The Chronicle PUBLISHED DAILY. LEVIN. WEDNESDAY, SEPT. 24, 1913. STATE COALMINES.

Horowhenua Chronicle, 24 September 1913, Page 2

The Chronicle PUBLISHED DAILY. LEVIN. WEDNESDAY, SEPT. 24, 1913. STATE COALMINES.

Lv the latest Government Gazette appears tlie balance-sheet of the New Zealand State Coal Mines— for the year ending 31st March, 19113. On the face of the sheet a debit balance is shown—viz., £54,990 8s sd—but as this "loss" includes an item of £45,000 18s 4d for "special depreciation" : t may be taken as correct that the State Coalmines still are paying their way, besides keeping the selling price of coal at a reasonable level. "We are not saying that the "special depreciation" allocation is wrong, but the point needs to be made that this year's "loss" is actuarial, chiefly, and that to arrive at true proportions the £45,000 should be divided by ten. For the year closed J March lftst, and exclusive of the £45,000 special depreciation, a further loss of £9,989 10s Id is shown- but against this may be offset the sum of £4-541 17s 4d transferred to the reserve fund, which stands now at £10,226 8s 6d.. By bal-ance-sheet reckoning, the "white elephant" is the Point Elizabeth colliery, with a loss of £7377 Gs hi on the year's workings. The Seddonville colliery showed a gross profit (at the mine) of £27,915 on the year's workings. 4MB——MWW—■■■!■