TAUPIRI EXTENDED COAL MINING COMPANY (LIMITED.)

New Zealand Herald, Volume XXI, Issue 6931, 4 February 1884, Page 1 (Supplement)

TAUPIRI EXTENDED COAL MINING COMPANY (LIMITED.)

The half-yearly meeting of the shareholders in this company was held on Jan. 25 in the office of Mr. Franz Seherff, Fort-street. Mr. John Roberton in the chair. The Secretary (Mr. Seherff) read the following report of the directors :— When the Taupiri Coal Mining Company (Limited) last year proposed to extend its operations by acquiring additional land for mining purposes, it was found that it 3 Memorandum of Association did not provide the power for doing so. It therefore became necessary to wind up the company, and a new company was formed called " The Taupiri Extended Coal Alining Company (Limited)," whose Memorandum and Articles of Association confer the necessaty power! of acquiring additional mining ground by lease or otherwise. The new company agreed to take over the old coinpany.'s assets and liabilities, giving to each of the old shareholders the same numoer of shares in the new company which they held in the old one; practically, therefore, the present company represents the old company—having the same number of shares, and capital, with extended powers. The new company has now secured the lease of the 32 acres adjoining tho ground hitherto worked, which contains a largo quantity of coal. Tho balance-sheet and profit and loss account for the half-year ending December 31 show that, after writing off £163 19s Sd for the depreciation of plant and £700 for the acquisition of the 32 acres referred to above, a net profit or 17s 9d remains, which tho directors recommend to appropriate as follows: — £/500 to payment of dividend of one shilling per share, £300 to bonu- of sixpence per share, and the balance of £1162 17s 9d to be carried forward to new account. The mine and plant are in thoroughly good working order, and the output for tho half-year amounted to 18,000 tons, being an increase of 4000 tons on the corresponding half-year of 18S2. It will be the duty of the sh ireholders to elect two directors in place of Messrs. R. C. Barstow and F. Brodie, who retire, but are eligible for re-election. An auditor will also have to bo elected. The dividend and bonns will bo payable on the 26th January. Balance Sheet, December 31, ISS3. To capital—l2,ooo shares £1, £12,t00 ; creditors of I the Taupiri Coal Mining Company, Limited, £197 ; ' reserve fund, £1000; profit and loss, profit, £6690 ! ISs 7d : tot *1, £18 SS7 19s 7d. By coal mine lease, £-000 ; reserve fund, invested in loans secun-d by mortgage*, £1000 ; mining plant, engines. t«amway. wharf and buildings, £1475 lis; sundry debtors. £3942 5s lOd ; cash in Bank of New Zealand, £2269 2s, cash in hand, £1 0s 9a: uncalled capital on 12,000 shares, at 7s, £1200 ; total, £18,857 19s 7d. Mr. John Roberton, in moving the adoption of the report, congratulated the shareholders upon the satisfactory character of the accounts submitted. The company was an old company taken over. The accounts showed a larger extent of business done, with profits corresponding. All the liabilities had been paid, with the exception of a very small sum (£197) remaining. There had been a substantial profit for the halfyear of over £2000. The company was able to carry even more than this to a reserve fund. It was thought prudent to do this— not that there was any expected contingency. It was done for stricly prudential considerations. The report wan short, but explicit.— Mr. R. C. Barstow seconded the motion for the adoption of the report, which was carried ÜB-nimously. Election op Directors.—Messrs. Barstow, Winstone, Brodie, and Rich were nominated directors. Messrs. Barstow and Winßtone were elected. Aoditob.—Mr. J. Waymouth was elected auditor. Half-yearly Meeting.—lt was resolved that in the future half-yearly meetings should be held in January and July.