Page 4 Advertisements Column 2

Press, Volume LIV, Issue 16149, 1 March 1918, Page 4

WESTI'ORT-STOCKTOX COAL COMPAXY, LIMITED. BANAXCE-SHEET AS AT DECEMBER Dint. 1917. "uABtLTnKS. ASSETS. Al «- ShW " S;K ' Weit. " u sha?c, o of r, iS To p r^ d s^r ,,u : ch i? J > ac |i ' ..150,000 0 0 Sundry Advanced Payment* ..**][ J 100.000 Prefer- Sundry Debtors. .. .. 16,980 11 0 tjJvnrq of Deposits nrt Contracts .. <0 0 0 Z c»ch 50,000 0 0 Cash at Bank and on Deposit 21,240 3 I 1-200,000 0 0 Issued mid Fully J'iiid--'262,910 Ordinary Sliarcs .. Lit,47o 0 0 95.143 Pic forrucc Shares 47,721 10 0 170,191 10 0 Debentures j. 40,000 0 0 ' Plus Accrued Interest .. 700 0| 0 —— 40,700 0 0 Reserve Account. 7000 0 0 Sundry Creditors '23,183 10 10 , Unclaimed Interest ;ind Dividends 256 8 4 Balance at Credit of Profit and Account .. 10,053 14 0 . ' 1-267,285 _1 11 _ £267,285 I_ll PROFIT AXD LOSS ACCOUNT FOR YEAR EXDED DECEMBER, 31st, 1917. £ a. d. £ 3. d. £ e. d. £ 'e. d. To Freights .. ' 56.921 1 9By Balance at Royalties .. 4,510 8 4 Credit Profit and Distributing Ex- Loss Account Dcpenses at Ports 701 4 2 cember 31st, 1916 21,626 110 Interest and Ex- — change .. 2,246 12 11 Lees AppropriaSalaries. Gene- tions— ral Expenses. Depreciation Directors' fees. written off .. 5,166 16 4 Auditor. In- Dividends Paid cone Tax, Tra- Feb. 128 th, 1917 10,331 4 fi velliiifr Ex- Reserve .. 2,500 0 0 pe ruses,, etc. .. (5,716 19 6 Bsiluncc, beinp: 18,058 010 net profit for —: 3,568 1 0 year .. 13,385 13 9 By Gross Pro/it on Plus Balance Salra .. 85,335 -4 11 brought for- Rents and Cornward .. 3,568 1 0 missions, etc. 1,158 14 6 ' 16,953 14 9 Transfer Fees.. 18 1 0 • £90,080 1 fi £90,080 1 5 WM. REECE. 0. TOWXSEXD, F.1.A., N.Z., JAKES JAM IKS OX. Rcgd. Acct., Directors. Secretary. I have examined the Books and Vouchers of the Westport-Stockton Coal Company, Limited, and certify the above BaJancc-sheet is properly drawn up, and exhibits a true and correct viV.v of the state of the Company's affairs as shown by the books of the Company, and that all ray requirements u£ Auditor have been complied with. "W. S. GODFREY, F.I.A. (JC.Z.), F.P.A., Christehurch, 13th February, 1918. Auditor.

CHAIRMAN'S ADDRESS. In moving the adoption of the ;c----port and balancc-shect, the chairman said: — For many reasons, which are quite abnormal, the accounts presented to f you for the jrast ytar are not so satisfactory as would have resulted from a year of working under' ordinary conditions. There has been no change in capital. Reserve fund is £2500 larger by the amount allocated last year. Sundry creditors is: larger, owing to increased taxation, and royalties, etc., falling due on December 31st: ihc amount has since been paid. On thu assets side, property account has been increased by £10,7 4S. being mainly for new houses and other buildings, new tubs and extensions to permanent roads. The amount sundry debtors is a little less than last year, b\it our accounts are promptly paid, and we have had no bad debts. Turning to the profit and loss cccount, freights are greater by £14,681, although on a lower output. But taking all things into consideration. I thTnk New Zealand has been 'velltreated by the steamship lines operating the coastal services, when we comparv what has occurred in other parts of the world. Royalties" arc less, offins: to the smaller, output. Income tax is £5411, as against £1259 last year; so much has been said about the incidence of taxation and the hardship on small shareholders of a heavy flat rate company tax, that I will not say-more than to express the hope that some method will be introduced bearing more equitably on people of moderate means, who have invested their savings in industrial companies, and are penalised by so doing. ! General expenses are about the same J as last vear. The gross profit on sales is £16.576 greater than last year. | which is largely due to the increased prices, owing to higher freights and 1 mining costs. The amount to be dealt with at this meeting is £16,953 14s 9d. which the directors recommend be allocated as follows: — The payment of £3817 14s 6d, being the dividend of 8 per cent. • on preference shares; The payment of 5 per cent, on ordinary shares, absorbing £6-573 10s: The transfer of £3000 to depreciation, and The balance, £3562 10s 3d, to be carried forward. Tlie year has been marked by two specially unfavourable circumstances, so far as <he amount to be distributed to shareholders is concerned. First wo