BAY OF ISLANDS COAL COMPANY.

New Zealand Herald, Volume XXVII, Issue 8326, 5 August 1890, Page 6

BAY OF ISLANDS COAL COMPANY.

HALF-YEARLY MEETING.

The shareholders of the Bay of Islands Coal Company held their half-yearly meeting yesterday at the oflices, Queen-street. Dr. J. L. Campbell, chairman of directors, presided. The following i 3 tho report of tho directors :— The directors have to report that the sales of coal for the past half year have boon 12,819 toils, being an increase of 1877 tons as compared with those of the previous six months. Your directors are pleased to he able to state that, notwithstanding the extremely wet weather which has been experienced, no damage has boon caused to the mine, tho extra precautions for its safety by improvements) to the pumping plant, ami by other means having secured tho mine against damage. The directors propose, before next.meeting„to re adjust the accounts of the company in conformity with the existing state of its affairs, and you will bo called together to take the whole question into consideration. Ihe statement of accounts appended hereto, shows that the profit and loss account credit balance stands at £79 18s, after writing off £1700 for depreciation, from plant account. The balance-sheet is as follows : — Liabilities : Capital.—2ooo shares, paid up, .£20,000; 600 new shares, Ist issue, paid up, £0000 ; 314 new shares, 2nd issue, paid up, £3340. Debts and Liabilities.—Money orders issued, but not presented for payment, £404 14s Id ; amount credited to Government for Royalty, £7000 lis; debts due by t lie Company, £333 Ss 3d; bills payable, £140 17s 3d. Profit and Loss. — Balance, £79 18s. Total, £38,919 8s 7d. Assets.— Property held by the company : Lease of coal mine, £4355 ; land. £2089 (is 7d ; buildings, £3787 7s lOd; plant, £17,002 2s lOd—less depreciation, £1700: £15,842 2s lOd ; permanent works, £10,324 2s lid; cash in Hank of New Zealand, £293 13s 4d; cash in hand—head office and colliery. £22 7s 2d ; debts due to the company, £1078 13s 9d ; office furniture, £149 3s 8d; goods and timber at colliery, £275 7s lid ; coal on hand, at colliery and Opua, £102 3s : total, £38,919 8s 7d.

The Chairman moved the adoption of the report and balance-shoot. Ho said : Gentlemen, —I have little to add to the report which has just been read. You are award, of course, that as far as new workings in the mine aro concerned these have ceased for some time, and tho coal now procured conies from the pillars which are being removed, and which may take about, twelve months, when the mine will have to be closed if no new development takes place. Shareholders are only too well aware from t lie non-payment of dividends that the mine lias really been kept working, not for their benefit, but on the principle that as long as it could bo worked without loss to the company, tho product was a gain to the colony, inasmuch as it saved sending money out of it for a commodity which we could produce ourselves, and in its production a certain population would bo maintained and retained in tho colony, adding to its resources. Tho company, however, has now had to face the Union question, and the employes havo dictated certain terms to the company as to the wages to be paid and tho hours of work. Your directors have met those demands on the principle of the adage, "a fair day's pay for a fair day's work," and granted certain concessions ; but it remains to be seen whether the negotiations now pending, arising in further demands having been made, will arrive at a satisfactory conclusion. There is one very evident duty which your directors see plainly devolves upon them, which is, that if the mine cannot pay its own way it must be closed. There is no uncalled capital to fall back upon, and if there were the directors would not be warranted in indulging in philanthropy at shareholders' expense in keeping a body of men at work when the product of their labour failed to pay their weekly wages bill and attendant exjienses, sinking all interest in the capital expended, and the future of the mine holding out no hope of recouping any loss if so made. If, therefore, the Kawakawa coal industry ceases to exist, your directors feel that the onus of it* loss will not rest on their shoulders. We must only hope that wise counsels may prevail at the Miners' Union meeting about to be held, and that its members, accepting the true position of the Company, may not take such action as will throw themselves out of employment. I beg to move the adoption of the report and statement of accounts.

Mr. W. S. Wilson seconded the motion, which was agreed to, and tho meeting closed.