Kaitagata Railway and Coal Company.

L*— — ; ' - The third annual meeting of shareholders " in the above Company was held in the Company's office, Kaitangata, on Saturday afternoon. There were about" 25 shareholders present, and Mr Robert Wilson was voted to ths chair. The Chairman said — Gentlemen, T may state that 1 had no idea that I was going to occupy the chair, therefore I am nofc prepared with a speech. Before, however, asking you to adopt the balance-sheet, and report' which you have before you, I would wish to make a few remarks. In starting all new companies, like this one, there are many difficulties to contend against, and we have had a fair share of. those difficulties. The greatest drawback to us was the want of sufficient trucks ; this, however, I am happy to say, we have now overcome to a great extent, by the Company getting some of tbeir own. Since then the business has "increased. From what I oan see of the Company's affairs, we have every reason to congratulate ourselves on the prospect before us. We have a good and valuable property, and I am convinced that there is very little doubt but what we will soon be able to pay a handsome dividend, We ore now in treaty with the Government to get the freights reduced, and they will, I understand, meat us very fairly in the matter. We are," also in treaty with the Government', to use our coal in .their locomotives. While on this subject, I cannot . help thinking; that it is an absurd thing for engines up hero to use coal from Dunedin. It reminds me of the old saying of " bringing coals to Newcastle*" Gentlemen, I hope before our -next annual meeting that the; Government will use the coal from our pits. If this is done, of oourse it will be a very ■■ -great help to the Company. Before sitting down, I cannot hsip expressing my gratitude to Mr. A. Holmes-. for the indefatigabl.& manner in which he has .at' all time-. worked for the welfare of the, OojfApany, (Hear, hear.) Indeed, lam of opinion 'chat had it not been for that, gentleman's efforts the Company would not be in existence now. I may state, in conclusion, that I have attended most of fche principal meetings of the Company, and, if you elect me again, I shall continue to do the best I can for its success. I now beg to propose the adoption of the report and balanoe-esheet, j The following is the balance-sheet as' at 31s August, 1877 :— y Liabilities.— Capital, in 2500 shares of £10 each fully called, £25y000 ; less unallotted, 1071, -£10,710 — £14,290. Bills payable, £1555 ; Kafcional Bank, £14,280 2s ; sundry creditors, £4387 19s 8d ; profit and losaL £60 17s 7d— £34,579 19s 3d. Assets.— Arrears of calls, £627 "6s 2& purchase account, £3980 Is Id. Railway construction account— Works and buildings,, £17,879 6s Id ; locomotive and rolling atoefc. ".■■■■■■ • ' ' : A ■■' '" ■' ' "

