NGUNGURU COAL COMPANY.

Auckland Star, Volume XXVI, Issue 75, 29 March 1895, Page 4

NGUNGURU COAL COMPANY.

ANNUAL MEETING

The annual meeting of tho Ngunguru Coal Company (Limited) was hold this afternoon at the Company- Office, Mr James Dunning, Chairman of Directora, presiding. Report.—The annual report was presented: Ladies and Gentlemen,—l havo much pleasure, in presenting to you our firab annual report and balance-sbeeb. By referring to tho balance-sheec you will soe thab the Company has had a successful year, and haa earned a profit of £1,3-19 15^ 6d, which your directora propose to deal with aa follows, viz. : To pay to shareholders a dividend ab the rate of eight per cent, per annum, which will absorb £403 16a Sd, and to carry the balance of £945 18s lOd forward to the credit of nexb year's protib and 1033 account. lam sure you will approve of. tho decision of your directors to reduce the liabilities before paying any large dividends. Our policy has been to do a safe and progressive business, which wo are confident will go on increasing as the superior quality of our coal becomes known : and ib gives me greab satisfaction to be" able to state thab as we advance inbo the mine the, quality of the coal is steadily improving, and, without question will soon rank wibh bhe best coal produced in tbe colony. Ib will also be pleasing for you bo know that the supply of coal abour mine is practically unlimited, as with an enormously increased output ib is nob likely bo be exhausted within the next forty years. Th 6 mine rolling stock and assets of the Company are in good condition. During the year we have added to our plant, a hulk, a new pontoon, and an interest in the c.c. Kiripaka, all of which are of great service in . pur bu.inessr.Arrang-h.ehts have been made with the Government to connect our mine with telephone. When this i 3 done-,.*! great drawback to our business will have boon removed. The school as Kiripaka, which Wo succeeded in getting established, is a, greab advantage to the miners and settlers, and has how an attendance of about 23 children. Your directors recommend that the'sum of £96 be voted for their services for, the past year. The dividend will bo payable ab the company's office, Marine Chambers,* Quay - street, Auckland, on and after Saturday, the 30th day of March, 1895. Capital' Account. — Liabilities: To capital. 16,000 shares at £1, £16,000 ; less unissued, held by. Company, £9,950 ; paidup capital, £6,050 ; sundry accounts owing by Company, £5,054 18s ; balance, £6,985 4s 6d. Total, £15,090. 2s6d. Assets: By leases, buildings, tramways, horses, pontoons, launch/plant, etc., £16,000 ; stock and plant ab mine, £422 Is. 8d ; hulk Killarnoy, £617 16s Id; shares s.s. Kiripaka, £210; accounts owing to Company, £840 4s 9d. Total,' £18*090 2s 6d. Balance, £6,985 4s 6d. ' Pkofit and Loss Account.—Liabilities : To freight paid per account, £2,057 15s; wages account paid tit mine,^£2,6lß 18s 4d ; office expenses, £45312s : general expenses, £267 6s6d; directors' travelling expense?. £27 103 6d ; AuckiandHarbourßoard, £46 6s Id ; New Zaaland railway, £48 3s; labour account, £SCf 12. 6d; towages account, £11 ; 'minersVelief fund. £20 5s 3d; potty cash, £19'5s 7d ; salario-to February 28th, 1895, £70 18s 4d ; sundry accounts outstanding, £57 18s 3d ; chatges Account, £9 Ib ; goods account, £75 lis-7d ; interest account, £236 18s lOd ;■ discounb on shares, £26 53 ■ 6d; expenses forming Company, £32 0s 6d; law costs, £17 15s 8d; directors' honorarium, £96; balance, £1,3.9 15s 6d; total, ,£7,622 19a 4d. Assets: By coals ; sold May to! Februarymb,:;lß9s, £7,425 1-2s lOd ; coahi in stock, £197 6s fed ; totlal, £7,662 19a _&;' balance, £1,349 15s 6d. ;-'.; -V ' I

Mr 6. McGregorCproposed that - the xe--•p'ort-as. read -be adopted, and in doing so referred vto the satisfactory nature of the balabcersheet,■ and the care;tand energy dispfeyed by the directors and manager in conducting' the business of the Comjpany during the past year. V Directors. —The following directors were re-elected :—Messrs'. A. Tankard, E. Ford, J. Dunning, N. McLean, H. Cooke, and J. Callughan. V The usual votes of thanks were accorded to the directors and 6-licera of the Company. : ■ ■-' - ' ■:-•■