WALTON PARK COAL AND POTTERY COMPANY.

Otago Daily Times, Issue 5896, 31 December 1880, Page 3

WALTON PARK COAL AND POTTERY COMPANY.

The following report was read and adopted at the annual meeting of the Walton Park Coal Company : —

The Directors submit to the shareholders the balance-sheet of the Company, as on the 30th October, 18S0 and a statement of profit and los 3 account for the year' terminating on that day, being the seventh year of the Company's working. The new shaft workings have now been so far extended that a large daily output can be secured at a very much less cost per ton than formerly. It has been a source of disappointment that up to this time the Company's coal has not been taken into use on the railways The Directors believe that the cause of this lies in the prejudice and unfair opposition of the ™boruln a te employes of the Railway Dop^rtment, but they have good hope that this will now shortly be subdued by the exercise of superior authority. Since the extraordinary general meeting of shareholders held last month, your Directors have carried out the resolution then passed and have transferred the Company's brick lease and plant to the Walton Park Brick and Tile Company, who expect to be in full operation in a few weeks. From royalty on bricks manufactured, and sales of coal for the purpose, a considerable addition to the income of this Company 13 o°Vithin"the last two months the Directors have seen it advisable to take steps to utilise the extensive deposits of building sand on their coal lease. They have obtained the right to work these deposits on very reasonable terms, and have every reason to be satisfied with the result of the venture. All dross is now being disposed of for brick making and steam purposes. Although it does not yieldmuch revenue, its prompt disposal reduces the danger of fire in the workings to a minimum. The time seems approaching when dross will have a better commercial VaT Uhe" total output for the year has been 14,9K> tons coal and 2905 tons dross, giving a profit of £1094 18s Id. This amount, together with a balance of undivided profit from the previous year, amounting to £542 8s 9d is the amount the shareholders are now called upon to deal with. Should it be the desire of the shareholders to pay a dividend for the past year of 10 nor cent on paid-up capital, that will absorb a sum of SIIOT 7s "e^ving a balance of £535 19s lOd to be added to reserve fund, which will then stand at £IM2e!sßrs1 M 2e!s ßrs J. T. Mackerras and A. T. Dunning retire by rotation from the directory, but are eligible for re--61 Mr"william Brown also retires as auditor, but is open for reappointment. Mr E. B.Cakgill (the chairman), in moving the adoption of the leport and statement of acconnts, eaid that tho meeting would have to decide upon tho diep-sal of the amount standins at the credit of the profit and loss account. He w»s s?lad the directors were able to meet tho shareholders under more pleasant circumstances on thi? occasion than at some of tbeir former meeting, and that they might now fairly look upon the Walton Park CompaDy as having arrived at the position of a, dividend paying company. Ho would not detain them by any lenethen€d reference to the affairs of the Company, with which they wero all pretty well familiar, but would .ray with repard to the amount BUnding at the credit of the profit and loss account that it did not come up to what they would like to see it Rtand at. and what'hoy thought, they were fnirly entitled to hope it woi-W bave stood at by tbw time. They ha'f r-arl difncpltiea to contend with in getting their co 4 into usfl for purposes for which it Bh-.uld bo, and really was, available. These diffi<ioHi.'s which had already been referred to, had r.ol; jst been fully overcome, but he might fay tbat in fai.ure they would be removed, lie referred to the lisa of the Company's coal on the jailwoya. The directors had had something like'an assurance from the authorities that their coal would be taken into use very ch<"-tiv, ",r.cl mk'ht bfl u=ed pretty extensively. R.y thought ft w only right on the occ*s;on of their annual nv.'Rling to state Boiuewhht pub Tel- 'v'-ai. ha-, taken place in raforenco to this matter. With regard to tho enterprise generally, '>" did not hold a very large staVe in it, hut'h'e Wl taken a great interest in it from the vry bes'i"nin", ss lie conceived that it was an enterprise dvserviug of support, particularly from i.b.9 eUizsna »{ Dunedin end those living in its r.u«bbourb.x.d. It surely must be re-pard-'l -w'ft very laudable object to !>roraota the SbWj « posnble of tho very vaWnl.3 deposifs of coal which were, as it ww, wte our fret, in plaoa of coal brought from a considerable distance, and

