PAPAROA COAL CO.

Dominion, Volume 6, Issue 1786, 26 June 1913, Page 8

PAPAROA COAL CO.

ANNUAL MEETING. The seventh annual meeting of tho Panama Coal Company was held in tho Chamber of Commerce yesterday at noon. Jlr. J. U. Blair, acting-chairman, presided. Other than the directors, thero were about a dozen shareholders preeent. in moving the adoption of the annual report (already published}, Mr. Blair said that he had very little to add to what appeared in tho report as to what had occurred during the time under review. They had been endeavouring to incrca'ee the output to that, stage that would mean "stiuiiring the yards," and had very nearly readied tho payable point, oil one occasion, when they were unfortunate enough to ran into a bad zone. They bad underground manager up to Wellington to report, and be had stated that they were now getting into a good zone of coal, which could be worked without Incurring any expense beyond tho usual. They needed an output of 1500 tons (weekly) before tho company would reach the paying point, or rather before they would bo covering their expenses. Tho company had an area, of 900 acres, end the fact that the Government was opening up a mine on tlui same field proved that there was no doubt whatever as far as the coal was eoncoriicd. It had been a long dreary basin&ss lie had to admit. It bad broken down the health of Mr. J. P. Maxwell (the chairman), who had gone on a trip to England, and if it goes on much longer it would break them all down. No annua.l statement comld be regarded aa satisfactory without a dividend-all he could say was that they were within a lncasuroable distance of paying their way. The board regretted exceedingly the retirement from the directorate of Mr. Studholmc, whom he was sure would liave been ro-clccted had ho stood. The chairman had been of the opinion in oonseriuence of tho reopening of the mine that 'a second hulk would be needed, and was bought. Some of the directors, however, were not auite satisfied, and it had oold it again. lint if they wanted another hulk at any time an opportunity would be altorded to get it. The essential point was, in his opinion, to absolutely prove the 1 valuo of their coal-field before they purchased hulks and Guch-like. That could always be done later. The hulk they had still wae absolutely essential, and lie was elad they had sold the second hulk, as the money was needed for development work. They had been able to part with it without any loss to the company. He moved the adoption of tho resort. Mr. H. 1". Nees seconded tho motion, which was carried without, comment. JIOSSTS. J. It. Blair and H. F. Nees were rn-elected directors, and Messrs. Watkins, Hull, and Wheeler were rc-eloeted auditors.