BAY OF ISLANDS COAL COMPANY.

New Zealand Herald, Volume XVI, Issue 5372, 4 February 1879, Page 3

BAY OF ISLANDS COAL COMPANY.

j An employ engine into a passenger train on the Gippsland line on the 26th ulfc. No one was seriously but the panaengera were much shaken. Tenders have been accepted foh' the erection of the Melbourne Exhibition buildings at a little over £60,000. Cecilia Brett, widow, was crashed to death by a train at the Footscray railway station. There is great accumulation of wheat in the Western District awaiting transit. Governor Bowen, on behalf of the Government, sends a handsome address to the King of Tonga, acknowlediag his generous conduct in rescuing Victorian seamen wrecked on the island of Kao. .Railway freights for agricultural produce are to be re-arranged to benefit distant settlers. Arrangements are in progress to gain 12 hours in the transit of mails from Melbourne to Adelaide and vice versa. The barque Veritas, from Galle, went ashore on Point Nepean, but was got off and towed to Hobson's Bay. The indignation meeting against John NfcL.u. ren was held at the corner of King and Flinders-s£.' ee '' 9 - He hid in a public-house watching the proceedings from a window. He was, howevfifj seen and brought out, and after being denounoaa by the chairman, a rush was made for him, but the chairman shielded him from harm. Mrs. Charlotte Collins, a young widoW 10 easy oircumstauces at Carleton, snddenly left her friends on the 21st December. It seems she went to the establishment of Mrs. Evans, at Fitzroy, where she engaged a room at £2 per week, and said she was suffering from an abscess in her side. W. Croon, surgeon, arrived and attended her. Ou the second January she died. Kumours that violent means had been used to procure abortion bave caused the coroner to order an exhumation. Sydney, January 29. Proceedings in Parliament are dull. Sir Henry Parkes introduced the Chinese restriction Bill, which limits the number by any one vessel, and imposes a tax on all arriving by sea or across the border. The bill is very similar to the Queensland Act. Attention has been called to Mr. Watson, Colonial Treasurer, retaining the directorship of the City Bank, as the Premier had, when in Opposition, tabled a motion against such things. He now urges that the House negatived his motion, but it is generally considered that, as Premier, he should carry out the principles which he pressed bitterly as affecting a member of the previous Government. The Supply Bill contains an item of £50,000 for Exhibition buildings. The Pre- i mier stated, on the authority of the Colonial Architect, that it would be sufficient. Preliminary work on the building is being rapidly pushed on, and over 400 men are i engaged. ' The contractor for the Exhibition has tele- ] graphed to London for eight instruments to . supply electric light to enable work to bo 1 carried on at night. In the meantime, expe- j rimcnts are being made with the oxy- i hydrogen light. Applications for space con- ' tinue, and it is probable that the building, ' after all, will be too small. An association has been formed amongst 1 station-owners in Riverina, ostensibly for the \ suppression of stock thefts, and defence 1 against vexatious trespasses, &c., but it is i believed there is a secret understanding, ; placing the disbursement of funds in certain < hands for other purposes. The popular idea ■ of this is, as expressed by Mr. Barbour, the chairman of the electors' conference, that the revenue of £200,000, obtained by payment of £1 per annum for every 1000 sheep and entrance fee, is to be used for influencing elections, corrupting members of Parliament and officials, to the detriment of free selectors. A horse thief, named Bill Gardiner, has been captured by the polic, after an exciting chaso of upwards of 100 miles. The principal interest of the week has centred in the cricket match between the gentlemen of England and Eleven of New .South Wales. The English team was reinf.irc-d by the arrival of Mr. Penn. The Englishmen were regarded weak, but the same very open when it was known that SpofForth could not play, owing to an accident. Some dissatisfaction existed at Coates. a left handed man, being substituted to bowl in SpofForth's place, and at the omission of Gregory. Coates, however, gre.itly strengthened the bowling. The fir3t innings of each side was very even. C. Bannerman played a ball on to his pad and thence to wicket without scoring. In the second innings he got his hand split between the fourth and little finger in stopping magnificently at mid-wicket a desperately hardhit ball. Tindall, Garrett, and Allen were all more or less crippled, and Evans was suffering from severs cold. The colonial

