PAPAROA COAL COMPANY.

Dominion, Volume 3, Issue 836, 7 June 1910, Page 8

PAPAROA COAL COMPANY.

ANNUAL HErOItT. The annual report of the Paparoa Coal Company, to be presented at the fourth annual meeting, to be, held on June 22 states:— The work of the past year has mainly consisted in developing the mine. Tho opening of -the three seams, owing to tho nature of the country, had to be started m a small disturbed area at the terminus of tho inclines, east of Soldier's Creek; the time occupied ill . getting through this has beeu- longor than was expected, and some of the. coal ! ■'in this area, although the analysis is excellent, was found to be soft:,difficulties in these respects led to giving up certain of the working places in order to open out harder coal, and this has limited the output. The mine manager reports that we havo now reached sound coal in the No. land No. 3 scams; in the intermediate No. 2 scam, in which the headings are not quite, so far advanced, we expect to obtain the-same result, ill a very short time, and we now look for an increased output and more general use for the coal. Tho company began to. sell some of its output'in September last, but has laboured 'under considerable ■ 'difficulties from tho 'Government branch not being yet opened, tho transport' being conducted jointly by the Public Works Department and the Working Railways Department. This dual control leads to stoppages in the company's operations through irregularities in wagon- supplies and in deliveries to the steamers; at the same time excessive charges,have been specially levied by the Government for the inefficient services rendered. An appeal to the Prime .Minister on behalf of tho Paparoa and Blackball Companies early in April elicited a reply that it was probable' that the Working Hallways Department would undertake the working within three weeks. Prom these causes, the mine cannot bo regarded as having reached the stage of a complete going concern. The recent development in the mine and the opening of the Government branch railway, when, it takes place, should allow this position to be reached. A strike of the miners took place during April, but was amicably settled in a few days. . Two trial/ shipments, 850 tons in all, have been supplied to tho Admiralty, who have since entered into a contract with the company for further supplies. The company's leases now comprise 1197 acres of country, estimated to contain about: 70,000,000 tons. of' anthracitous luid bituminous coals. Your directors, by a circular dated MaTch 2, drew shareholders' and debenture-holders' attention to the necessity for obtaining further funds. This appeal has resulted in 75 debentures ■of £100 each being'taken up out of the 250 offered. It is essential that a further proportion of this issue should be taken up for tho purposes explained in the circular. Tho retiring directors aro .-Messrs. W. Watson and J, P. Maxwell, who, being eligible, offer themselves for re-election. The auditors, Messrs. Watkins, Hull, and Wheeler, offer themselves for reappointment. Our engineer, Mr. A. J. Hunter, rotired from, the. company's servico at the end of January last, the engineering works then being practically completed, and tho sole control has since been in the hands of the mine manager; Mr. J. T. Watson, M.I.M.E. A statement shows tho expenditure for tho year to have amounted to £45,531 17s. Bd. (inoludiug a cash balance in hand of £116 19s. 4d.). The receipts show money at flxed deposit and In bank balances to tho amount of £15,738 19s. Bd. Calls and debenture money received totalled £18,332 Bs., and sales of coal realised £9865 18s. 2d. The liability •on account of shares and debentures issued- amounts to £180,613 13s. 3d. Of that amount the leaseholds and interests a.ro set down as worth £20.210 18s.; tho construction plant, and the development of tho mine have cost £153,693 14s. 10d.; and preliminary . expenses are set down at £2185 10s.

In On. course of Ilia report the mine manager says:—"The general results of operations to dato go to show that the very high duality of the coal for steaming purposes has been demonstrated in practice, and that onco,. we are properly opened up tho mine will be a paying concern. The initial difficulties met with arc common to nearly all ventures of the kind, and there is no reason to doubt that tho mine has a very successful future before it, particularly if arrangements are made for tho erection of coke ovens at ail early date. With coko ovens in operation utilising tho otherwise nnsalcablo small coal mid refuse, tlicro would practically be no waste in the working of tho mine, and many of our present difficulties would bo disposed of. Apart from tho advantages to the mino operations, tho mailing of coko would bo a payable concern, and tho matter is worthy of Fcrious consideration. One of the difficulties wo have at Kesont ia that of getting » steady class of men to settle down here, owing to the primitive conditions under which they have to live, and the conditions, attached

