930, are .. .. .. .. ..179,176 The net profit for the year ended 31st March, 1930, was .. .. 15,856 The sinking fund is in credit . . . . .. .. . . 7,945f General reserve stands at .. .. .. .. .. 174,240 The amount at credit of Profit and Loss is .. . . . . 8,536 The cash in hand and in the Public Account at the 31st March last was (last year £5,672) .. .. .. .. .. 8,257 The present net book value of permanent or fixed assets is . . 251,352

* These values include sales made c. and f. and f.o.b. as well as f.o.r. f During the year the sum of £5,318 was taken out of the Sinking Fund and applied in reduction of the loan capital.