The eleventh annual meeting of the shareholders was held yesterday, in the large room, Insurance Buildings,—J, C. Firfcb, Esq., in the chair. The Secretary read the minutes of the previous meeting, which were confirmed, at«?o the following report la predating the usual annual report to the shareholders, tiis directors have to report a steadilyincreasing demand fer Bay coal; the total quantity sold during the year 39,363 tons,-shewing an increase of 9103 tons on the sales for 1877. The directors are pleased to be able to report a steady improvement in the quality of the coal as the workings are being driven toward the new shaft, and they have reason to Anticipate the production. shortly, of hard, dense coal, suitable for household purposes and for shipment to any part of the world. The heavy pumping machinery for the new wo:ks will be ready for work in a few weeks, when sinking the shaft will be resumed, and pushed on with vigour. At the urgent request of the directors. Government have agreed to proceed at once with the railway to denp w.iter. On the completion of this line the expensive barge service will be discontinued, and facilities will be afforded for loadißg the largest steamers and sailing vessels with economy and dispatch. The new works have cost to this dat - £6100, and the directors have decided to increase the capital of the company by 2000 abates of £10 each* and propose to issne at onca one-third of these new shares to the shareholders, in the proportion of one new to three old shares, at £7 10i per share fully paid up. payments to be made in instalments. To give effect to thi» proposal, the necessary resolution will be submitted for your approval at the annual meeting of February 3, 1879. During the year, as stated in the last half-year's interim report, Mr. R. W. Moody has been appointed inspector and consulting en ineer, and Mr. T. F. Moody, general manager, residing at the mine. The mining reputation of toese gentlemen warrants the d rectors in believing that the worki will be conducted by them with | economy, skill, a:,d efficiency, which can hardly fail [ in rendering the enterprise profitable to the >harei holders, and very beneficial to the After 1 writing off a very large sum for depreciation, the directors have the pleasure to recommend tatter pay* 1 meut o! the usuil royalty to Government) that a dividend be declared at the rate of 5 per cent, for the half-year, mukiog, with the interim dividend at the like rate paid in July last, a dividend of 10 per cent, per annum. The dividend will oe payable at the company's ollice, Auckland, on and after February 4, Two of the directors, Messrs. Firth and Stone, retire from office, and, being eligible, offer themselves for re-election. Two auditors will alsp have to be appointed for the current year at the annual meeting. —For the directors, J. Logan Campbell, Chairman. —Auckland, January 27, 1879. The following is a summary of the balance-sheet annexed :— Assets and Li a btlitihs. —Capital, £*29,000; de'-ta and li abilities, £9210. Profit and Loss; Balance, £1415 6s 3d Assets—lease of coal mine, £1505; land purchased, £tS3 Ss 9d ; building*, £2051 17s 6d ; plaut, £12,934 2s 3 i, less depreciation at 19 per cent., less receui purchase, £11 185 10* 9d; permanent works, £9062 18s 9d, including promissory notes and cash on hand ; d bts due to company, otßce furniture, goods in store at minos, £30,0i5 16s lid. Profit and Los 3 Account —Dr.: To winning coal, and other expenses for labour at mines. £10,073 7s sd; rtilway carriage of coal to barges, £1182 3s 4d; barging coal to vessels at loading ground, £1972 15s 2i2—£14,128 5s lid. To forage for hor-es, £304 7s 7d; freight on goods to mines, £190 7s Id» general charges ami expenses, £1340 14s lOd ; interest and wiscount. £735 19s 5.1; repairs to machinery, <6c.. £518 lis fed ; royalty fee, £656 Is Id ; salaries, £538 10) lOd : dividends paid, declared Jauuary and July, 1878, £2000 ; depreciation to December 31, 1878, as per balance-sheet, £3394 Ss Id ; bad debt , £124 14i 2d ; balauce, £1415 6s 3a : total, £25,322 6s 8d Or.: By btl-mce of pr..llt aod loss old ac ouut, December 31, 1877, £1440 4s SJ; sales of 39,363 tons coal, from January 1 to December 31, 1873, £23,633 14s 9J ; rent ot cottages and land at mines, £119 5s 6d; profit on store* sold, aud ironwork done, &c., at mines, £59 4s 9U ; transfer fees and scrip. £1 10s Cd; diy.dend from M. .Niccoi's estate, £4S6s9d; deposit on contract forfeited, £20: total, £25,322 6s Bd. By balance, £1415 63 3d. The Chairman said, in moving the adoption o£ the report and balance-sheet, that the shareholders would be gratified to hear that the mine was steadily progressing, both aa to the quantity of mineral turned out and, what was still more important, as to quality. The directors were constantly rpfipivmi* testimonials from various auarterfl.

