TAUPIRI COALMINES.

New Zealand Herald, Volume LXIII, Issue 19328, 15 May 1926, Page 9

TAUPIRI COALMINES.

YEAR OF STEADY PROGRESS GOOD OUTPUT AT ROTOWARO. REVIEW BY THE CHAIRMAN. The annual meeting of shareholders! of Taupiri Coal Mines, Limited, was held at the Chamber of Commerce yesterday, tho chairman of directors, the Hon. E. W. Alison, presiding over a good attendances. In moving the adoption of the' annual report and balance-sheet, details of which wore published in the Herald on May 4, the chairman 6aid he hoped to show the year had been ono of steady work and sound progress, very pleasing features being the absence of any serious accident and the satisfactory relations that had existed with the mine employees. Tho net profit for the year, after making allowance for depreciation, was £13,036, to which had to be added the sum of £2557 brought forward from last year, giving a total of £15,593 to bo dealt with. Tho usual preference share dividend had been paid, amounting to £I6OO, also, following tho precedent of last year, an interim dividend of 9d a share, amounting to £4537 10s, leaving a balance of £9455 for disposal. The directors recommended the payment of a further dividend of lid a share, which would amount to £5546, the transfer to the accident reserve fund of £IOOO, and the carrying forward of the balance of £2909 to next year's account. The accident reserve fund now stood at £9OOO, but the directors did not consider the limit to which this fund should be increased haid yet been reached. It was pleasing to note, continued the chairman, that the item rates and taxes showed a substantial decrease, being £5243 as against £6497 last year. It was high time, he said, that this company and similar industrial concerns should receive a measure of relief from the very heavy burden which for some years past they had had to carry. The developments at tho Rotowaro roines during the year had been most satisfactory and the output of coal had been well maintained, and coal of excellent quality was still being produced. Tho superintendent had reported that the underground workings were in splendid condition and were now capable of producing anything from 1000 to 1200 tons a day.

After referring to the expiry of the mine workers' agreement and to the report of the Coal Inquiry Board concerning the use of New Zealand coal on the railways, the chairman said it gave the directors great pleasure to record again their entire satisfaction and high appreciation of the services of the mine superintendent and the officials both at itotowaro and Auckland. The business of the company dealt with at the Auckland office was not only very large and important, but also was of a very varied character and n'as most ably transacted by the company's energetic and capable secretary.

The report and balance-sheet were adopted several shareholders expressing their satisfaction at the position revealed. The retiring directors, the Hon. E. W 7 . Alison and Mr. G. Winstone, were reelected unopposed and Mr. R. E. Isaacs was reappointed auditor.