C.—2

7

Items from Balance-sheet. The following items taken from the balance-sheet, which has been audited, will prove of interest as indicating the more important items of expenditure, and for reference in respect to the position of Capital Account, reserve funds, and other accounts shown therein : — £ The amount written off for depreciation for the year was .. 13,831 The payments for interest totalled .. . . . . .. 9,177 The payments for sea carriage of coal amounted to .. .. 56,885 The cost of railway haulage amounted to .. . . . . 44, 357 The total wages paid for coal-winning were .. .. .. 98,289 The amount paid for management and office salaries (Head Office and mines) totalled .. .. .. .. .. 3,797 The gross capital expenditure on the whole undertaking to the 31st March last was .. .. .. .. .. .. 612,909 The total depreciation written off to date (equal to 59 per cent, on the gross capital expenditure) amounts to . . . . . . 366, 309 The debenture and loan capital stands at .. .. .. 227,601 The net profits of the State Coal-mines Account from inception to the 31st March, 1927, are .. .. .. .. . .132,242 The net profit for the year ended 31st March, 1927, was .. 22,669 The sinking fund is in credit .. .. .. .. .. 55,105 General reserve stands at .. .. .. .. .. 63,855 The amount at credit of Profit and Loss is .. .. .. 18,117 The cash in hand and in the Public Account at the 31st March last was (last year £2,115) .. .. .. .. .. 10,566 The present net book value of permanent or fixed assets is .. 246,600