TAUPIRI COAL MINES, LTD.

New Zealand Herald, Volume XLII, Issue 12853, 29 April 1905, Page 7

TAUPIRI COAL MINES, LTD.

ANNUAL MEETING.

A Is DIVIDEND DECLARED,

Tks annual general meeting of shareholders in tho Taupiri Coal Mines, Limited, was held at the company's .office, Fort-street, yesterday afternoon, Mr. E. W. Alison, M.li.R. (chairman of directors), presiding. There was a good attendance.

Tho directors' report st'a ted that for tho twelve .months ended March 31, the profit and loss account (after writing off 2£ per cent, on coal mines, machinery, and plant, which stood 1 at £38,426 14s lid, viz., £2210 14s lid) showed a net profit of £8538 ISs lOd. Tho balance brought forward from last year was £1759 9s 2d,' making a total of £10,384 9s. An interim dividend of Is per share, amounting to £4125, having been paid in October last, a balance of £b223 9s remained available, which the directors recommended to appropriate as follows: — £4125 to payment of a dividend of Is per share, the balance of £2093 9s to bo carried forward to new account. Messrs. E. W. Alison and Geo. Winstone retired from the directorate by rotation, but were eligible and offered themselves for re-election. Mr. R. E. Isaacs retired from (lie auditorship and offered himself for re-election. The dividend would bo payable to-day (April 29). The profit and loss account was as follows : —

Dr.: 'Mining expenses, £32,272 13s 2d; rent and royalty, £3036 6s 8d; coal miners' relief fund, £121 ss; insurance (lire and accident). £728 16s 7d; head office expenses, £312; county and road rates, £117 5s 7d; land and income tax, £516 5s Id; advertising, printing. stationery, travelling expenses, stamps, postage, telegrams, and petties. £537 13s Id; written off for depreciation, £2210 14s lid; balance, prolit, £8588 19s 10d: £48.741 19s lid. Balance taken to balance-sheet. £6223 9s. Or.: Coal, £48.063 14s 8d; interest, £293 17s 6d: rents, £367 lis 9d; transfer fees, £11 145.£48,741 19s lid. Balance brought down. £8588 19s .tOd: balance March 31, 1904, £5684 9s 2d; less dividend paid April 28, 1904, £4125: £1759 9s 2d—£10,348 9s: less dividend paid October, 1904, £4125: £6223 9s. •Tho balance-sheet was as follows: — Dr.: Capital, 85.000 shares at 20s, £85,000; sundry creditors. £1423 8s 7d; reserve fund, £2000; accident insurance fund, £ l Jol 0s 8d; debentures, £7000; protlt and loss, balance, £6223 9s: £102.607 18s 3d. (Jr.: Coal mines, freehold and leasehold, branch lines, buildings, machinery and plant, £llo.216; freehold investments, £t>00; mortgages. £500: £1100. fixed deposits. £4000; other deposits, £3000: £7000. Sundry debtors, £5289 13s 2d; deposits on contracts, £600: £5889 13s 2d. Cash in Bank of .Nti* Zealand, £2398 7s 8d; cash in hand, £3 lis sd: £2402 5s 1d—£102,607 18s 3d,

'iho Chairman, in moving the adoption of the report and balance-sheet, congratulated shareholders upon the stability and continued success ot the company. Tho profit and loss account showed that the coal sold during tho past year realised the. largo sum of £48,068 14s BJ, as against £40,7/2 10s the previous year, an increase of £7296 4s Bd. The total output for Jie past year was 118,175 tons, of which 99,512 tons were house and steam coal, and 18.663 tons nuts and slack. The mining expenses amounted to £32,272 13s 2d, an increase as against last year of £6339 14s 6d. This increase was partly due to the permanent development works which had been proceeding. Tho increaso in the company's output was most encouraging, but he regretted to have to state that tho shortage of railway waggons still remained, tho result being that the company continued to suffer loss of trade and profit, the. miners suffered km of time, the revenue of the railways was affected, and customers were disappointed. The directors had urged upon the liailway Department the necessity for providing at least 30C additional waggons to enable the company to cope with the increasing trade. This question of shortage of waggons was the worst feature in connection with tho working of tho company's business. It was clearly the duty of tho State to provide sufficient plant to meet the requirements of tile trade upon a line of railway. Tho Waikato lino was starved for plant, and it devolved upon the Government to provide the necessary rolling stock to enable the company to deliver its output with regularity, and the general trade on the lino to be carried on with reasonable expedition. However, he trusted that this annually recurring complaint and hindrance would be overcome at an early date; if not, the Northern members should co-operate to compel the Government to provide tho requisite carrying power. On reference to the balance-sheet shareholders would see that the accident insurance fund now stood at £961, and the manager, in his report upon the mines, stated that no serious accident had happened to any of tho company's workmen during the year. He also said that for the past five years there had not been as much as a broken bone, and he trusted that care and vigilance would ensure the company tin; same freedom from serious accident for a still longer period. He (the chairman) felt confident that the company actcd wisely in establishing its own accident fund. Reference to the mine manager's report showed that Ralph's mine was now well opened out, and in first-class order in every way; that tho development work had been kept well in advance, and that the endless rope had been working satisfactorily for some months, enabling .an increased output to be maintained. In the Extended Mine considerable development work had been done during the year, and a now screening plant, after the stylo of that at Ralph's Mine, had been erected, and was practically ready for work. The future of this mine was now assured, owing to the company's recent acquisition of mining areas. In the Ivimihia Mine there was little to report, and when the Extended Mine was in full swing, the output from Kimihia would probably he reduced to about the minimum required by the lease. Spea'king generally, the mines and works were all in good order, i more especially Ralph's Mine. The chairman then read the report of the mine manager, which, he said, was a most satisfactory one. There -sou Id be no doubt that through the acquisition of mining rights last year, and again this year, over areas of land contiguous to Ralph's and the Extended mines, the stability of the company had been materially increased, and that at no time in its history had its prospects been of such a pleasing character. Mr. 11. A. Gordon seconded tho motion, which was carried. The retiring directors and auditor were re-elected, and a vote of j thanks to the directors and officers of the I company terminated tho proceedings.