RALPHS TAUPIRI COAL COMPANY.

New Zealand Herald, Volume XXXV, Issue 10834, 18 August 1898, Page 3

RALPHS TAUPIRI COAL COMPANY.

'' ' , » ' ;: - FIRST ANNUAL MEETING. The first annual meeting of shareholders of the above company was held yesterday at the Chamber of Mines. Mr. E. W. Alison (chairman of directors) presided, and there was a good attendance of shareholders. After the confirmation of the official minutes, the secretary (Mr. M. A. Philips) read the annual report, which was as follows:—

ANNUAL RETORT. In presenting the first annual report and balance-sheet for the period ending June JO, 1898, the directors have pleasure in -tating that on the eve of commencing mining operations they have to congratulate shareholders on the excellent prospects of the company. The first two months has been a time of special care and exertion on the part of all concerned in the direction and management of the company's affairs, as the pumping out of the mine, and other important works in connection with its development, were undertaken, and we are glad to tell you that the whole of the preparatory works have been carried through without hitch or misfortune of any kind, and that the opening of tho mine ha* been attended with complete success. The great \alue of the company's mining property is now clearly demonstrated, and the representations made by the promoters of the company as to the enormous thickness of the coal seam and the excellence of its quality" are proved to be fully borne out. Work at tho mine has been pushed on so energetically that, although the company only obtained possession of the property on May 4 last, W9 are now in a position to supply house and steam coal in any quantities. You will be pleased to know that a large sale of ccal has already been secured, for not only have arrangements been made for a considerable trade with coal merchants and dealers, but contracts for large supplies have also been entered into. As we havo an unlimited nipply of coal of such excellent quality, and a largo output already assured, the company should prove a most successful one. You will observe by tlio balance-sheet before you that the whole of the expenses of the company (excluding expenditure on plant, etc.) up to June 30 amounted to £1466 8s 7d. Tin* covers outlay incidental to the formation of the company, such as brokerage, registration, etc., as well as the cost of pumping oat tho ir.ino and preparing for coal output. The proportion of this expenditure, £673 Js sd, representing actual cost of formation, has been placed to a preliminary expenses ac count, and the balance, amounting to £793 3s 2d, stands as an opening charge to our profit and loss account for the current year. Two directors- E. W. Alison and v £•' Nathan—retire by rotation, and, being eligible, offer themselves for re-election. The auditor (Mr. W. R. Holmes) retires, and, being eligible, offers himself for re-election. BALANCE-SHEET. Tho balance-sheet for the period /'ndod June 30 was then read, as under:— Liabilities: Capital— shares at 5b each, £20,000; less reserved 15,000 shares, £3750 unallotted 4506 shares, £112610s; unpaid calls £443 17s 6d: £532 7s 6d; capital paid up, £14,679 12s 6d. Assets: Leasehold property, £5000; buildings and improvements, £224 17b 9d; plant, £1923 19s lOd; railway siding and subway, £201; office furniture, £11; cash on deposit, £4100 2s 6d; cash in Bank rf New Zealand, £1746 7s 3d; cash in hand, £5 16s 7d; preliminary expenses, £673 5s 5(1; profit and loss account, balance, £793 3s 2d: total, £14,679 12s 6d.

Profit and loss account for period ending Juno 30, 1898: Dr.-Maiiagemcnt, £304 10a; travelling expenses, £18 3s Id; mining expenses, £41 9s 9d; legal expenses, £3 4s 3d; wages an d salaries, £226 3s 9d; charges— telegrams, and exchange, £23 13s 8d; printing''and advertising, £80 14s 9d; stationery, £23 5s 2d; rents, rates, and taxes, £151 10s; sundries, £9 16s 8(1: total, £882 lis Id. Cr.-Transfer fees, 9s; interest, £88 18s lid; balance, £793 3s 2d: total, £882 lis Id.

