Coco Grove Annual Meeting, Balance Sheet

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Part of The Marsman Magazine

Title: Coco Grove Annual Meeting, Balance Sheet
Language: English
Source: The Marsman Magazine Volume III (No. 9) March 1939
Year: 1939
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Fulltext: COCO GROVE ANNUAL MEETING Coco Grove, Inc. is in the best operating and financial condition that it has enjoyed since development work was first started in 1933, stockholders were informed at the annual meeting held March 6, 1939. As of January 1, 1939, ore reserves were 20, 785,128 cubic yards with an estimated contained value of Pll,611,119.17. In addition to this there are some 25,000,000 cubic yards of gravel on which test drilling has not been completed. This is expected to add considerably to the reserve. J.B. Stapler, manager of the southern division of Marsman & Company, operators of Coco Grove, told the stockholders that the anticipated production for 1939 was P2,400,000. He explained further that the production would vary from month to month, depending upon the character of the ground through which the dredges must operate. This variation is common in dredging, and it is anticipated in the schedule of operations and in the budgets, prepared at the start of every year. Operations in 1938 were carried out according to schedule. In 1939 the dredges will work on foreshore dredging, and later on in the year one dredge will move to the Malaguit area. To aid in this work, the suction dredger Rotterdam has been acquired, and additional units such as a powerful tug and supplementary equipment will be obtained. The following directors were elected by the shareholders : H. P. L. J ollye, Major A. Beckerleg, S. J. Wilson, Geo. W. Kerr, and T. M. Jordan. A vote of thanks to Marsman & Co., managers of the property, for the excellent results attained in 1939 (as a result of which the first dividend of 20 per cent was paid in December) was passed unanimously by the stockholders. COCO GROVE, INC. OPERATING ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To Operating Costs: Dredge No. !-Operating ........... . Dredge No. 2-0pera ting ........... . Supplementary Operation ........... . P195,826.24 H>S,098.72 38,941.91 General Operating Expenses ....... . 82,710.37 p 485,577.24 To Bullion Marketing Expenses-See Schedule ...... . To Other General Expenses-See Schedule ......... . To Depreciation .................................. . To Operating Profit ............................... . 22,208.57 60,808.99 211,683.45 1,451,935.32 P2,232,213.57 By Bullion Produced ............................... P2,214,349.46 By Other Income: Interest Received . . . . . . . . . . . . . . . . . . P 8,455.44 Rents Received . . . . . . . . . . . . . . . . . . . . . 562.94 Profit on Exchange . . . . . . . . . . . . . . . . 4,318.18 Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . 4,527.55 17,864.11 P2,232,213.57 THE MARSMAN MAGAZINE for March, .1939 25 26 FIXED ASSETS: COCO GROVE, INC. BALANCE SHEET AS AT 31st DECEMBER, 1938 ASSETS Mine & Mining Properties . . . . . . . . . . . . . . . . . . . . . . . P 1.00 Capital Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,746,696.34 rl,746,697.34 Camp Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 65,204.41 Floating Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,377.76 Furniture & Fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,073.46 Slipways Constructiohs . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,463.58 Light & Power Installations . . . . . . . . . . . . . . . . . . . . . . . 207,061.34 Miscellaneous Equipment . . . . . . . . . . . . . . . . . . . . . . . . . 104,640.06 Roads, Trails & Bridges . . . . . . . . . . . . . . . . . . . . . . . . . . 11.614.69 Tools & Engineering Equipment . . . . . . . . . . . . . . . . . . 640.00 Water Supply Installation . . . . . . . . . . . . . . . . . . . . . . . . 11,040.15 Blacksmith Shop Building . . . . . . . . . . . . . . . . . . . . . . . . 9,863.68 Blacksmith Shop Machinery & Equipment . . . . . . . . . . 24,672.97 Wharf Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,457.88 Hospital Building ......... ~...................... 13,315.75 Hospital Equipment ....... ; . . . . . . . . . . . . . . . . . . . . . . 6, 712.49 Schoolhouse Building ..... .:. ~ .';'................... 2,050.75 Sea Wall · .... · ........... ·~: .. ~. . . . . . . . . . . . . . . . . . . . . . . 12,926. 76 Lighthouse Breakwater . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,920.08 Dredge No. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797, 711.08 Dredge No. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 804,009.95 Dredge Rotterdam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219, 760.96 Tugboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,902.29 P2,399,420.09 Less-Reserve for Depreciation . . . . . . . . . . . . . . . . . . . . 