TAUPIRI EXTENDED COALMINING CO.

New Zealand Herald, Volume XXV, Issue 9118, 28 July 1888, Page 5

TAUPIRI EXTENDED COALMINING CO.

The half-yearly general meeting of. the shareholders of this company was held yesterday afternoon at the office of the secretary, Mr. F. Scherff, Fort-street. There was a good attendance, and Mr. R. Walker was voted to the chair. The secretary read the directors' report and statement of accounts for the six months ending June 30, as follows— Your directors submit the balance-sheet for the half-year ending June 30, ISSS. The profit and loss account shows a net profit for the half-year of £1477 18s6<l. The balance brought forward from last half-year is £114 Is 2d, making a total of £1501 19s Sd, which your directors recommend to appropriate as follows£6oo to payment of a dividend of Is, and £900 to a bonns of Is 6d per share, tho balance of £91 19s S(1 to be carried forward to new account. 'S our directors have much pleasure in informing the shareholders that the block of freehold land purchased lost year has proved a valuable acquisition to the company's property. One hundred acres of this block have been thoroughly prospected by borings, and the result is, that a new foam of coal has been discovered thereon, extending over 70 acres. Tho seam varies in thickness from 2* to 48 feet, and is at a depth of from 100 to 174 feet. The sinking of the first shaft has been commenced, and the directors hope to have the new mine opened up before the end of the next twelve j months. The dividend and bonus will bo payable on the 28th July.

PROFIT ANn LOSS. From January 1 to June 30, 18S8. Dn.—Mining expenses, £3537 Is 3d ; mine manager s salary, £.300; rent and roynltv, £Sl4 10s 6d Charges : Property tax, rates, printing, stationery, ana office rent, £IS3 lis ; directors' honorarium, £52 10s ; office salaries, £1S0; bad debts, £85 Ss • increase of delcredere, £45 Ss6d—£slß7 4s 3d ; balance, being net profit, £1477 ISs 6d : total, £6065 2s 9d. Cr.—Coal account, £6415 3s Tel; interest, £249 lis 2d : total, £6665 2* Od.

BALANCE-SHEET, JUNE 30, ISSS. Dr.—Capital, 12,000 shares at £1, £12,000; reserve fund, £6500 ; profits used account, £4550 ; sundry creditors, £170 2s 3d ; profit and loss account, £1591 19sSd ; total, £24,ti12 Is lid. , On.—Mortgages, £,">D2S ; other securities, £440: freehold property, £-,511 ISs 6d; new coal mine £045 4s; mining plant, engines, tramways and buildings, £5026 14 Od ; sundry debtors, £4193 12s 10il (less delcredere 5 per rent, £209 2s Cd), £3073 10s 4d ; cash—in Hank of New Zealand, £1881 10s7d; in hand, £4 17s M ; uncalled capital, 12,000 shares at 7s, £4200 ; total, £24,612 Is lid.

On the motion of the Chairman the balancesheet and report were adopted as read, and the meeting terminated. The dividends were handed over to the shareholders present.