TAUPIRI COAL COMPANY.

Auckland Star, Volume XLI, Issue 101, 29 April 1910, Page 2

TAUPIRI COAL COMPANY.

ANNUAL MEETING. The annual meeting of shareholders in the Taupiri Coal Mining Company was held at —30 o'clock this afternoon in the C__aber of Commerce. There •was a good attendance. Mr. E. "VV. Alison presided. The report appeared in our last issue. The statement of accounts was as follows:—

Profit and Loss, from. April Ist, 1309, to i _ax—i 31st, laiO.—i—cpendrture: To miniug expenses, rent, and royalty, £80,1T2 15/4; call miners' relief fund, £200 8/8; Insurance, fire and accident. £330 7/tt; Insurance, N.Z. Government, £397 12/3; interest on debentures, -075 15/; depreciation, £4000; rates and taxes, £1245 17/3; general expenses, printing, stationery, traveuhag expenses, postage, etc., ±'1430 8/U; reserve fund, £2000; balance, £8763 4/10. Total, £99,326 9/4. Receipts: By coal, £98,70213/10 rent, £612 15/6; transfer fees, £11—£99,326 9/4. By balance brought down. £$673 4/10; by balance 31st March. 1900, £7690 9/9 (less dividend paid April, 1809, £3350), £3049 9/9. Total, £12,022 14/7 (less dividend paid October, 1903, £A_>3 13,0 Baia-ce, £S32S ISA- ■ Balance-sheet, from April Ist, 1909, to March 31, 1910.—Liabilities: To capital— 150,000 shares at 20/"(£160,000), less —1,000 nnailoted. £121.000; debentures, £13,000; reserve fund, £5000; accident insurance fund, £2575 2/1; sundry creditorn, £59S 3/9; balance profit," £5328 19/7. 'Total, £150,502 5/5. Assets: By coal rninlß, freehoid and leasehold, branch line, buildings, machinery and plant, £132,<>3S 17/; mortgages, £572; deposits, £2500; deposits on contracts, £550; sundry debtors, £11,712 16/11; cash in Bank New Zealand, £25_s ; 11/6. Total, £150,502 S/S.

The chairman, in moving the report ( and balance-sheet, pointed out that the j net profit for the year amounts to ] _ 10,<J73 4/10, which, added to £3949 9/9 1 brought forward fiom laat»year, justified : the directors in recommending the pay- < ment of a dividend at the rate of 71 per ] cent per ana——, to place £2000 to tha l reserve fund, and to carry forward to i pew account £3791 3/7. Though insuf- i 'ficient to pay a dividend of 10 per cent, i the net profit fox the year was satisfactory. He was sure shareholders recognised that the directors were carrying out a prudent policy in recommending the payment of a dividend which did not absorb the full amount of the net profit of the company. The output for the year was a record one, mainly due to the extension of trade along the Main Trunk ■ line, which trade would be a growing one if railway facilities were provided and the existing railway freights maintained. He mentioned that strong pressure was being brought to bear upon, the Minister of Railways by rival southern coal companies and some interested coal dealer?, trading along 'the line to raise the railway freight on -brown coal. If the Minister gave effect to these representations a manifest injustice would be done, not only to the company, hut to the people generally throughout the North Island. He was of opinion that the Minister of Railways would protect the of the people and of the company. During the year considerable development work had been carried out, with highly satisfactory results. The manager (Mr Wight), in his annual report, stated that the mines were in a position to produce a larger output than at any previous time, while the quality of the coal was equal to the previous standard. At Ralph's mine more powerful hauling and ■winding engines and other 1 Biachinery were being installed. . The. Extended ' mine had also been well developed, and a large area of coal of excellent quality 1 opened up. A powerful haulling engine ' and other plant, including a large Lancashire boiler acquired from the Taupiri ! West Coal Company, l_yl been erected, J and was now being equipped. In his report, the manager stated that "when ' complete, this will probably constitute the finest haulage plant in the ' Dominion, and would serve the i mine for a great, many years." Owing to a fire which broke out on the ' 29th of last month, work at the Kimihia ' mine had been discontinued. Every ' effort was made to smother the fire by sealing off, but without success. It was ' anticipated that- as the fire extends andi , the cover falls the mine, which lies under . Lake Kamihia, will be inundated, and in . the event of this happening the mine will have to be wholly abandoned. '" Authority was obtained from the Inspector of Mines to remove all underground * machinery and plant, and this work was g being expeditiously carried out. The fire j was eausejd by spontaneous combustion, r under a large face. The closing of this' mine, or even its abandonment, would g not affect the company's output—only 3 three pairs of men weTe employed at the v mine prior to the fire. The Kimihia j. mine was in no way connected with the j company's other mines, being situated c about two miles distant from each. He „ regretted having to state that the total cost to the company for less than one y year's premium paid to the New Zealacd „ Accident Insurance for cover under the Workers' Compensation for Accidents Act of 190S, which contained the pneumoconiosis clause, amounted to £ 1933. The total payments made by the State Accident Insurance for claims only amounted to about £400, so that the Department profited to the amount of £ 1500 frar» our company alone. The company a'so suffered loss by the* trouble caused witL the Waakai'o Miners' Union 'through the pneumoconiosis clause and loss and dia- ■• location of trade in connection therewith l " to the extent of at least £4500. The '• company was now carrying the risks un-

der the Workers' Compensation for Accidents Act.

The number of workers in the employ of the company was 370 underground and 84 on the surface.

As the township of Huntly had "been 1 rapidly progressing, a strong demand for freehold sections had taken p_.ee. To meet the demand the directors had a considerable number of sections surveyed and laid off in the Pukemore township, and referring to the question of the sale of sections by the company the manager (•reported: ''All the building sites surveyed iv the Pukemore township had been sold, and more sections had been j surveyed by extending H_akanoa-street ' north and south. The sale of these sections was anxiously looked for by prospective buyers." He further stated that "there continues to he a scarcity of dwellings.'' The sections referred to will be offered by public auction at an early date.

The report aud balance-sheet were adopted. Messrs. H. A. Gordon and W. J. K_lph were re-elected directors, and Mr. „. _. Isaacs auditor.