WALTON PARK COAL MINE.

Evening Star, Issue 6480, 22 December 1883, Page 4

WALTON PARK COAL MINE.

About a dozen shareholders attended the annual meeting held at Watson's Hotel yesterday afternoon ; Mr H. Houghton in the chair. The directors submitted tho following report for tho financial year ended October 31:—" The total out-put of coal was 10,716 tons, as against 16,571 tons the previous year.' The increase would have been greator but that the operations of the Company were at a btandstill for about three weeks through a strike of the colliers, whose demands were of such a nature that the directors, in the interests of the shareholders, could not see their way to concede them in full. Notwithstanding the above strike, which caused serious loss to the Company—first by tho nearly complete stoppage of all operations for tho above period, and then in the difficulty of recovering from the dislocation which the Company's business had sustained—the profit and loss account of this year shows a nett gain of Lll9 6s lid on tho workings over that of last year. The pit and machinery are in thorough order, and the quality of the coal is fully maintained. Tho directors hare taken the opportunity within the last few months of making various reductions in expenses, which they believe will hava full effect in the current year. The amount standing at credit of reserve fund has been written of! tho general plant and leases account. The directors recommend a dividend at the rate of 8 per cent., absorbing LBBI Is 7d, leaving L 64 0s 3d to be carried forward." The Chairman mentioned that negotiations were pending at the present time for the purchase of the mino, and if carriud out to a successful termination tho amount they were now paying for royalty (LB2O a-ycar) would in u, few years pay for the sinking fund and interest. Shareholders would be called together to express an opinion before negotiations were finally completed. He moved the adoption of the report. Mr E. E. C. Quick seconded the motion, which was carried. It was decided that the dividend should be mad* payable on the 4th January. Messrs E. B. Cargill and W. Watson were re-elected aa directors, and Mr E. E. C. Quick was elected to fill the place of Mr T. W. Kcmpthorno. Mr W. Brown was re-elected as auditor.