NGUNGURU COAL COMPANY.

Auckland Star, Volume XXVII, Issue 89, 16 April 1896, Page 3

NGUNGURU COAL COMPANY.

The annual meeting of tho Ngunguru Coal Company (Limited) was held on March 26bh ab bhe Company's office. Marine Chambers, Quay-streeb. Mr Jas. Dunning (Chairman of Directors) presided.

The directors' report, Bigned by tho chairman, was read.* This stated :—I hay. again the pleasure of reporting a successful year. The net profib for the past twelve months is £1,425 lis lid, to which is to be added bhe sum of £947 2a 2d broughb forward from lasb year, making a total balance of £2,37214»1d. The sum of £437 lls6d has been expended in purchasing an interest in a new coal-carrying scow, and in the purchase of land and timber adjoining the mine. Tho balance of £1,935 2s 7d your directors propose to deal with as follows, viz. :—To pay to shareholders a dividend at the rate of S per cent, per annum, which will absorb £546 5s 4d, and to carry the balance of £1,38S 17a 3d forward to the credit of next year's profit and loss account. Directors have personally inspected the mine, nnd find the property in good and efficient order, and the work ably ond economically carried out. Additions to the rolling stock have been and are still being made. Tbis will enable us to cope with a much larger demand for coal than heretofore. As stated in our last report, we have an almosb inexhaustible supply of coar, large quantities of which are available for immediate shipment. A fine new seam of coal has been opened out in the B. district of the Company's property. This we intend to develop during the coming year. Tho balance-sheet shows that due provision has been made for depreciation and bad debts. Your directors recommend that tho sum of £64 be voted for their services for the past year.

Tha report and balance - sheob were adopbed. Messrs H. Jones, J. Lane and W. R. Vines offored themselves for election to tho two vacanb peats on the directorate. A ballot was takon resulting in the election of Meßsrs Lane and Vines.