necewarily at great expense. It must also be regarded as a matter of very great interest that employment for an increased number of men should be found, and when this could be done in Dunedin the city was doubly benefited—benefited by keeping the whole coßt of the coal in Dunedin, and by providing fuel; at; a cheaper rate than that at which it could be supplied from a distance. It was now a good many months since, following upon a call by the Colonial authorities for tenders for the supply of Colonial fuel to be locally supplied, a tender was sent in on behalf of the Company at a very low price-93 per ton delivered into the waggons. At that time they; initiated a .series of comparative trials of their coal with the coals of New South Wales, Shag P°ln*. al£ Bay of Islands. No paios were spared in making these trials thoroughly reliable. The" Superintendent of Locomotives -at that time Mr Armstrong - went upon the engines himself; and Mr Peter, a thorough mechanical engineer, and. Mr Wilson, a v.ry experienced rractical engineer^late of the Otago Foundry), represented the Company. The trials took place upon the line between Dunedin and Palmerstonr? ffi P°?;. tion of the line comprising tho most difficult curves and gradients on any part ™ lt ™| ahape of a report, which _ showed that while the quantity of coal reqmred to be used was no doubt greater than tnat of the other coals, still it was demonstrated t^t the beaviest goods trains could be driven with Walton Park coal between Dunedin and Palmerston without the slightest difficulty whatever, ihe report was very full, and it showed that on the trip to the North there was a pressure of steam maintained during the trials ranging from ldU.b upwards. The pressure ranged from WUlb to 1481b, and was maintained up the steepest grades between Dunedm and Purakanui,- and it was also found that as the firemen got more accustomed to the coal they wera able to produce more satisfactory results with it. The directors were delighted with the result of the trial, and were r^her surorisedto find that the Government did not take the Company's coaL The directors had waited upon Mr Conyers and asked him for the reason, and said that it had been proved that the coal could ba used capitally, and that it cost less by 25 per cent, than other coal. Mr Conyers said: "Oh, you are quite mistake^ The report to me ia 'a total failure. Mr Armstrong was sent for, and he said, "Yes, the coal is a total failure. We cannot use your coal." The director were struck with astonishment, and asked the meaning of this. In the firat place it was said they had to stop one or two minutes to use the injector, nnd the other reason was that the quantity of Walton Park coal used was so enormous that two stokers would be required inßtead of one. The facts showed that the total consumption of coal for eight hourß' work was only 70 cwt.; and yet it was gravely asserted that 70 cwt was such an extraordinary excess over the ordinary quantity of coal to be put in the furnace that two firemen would b 9 required. As to the statement that the injector could not be used going up the I hil, be could say that as a matter of fact on the last trip it waV used going up the hill, and there was nothing to show that it could not have been steam The facTw^ that the Company hadmet wSttrminedoppoßitionfromth^remonand El rtri^rrert t£ a iz sa?d about ?he promotion of native industry Grange to say, it was these men who had met KTbut you meet your first opposition from the foreman of the coalyard, who tells yon that nothing will induce him to issue the and every mlntri^ his utmost to show S3 me important chsngea made m the management of the railways, find he could say tnat LThad the assuran/e of *« PJfft ?°£f|^ in-charee that no pains should De sparea io ecure fhe use of theW in the :neighbom.hood where it was produced, and added *» *™w« his own expressed opinion that it was quite Dossible to use it for railway purposes. He 5 is s«;«2 was used ; there was not one-half the load. The same coal was used, and although they started down a line where the gradients were nothing like so severe, it was reported that they had only gone a fewmiles, when the steam failed, and the line was blocked. These were the difficulties they had had to contend with, and they had spared no pains to overcome them. They hoped they saw day^t through the difficulties, and if, as they had good reas n to believe they would, they succeeded in getting a fair quantity of coal delivered to the railway during the coming summer, they-would be able to maintain as good a coal trade as they ordinarily had during the winter and the result of that would be that at the next annual meeting they would be able to show a report much more favourable than hitherto, and more m accordance with the hopes that had been enter tefoed of this enterprise. He could assure the Bhareholders that they had a very valuable property, and that it was being managed as economically as was consistent with the safety of the mine. He believed they won Id be able to compete on fair tenna with any coal-producers in the neighbourhood. He wifhed to make this remark, because some reflections seemed to have been cast upon the management, which appeared a littlei unfair to their manager. In a recent trial held m DuuedinitwaB gstated that the Walton Park mine displayed expeneiveness in working far beyond what was usual in the neighbouring mines. They could now see the resnlt of the management, which was that their mine was m splendid order, while a mine that had been more economically worked was now on fire and had been abandoned. In concluding, the Chairman moved the adoption of the report. Mr Watson, in seconding the adoption of the report, said that from his knowledge of the coal business he waa in a position to state that the Walton Park coal was coming to the front, that the people in Dnnedin were beginning to appreciate it, and to find that it waa equal to, lor Tear" equal to, the Kaitangata and Shag [ Point coals. There was no doubt that more was thought of the coal now than for some time naet. There was a difficulty to get the SSuSta coll to ß elllocalcoalfor whaUtraal y was. Fernhill coal was sold as WaUon Park coal, wnere.* there waa a very great difference in the quality of the coala. ».•»», The Chaibman mentioned, «* showing the differencs between the Walton Park and other local coalg, that although during the trials of the Walton Park coal no complaint had been made of anything objectionable in the coal, some time afteiwards they were told that the e»g emitted from the coal was of so dreadful a character that in going through the tunnels some of the firemen nearly dropped, and n passenger had told him that they had been greatly distressed in the tunnels by the gas from the coal. They took considerable trouble to have the matter investigated, and tne rsralt wai that they found that though the Walton Park Company was the only one having a contraot with the Government to supply the coal, the coal which had caused the complaint was actually Fernhill coaL The motion to adopt the report was earned nem con. Mr Mackebbas moved, and Mr Samuel seconded—" That a dividend of 10 per cent, be declared upon the capital, payable at the Company's office on Tuesday, the 17th inst."— "6" the motion of Mr James SmTH, Reconded by Mr Bradshaw, Messrs J. T. Mackerras and A. T. Dunning were unanimously reelpcted directors ; and on the motion of Mr Mackerbas, Mr Wm. Brown was reappomted auditor.