WILTON COLLIERIES, LTD

Sun (Auckland), Volume IV, Issue 1081, 19 September 1930, Page 10

WILTON COLLIERIES, LTD

FIRST ANNUAL MEETING WORKING IN NOVEMBER The first annual meeting of shareholders in Wilton Collieries, Ltd., was held this morning- Mr. Hendry Luke presided. The annual report stated that the | company nad undertaken to supply j coal in November next, which would j mean that the colliery had been opened and was supplying coal to tho market in a little more than IS months from the date of the registration of the company. This, the directors believed, would be a record so far ns Waikato mines of a similar size were concerned. After commenting up.on the abandonment of the scheme for an aerial ropeway as a means of transporting coal from the mine and the adoption of a more suitable method by the purchase of one-half share in the Waipa Coal Company’s railway, the report says the mine was opening up splendidiv. -distance of about 500 ft.. while several cross headings were i?i progress, all on clean, hard coal, about 7ft. Gin. thick, and thickening as the work proceeded. Agencies had been allotted and in addition large orders covering a lengthv period were assured. The financial side of tho company’s operation had been very carefully watched and it was estimated that sufficient funds were in hand to enable the company to complete the work in progress to bring the mine to a producing stage without unduly straining the finanical resources of the company. It might be necessary, however, to dispose of about 10,000 further shares. The allotted capital is shown at £ 79,430, of which £60.352 lias been paid uj). Liabilities includes Waipa Railway and Collieries. Ltd. (payable in shares and cash). £20,000- sund \- creditors, £1.140: National Bank of New Zealand, Ltd.. £344. Assets, totaling £SI .866. include: Mining property, £19.265; railway rolling stock. £25,000: mine development amount expended to date on equipping and opening mine, £11,570: preliminary expenses and brokerage L > 'lisundry debtors, £11.008; and on deposit at call, £14.440. The retiring directors, Messrs. H. Luke and T. E. Clark, were re-elected.