BAY OF ISLANDS COAL COMPANY.

Auckland Star, Volume XXVI, Issue 4440, 8 August 1884, Page 3

BAY OF ISLANDS COAL COMPANY.

Half-Yearly Meeting,

The half-yearly meeting of the Company was held to-day, Mr J. C, Firth presiding. There wero 10 shareholders present. Tho half-yearly report of the directors was read as follows:—" The directors beg to report that the salesjof coal for tlio past half-year have been 12,506 tons, the strike of the miners at tho beginning of the year having, with other causes, tended to diminish tho quantity sold, as compared with that of the previous six months. The seam of coal has not undergone much change. The production has somewhat increased, although a good portion of the workings is still in faulty ground. It is intended shortly to put down another borehole, at a point agreed on by the General Manager and Mr McKay, Government Geologist. Tho railway has been handed over to Government, and tho whole line, from Kawakawa' to Opua, is now being worked by them. The steam cranes supplied for shipping coal having been proved unsuitable, the matter was brought under tho notice of the Public Works Depart rnent, by which steps have been taken to remedy the defects. Tho directors have endeavoured to dispose of the steamer and barges, but, so far, without any result. The accounts presented herewith show a marked improvement on those of tho previous half-year. Tho prico of coal has lately beon reduced one shilling per ton. With this reduction tho directors hope for an increased sale of coal, and trust that the business of the current half-year may show a still further improvement on that of tho six months just ended.* The balance-sheet showed :—Liabilities : Capital, L 30.000 ; resorve fund, L 2.000; debts and li.bili.ies, overdraft Bank of New Zealand, 14,510 14s Id. ; money orders issued but not presented, L 723 10s Od ; amount due to Government for royalty, L 5.386 16s 4d ; bills payable, L 331 8s 9d ; debts due by Company, L5!6 0s 2d— L 43.469 Is lOd. Assets : Property hold by Company, L29,87905Gd ; permanent work?, L10,4G5 12s lOd ; cash in hand, L 24 4s Id ; debts duo to Company, L 1,734 19s lid ; office furniture, L 149 3s 8d j goods and timber at colliery, L 412 2s 7d ; coal on hand at Opua, L 243 ; coal in hulk Bella Marina, L 342 5s lOd; profit and loss balanco, L2OB 7s Gd — L43.4G9 Is lOd. Profit and Loss Account: To balance profit and loss old account—Dr. : LGSS 12s 3d ; mining coal, labour, carriage etc., L5.98G 14s 8d; forago, L2lO 19s; freight on goods to colliery, L3O 4s sd; general charges and expenses, L 332 10s Sd ; interest and discount, L 312 lis ; interest on railway "expenditure by Government, L,i2o 15s 4d ; prospecting, L 226 18s Gd ; royalty fee, L 209 Ss Sd; salaries, L 483 Gs Sd; hulk Bella Marina, LS Gs 4d. Total, L 8,807 7s 3d. To b alanco, L2OS 7s sd. Cr.—By sales of 12,566 tons coal, L 8.303 13s 7d; rent of cottages and land at Colliery, L9l4s 7d ; profit on stores and timber sold, and work done at Colliery, L 204 Is 8d ; balance, L2OB 7s 5d—L8.807 7s 3d.— The Chairman moved, and Dr. Campbell seconded the adoption of tho report, which was carried, and the meeting terminated.