Progress at the Collieries: Increased Output: Working Profit, £113,999
In their report for the year ended June 30 last the directors of the Pekin Syndicate, Ld, state that the receipts during "the year amounted to £156,282, vir., interest on loans, deposit' and current accounts, dividend on shares, commission and transfer fees, 242,283, and profit on collieries, '£113,099. The expenditure during the on salaries and expenses of administration London was £12,- 509, in Paris £1,631, and in 12/564, making a total of £26,004, After transferring the amounts of £6,000 and £7,512 to reserve against shares in other companies and debtors, respectively, there left a credit balance of £116,166.
Adding a credit balance of £18,317, being difference in exchange in respect of adjustment of floating and liabilities in China, makes a total of £134,483. From this amount £25,000 has been tran ferred to reserve account for redemption of capital expenditure on the collieries, the balance of £:09,483 being added to the ereilit balance of £78,402 on profit and loss account at June 30, 1923, making a total of £187,885, which amount the directors propose should be carried forward.
The directors state that the excellent progress made at the col~ lienes reported in respect of the ious year has been well maintained during the period under review. The output amounted to 655,858 tons, as against 586,005 tons last year, an increase of 71,853 tons. The sales were 680,857 tons, as compared with 662,997 tons for the previous year, a decrease of 2,140 tons, due to shortage of coal wagons, great difficulty having boon experienced in transporting the coal from the collieries to various depots, and marts, thus rioting the sales, which would otherwise have been Owing to the China very little can be done to improve the shortage of rolling stock until normal conditions prevail again in that country.
Text read from the printed page and cleaned; old type leaves the occasional error.