;,'„ tho disposal of the Government township lots do not improve the position. Accurate surveys to date conclusively show that the position of the mino workß is the best to suit the conditions of the field, and also - that in the eastern half there is a large area of first-class coal sufficient for many years' work. Operations to date havo barely scratched tho property, and so far, as thc_ geological evidences go the winning main headings in each of the three scams opened are about to enter the solid and undisturbed country. The main headings in each of tho threo lower seams havo been laid out to drive into the large area of sound coal proved by over a mile of outcrops in the Ford's Creek area, in the shortest distance. In my opinion, they are now practically through the disturbed country, due to slips in the Soldier's Creek area." CUSTOMS REVENUE. Customs revenue collected at Wellington yesterday amounted to £1449 10s. sd. _ FEILDING MARKET EEPOKT. Messrs. A. H. Atkinson and Co., Ltd., of I'eilding, report a small yarding entry of pigs at their last sale, chiefly weaners, of which the best sold well. Stores mado good value. Poultry valueß were on a par with late rates. They sold a quantity of produce and grain at quotations. Quotations—Weaner pigs, 3s. 6d„ 45., ss. 3d., ss. 6d., to 7s. 9d.; stores, to 205.; aged horses, 15o„ 355., to £8. Poultry, at per pair: Kens, Is. 9d. to 35.: cockerels, Is. 6d., 25., to 2s. 3d.; geese, 4s. 6d.; dogs, 10s. Produce: Bran, 55.; maize, to 4s. 6d.; wheat, 4s. to 4s. 3d.; oats, 2s. Bd.; barley, 3s. to 3s. 2d.; chaff, 3s. 6d. to 45.; table potatoes, 9s. to 10s. 6d.; pig do., Zs. 9d. to 35.; onions, £5 to £5 10s.; marrows, 2s. 6d. nor sack; Nelson apples, 6s. per case; rabbits, fid. to Is. per pair; factory bacon sides, 7d.; hams, BJd. per lb. HIGH COMMISSIONER'S CABLE. The Commerce and Tourists Division of the Department of Agriculture, Commerce, and Tourists has received lhe following cablegram from the High Commissioner, dated London, June 4:— Mutton.—Tho market is firm, with an upward tendency; owing to the high prices for beef and pork there is n, better demand for mutton. Canterbury is quoted at 3ad. per lb.; North Island, 3Jd.; iiiycr Plate, 3*d. . Lamb.—The market is firm, and there is a good demand for all qualities. Largo supplies are coming forward, but no stock is accumulating. Canterbury, 5Jd. per lb.; other than Canterbury, 55d.; Australian, 43d. per lb. Beef—The market is very firm, and excited on account of the small supply on hand. The advance has checked business. Prospects are that prices must bo maintained for some time. New Zealand hinds, Bid. per 11).; fores, 4Jd.; North American chilled hci-r-Hinds 7<d., fores Sid. llutter.-The market is firmer, and there is a better demand. Slock of New Zealand butter on hand is small. Choicest Kcw Zealand butter, 108s. per cwt.; Australian, 1025.; Danish, 1155.: Siberian. 102s.

Cheese.—The market is' firmer. There is more demand for while ..at 57*.; coloured. 555. Hemp—The market is weak and hinetivo, and prices havo slielitly declined tor

