Bruce Coal Company.

Clutha Leader, Volume I, Issue 51, 1 July 1875, Page 6

Bruce Coal Company.

The annual general meeting of the Company was held 'in the Council Chambers, Milton, on Friday evening. There was a large attendance, and Mr J . L. Gillies was' elected chairman .

The following report of the Directors was read.

Your Directors, in submitting their first annual report, beg to state that, since taking office, their endeavor has been to make the coal more readily accessible to consumers — first, by repairing the road to the old mine, and secondly, by prospecting in places likely to contain coal, and at points more accessible than that formerly worked. They have plaasure in being able to congratulate you upon the discovery of coal on the north -east or Milton side of the hill, of a very superior quality, and of a very large and as yet unknown extent (see -plan herewith submitted). Since opening the new mine, the output of coal has been — March, 11 tons ; April, 238 tons 9 cwt. ; May, 245 10 cwt.; 'total, 561 tons 5 cwt. The output for June was 202 tons 15 cwt,, making the grand total of 763 tons. Your Directors endeavored to lease the surface of the Company's property for grazing, but got no offers they considered •satisfactory. Your directors, in resigning their trust, would recommend for the consideration of their successors the absolute necessity of thoroughly opening out the mine, so as to be in a position to meet the very large demand certain to arise for their coals ; and further, the necessity of erecting at the mine immediately one or more cottages for the miners, also one for the mining manager, so that he may be always on the ground. All your Directors retire, and it would be superfluous in them to recommend you to elect as their successors men who will be likely to forward your interests. The balance sheet herewith shows the. income and expenditure for the year. Mr J. L. Gillies having resigned his appointment as director, Mr Falconer was elected in his room.

James Goodall, Chairman.

The financial statement from the Ist of April, 1875, to 18th of June shewed the receipts to be— cash for coals, L 202 4s; calls, L 64 Is 3d; transfers and rules, L 3 10s ; inspection of books, Is ; balance due bank, L 179 14s 2d — total, L 449 10s sd. Expenditure — balance due bank, L 74 6s sd ; wages account, L 273 Is 9d ; and sundries making up a total of L 449 10s sd. The income from the 2nd of May, 1874 to the 31st of March, 1875, had been L 526 16s sd; balanced by the expenditure for the same period. The liabilities were L 234 14s 2d, and were made up as follows : Sundry creditors, L 5 5; Bank of New Zealand, L 179 14s 2d. Assets — Due for coals sold, LB7 8s 9d ; calls due, L19 — LlO6 8s 9d, leaving a balance of Ll2B 5s 5d in favor of liabilities.

It was pointed out that the statement of accounts was only for the last three months, during which time Mr Marshall had held the office of Secretary and Treasurer, Mr Marshall having been appointed by **the Directors, but no account had been rendered for the intromissions of the previous nine months, during which, these offices had been held by a gentleman appointed by the shareholders, at their first annual meeting. A long and accrimonious discussion ensued, and which was ended, by Mr Duncan proposing the adoption of the Directors' report and balance sheet. Mr Hollick seconded the motion. Mr A. Jones moved, as an amendment, that the adoption of the report be postponed to a future meeting, for the production of a«detailed statement of accounts, for the nine months Mr Henderson held office. Mr Mackay seconded the amendment. The motion and amendment were then put, 9 voting for the motion, and 7 for the amendment. The motion was declared carried. Mr Mackay r lodged a protest against the adoption oi* the Directors' report and balance sheet. The chairman then explained at. length, the action which had been taken by the Government, the Council, himself and others, with reference to the proposed branch railway to the coal pits. He also read a report from Messrs Barr and Oliver, Engineers, upon the route the line should take, the cost, gradients etc. A discussion ensued upon the point, as to whether the railway should be undertaken in the Bruce Coal Company, or by an independent Company. Mr R. Murray moved, — " That it be an instruction to the Directors to bring up. a scheriie for the construction of the ; branch railway." Mr J. Goodall seconded the motion. Mr J. Mackay moved as an amendment — "That in the opinion of this meeting the Company should not enter upon this work as a coal company, . Mr Clark seconded the amendment; pro forma. L , The motion was carried, nine voting: for it, and onjy one for the amendment.; .The fpHbwinggehtiemenwereelectedj Directors ro'r^he enßuingyear :-r-Mesirs' H. Ctorkpk M'Gitf, Rv Giffies, <W. ; Blacky J: •HbIU&.IL Murrayj J; Good- 1 C; Fidfeoaer, H. Hamiltoa* ' ' Messrs J. J. Lane, and H. Marryatt' were appointed auditor. ■'■*.-:'■ ! The meeting afterwards adjourned. •.