BAY OF ISLANDS COAL COMPANY.

New Zealand Herald, Volume XXV, Issue 9126, 7 August 1888, Page 6

BAY OF ISLANDS COAL COMPANY.

HALF-YEARLY MEETING. The shareholders of the Bay of Islands Coal Company met yesterday afternoon at the offices, Queen-street. Mr. J. C. Firth presided. The following is the directors' report: — The directors haTe to report that the sales of coil for the past half-year have been 16,310 tons, being a decrease of 18S6 tons as compared with those of the previous six months. In to© mouth of April last a heavv feeder of water wis tapped in No. 2 level, which, besides reducing the output, necessitated the erection of dams to keep back the large inflow of water thus met with. These urgent measures have proved very successful for the purpose, but have lor tuo present stopped any further extension of the workings in this part of the mine, and the output has therefore been somewhat curtailed. In No. 3 level the seam ha» been at tiroes as much as six feet in thickness, but faulty ground coming in. this thickness is reduced accordingly. In February last. Mr. A. Boardman resigned nis »eat at the' Board. The vacancy thus caused has not been filled up. The directors recommend that the vacancy be not filled up, and that the number of directors be reduced to five. Notwithstanding the diminished s*Ues, and the extra heavy expenditure on dams, property tax, and other it-ems, the statement of accounts ap|>ended shows that the profit and loss account credit balance stands at £2196 6s fid falter allowing for last dividend, £d 00), out of which it is proposed to pay a dividend for the half-year at the rate of ti per cent, per annum, which will absorb £900, and leave £1203 6s tfd to the credit of the current half-year's work.—For the directors, J. C. Kihth, Chairman. Auckland, July 25, lS&i. The balance-sheet is as follows :— Liabilities. — Capital — 2000 shares, paid up, £20,000: 006 new shares, first issue, paid up, £t>tkio; 334 new shares, second issue, paid up, £3540 ; debts and liabilities—money orders issued, but not presented for payment, £10-23 8s 7d ; amount credited to the Government for royalty, £7271 IDs 4d; debts due by the company, £442 lie 6d ; profit and loss—balance, £2190 6s ed; total, £40,034 0s lid. Assets.—Property held by the company—lease of coal mine, £4506 ; land, £2089 6s 7d ; buildingsmanager's house, engine houses, cottages, etc., £3572 Ss 6d ; plant—horses, pumping, winding, and other engines, diamond drill, machinery, tools, etc , £17,61 Xl"7s lOd; permanent works, £10,324 2s lid ; cash in Bank of New Zealand, £232 Is 5d ; cash in hand, head office and colliery, £27 15s 3d ; debts due to the company, £2021 14s 6d ; office furniture. £149 Ss Sd ; goods and timber at colliery, £313 Ids 7d ; coal on hand at colliery and Opua,£9B 3s Sd ; total, £40,934 0s lid.

The Chairman moved the adoption of the report and balance-sheet. He had not very much to say ; there was nothing very sensational about the report. He had only to say that during the past half-year they had exercised the greatest possible economy in working the mine. The turn-out of coal had not been so large as during the previous half year ; nevertheless they had been able, by practising economy in every direction, to recommend the payment of the usual dividend of 6 per cent, per annum. They hail been greatly troubled during the past half-year by a large influx of water —in fact, the Bay of Islands mine was celebrated for three things : the first, a good thing, was the good quality of coal; the second, a bad thing, the rolls of faults of which he had so often discoursed, and there was also the immense quantity of water. The water in the mine had been increased by the tapping of a very considerable stream in one of tha drives, and a strong dam had had to be erected in order _ to move back the water and drive it within the channel it ran in before they tapped it. This, however, was only partially successful, and they had to erect another dam ; and this, he "was glad to say, stopped the water and drove it back to the ancient channel. This expenditure had not been added to the value of the mine, but had been taken out of the half-year's earnings. The mine was looking just as it hod looked for some time past. They were hoping to get into less disturbed country, and if this hope was realised, they would have a very good property ; if this hope was not realised, they would still have a property very difficult to deal with.

Mr. Ralph Keesing asked whether the wages, salaries, and other expenses were in accordance with the times ? The Chairman said they had reduced wages as far as possible, and they had reduced salaries, and they did not at present see their way to do any more in that direction. They had been very fairly met by the workmen, and by the officers of the Company, who had consented with what he considered very good grace to the unpleasant operation ola reduction of salaries, The shareholders might depend that whenever economy could be eflected, it would be effected. Although for a long time this mine had been a workman's mine, and not a proprietor's mine, inasmuch as the workman had received the greater share of the profits, this was the second half-yearly continuous dividend they had been enabled to pay. The workmen ha/1 submitted to a certain amount of reduction, and the directors hoped to see the advantages of the coal a little more fairly divided than it had been in the past. The greatest care was required in working the material, and in the selection of the coal, and if they were to get inexj>erienced men the reputation of the coal would very much suffer. Mr. Keesing presumed that every possible care was taken in the working of the mine, so as to be prepared for any accident ? The Chairman said that every care was taken, and Mr. Moody had received a high complimentary notice from the Inspector of Mines for the excellent manner in which he provided for ventilation, thereby securing the safety of the workmen. (Hear, hear.) No accidents had occurred for a long time past — a result very creditable to Mr. Moody. He was pleased to think that in every respect Mr. Moody was up to his work, and exercised due care in regard to the safety of the mine and the safety of the men. Mr. W. S. Wilson seconded the motion for the adoption of the report and balancesheet, which was unanimously agreed to. The Chairman said that the directors had considered the resignation of Mr. Boardman, and did not see any necessity for electing another director in his stead. Five was a number quite sufficient to work this mine, and the directors therefore proposed to reduce the number to five, in accordance with the company's regulations. Mr. Keesing moved That the number of directors be reduced to five." The motion was seconded by Mr. Hartnoll, and adopted. The Chairman announced that the dividends would be payable on and after to-d»« (T Onihe ) motlon of J. L. W™». a vote of was accorded to the directors «,,»a officers of the company. The Chairman briefly replied, and the meeting closed.