BAY OF ISLANDS COAL CO.

New Zealand Herald, Volume XXVI, Issue 9436, 6 August 1889, Page 6

BAY OF ISLANDS COAL CO.

HALF-YEARLY MEETING.

The shareholders of the Bay of Islands Coal Company held their half-yearly meeting yesterday at the offices, Queen-street. Dr. J. L. Campbell, Chairman of the Board of Directors, presided. The following report of the directors was Submitted ■

The directors have to report that the sales of coal for tho past half-year have been 12,854 tons, being a decrease of 1800 tons as compared with those of the previous six months. This result is due to a. temporary falling otf in demand, and to the increased quantity of coal used at the pumping establishment, on account of- the large influx of water dealt with. During the past six mouths the drainage water has been exceptionally troublesome, and has caused much anxiety, and the general manager, being unwilling to atlvLse any large expenditure on additional pumping plant, lias most energetically endeavoured to make the existing appliance* do the necessary work, by running them fit their highest s.jJe speed. The directors have to report that in March last it was found impracticable to continue the ex tension of No. 3 level on account of the cost of working the stHUU of coal at that point, it having thinned out considerably and being also very faulty. They therefore decided to stop any further driving, anil since this determination was arrived at, the entire output of the colliery has been derived from pillar working!*. With reference to the late calamity which has befallen a New South Wales colliery, your directors are glad to be in a position to report that the general manager having recently made a thorough and exhaustive examination of the colliery workings has found, as far as could be seen, everything perfectly safe and secure from any danger of accident. All the working places are extra, well timbered, and every precaution is taken for tho continued safety of life ami property, During tho general manager'., mining experience of twtinty-tlve years, not one fatal accident has occurred to any of the men under him ; such a record as thi.-s redounds

greatly to Mr. Moody's credit, and not only speaks for itself in the past but also augurs well for tbo future. The usual statement nf accounts is appended hereto, from which it will be seen that, owing to the adverse circumstance mentioned at the beginning of this report, the directors are unable to recommend am- dividend, and propose t<) carry forward the balance at credit of profit and loss account, £1161 lis Id, to the current half-year's working. Kor the directors, .1. LOG AN Ca.MPHELL, Chairman. Auckland, 25th July, land. The following in the statement of accounts for the half-year ended 30th June : — Balance-sheet: Dr. Liabilities : Capital—2ooo shares, paid-up, £20,000 ; (xk> new shares, Ist issue, paid-up, £<Ki6o ; 334 new shares, 2nd issue, paid-up, £33-10 Debts and liabilities—Money order-* issued, but not presented for payment, £1036 Us 2d ; amount credited to Government for royalty, £7505 0s gd; debts due by the Company, £470 4.s 3d ; bills payable, £311 ltjs 7d. Profit and Loss— Balance, £1101 12s Id. Total, £40,485 7s od. Cr. Assets: Property held by the Company—Lease of coal mine, £4365; land, £2OSO 6s 7d ; buildings, £MStJ 17s Cd ; plant, .£17,160 12a Cd ; permanent works, £10,324 2a 11 il ; Civil) in Bank of New Zealand, £4K> 19s Cd ; cash in hand, £21 0s 7d ; debts due to the Company, £1753 4a lid ; office furniture, £149 3s 8d ; goods and! timber at colliery, £350 11s 7d ; coal on hand at colliery and Opua, JCOJ •is. Total, £40, 7s Ski.

PROFIT AND LOSS ACCOUNT. DR.—Winning coal, pumping expenses, stores, and labour at colliery, £5802 Ss yd ; carriage of coal by railway, £1-274 Us 10d ; forage, £IS-J 19s Sd : freight on goods to colliery, £52 4s 10d; general and expenses, i14.il 11s 4<l ; interest and discount, £IS7 3s 10<l ; royalty fees, Cil4 2» 3d ; salaries, WOO; balance, £1101 12s Id : total, £9090153. Cr.—liaJance. protit and loss account, 31st December, ISBS, £1032 6s Cd ; sales of 12,541 tons coal, £8357 Is 2(1 ; rent of cottages and lajul, £6S Is ; profit on stores and timber sold, and work done at collier)', £243 19s 4cl; bad debts recovered, 4s (5d ; transfer fees, is (id: total, £9oJii 15s. Balance, £1101 12s Id.

The Chairman moved the adoption of the report and balance-sheet. He said :— Gentlemen : lam well convinced that you will join with me in lamenting the absence of your accustomed chairmun, Mr. Firth, who has always addressed you at these meetings, and with whoso prosenco in this chair you have been so long familiar. That circumstances should have arisen causing him to resign hid position as one of your directors you will, with me, deplore, and if nothing else is left to us, and though but poor comfort to him, the least we can do in to express our heartfelt sympathy that in the declining years of his life he has been compelled to face the misfortunes which have fallen upon him. Bub these he has met with a spirited self-reliance which stands out an example to us all, 1 I have little to add to the report now in your hands, which brings the history of the mine up to the close of June. Since that date, however, the heavy rains which have fullen have flooded the mine to an extent taxing the pumping power to its utmo.st. Ife Ls expected that with improving weather of the season the mine may be again soon free and operations in winning coal re-com-menced. The non-payment of any dividend for the past half-year will not take shareholders much by surprise, being too much the normal state of things as regards the company. The working of the mine has been one long protracted struggle against ever-recurring faults in the seams which have a heart-breaking persistency in pining away to nothing, and when the seam is again found with any flattering thickness it is juafc the same old story, they become smaller by degrees and disgustingly less, finally disappearing. From the report you will note that from this cause the output from the mine has, since March, been dorived from working out the pillars, and for the full details with regard to this operation I beg to refer you to the long and able report of the General Manager, which is placed at your disposal for inspection. His characteristic sketch showing forth the faults met with would bo amusing but for the gravity of the result to shareholders' pockets. In conclusion I can only say that your directors, backed by your authority and approval, will continue to struggle on and make the most of the untoward conditions of the mine, hoping that before the pillar workings come to an end, which will still yield present outputs for a year and a half or so, some unlooked for and more happy development of the mine may have eventuated. I would be greatly wanting in my duty did I nob here bear testimony to the indomitable perseverance with which your general manager, Mr. Moody, has stuck to his work, overcoming what appeared to be almost insurmountable difficulties, and he has been backed up by the officers and men in the most loyal manner, deserving of every praise—to quote Mr. Moody's words, " The men are always ready for any emergency at all times, day and night, and I have always had every reason to be proud of them." With these few remarks, I beg to propose the adoption of the report and balance-sheet. Mr. Wilwamson seconded the motion, which was agreed to. A vote of thanks was given to the chairman.