RENOWN COLLIERIES

Sun (Auckland), Volume IV, Issue 1066, 2 September 1930, Page 11

RENOWN COLLIERIES

NET PROFIT OF £7,465 GOOD TRADING YEAR After making allowance for depreciation, the net profit of eßnown Collieries, Ltd., for the year ended July 31, 1930, is shown in the annual report to shareholders at £7,465; this works out at approximately 4 per cent of paid-up capital. Of the net profit the directors have transferred £IOOO to a reserve for income-tax. The balance has been used to reduce the debit in the profit and loss account to £3,110. Last year the net profit was £1,579. The output and sales for the year just ended totalled 76,283 tons, as against 57,000 tons for the previous 12 months. Generally, the company’s operations during its second trading year, the report adds, had been very successful and shareholders could be satisfied that the future of the company was assured. The quality of the coal from the bottom seam had more than fulfilled expectations, and it was generally acknowledged to be equal to the best coal ever mined in the Jluntly district. The company had taken up and paid foils,ooo £1 shares in Waikato Carbonisation, Limited. To provide funds for that purpose, the remaining preference shares, amounting to £13,891, were allotted and paid for during the year, leaving a balance of £IJOB, which was paid out of current receipts. The retiring directors, Messrs. W. P. Endean and W. F. Brooke-Taylor, offer themselves for re-election. The gross profit was £23.293, as against £12,600 last year, and expenses £16,204, against £ll,lOO. The capital of the company has increased from £135,956 to £149,868. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow:—Leonard and Son. Ltd., from A. C. Rawson, London: “Cheese, New Zealand. white, 735; coloured, 775; the demand is improving and the market is steadier; the outlook is doubtful on account of the weakness in Canada where August shipments are quoted at 745, c.i.f. Butter: New Zealand first grade, 3245; finest, 1265; the demand is slow, and the market steadier; in all probability having touched bottom.” Joseph Nathan and Co., from Trengrouse and Nathan, Ltd., London: Butter, 1275; cheese, white, 745; colI cured, 78s; both markets very quiet.