RALPH'S TAUPIRI COAL MINES.

Auckland Star, Volume XXIX, Issue 206, 1 September 1898, Page 3

RALPH'S TAUPIRI COAL MINES.

ANNUAL MEETING,

The annual meeting of shareholders of Ralph's Taupiri Coal Mines (Limited) Avas held on. August 17 at the Chamber of Mines, Shortland-street. Mr E. W. Alison, ; Chairman of Directors/presided. There was a representative attendance, of shareholders. The minutes of the statutory meeting were read and adopted.

Mr M. A. Philips read the report and balance-sheet as follows:—In presenting the first annual report and balance-sheet for period ending 30th June, 1898, the directors have pleasure in stating that on the eve of commencing mining operations they have to congratulate shareholders on the excellent prospects of the company. The first two months has been a time

of special care and exertion on the part of all concerned in the direction and management of the company's affairs, as the pumping out of the name and other important works in connection with its development were undertaken, and we are glad to tell you that the whole of the preparatory woi'ks have been- carried through without hitch Or misfortune of any kind, and that the opening of the mine has been attended with complete success. The great value of the company's mining property is now clearly, demonstrated, and the representations made by the prompters of the company as to the enormous thickness of the coal seam and the excellence of its quality are proved to be fully- borne ■'■.'out. Work at the mine has been pushed oh so energetically that, although the company only obtaineid possession of the property on May 4th last, we are now in a position to supply house and steam boal in any quantities. You will be pleased to know that a large sale of coal has already been secured, for not only have arrangements been made for a considerable trade with coal merchants and dealers, but contracts for large supplies have also been entered into. As we have an unlimited supply of coal of such excellent quality, and a large output already assured, the company should prove a most successful one. You will observe by the balance-sheet before youTthat the whole of the expenses of the company (excluding expenditure on plant, etc.) up to June 30 amounted to £1466 8/7. This covers outlay incidental to the . formation of the company such as brol.e_.__.ge, registrationj etc., as well as the cost of pumping out the mine and preparing for coal output. The proportion of this expenditure, £673 5/5, representing actual cost of formation, has been placed to a Preliminary Expenses Account, and the balance, amounting to £793 3/2, stands as an opening charge to ont Profit and Loss Account for the current year.

The adoption of the report and balance-sheet was carried unanimous-

On the motion of Mr Ralph, the retiring directors, Messrs E. W. Alison, and N. A. Nathan, were re-elected; Mr W. R. Holmes was re-elected auditor.

Mr Ralph gave some particulars regarding the'mine, find said the Company might expect a good output of coal to-the Thames when the railway Was completed at the end of the year. He submitted they had the best mining property in the district and that those who held shares would receive dividends. The property was an investment.

A vote of thanks to the Chairman concluded the proceedings.