WALTON PARK COAL AND POTTERY COMPANY.

Otago Daily Times, Issue 10240, 24 December 1894, Page 3

WALTON PARK COAL AND POTTERY COMPANY.

The annual meeting of the shareholders of the Walton Park Coal and Pottery Company (Limited) was held iv the Chamber of Commerce on the 6th hist. Mr B. B. Cargill (the chairman of directors) presided, and there wan a quorum of shareholders present. The report of the directors was as follows: —

The directors have ths pleasure of placing before the shareholders their report of the company's operations for the year ending 31st Octobar ISM, and statement of profit and loss for the same period. The output of coal has been slightly leas than that of the previous year, the comparison being as follows :—Year 1893-94—coals 14,057 tons, dross ■ltiO-1 tens; year 18!l2-iW-coals 14,290 tons, dross 5211 tons. Considering the keen competition from new mines opened and otherwise, and the general dulness ot the times, it is matter for satisfaction that the company has been able to hold its own to the extent it has, and that its coal continues to be appreciated by those who are accustomed to use it. It will be seen from the statement that the baUuce of profit and loss, which stood ou 31st October 189:! at £1441 ISs, his been increased by the sum of £435 Is 2d, thus bringing it up to £1576 193 2d. The directors venture to recommend, if tho shareholders approve, that a dividend at the rate of 4 per cent, be paid for the year. The amount of jEflob 5s Ul, standing at the credit of land revenue account, being accumulated rents and royalties, leas interest on loan, has been transferred to credit ot freehold land account. The mine and plant are all in good order and thorough working condition, and it is satisfactory to note that the recent extension of the works to the dip has developed coal ot very superior quality—the be3t that has eyer come out of this or any other mine in the district.

In moving the adoption of the report the Chairman said the report was nothing very brilliant, but as things go in thesa hard times he thought it was fairly satisfactory, and he hoped would bs so regarded. They had held their own, had made some little progress, and had been enabled to reduce the debt of the company to some extent. Altogether they were in a generally improved position; they had improved as they had gone on improving for several years past. The directors had given their attention to making every effort to keep down expenses and to extending their trade. They had been working very economically, but the extension ot trade was difficult—there were so many rival coalpits; but he was pleased to say that those who had used the coal were content to continue to use it. Ho had himself used this eonl exclusively at his residence, and was satisfied that no better coal for all household purposes could be obfcaiaed in the market. The company was now in the position that its assets were sufficient to meet all liabilities. They ware relieved from any probability of having to make a farther osU upon the shareholders, and, subject to the approval of the meeting, a dividend at the rate of 4 per cent, upon tho reduced capital of the company would be declared. Mr Sojierville seconded the motion, and the report was adopted unanimously. On the motion of Mr Somerville, Messrs Cargill and North were unanimously re-elected directors, and Messrs W. Brown and Co, were reappointed auditors.