WHANGAREI COAL COMPANY.- Annual Meeting.

Auckland Star, Volume XVII, Issue 202, 28 August 1886, Page 8

WHANGAREI COAL COMPANY.Annual Meeting.

Tiik annual meeting of this Company at 3 o'clock yestorday afternoon was attended by Messrs D. J. McLeod (Chairman), Graves Aickin, W. S. Wilson, T. T. M_.sefield, Frank Jogger, Jes?e King, and W. C. Walkor.

The roport published in our last issue was read by tho secretary (Mr Jamee) along with tho balanco-eheet.

Tho Chairman, in moving tho adoption of tho roport and balance-sheet, said that as tho roport sot out so fully and so clearly the Company's operations since tho railway was completed—about eleven months ago—it was quite unnecessary for him to take up timo by speaking in reference thereto, seeing that all present woro well acquainted with tho working of the Company. No doubt it had struck thorn forcibly that thero had been a very largo expenditure upon permanent works during the year. In fact, it was an unlookedfor expenditure. They found that when tho Janet Nicoll went to Whangaroi, and needed quick despatch, storage accommodation would bo needed to supply her and other steamers. Then, whon tho Government Inspector said that a siding would be required for their branch railway, ono had to bo constructed at a coat of about £500. In addition, there was the expenditure upon miners' cottages, and in repairs to other cottages. In theso ways £2,500 was absorbed. The , directors regretted that on account of tho depression they wore not able to meet tho shareholders with a dividend, but thoy had evory confidence iv tho futuro of the mine. Tho Company was bound to prove ono of tho most profit-producing concerns in the province. So much had boen said in the papers about tho action taken in reference to tho sale of tho railway to tho Government thut he needed only to mention that tho matter had been deferred till next session. They had now fresh witnesses forthcoming, who would secure for them the result of tbo Government taking over tbo line early next session. Thore wore some items iv the profit and loss account that would not bo likely to occur, as, for instanco, the £1,635 wages to men engaged in prospecting, taking timber to the mino for the repair of the tramway, and so on. As the coal cost them only 3s a tor, he reckoned they would save £835 next year. The Pinko was a dead loss of £250, and then thero was tho local loss of £230. Mr Walkor : What is that ? It wa9 a loss arising from errors of judgment on the part of ono of their late officers. 'I ha matter was not authorised by the directors, and they could only look upon it a 8 a loss. £3,023 had boen expended last year on works that would not occur again. Mr W. S. Wilson seconded the motion. Mr \V. C. Walker felt inclined to move an amendment. Ho considered that the mine had been badly managed at both the Auckland and Whangarei ends. The mine was ono of the best coal properties in tho province, and the directors and the manager —either or both parties — woro not competent to carry out the busi ness entrusted to them. How many secretaries had they had? [The Chairman : Threo] They had had a good assortment. What waa the meaning of the local loss of £230. [The Chairman : It was an allowance mado by ono of the officers of the companyin theshapoof discounts which was not authorised by the directors.l Thonthe directorsand not the shareholders should have borne the loss. Within the last week he knew of one order for coal that the Company was not abl6 to supply, and yet thoy had hundreds of thousands of tons of coal in the mine Vessels lay at Whangarei for days and days, and could not get full. There was something rotten in connection with the managemement. But for mismanagement, there would have been a dividend to declare that day. Mr Aickin defended the directors. It was vory difficult to get suitable men as officers. All companies experienced that dilticulty. The mismanagement had been entirely owing to persons in the employ of the Company, and they wero suffering in this respect no worso than other companies. He had been told by high officials that that was the real drawback in Auckland. Many companies would pay handsomely if tbey only got the proper men. As regarded the future, the prospects of the Company were excellent, and no effort would be wanting on the part of tho directors. Mr Aickin procaeded ta state that the Whauwhau branch line had been constructed on the distinct aesuranco that the Government would take it over, nnd ho felt assured this would be dono next, session. It was really a branch line, and not a siding, as Mr Maxwell (General Manager of Railways) had impertinently called it. No living man knew better than Mr Maxwell that it was a branch line. £0,000 had been spent upon it.

Mr Je.so King pointed out that as the coal cost them only 3s a ton to win and 2s a ton for railway freight, there was ample margin in the future for 15 per cent, dividends.

The motion was then put acd carried

Messrs li. J. McLeod and T. T. Maeefield, tho retiring directors, wero re-elected, and Mr Jesse King was elected to the vacancy upon the directorate.

The appointment of an auditor was left to tbo directors, and with a vote of thanks to tho Chairman tho proceedings closed.