KAMO COAL COMPANY.

New Zealand Herald, Volume XXI, Issue 7003, 28 April 1884, Page 1 (Supplement)

KAMO COAL COMPANY.

The annual meeting of the Kamo Coal Company was held on the 2nd April,—Mr. T. Morrin (Chairman of Directors) presiding. The following ia the report of the directors on the past year's operations :— Your director), ia presenting their annual report and balanoe-ilfeot, arc pleased that, notwithstanding the heavy - expenditure incurred in opening up the mine, erection of machinery, purchase of freehold property and steamers, the future of the undertaking is so very s&ti&factory. In the development of the mine your directors have been guided by your manager, in whom the Board has great confidence. Reference to his report for hia opinion of our luture prospects will be more satisfactory than anything wo as non-exports may present as our belief. From the manager's report it will be seen that, within three months, the necessary railway and underground works will be completed, which, in his opiuton, will permanently place the colliory in the list of dividend i paying mines. Your directors, after a careful investigation of the affairs of the company, believe there is no reason to differ from the manager in his predictions with reference to the payment of dividends. Your directors have purchased from J. Mitchelsori and Co. their general store at Kamo on the most advantageous terms, and believe It will prove to be a profitable concern. The freeholds recently acquired being to the depth of the present workings, and being i (so far as can be ascertained) in perfectly undisturbed country ."should be of great value. There is also on this land a large deposit of merchantable marble of excellent quality. The coal now being worked is within a few feet of these properties (see plan), and retains its original thickness of nine feet.- The quality! also, is as good as could be desired, the engineer of our steamer Wai aid, together with other engineers, reporting most favourably upon it. So soon as the railway is completed from the main line to the shaft, say in about two months, and connection is made between the shaft workings and the old mine, estimated' to take about three months, we shall be able to win our coal at such low rates as to ensure upon even a small output substantial returns. The Board regrets their inability to purchase a suitable hulk in the colonies, and were compelled to buy one at San Francisco. -• Pending her arrival the company is unable to supply a contract entered into with th? P&lonS.S. Company for the supply, in' Auckland, of 1000 tons of coal per month, to be Increased at tae option of- the U.S.S. Company to 2000 tons per month. To enable the company to

supply the abova coal, your director® have purchased the t&eamshlp Waitaki. and»t a price wbich they bolieve to be con»>iderably leas than her value. . Th* company has received aa order f<om tho New Zealand ohlpping Company for a quantity of coal to be supplied to their e.s. "British King, - expected to arrive in Auckland about the 29th April, and the representative of Messrs. Shaw Savill Company* at an interview with one of your directors, promised to coal the 'first of their line with us. Bo soon as the .bulk arrives yotir company will be in a position to supply with coal* In any quantity, direct ocean and other steamers trading to this port. Your directors have *lso ordered from England one of EJsrg'a patent coal tipping machines and curved balanced screen, which they feel confident will reduce the coat of winning by at least one shilling and twopence per ton, besides improving the quality and ensating all coal being: well screened.—TnostAa Morris, Chairman.—3lat March, 18S4. •' '