HIKURANGI COAL COMPANY

Hokitika Guardian, 28 January 1930, Page 7

HIKURANGI COAL COMPANY

ANNUAL REPORT. AUCKLAND, January 24. The thirty-sixth annual report of the directors of the Hikurangi Coal Company, Limited, shows that the net loss sustained by the company for the yeended December 31st was £21,035 11s 6d. Regret is expressed that the balance sheet is such an unfavourable one. As shareholders were aware, it was due to the sudden inrush of water, which took place last February, and the fact that it was not until just before Christmas that the inflow was finally dealt with, and the winning of coal resumed. With the additions made to the electrical and pumping power, it was expectedthat the mine would be in a position to c-ope with a very much greater quantity of water than-was now being dealt with, or might he anticipated. The offer of debentures last .Pune was very favourably, received and since the close of tlm year the balance had been placed, which made the total debenture issue, £30,000. On liabilities side the balance-sheet shows the share capital at £70.000 and debentures issued at £26,500. Debts due by company total £14,265, a reduction of £l4B. On the assets side tlie mine nroporty and land' are unchanged at €3303, mining plant and buildings £57,593, against £55,396, shafts unchanged at £19,514, works unchanged at €11,507, debts duo to the company £97, against £5031.