CUAIUiMAX's REMARKS. In moving the adoption of the report and balance-sheet, Mr. Alison said: I feel it my duty to place before shareholders some information respecting the company's operations, business, and prospects, which 1 was unable to refer to with confidence when we ponses, £3 4s 3d; wages and salaries, veinber. Well, in terms of the prospectus, the company entered upon possession of their property in May last, and immediately commenced vigorous work under the management of Mr. Thos. Snow, who has proved to be the right man in the right place. He set to work with right goodwill, and, thanks to his energy, within two months of obtaining possession, we commenced our output of coal. You will recognise how energetically works were pushed on when you consider that at the time I am referring to the mine was full of water, having been closed for over live years. To pump out such an enormous body of water was in itself a big undertaking, and you will be pleased to know that, with the exception • of the natural drainage of the same, the mine is now perfectly dry, and that in addition to this, the shaft and old workings were found to be in splendid condition. It is unnecessary I should detain you by detailing the various works which have been carried out, as very able and reliable reports of the mine and its appliances have recently appeared in our leading journals; but you can rely on this, that the whole of the expenditure to date has been well and economically spent, and that the opening up and developments of the mine have been systematically done, and are of a most encouraging character. Last week, along with other directors, the secretary, and representatives of the press, I inspected the property. We were all highly pleased with the mine, its developments, appliances, position, and future prospects. And well we might, for the coal seam is an enormous one, 69ft in thickness, and the coal is of oven and splendid quality. The situation of the mine is remarkably convenient, being within 80yds of both the railway line and the Waikato River, so that the cost of delivery from the shaft to either the railway or steamboat is reduced to minimum of expense. There are apparently no engineering difficulties to overcome in working the mine, and further opening up and development will be easily accomplished. The mine is now being worked fidl swing, and I am glad to be able to tell you that the sales of coal have exceeded our most sanguine anticipations. Last month the output from Huntly was a record one, of which our mine supplied close on one-third of the whole. This month our output will be increased, and as the coal is giving great satisfaction, being of such superior and even quality, it will assuredly advance in public favour. The extension of the railway to the Thames, which is near completion, will open up a fresh and important market for both household and steam coal. We scut a pioneer truck to Kopu last week, to the order of Mr. Williams. Since June 30 the whole of the unallotted shares have been disposed of, and applications made for more. The directors, however, consider it inadvisable to sell the reserve shares, as there is apparently no need for further capital, and the shares are certain to appreciate as the company progresses. Before concluding, I feel it my duty to tell you that the prospects of the company are bright, that the administration of the business has been sound, effectively and economically carried out, and that the thanks of the shareholders are due to the general manager, Mr. W. J. Ralph; to Mr. M. A. Philips, secretary; and to the manager, Mr. Snow, for the capable, assiduous, and whole-hearted manner they have attended, and are attending, to their several duties. In conclusion, I trust we shall be enabled to meet you next annual meeting with a good report, a favourable balance-sheet, and a satisfactory dividend. (Applause.) , Mr. T. B. Clay seconded the motion for the adoption of the report and balance-sheet, which was earned nem dis. GEKERAL. On the motion of Mr. W. J. Ralph Messrs. E. W. Alison and N. A. Nathan were reappointed directors. Mr. Alison returned thanks on behalf of himself and Mr. Nathan, and said they had no fear as to the future of the property, which was a most valuable one. He could assure those present that the directors would do their best to further the interests of the company. On the motion of Mr. Nathan, seconded by Mr. Hellaby, the auditor, Mr. W. R. Holmes, was reappointed. ■ , Mr. Ralph (managing director) gave some details as to the future prospects of the property, and mentioned that the output of coal from the Waikato' district was increasing, i last year's output being '66,100. tons. So far as Ralph's Taupiri Company was concerned, they looked for a considerable increase in their output (which at the present time had rapidly increased until it averaged over 100 tons per day) when the railway line was completed to Thames, which would be about Christmas,'' and the capacity of the mine could be increased to 200 tons per day <

by a rearrangement of plans at the mine. All doubts as to.the quantity and quality of the coal had been set-at rest, and those who had visited the property were satisfied that there was an unlimited supply of first-class coal. He' was convinced that it would be to the benefit of shareholders if they retained their shares, for he was satisfied that they would receive dividends.