832 THE PETROLEUM TIMES August 27, 1948 He asserted that today the company made more oils and chemicals from a ton of coal than are made by any other process Dividends and of carbonisation, not only more but in the case of the valuable tar acids probably about ten times as much. The putting into operation of three new Coalite batteries and all the new chemical plants will, he said, increase considerably the Reports companies' revenue. The total cost of these and other subsidiary plants will amount to about £380,000, all of which is being paid for out of profits. LIMMER AND TRINIDAD LAKE ASPHALT LTD. If ever there was a goose that laid golden eggs it is private INTERIM DIVIDEND OF 3 PER CENT. less tax (same) is declared industry today, and (added Col. Bristow) the goose takes all the in respect of the year 1948. For last year the total dividend was risks." 10 per cent. less tax. MATTHEW WELLS AND Co., LTD. TRADING PROFIT FOR YEAR ended May 31, 1948, was £23,382 WM. BUTLER & Co. (BRISTOL), LTD. (against £19,333 in the preceding year). Other revenue was TRADING PROFIT FOR THE YEAR, ended December 31, 1947, income from investments (gross), £1,972 (£1,457) surplus on including dividends and interest and after charging management sale of motor car, £246 and transfer fees £11 while there is expenses, was £124,716 (against £116,213 in 1946). Depreciation, also a transfer from reserve on investments, as being no longer including leasehold amortisation, takes £26,860 (£21,545), required of £2,499 (nil). To this is added the balance brought taxation £52,352 (£62,272), and directors' fees £2,050 (same), forward at May 31, 1947, of £10,192 less directors' fees £500 leaving a net profit of £43,454 (£30,346). To this is added the (same) voted September 1947, a net of £9,692 (£6,943). There balance brought forward from the preceding year £10,813 is thus a total available for allocation of £37,802 (£27,733). (£10,657), making a total available of £54,267 (£41,404, which This is allocated as follows directors' fees £793 and remunera- included £401 profit on realisation of investments during the year). tion £2,317, a total of £3,110 (in the preceding year only fees £635 This is allocated as follows dividend (net) on preference stock were disclosed) reserve for contingencies, £250 (nil) reserve 51/2012 per cent., less tax, £3,617 (same) proposed dividend on for depreciation, £753 (£906) contributions to staff pensions ordinary stock per cent., less tax, £16,974 (same) ; and to fund, £284 (nil) ; audit fee, £175 profits tax (estimated), general reserve £16,000 (£10,000) leaving carry-forward at £4,800 (nil) reserve for income tax, £7,300 (nil) ; interim divi- £17,676 (£10,813). dend of 8 per cent., £4,000 (same) ; and final dividend of 15 per Speaking at the recent annual meeting, the first to be held cent. now recommended, £7,500 (same), both less tax (£5,175) since the ordinary stock was made available to the public, the thus leaving carry-forward at £14,805. chairman-Dr. T. Howard Butler, J.P.-said that to take care In his statement accompanying the report and accounts, the of the company's expanding business, it would be necessary in chairman-Mr. Herbert Rothbarth-states that turnover for the the next two or three years to expend considerable moneys on year under review was considerably more than in 1947, and capital additions. Considerable equipment had also been was greater than was expected under the difficult conditions ordered for delivery over the next few years. prevailing. Referring to their trading operations and interests as being Sales of Wellsaline "lubricants to motor car users and dealers well spread, he went on Although the company is popularly have not yet attained their pre-war volume, and are unlikely to known as a tar distilling concern, that field of operations accounts do SO until petrol rationing ceases and more new cars are allo- for rather less than half of the trading turnover." cated to the home trade. The basic petrol ration was discon- tinued in the autumn of 1947 and no advantage accrued to the COALITE AND CHEMICAL PRODUCTS LTD. company from the new standard ration, which was only ' THE THREE PLANTS AT BRAUGH, Askern and Bolsover have available from June 1, 1948, and was in any case for a very limited operated for a total of forty-four years since 1927, the chief being mileage. Askern which has operated non-stop since July 1929. The oil Sales to industrial consumers in the U.K. have improved and and chemical plants that work up the liquid products have been the export trade is reviving, but supplies are very inadequate operating, first at Barugh and since 1937 at Bolsover, without a and the scarcity of new steel packages is still a hampering factor. stop for about eighteen years," said Col. Whiston A. Bristow, Prices have advanced twice during the last twelve months, but chairman and managing director of Low Temperature Carbon- there is no indication that the cost of basic oils has yet reached the isation Ltd. at the company's recent annual meeting. This meet- top. ing subsequently approved a change of name to Coalite and Referring to the demerger of the Petroleum Board and the Chemical Products Ltd. eventual reintroduction of branded products, he says "there The present batteries of retorts at Askern and Bolsover have will then be a revival of publicity on pre-war lines and an increase been working for the last eleven-and-a-half years non-stop of competition. Your company is preparing to meet this without being taken off for overhaul and they are still working at situation when it arises." full load (he went on). During the year a staff contributory pension scheme was in- Needless to say the difficulties that had to be overcome before augurated incorporating life assurance cover and provision on such a remarkable record could be achieved ran into many retirement. This scheme was welcomed by the employees, many hundreds and some of them at first looked almost hopeless of of whom have served the company faithfully for long years. solution. Such a performance could not have been accomplished without the whole-hearted co-operation of management and WM. CORY AND SONS, LTD. workers alike. The job is not easy and life on coke ovens is not PROFIT ON TRADING, INCLUDING income from subsidiaries, in the always pleasant especially when they have to be enclosed as was year ended March 31, 1948, was £1,332,599 (against £1,032,998 the case during the war. in the preceding year, but this was then shown after providing Nevertheless these plants have been operated for twenty-four for management, remuneration and depreciation" no correspond- hours every day in the year for many years. The three Coalite ing figures for the preceding year are given in the current profit and plants and two distillation and refining plants have now worked loss account). Income from trade investments was £83,859 for a total of sixty-two years since 1927. (£82,205), and from quoted investments £149,940 (£142,494), a In those sixty-two works-years it has never been necessary com- total investment income of £233,799 (£224,699). There was also pletely to suspend operations at any works because of labour an adjustment of profits of previous years £25,886 (nil), making troubles and on only nine days in the sixty-two years have labour a total revenue of £1,592,284 (£1,257,697). troubles caused a material reduction in the throughput. The following deductions are made : audit fee, £840 ; de-