COMMERCIAL.

Grey River Argus, Volume XV, Issue 1818, 3 June 1874, Page 2

COMMERCIAL.

REPORT AND BALANCE-SHEET OF THE WESTLAND STEAM-TUG AND FREIGHT COMPANY (LIMITED). Hokitika, 9th May, 1874. The Directors, in placing before the Shareholders their report for the past year, regret the Company have been working under great difficulties and against the strong opposition of the different Companies. The total loss from the formation of the Company to the present time is L 2007 0s 8d; taking into consideration the low rates of Freights and Towate, this state of things is not to be wondered at. The Company's plant is in first-class condition, and arrangements have been entered into which will keep the vessels fully employed during the next tew months, and which ia believed will be remunerative to the Company. Overtures have been made at different times to the other Shipping Companies on the West Coast to amalgamate and form one 41 West Coast Shipping Company," and which we feel convinced would be the best for all concerned. As none of them feel disposed at the present time to enter into any such arrangement, your Directors recommend that things go on as heretofore, feeling satisfied that for the next twelve months,, at any rate, no money will be lost, and that iv the me mtime the Company will better its position. For the Board of Directors, Jambs.Holmes, Chairman. Balance-sheet, made xn? to 2nd May, 1874. CAPITAL AND LIABILITIES. Dr. £ s. d. To Capital— Amount received from Shareho ders on 2473 shares at £3 per share 7,359 0 0 Arrears of calls, J. M'Lean 60 0 0 To Debts and Liabilities— Bank of New South Wales, overdrait 11,877 11 5 Bills payable 2,620 4 4 Outstanding accounts ... 30 17 9 £21,947 13 6 PROPERTY AND ASSETS. Cr. £ s. d. By p.s. Titan 6,100 0 0 „ Sarah and Mary 2,700 0 0 „ Circe ... .. .. 2,600 0 0 „ Lizzie Guy : 1,750 0 0 „ Sea Bird 2,500 0 0 „ Debts due to company ... 1,311 13 4 „ Stranding account, Titan 318 19 2 „ B. B.Martin 500 0 0 „ Cashinhand 7 • 4 10 -„ Profit and Loss 4,159 16 2 £21,947 13 6

CONTINGENT LIABILITIES AND ASSETS. Dk. £ s. d. To Bundry wages, &c. ... 462 14 4 „ balance 2,471 14 8 £2,934 9 0 Cr. £ s. d. By ships, stores, and stock... 347 12 6 „ freights accruing 962 11 6 „ insurances to mature ... 323 5 0 „ insurances doe to comS.ny . . ... ... 400 0 0 tan 900 0 0 £2,934 9 0 PROFIT AND LOSS. Dr. "* £ 8. d. To profit and loss account ... 4,159 16 2 „ Btranding of Titan account 318 19 2 £4,478 15 4 Cr. £. s. d. By balance brought down ... 2,47114 8 „. estimated loss of company , J to'dafe ... .2,007 0 8 £4,478 15 4 Examined and found correct. Geo..Cpvzenß I »■ a;*™Hokitika, 9th May, ,1874.