Whangarei Coal Company Limited.

Auckland Star, Volume XVII, Issue 214, 11 September 1886, Page 6

Whangarei Coal Company Limited.

The following is tho report of tho directors of Iho abovo company, which was to bo laid before tho annual mooting to be held late this after noon:—Tho directors have to repoit the sale of 11,587 tons coal since tho completion of the railway. A large amount of pgrmanent work ha 3 been done at the mine, including tho oroction of storago accommodation capable o holding from 500 to 600 tons of coal, at a cos of about £1,500. A number of miners' <f tta ? cs have beon erected and others repaired which are all let at fair rentals. Prospecting has Droved that tho company's wine Gontams a largo area of coal, which, as the works progress towards the dip, improves in quality. The company also had to construct a shunting station to the branch railway at a cost of about £500. This together with tho other permanent, works was an unlooked-for expenditure. During the past few months your directors havo used every effort to induce the Government to recognise their just claims, by taking over the Company a railway, which is, undoubtedly, part and parcel of tho whauwhau-Kamo line, but tho whole question (including four other lines) has been allowed to stand over until next session. Although the doprcssion which is being felt in this Colony at the present time is affecting many ot the industries which consumed local coals tho directors have every hope that with care and economy tho next Balance sheet will show a substantial dividend. Tho retiring directors, Messrs McLcod and Maseficlrl, offer themselves for re-election. Mr J. King offers himself ns a candidate for the vacant scat on he Board. The shareholders will also have to elect the auditors for tho ensuing year.—D. J. MoIiKOD, Chairman.

New Zealand Frozen Meat and Storage " Company.

THE annual meeting of the above company was held at 11 a.m. on August 31 at the pfhee, Breakwater Road, Mr Arthur Bull (Chairman of Directors), presiding. About twenty sharecad" Se e ad the following report, and the balance sheet was taken ayead. The directors beg to submit to tfife shareholdera the accounts of the Company for the period ending 30th June, 1886, and to oxpress their regret that the operations of the Company havo resulted in a loss of £15,121 2a 6d. This .loss has mainly occurred in the .freezing, shipping, and meat-preserving departments, and may be ascribed to the following causes: 1. During the first quarter of the financial. year the works were newly opened, and were in many reapects working to a disadvantage. 2. The Company commenced operations about three or four months prior to tho great fall in the value of frozen meat, tallow, and preserved meat In tho bomo market. Consequently the purchases of Stock were largely upon tha basis of former 4iUue», resulting in heavy losses on realisation. I

The prices now being paid for stock arc more in accordance with tho reduced valuosof the Company's manufactures. Butter Business.—The progress ot tins business has been fairly satisfactory, considering that in many ways it was worked to a dlsadvantngo during a "rat year's operations. About 22.i tons of butter have been dealt with at a net profit to the company of £&10. A tinning plant, suitablo for the- requirements of this business, is now on the way out from England, and every effort will be jnadc for the further development of this indus Cry. Acid and Manure W'obkb.—This branch shows a net profit of £115 17s Id, but during tho last four months of tho financial year the sales were at a minimum, the energies of the department being directed to the manufacture ot manures, in readiness for tho approaching season of which » stock of about. 800 tens is now on hand, the profits on sale of which will appear in the accounts of the current year. It should, however, bo stated that tlio question of present profits has been subordinated to the determination to manufacture manures of such intrinsic valuo, and at such cost, as to cmircly preclude competition by the imported article. The testimonials received, which will be found in tho company's illustrated price list lately issued, show that this result Ims been attained. Waitaua Woicks.-The manufacture of preserved meats has been in full operation^ and it is to be regretted that ihe continued depressionof preserved meat and tallow on the home markets tends greatly to hamper the successful working of this branch. Notwithstanding the keenness of competition in preserved meats, the superior quality of our manufacture issteadily producing the desired results, as ovidenced by tiie fact that our sales for Uio past six months show a steady and important inciease. Our brand on the London market commands an eouul price with that of Libby, McNeil and Co,, and is higher than tho rates quoted for meatß of the Armour Company and other well-known American brands. Sydney lon Company, Pvkmont, Sydney. —Your directors rogret to state, that the operations of this company during the past season proved unsuccessful, the machine having broken down at the commencement of the summer season, whon the demand for ico lit. enhanced prices was active. A new board of directors has been formed and a fresh manager appointed; whose report is njfponded, while later advices state that thero is now about iOO tons of ioo on hand. In conclusion, the directors consider that in tho present depressed condition of the markets of tho world, a newly established company of this description can hardly hope to do moro than-hold its own. It is believed that this has beon done during tlio past six months, and that the business has been carried on during; that poriod without loss. Your directors are strongly impressed with tho Importance to the community of tho company's industries, and will contlnuo to Use evory exertion for their successful dovolopmoat. — Arthur Hold, Chairman. After somo disoussioa tho roportend balancesheet were tdeptod. Upon tlio proposition of Mr J. 1.,.-Wilson, seconded by Mr Henry Kcosing, tho ritiring directors ("Ylcsars Nathan and Coiniskcy) woro re-elocted. Mr John Milno iVas ro-appointcd auditor at n fee of £50 upon the Charmau's motion seconded1 by Mr Gredn.