GREY VALLEY COAL
LOSS ON YEAR’S WORKING INCREASES IN COSTS The accounts of Grey Valley Collieries. Limited, after allowance for depreciation, show a loss for the year ended September 30 of £1785, against a profit of £1328 in the previous year and £3744 in 1937. No dividend was paid in 1938. but there was a distribution of 2?. per cent in 1937. The balance transferred from profit and loss to appropriation account is £1029. and with £1328 brought in the total credit is £2357. Depreciation takes £2814. leaving a debit balance of £458 to be carried forward. Coal production for the year was 71.177 tons, an increase of 7576 tons over the previous year. The directors report that increased costs, together with a mishap to an important section of the plant, which resulted in complete cessation of operations for a time and expensive repair costs, were tlie main causes of the year’s unsatisfactory results. Every effort was being made to improve the position.
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Bibliographic details
Gisborne Herald, Volume LXVI, Issue 20111, 4 December 1939, Page 12
Word Count
163GREY VALLEY COAL Gisborne Herald, Volume LXVI, Issue 20111, 4 December 1939, Page 12
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