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The shareholders will be asked at the forthcoming meeting to vote on these propositions, and, in the event of carrying a resolution involving the continuation of the work, to provide the necessary ways and means. Will you kindly sign the enclosed proxy-form, indicating by letter for which of the three alternatives you wish your proxy used. If for No. 1, please state how many shares you are willing to apply for. By order. C. D. Morpeth, Secretary.

The Mokihinui Coal Company (Limited), Westport, County of Buller, Nelson Province, New Zealand. Head office: Wellington. Capital: £50,000, in 50,000 shares at £1 each. Directors : Thomas Gale, Esq., Chairman; John Barton, Esq., Edward Seagar, Esq., Eobert Sloan, Esq., T. Eoskruge, Esq., Martin Chapman, Esq., James Colvin, Esq. Annual Eeport. To the shareholders of the Mokihinui Coal Company (Limited). The directors beg to present to the shareholders their annual report and balance-sheet for the year ended 31st December, 1897. The mine has not been worked during the year at all, owing to the insufficiency of capital necessary to further prospect and open up the Hut Seam. The directors, acting on the resolution passed by you at the last annual general meeting, placed the mine under offer last May on very favourable terms to a gentleman on the point of starting for London. He undertook to endeavour to form a company in London to buy the property, but no word has as yet been received from him indicating that he has been successful. The expenses have been kept at a very low point during the year, a caretaker at the mine, who superintends the running of the pump in order to keep the mine free from water, being the only other employe besides the secretary. The business to be brought before the annual meeting is shown in the accompanying notice. Proxies must be lodged at the company's office seventy-two hours before the time of meeting. C. D. Morpeth, Secretary.

Receipts and Expenditure from Ist January, 1897, to 31st December, 1897. 1897. Receipts. £ a. A. 1897. Expenditure. £ s. d. To Coal sales (net) .. .. 322 5 5 Jan. 1. By Bank balanoe, Dr., 31st December, Calls .. .. .. 304 16 5 1896 .. .. .. 44 13 7 Sundry debtors .. .. 114 7 Haulage .. .. .. 1_ 1 8 Receiver-General's Deposit Ac- Wages and salaries .. .. 211 18 2 count .. .. .. 55 0 0 Income-tax (on debentures) .. 13 4 0 Sale of iron .. .. .. 419 9 Mine and plant .. .. 168 17 7 Transfer fees .. .. .. 0 2 6 Advertising, printing, and stationery .. .. .. 611 6 Legal expenses .. .. 50 0 0 Stores .. .. .. 36 18 10 Sundry creditors .. .. 16 15 0 Miscellaneous expenses.. .. 51 9 6 Interest on overdraft .. .. 0 12 7 Balanoe at bank .. .. 13 16 3 £688 18 8 £688 18 8 Profit and Loss Account. 1897. £ a. A. 1897. £ s. d. Jan. 1. To Balance .. -.. .. 19,95114 8 Dec. 31. By Mine receipts .. .. 5 0 0 Deo. 31. To Rates .. .. .. 58 12 4 Transfer fees .. .. 0 2 6 Interest .. .. .. 012 7 Interest on overdue calls .. 35 16 4 Advertising, printing, and sta- Balance .. .. .. 20,865 4 3 tionery .. .. .. 318 6 Miscellaneous expenses .. 31 14 2 Rents and royalties .. .. 407 10 0 Salaries .. .. .. 40 18 4 Wages .. .. .. 226 10 10 Haulage on coal .. .. 74 1 8 Directors' fees .. .. 100 0 0 Auditors' fees .. .. 10 10 0 £20,906 3 1 £20,906 3 1 Balance-sheet, 31st December, 1897. Liabilities. Assets. £ a. 6. £ s. A. £ a A Capital: 50,000 shares at £1 50,000 0 0 Mine and plant* .. .. 24,560 13 3 rt ii _ . t ~ Machinery s.s. " Lawrence " .. .. '298 0 0 Called up: 42,400 shares at ■ Sundry debtors .. .. 200 1 9 19s. 9d. .. .. 41,870 0 0 Plant on hulk " Omega" .. 13 16 0 Less calls unpaid.. 288 9 7 Office furniture .. .. .. 36 17 3 41,58110 5 Bank of New Zealand .. .. " 13 16 3 Sundry creditors .. .. .. 4,406 18 4 Balance Profit and Loss Aocount .. 20,865 4 3 &X9BB 8 9 £45,988 8 9 * Mine and plant is set down at book-value. C. D. Morpeth, Seoretary.