BOLCROW, VAUGHAN RESULTS.
When allowance is made for the effects of the disastrous' coal stoppage, the accounts just published of Bolckow, Vaughan and Co. show some improvement on- those of a year ago. They show a profit of £124,000 on ordinary operations for the year ending June 80th last. No depreciation other than maintenance was charged in either year, but for the twelve months just closed the balance-sheet shows items of £41,897 in respect of standing charges on idle plant, and of £77,299 for expenses incurred through coal stoppage, in addition to £19,327 for depreciation of stocks, so that there is actually a loss of £18,815 for the year. The interest on loans and debenture interest requires an amount of £168,000 and, therefore, there is a total debit balance of about £178,000 which is charged against the General Reserve. Moreover, the amount owing to bankers is 1646,000 against £346,000 a year ago, while there are three years' interest accrued on 'the Preference Shares. •
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