all grades. The output from Manila lor the week was 44,000 bales. Wheat.—The market is dull and declining. Now Zealand long-berried .wheat, on spot, ex granary, per quarter of 4961b.. 325. 6d.; New Zealand, short-berried wheat, on spot, ex granary, per quarter of 4961b., 31s. 6d. Oats—The market is dull, and very little business is doing.- New Zealand oats, short sparrowbills, ex granary, on spot, per quarter of 3841b., 17s. 6d.; New Zealand oats, Danish, ex granary, on spot, per quarter of 3201b., 16s. 6(1. Peas.—The market is quiet but steady. Supplies are increasing, Buyers are more reserved. New Zealand peas, partridge, per 50411)., 525: Beans.—The market is quiet, prices slightly weaker. New Zealand beans, f.a.q., new crop, per 5041b., 395. Wool—The market remains firm for fino wools, and is a shade weaker for coarse wools :-3S's low crossbred?, Is. ljd.; 40's low crossbred?, Is. 23(1.; 44's. medium crossbred?, Is. 4,',d.;.50's halfbreds, Is. BJd.; 56's qnarterbreds, Is. ll*d.; 60's merinos, 2s. 42(1. ■ River Plate shipments received during Mny:Mutton. Lamb. London 76,027 13,740 Liverpool 271.915 62,545 Hull 6,307 682 Newcastle 8,000 500 Southampton 8,999 2,657 Cardiff ..'. 5,608 2,571 Ireland 2,120 17 378,976 82,712 FROZEN MEAT. Ny Telcrraph—Preas Association—Copyright (Itec. May 29, 5 p.m.) London, June 5. The Frozen Meat Trad* . Association's Rmithficld market quotations for the undermentioned classes of frozen meat aro based on actual sales of not less than one hundred carcasses of mutton or lamb, and twenty-fivo quarters of beef of fair average quality. The. quotations arc not for selected lines, but for parcels fairly representative of the bulk of tho shipments now on the market. The prices which follow are on an averago a farthing per lb. more than tho value ex ship, this difference representing an average cost in expenses, handling, conveyance, and selling the meat:— May 28. June 4. Mutton- d. d. Canterbury, light 31 — Canterbury, medium 33 -- Canterbury, heavy 3 7-16 — Southland — — North Island, best 3 9-16 33 North Island, ordinary 3 7-16 3g Australian, light 3} 3} Australian, heavy 3 3-16 3 3-16 lliver Plato, light 3J, 3} Kivcr Plate, heavy 33 3j LambCanterbury, light 53 58 Canterbury, medium ......, 53 5* Canterbury, heavy 51 5J ' Southland — . 53 North Island, selected ... 5$ 53 North Island, ordinary... 51 5J Australian, best . 41 5 Australian/fair 4-j 4J Australian,- inferior. „. ~-v. —~ Kivcr. Plate , -~.. —, , 4j BeefNew Zealand, ox fores... 43 43 New Zealand, ox hinds... 5 51 Australian, ox fores 4} , 41 Australian, ox hinds ' i4J '5 lliver Plate, ox foros ... 43 , 43 lliver Plate, ox hind* ... 5 ' 5J LONDON MARKETS. Messrs. Da-lgoty and Company, Ltd., report having received «hc following cablo messages from their London house, under date of June 4:—■ Sheepskins.—Sales opened firm. As compared with last sales' closing rates, merino three-quarter to full-woollcd prices arc par to Id. higher; short-woolled and shorn pelts, par to Jd. higher; for. crossbred fine and coarse three-quarter to fullwoollcd, prices are unchanged; crossbred f.hort- woollcd to shorn pelts are par to Id. higher. Lambs: Prices arc par to 3d. higher. Frozen Meat: There is rather more inquiry for mutton, any chango in prices being in favour of sellers: a good demand for lamb, prices being jrt. to id. higher. Sales have taken placo at 43d. per lb. fop New Zealand prime crossbred lamb, Canterbury light, "Oresskeys,", 4Jd.i Beef sales have taken place at 4Jd. per lb. for New Zealand primo ox fores, and std. per lb. for hinds. MARKET CONDITIONS.' Messrs. J. B. MacEwan, Wellington, report market conditions as follow :-"-Butter— The lotal of shipments from the opening of the dairy season, September 1, is 16,271 tons, as compared with 13,042 for the same period last season, an increase of 24 per cent. Latest cables from the British markets advise that prices are. now ranging from 104s. to 106s. It is generally expected that values will not go lower. Cheese— The total shipments from the opening of tho dairy season, September 1, is 22,932 tons, as compared with 17,400 for the snra6 period last season, an increase of 32 per cent. Latest cables say. that best Now Zealand brands are realising 555., 565., with an improving demand. Local conditions— Tho current make of both buttor and cheese is larger than is usual', at this time of the year. Exports of butter have practically cea-sed, and with normal stocks In cold storage current prices should be firmly maintained during the next two or three months.