173,649.05 2,225, 771.01 CURRENT ASSETS: Cash on Hand & In Bank . . . . . . . . . . . . . . . . . . . . . . . . . . P Accounts Receivable ............................. . Accounts Receivable-Special Consignment Account Bullion on Hand ................................ . Bullion in Transit .............................. . Machinery Parts & Supplies on Hand and In Hongkong Production Pending Outturn ..................... . 30,674.66 11,061.99 19,276.70 67,563.88 156,238.89 145,884.05 530.76 DEFERRED CHARGES ......................................... . 431,230.93 9,494.05 P4,413,193.36 THE MARSMAN MAGAZINE for March; 193;) COCO GROVE, INC. LIABILITIES CURRENT LIABILITIES: Advances-Marsman & Co., Inc. . . . . . . . . . . . . . . . . . . . . . P Marsman Trading Corporation ..................... . Accounts Payable ................................. . Uncollected Dividends .............................. . Notes Payable ..................................... . Bills Against Bullion Shipments .................... . Chapa Deposits ................................... . Accrued Taxes .................................... . Accrued Payrolls ................................. . Accrued Expenses ................................. . 33,860.78 4,663.40 23,809.33 12,500.46 225,719.40 123,284.52 764.00 4,909.67 7,256.60 1,868.99 U nclairned Wages ................................. . 754.09 p 439,391.24 RESERVE: Income Tax NET WORTH: CapitalA utkorized & Issued-15,000,000 Shares of 10¢ each . . . . . . . . . . . . . . . . . . . P1,500,000.00 Stock Premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000.00 Donated Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00 SurplusProfit for Year to 31st December, 1938 . . . . . . . . . . . . . . . . . . . . Pl,003,963.00 Less-Deficit Balance at 1st January, 1938 .. . .. .. .. . .. . . . . P661,383. 77 Adjustment 1938 for total Reserve for Depreciation to 3 1 s t December, 1937 written back . . . . . . . • . . . . . . . . 120,984.11 540,399.66 p 463,563.34 60,237.78 Less-Dividend No. 1 . . . . . . . . . . . . . . . . 300,000.00 163,563.34 3,913,564.S4 There are contingent liabilities for: Machinery parts & supplies ordered under Irrevocable Letter of Credit ................ P30,040.00 Dredge Replacement Parts-Bucyrus Erie Co. . . . . . . . . . . . . . P50,276.27 Manila Machinery & Supply Co. . . 602.40 50,878.67 P80,918.67 P4,413, 193.36 Manila, P. I., 6th February, 1939. We have examined the books and accounts of the Coco Grove, Inc., for the year ended 31st December, 1938 and have compared them with the Mine Manager's Certified Returns, which have not been audited by us. No provision has been made for ore depletion. Subject to the foregoing in our opinion the above Balance Sheet is properly drawn up so as to exhibit a true and correct view of the state of the Company's affairs as at 31st December, 1938, according to the best of our information and the explanations given us and as shown by the books. THE MARSMAN MAGAZINE for March, .1939 FLEMING & WILLIAMSON, Accountants. 27 COCO GROVE, INC. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1938 To Administration Expenses ........................ P 50,450.00 To General Overhead: Audit Fees . . . . . . . . . . . . . . . . . . . . . . . . P Bonuses .......................... . Documentary Stamps .............. . Fees & Licenses ................... . Income Tax ....................... . Insurance ......................... . Interest ........................... . Leave Salaries .................... . Legal & Notary Fees ............... . Miscellaneous ..................... . Postage .......................... . Stationery & Supplies .............. . Subscriptions & Contributions ...... . Telephone, Radios & Telegrams .... . 1,800.00 2,666.66 297.56 1,598.36 60,237.78 28,472.13 6,255.58 175.50 6,000.00 2,809.35 359.09 578.51 7,045.51 1,088.29 To Profit Participation as per Agreement with Original 119,384.32 Claim Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,138.00 To Net Profit for the Year . . . . . . . . . . . . . . . . . . . . . . . . 1,003,963.00 Pl,451,935.32 By Operating Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pl,451,935.32 Pl,451,935.32 MARSMAN & COMPANY TO CHANGE CAPITAL STRUCTURE A plan to change the capital structure of Marsman & Company, Inc. will be put to a vote at a special meeting of its shareholders called for Monday, March 27, 1939. share arrangement, one half of the issue will be common stock, and the other half preferred stock, with cumulative dividends to be decided by the board of directors. It is proposed to change the capitalization from 300,000 shares of no par value, to 4,000,000 shares of par value of one peso per share. In this new 28 This action will amount to a stock dividend of more than 100% to the present stockholders of Marsman & Company, Inc. THE MARSMAN MAGAZINE for March, 1939