TAUPIRI EXTENDED COAL MINING COMPANY.

New Zealand Herald, Volume XXVIII, Issue 8631, 29 July 1891, Page 6

TAUPIRI EXTENDED COAL MINING COMPANY.

The half-yearly general meeting of the Taupiri Extended Coal Mining Company was held yesterday afternoon at the company's offices, Fort - street, Mr. W. R. Walker, chairman of directors, presiding. There was a large attendance of shareholders.

The directors' report was read by the Secretary (Mr. Franz Scherff) as follows : —The directors bee to present the balancesheet for the half-year ending; June 30th, 1891. The profit and loss account for that period, after writing off 10 per cent, from the outstanding debts, viz., £333 18s 7d, and 5 per cent, for depreciation on the mining property of £17,048 13s lidviz., £872 8s Bd, shows a net profit of £746 14s lid. The balance brought forward from last half-year, less , dividend paid, is £639 Is Id, making a total of £1385 16s, which your directors recommend to appropriate as follows :—£9oo to payment of a dividend of 9d per share, the balance of £485 16s to be carried forward to new account. The consumption of our coal is increasing steadily, the output for the last quarter being considerably larger than for the corresponding periods of the previous years. The dividend will be payable on the 29th July. The profit and loss account showed: Mining expenses, £3609 19s 8d ; charges— property tax, rent, etc., £502 9s 7<J ; insurance, £2 lis 3d ; bad debts, £32 8s sd; written off debtors, £64 16s lid ; written off depreciation at 5 per cent., £852 8s 8d ; balance profit for the half-year, £716 14s lid; total, £5811 9s sd. Receipts: By coal, £5636 19s 2d ; interest, £49 9a 2d ; rents, £125 Is ; total, £5811 9s sd,

The mine managers report was very favourable. There, were in all 61 persons employed, 48 of whom were under ground, and the workings and machinery were in first-class order, the pump being only required to work five hours out of the twenty-four. The Chairman read a statement explanatory of the items of the balance-sheet, and dealt with the cost of the new shaft which was the chief item of expenditure. Several items of the balance-sheet were discussed for the purposo of eliciting information, and on the motion of the chairman, seconded by Mr. Newland, the report and balance-sheet were unanimously adopted. A vote of thanks to the chairman terminated the proceedings.