C—2a

7

For the purpose of easy comparison the figures arc restated below in tabulated form : —

Comparative Statement of Sales.

The average price per ton realized on the total sales for the year was £1 2s. 4'10d., an increase of 2s. 1 I'34d. on last year's average. The 1 sales of coal through the medium of the depots totalled 74,380 tons, value £118,554, as against 103,269 tons, value £141,606, for last year. It will be noted that a. very large increase has taken place in the quantity of Liverpool coal supplied to gasworks as compared with last year, and the demand in this direction exceeds the available supply. The value of this coal for gas-producing purposes is now firmly established, and the various gas companies throughout the Dominion speak in terms of high praise of its qualities. In connection with the transport of coal, the arrangements made by our contractors for the sea carriage of State coal were generally of a very satisfactory nature notwithstanding the abnormal conditions prevailing in shipping circles, and it is pleasing to record that only nine days were lost by the collieries through.want of shipping during the year under review. The report of the Manager of the collieries gives full information in respect to the working of each mine and other interesting details relative thereto. The following items taken from the balance-sheet are of interest as indicating the more important items of expenditure, and for reference in respect to the present position of the Capital Account, reserve funds, and other accounts shown therein : — £ The total amount paid as war bonus was ... ... ... ... 13,377 The amount written off for depreciation for the year was .-. ... 17,647 The payments for interest totalled ... ... ... ... 8,715 The payments for sea carriage of coal amounted to ... ... 77,576 The cost of railway haulage amounted to ... ... ... 25,428 The total wages paid for coal-winning was ... ... 82,017 The amount paid for management and office salaries (Head Office and mines) totalled ... ... ... ... ... ... 2,770 The gross capital expenditure on the whole undertakings to 31st March last was ... ... ... ... ... ... ... 359,730 The total depreciation written off to date amounts to ... ... 208,400 (equal to 57'93 per cent, on the gross capital expenditure) The debenture and loan capital stands at ... ... ... 227,601 The sinking fund is in credit ... ... ... ... ... 13,200 The reserve fund stands at ... ... ... ... ... 5,884 The amount at credit of Profit and Loss Account is ... ... 8,043 (last year it was in debit .£16,424) The cash in hand and in Public Account at 31st March last was ... 102,823 (last year, ..£68,018) The present net book value of permanent or fixed assets (exclusive of floating assets) is ... ... ... ... ... 145,439 In conclusion, I have to acknowledge the services of the Accountant, Depot Managers, and staffs for services rendered in connection with the conduct of the business. I have, &c. F. J. Gunn, Sales Manager.

Total Sales 1916-17. Total Sales 1917-18. Mine. Quantity. Value. Quantity. Value. Point Elizabeth Liverpool Tons cwt. qr. 127.149 4 1 129,408 13 2 £ s. tl. 120,542 6 4 128,274 16 6 248,817 2 10 Tons cwt. qr. 113.205 6 2 126,635 4 0 239.840 10 2 £ s. d. 123,815 5 11 144,111 15 3 Totals 256.557 17 3 267.927 1 2