RALPH'S TAUPIRI COALMINES (LIMITED).

Auckland Star, Volume XXVIII, Issue 275, 26 November 1897, Page 2

RALPH'S TAUPIRI COALMINES (LIMITED).

STATUTORY MEETING

The first (statutory) ordinary genera- I meeting of the shareholders in the Ralph's Taupiri- Coalmines (Limited) was held yesterday at the Chamber of Mines, Shortland-street. Mr C. W. Alison (chair- \ man of directors) presided. j The Chairman read the following direc- i i tors report:— Ladies and Gentlemen— l his 'meeting is held in compliance with the Companies Act, which provides that a ; CompanyshaHhoklageneralmeetingwitlnn . i four monthsafter its memorandum of asso-; elation has been registered. As the Com-j i pany cannot commence itminingoperations |until after the termination of the lease, ! held by the Taupiri Coal Companies, which j | expires on May 3rd next, the directors ! have no balance-sheet or statement of j i accounts to present, but are pleased to i have the opportunity of making known to j you how the business of the Company has I been progressing. In the first place with I respect to the share list, which Tvas opened last August, we have much pleasure in informing you that, notwithstanding the fact that the market has been unfavourable for the promotion of any new undertaking, however valuable, and also that most disparaging, prejudicial and misleading statements have been circulated about the property by persons whose shares have been subscribed for, and we have already over 300 names on our share list. In disposing of the shares, the policy adopted has been to distribute them as widely as possible amongst those who will either become coal consumers or be able to assist us in the profitable development of our businers, and in this endeavonr we have been eminently successful, so much so that the trade with our present shareholders alone will be considerable. Many of our shrewdest business men, after exhaustive inquiries, have become shareholders, and a large number of shares have also been taken up by persons resident in the vicinity of the property, arid throughout the Waikato district, where the utmost confidence as to its value is generally expressed. Mr 11. A. Gordon, late Government Inspector of Mines, who officially examined the mine prior to its being closed down, has shown his confidence in the property and in our prospects by purchasing a large parcel of shares, and has" consented to join the Board of Directors. Your Directors have been considering and dealing with important matters in connection with the establishment of the Company's business, including the purchase of necessary mining machinery, the securing of a site for a convenient coal depot at Auckland, and preparing the way for the development of trade generally, both in and outside Auckland, including the Thames goldfields—the railway to which will soon be completed. We anticipate commencing operations at the mine immediately after obtaining possession, and then every endeavour will be made to properly organise and fully establish the working of the Company'sbusiness. Now that the necessary capital has been secured, the directors are of opinion that the Company's success is assured, as it has acquired on advantageous terms a proved mine with an inexhaustible and easily \yorked seam of the best coal ever found in the Taupiri district, or probably in the colony, and when it is borne in mind that the growing popularity of Taupiri coal is evidenced by a steady increa.se in the local consumption, and that an extensive demand for the coal will certainly follow the completion of the railway connection with our goldlields, a trade profitable enough to warrant substantial dividends in the future may fairly be expected. The Chairman said there was nothing to add to the exhaustive report, but that he would be pleased to answer any questions. In response to a shareholder the Chairman said that a large proportion of the cash in hand had been placed on fixed deposit in undoubted local institutions, and was earning a highly satisfactory rate of interest. It was resolved that the annual meeting of the Company be held in August ot each year, and that the Company's balancing periods be June 30th and December 31st in each year. On the motion of Mr N. A. Nathan, seconded by Mr W. J. Ralph, Messrs Arthur H. Nathan and H. A. Gordon were added to the Board of Directors.