recognising the great suitability and value of the Bay of islands coal, especially for steam purposes. Aa they proceeded to a greater depth, it was found that the quality of the coal became much improved. The coal itsulf became more "dense," thus fitting it more thoroughly for transport and for domestic use. It would probably be remembered by the shareholders that one of the great difficulties which the company had to contend with at the commencement was the extremely friable character of the coaL It would not at tirst easily bear handling, so that each time it was handled it becamo smaller, tie was happy to congratulate the shareholders on the fact that, as the greater depth was attained, a greater "density"' was met with, so tiiat the coal now won would bear any amount of handling, and could consequently be delivered to the consumer in a more presentible shape than was formerly the case. The directors were of opinion that the Bay of Islands coal would, before long, be one of the principal requirements in the markets of the colony for household purposes. Tho shareholders would see by the report that it

had been uecesaary to put up mora extensive pumping machinery. We anticipate, after the requisite machinery is completed, there will be coal enough fur the next eight or ten years, without any further expense of the character. The cost of the3e operations up to the present had been a little over £601)0. The directors congratulated the shareholders upon the expressed intention of the Government to make the railway to deep water. Tinders will s-hortly be called for and the line surveyed, and the directors were assured that no time would be lost in continuing the undertaking. The shareholders were to be congratulated upon the appointment of Mr. T. I'. Mo.'dy as general manager, and Mr. K. W. Moody mine inspector and engineer. Both these gentlemen expressed their satisfaction with the appearance and prospects of the mine and the indications observable that the improvement in the quality of the coal is likely to be of a permanent character. The shareholders would observe that the directors had on the present, as on former occasions, written off a larga amount for depreciation, thinking it better to estimate the property of the company at a reasonably low value, that course representing a better security to the shareholders. It must be app -rant that were they not to allow an adequate sum upon this item of account, the position of the company would nut be so substantial and so Bound as it is. I'he shareholders may be congratulated upon the payment of a dividend this year. For a long time it was hardly necessary to inform them of a fact which came so thoroughly home to their experience—the mine had paid no dividend. There appears now to bo a fair prospect of its continuing to pay a dividend of ten per cent. The directors would only be too happy, should the affairs of the company admit of it, to appropriate a sum adequate to allow even a larger dividend. The consent of the : shareholders would be asked at the present meeting to increase the capital of the company. The original capital was £20,000. i At the time this amount was fixed nobody . waß able to Hay what would bs the sum re--1 quired to work such a coal mine with advantage. Th- directors had long since discovered that the original sum fell very far short indeed of the capital required to carry out the undertaking. The directors had no 1 hesitation therefore in recommending the increase of capital. It is proposed to create 2000 new shares, of £10 each, i but it is intended to issue one-third of these at £7 10s, fully paid-up. It was true j that reports of coal having been discovered j in various parts of the colony had been cir--3 culated. Such intelligence could only be received with pleasure, as marking the develop- \ nient of tho industries of the_colony. But t fc s ' i

there was no fear that the Bay of Islands coal would continue to maintain the pre ■ eminence which it had already attained aa a coal particularly suitable for steam purposes, both in this colony and throughout the adjacent colonies. He would conclude hia remarks by moving the adoption of the report and balance-sheet. Hia Worship tiie Mayor seconded the motion, which was carried unanimou Iy. ELECTION OF DIRECTORS. On the motion of Mr. 6. P. Pierce, seconded by Mr. W. Atkin, Messrs. J. 0. Firth and O. J. Stone, retiring by rotation, I but being eligible, were re-eleeted directors nem. con. AUDITORS. On the motion of the Mayor, seaonded by Mr. G. B. Owen, Messrs. J. Batgcr and T. L. Whito werere-eUcfcud auditors. NEW CAPITAL. The Chairman moved, " That the capital of the company be increased by the creation of '2000 shares of £10 each, GGG to bo offered to the shareholders in proportion of one new to three old shares." It wis proposed to extend the calls up to about the end of September. Application might be made about the Ist; of March—lo3 to be paid on application, £1 on allotment, and £1 on the 30th of each month after that tirao, making the payment £7 10s on each share. Mr. G. B. Owen seconded the motion, which was carried unanimously. The Mayor moved, "That the meeting of the shareholders of the company be halfyearly instead of yearly. Mr. J. Buchanan seconded the motion, which was carried unanimously. Mr. J. Buchanan moved, "That a Bum of £200 be allocated as payment to the directors, to bo apportioned according to the rota of attendance." Mr. W. Atkin seconded the motion. The Hon. J. Williamson : I would propose that no honorarium be paid to the directors unless the dividend amounted to ton per cent.

Mr. Buchanan : I am quite willing to accept the amendment.

The Chairman : I don't think the directors care much about it, but if the shareholders wish it, I see no objection in patting' it to the meeting with the condition suggested by Mr. Williamson. Motion carried a 9 amended nem. con. A. vote of thanks was passed to the chairman, and the proceedings terminated.