9s 7d; suspense account; £82 10s 3d • .amentary and other charges, £1821 5s 1 d lis. Opening and developing .cILnT' £2434: lßs U ' P hn * ™-d stores! *fc!4oo 3a ,* sundry debtors, £2459 7s 6d ■ cash balances, £25 lis 11 d -^-£34,579 19s 3d. ■beven-t/b accounts foe yeab ending 31st _ : : . AUGUST, 1877. Mining Branch,— Out put account, £.011 X s }} >. ? OUBe *™»te, £ 68 9j 6d— £4079 19s sd. Oollmrs wages, royalty, &c, £3097 55.. lid : profit and loss, £982 13s 6d— £4079 19s sd. Ararhc Branch.— Traffic dues, £1843 lis 2d. V\ ages, maintenance, oil, waste, .&_..-- £116.^^ 3s ,d j profit and loss, £683 7s;7d--£l.*6r Als 2d. ..x Profit and Loss- Account.— Balance -" August, 1876, £342 12s 2d; reW '"_t'l7t_* counts, mining branch, £98*2 13s •*" o'aue acbransh, „£683 7s 7d— £1066 1- d<l ; trafiic x>oo,« t0 « es ad justmenfc, £3?' A "id. Plant f 2342 8s 2d. Printing „.***> 14s lldloV«M* * 6 f ; ch * r Z?\. oi m^'i stationery, -105 3d; interest and disr y^ .^gernenV £515 SSSS^ £10i h '« l **» ,&90i7sioa ; lne following is tie r , ?, he dire ctors, in l a r eport :— holders the report an ying before the share"b« * r egrefc *' -** balance-sheet for the W_„ ? f l Vour -^ the results have not SSL-0^ able.. The directors have, been the ' contend with very serious supply of •"these one of the chief has sioned <?' oiasibility of obtainiug a regular cr« led ' trucks. This cause alone occadurujp- jnslderable loss, and seriously fj, - the operations of the Company ayj> - , the earlier portion of the. year, j,. .e trucks ordered from England became .llable.abbut the middle Of the year, and / ave proved a great assistance: Had these trucks, been running during the whole year, the result of the .Qompany 'a operations would have been considerably improved. In spite of air obstacles, the trade of the Company has steadily increased' d uring the ' year •; : arid as the inarket ■ -for. :- the coal is ■ constantly extending,, the directors trust, at the end of nexfc year, to show a good result.. The directors have constantly had before them the question of placing the liabilities of . the • Company upon a more -satisfactory footing, and .they believe that there is now a prospect of arrangements being made which will free tHe compaqy from the heavy charge which the present state of the account entails. It deserves to be pointed out that the sum paid for interest and discounts would pay interest on .the total capital invested at the rate of over 5 per cent, per annum. As most of the shareholders reside in Balclutha or Kaitangata, ifc has been thought desirable to convene the meeting of the Company at the latter place, as ifc has on previous .occasions been found impossible to obtain a quorum in Dunedin. The whole of "' the directors will, on .this occasion, retire from ofiice, but are reeligible. Two auditors for the ensuing year ..will also require to be elected. Mr Allan Holmes said— Mr Chairman and gentlemen— ln seconding the adoption of the report, I may state that ib is not altogether a pleasant duty to- come before the with such a balance Bheet as on the present occasion, but— as the report shows— -the difficulty has been great. It is almost impossible, in a printed report, to put every detail —every little obstacle— that has taken place, and, probably, it is nofc advisable at all times to lay before the -public all the little hindrances the Company have had to contend with during their operations. Of course the want of steady communication and a supply of trucks was one of our chief drawbacks. So great was this drawback that, I may state, the trade of the Company was brought to a Btand-stillj* The difficulty arising under this head may be explained in "this way. Some times the Company wanted fco send coals to Dunedin, and asked for more trucks ; the ■ -r . ■• . I answer from the Bailway Department was : "every truck in use unloading ships at Port; Chalmers." Of course this difficulty has been surmounted, and we now make a fair start in the coming year. To give you some idea of the difference in the Company's position, comparing this month with the same last year, I may state that this month last year the mine sent up 600 tons of coal, this month we have put out over 800 tons, and 100 tons of small coal ; this i3 only up to the time the accoimts have been made oufc. So you will see, gentlemen, we havo seat nearly a third more than we did last year. I coneider it is almost certain thab our coal will be used in the Otago locomotives at an early date. Soma of the members of the Assembly have pledged themselves to do what they can for us in this direction. Steps are being taken slowly, and I hope surely, to prepare engines to burn our coal. Ifc is, as Mr Wilson said, absurd to bring coals from town when they could be obtained here at half the cost. There is no doubt chat the coal is suitable to burn in locomotives, and— as a proof— wa have only to look at our own engine, which works well enough. Oa the Lawrencs line, and a'so on some of the lines in. the North Island, coal of a similar kind to our own is being used in the^ locomotives with pe: feet success. There may J be many little matters that the shareholders would perhaps like to know. Probably the better way for the.n -.vould be to ask tha Chairman questions. We arj, hrwover, pvsfc the wor3t, and I consider wo ai-e now rouud the corner, so to Bpeak, and there is also a s'ready increase iu the"" consumption "of "the coal. . . The balance-diLot and reporf, is read, were J-rith adopted. The Chairman, said ths next business before the. meeting was the e'ection., 'of oiiica bearer?. Be said : I may stnt«*, so far -as we are concerned, that it has beei a labour of love on our part. "Wo 'have had' no remuneration. 1 I hope by next annual meeting th 7tt those directors who come to Dunfdin to Attend meetings will be allowed- their expsaseS. ' Ic must have c -sfc theni.somethingconsiderable, as they hid always to stop in - Dunedin a night. I "hope, therefore, that you will authorise the expanses of country.; directors to be paid oat of tho profits. THe fullo-wing directors were re-elected, with the addition of Ml* J, P.. Maitland :- Mess>*s TV --.Wilson, A Holmes, Farm, WK^'&y&J h Si»y> fc i P*W*™iym& ■fiftw\Aivy : ,. ■ -yJJAiy

Messrs W. P. Street and. T. Callender ' we're elected auditors, with a remuneration of £6 6s. It was arranged tb' a t the annual meetings should take place on the 3 r d September in each year, either afc Kaitangata or Dunedin. A vote of tr jankg t0 the directors for their past sem«»^ concluded the business.