PAPAROA COAL COMPANY.

Dominion, Volume 1, Issue 234, 26 June 1908, Page 2

PAPAROA COAL COMPANY.

—— ,~j , . . ; 7_" .. ANNUAL MEETING. V . - Mr. J. P. Maxwell occupied the chair at . the second annual meeting of the Paparoa Coal-mining" Company (whose - lease is • situated in the Grey district of the West. Coast, near the Blackball Company's);- held ' in the Chamber of Commerce at'mid-day yesterday. In moving tHo adoption .of 'the annual report, (already published), .the cha,ir-. . man said;— . . ... ■ J' Iu our second report we have indicated briefly the stage which the various works have'reached,. and have touched ou the chief ■ points of interest in connection with the enterprise. The most important event in our' operations'.'since we last met our share- : holders has been'the-intersection of'-tho/ lowest (No. 1) seam of coal by the main" tunnel.' The scheme of railway and inclines ■•<-. was, as indicated in the various reports,'pro- ' ■ jected! to'intersect the two lowest seams, • which comprise the deposits of ranthracitous coal, at tlici.'lowest ielfevation. consistent with economical' construction.. This object has •' now been successfully' attained ;.- : it remains : to complete, tho works,'and at the same'tilde-> • tho development of the-'mine,■ both, of:which - '■ operations aro well advanced,, ready to put out coal'after the completion of the Government Railway. Operations have been carrjed forward during tho year with complete success, and without any very serious delavs or interruptions, though the character of tho is heavier and ,the cost of the works greater than was at first anticipated. The time occupied in completing- the Government Railway will bo much longer than we were at first informed, aiid consequent expense- to . ' the,company in the transport of its-heavy rails',-.timber, cement, machinery, and stores ' has been very great. : ' As regards compensation ' for private •' lands taken, negotiations with the Blackball Coal Mining Company, whose-interests are ' affected, are on foot with a view to fettling this -point at- a later date. 1 It is expected • that sit some future date, at present not determined, the Paparoa Company may require - somo portion of. the Blackball Company's 1 seam, "presumed to underlie tho railway, to be. left'in situ, in which case, should-.the' Blackball Company wish to work it, our com- _ pany would have to pay compensation. The ; ' amount payable ; it is proposed should then ' be assessed by arbitration. The work of the coal mine development consisted'at. first of ; preliminary driving to fix the position: of tho main tunnel, and subsequently to'.open.a mine entrance and make the necessary drives to connect the projected- workings with the "' main tunnel, for coal transist-, and for mine .ventilation. Tho coal is of good'marketable quality; it is being used in the boilers and smithy at Soldier's Creek with excellent results. At tho Soldier's Creek outcrop it is , somo\vhat soft and friable, but it is improving as tho drive gets further in. ■ "Taking all tho results into consideration, wo have every reason to expect that the expert opinions expressed in the prospectus and subsequent reports will bo fully realised. This company at its inception acquired from tho vendor company tho coal mining lease which it is now engaged in developing, and also any other similar rights which the. vendor company might bo entitled to. Shareholders will be pleased <6 learn that!under tho latter provision an additional area of 197 acres will be'available, situated conveniently for working with our existing lease. Tho Government, has indicated terms upon , which it will be prepaied to work the traffio on tho company's railway, and tho subject is now under consideration of the directors.■With regard-to finances, we have intimated in,our report that the shares, offered havo not , been fully subscribed. 'At the present timo at which l am addressing you tnere remains of the two issues 22,857.shares unsubscribed, representing £22,857. Tliis' amount will be required, and failing further sufficient appli- • cations, your directors will at an early date advise shareholders what steps they propose to take to obtain the necessary' amount." . ' Mr. J. R. Blair said he had visited the. property, and, comparing it with similar properties, lio was satisfied that the company 71'ould provo a prosperous one.' It was very rough country indeed, but it. was a fins ample property; 'which ho was snro would return a good profit to the shareholders. The report and balance-sheet were adopted. .On tho motion of Mr. H. S. Wardell, Mesrs. J. R. Blair and the Hon.-. Clias. J. Johnston wero re-elected' directors .' ; Mr. Buchok moved, and it was'adopted, that Messrs. Wat-kins, Hull, and Wheeler bo rc-apnointed auditors at a remuneration of £15 15s. . •