BAY OF ISLANDS COAL COMPANY.

Auckland Star, Volume XXIII, Issue 181, 1 August 1892, Page 4

BAY OF ISLANDS COAL COMPANY.

HALF-YEARLY MEETING.

At noon to-day the half-yearly meeting of shareholders in the Bay of Islands Coal Company (Limited) was held in the office of tho Secretary (Mr H. Giltillan, jun.), New Zealand Insurance Buildings. Dr. J. L. Campbell, Chairman of Directors, presided. The minutes of the previous half-yearly meeting were read and confirmed. The following report of the directors for the half-year ended June 30th vvas presented to the meeting:—"The directors have to report thab the output of coal for the past half-year has been bub small, bhe sales amounbing to only 7,705 tone. The large decrease has been caused by the quantity ot available coal in that parb of the "mine which has been worked during the lasb few year 3 being somewhat less bhan was anticipated. On bhe recommendabion of bhe general manager, the directors authorised work to be undertaken with a vievv to opening up a portion of the old mine where it was thought a further supply of coal could be obtained ; tho surface indications in ', this respect being favourable. The expenditure on these operations has been heavy, but from .tho results so far met with, tho directors have every reason to believe that this outlay will be fully repaid, and a considerable quantity of coal (left during the previous working) be opened up, which can be profitably worked. The directors desire to record their appreciation of the exertions of the general manager, in making the most of what remains, of the mine, and of the zeal and skill displayed by him in carrying on such , work under many and great difficulties. Beyond the prospecting operations already referred to, no work of a similar character has been done, as under the peculiar circumstances in which the Company is placed, your, directors deem it. better to defer, for.the present, furbher expenditure of this nature. The stabemenb of accounbs appended hereto shows a balance of £24 8s .3d at credib of profit and loss account. Ib will be seen thab owing to the diminished outpub and bho large expenditure required for new works, tiie directors aro not. in a position to declare any dividend for the past half-year. They have also not thought'fit to further write down the value of the Company's property and works, as a final adjustment of accounts will have to be mado when the mine finally closes."

Tho following was the statement of accounts :—Balance-sheeb —Liabilities : Capital—3,ooo shares of £1 each, £3,000; debts and liabilities—money orders issued, but not* presented for payment, £405 19s 7d ; debts-due by tho Company, £33S 6s lOd—*£744 6s 5d ; contingent liability— amount credited to Government for royalty, contingent on profits made from mine, £7,892 13s ; profit and loss — balance, £24 Ss 3d ; total, £11,461 7s Bd. Assets : Property hold by tho Company— Coal mine, £I,<joo -, land, £1,060 : buildings, £1,075 Gs lid ; plant, £0,458 18s 2d— £7,492 5s Id; permanent work,, £1,795.0s 2d ; cash in bank ot New Zealand, £52~1 16s lOd ; cash in hand, £02 17s 7d ; fixed deposit, £500; debts due to the Company, £459 18s 2d; office furniture, £149 3s Sd ; goods and timber at colliery, £180 0s 2d : coal on hand at colliery and Opua, £288 6s ; total, £11.461 7s Bd.

Profit and Loss Account: —Debit : To winning coal, pumping expenses, stores, and labour, £2,7-0 4s 7d ; to carriage of coal by rail, £757 0s 8d ; to forage, £62 (is .'ld ;' to freight on goods, £19 8s 6d ; to general charges, £528 15s 13d ; to discount, £143 10s Id ; to royalty, £128 8s 4d ; to salaries, £400 ; to now dip (opening up present workings), £549 18s 3d ; to prospecting, £73 4s lid ; to dividend for halfyear endincr 31st December, 1891, £1,050; balance, £24 8s 3d : Total, £6,326 5s 6ci. .Cf. ....By.,balance profit, and loss account, December 31st, 1891, £1,238 9s 4d; sales of 7,705 tons coal, £_>,012 12s 9d; rent of cottages and land, £39 14s ;.• profit on stores and timber sold, and work done at colliery, £26 12s ; interest, £8 6« 5d ; transfer fees und scritJ. lis: Total, £6.326 5s bd.

The Chairman,-in moving the adoption of the report and balance-fahcot, said that aa the report of the mine manager (MrT. I*. Moody) was very comprehensive,, dealing fully with the operations ..in the mine, he did not feel it necessary to speak at length, regarding the work of the Company for the half - year. Ho remarked that there had been a question raised as to why the coal uo\v being taken out of the old workings had nob been won long previously when operations were commenced thore. The reason lor this was that small coal and slack were not in much demand then for steam purposes, and bhis . branch of mining operations was nob sufficiently remunerative. They had reason to congratulate themselves on tho remarkable immunity from accidents in the mine, notwithstanding the dangerous character of the work lately. This should in a greab measure be ascribed to the very careful management of Mr Moody. Mr VV. S. Wilson seconded the adoption of the report and balabce : sheet, which was agreed to.