NGUNGURU COAL COMPANY.

New Zealand Herald, Volume XXXIV, Issue 10404, 31 March 1897, Page 5

NGUNGURU COAL COMPANY.

The annual general meeting of shareholders in the Ngunguru Coal Company, Limited, was held yesterday afternoon at the office Of the compauy, Marine Chambers, Qnay-strec t West. There was a good attendance present, Mr. Tankard, chairman of directors, presiding.

The annual report of tho directors, which was adopted as read, spoke most favourably of the outgoing year's operations. The net profit for the past twelve months is £91118s sd, which, with the balance brought forward, £1680 153 Bd, leaves an amount of £2046 83 9d to bo dealt with, out of which it io proposed to pay to shareholders a dividend at the rate of eight per cent, per annum, which will absorb £577 5s Bd, and after writing off £469 3s Id there will be a sum of £1000 to carry forward to the credit of next year's profit and loss. 'J'he chairman has lately returned from inspecting tho mine, and reports most favourably of the new development;, and that the prospecting drives and main headings are opening out large areas of coal of '.-plendid quality. Messrs. E. W, Alison and E. Ford were elected ; .o the- directorate, and Mr. Gonlstone was re-appointed auditor to the company. The dividend will be payable at the company's office on and after Monday next. Votes of thanks to the Chairman and to t !, i manager and officers ot the company, c&eluded the business.