THE KAITANGATA COAL COMPANY.

Evening Star, Issue 4230, 16 September 1876, Page 2

THE KAITANGATA COAL COMPANY.

The half-yearly meeting of the above, which was to hare been held this afternoon, lapsed for want of a quorum. From the directors' report, which has been circulated, we make this extract:—

With regard to the profit and loss accennt, when it is borne in mind that the account really represents: the results of less than two months,—five sixths of the earnings having been made in that period—and that the supply of truoks daring that time has been wholly inauflicient to meet the prodncing capabilities of the mine, the result may be considered satisfactory. Subject to the deduction of the arrears standing against this account at the end of last half-year, the net profits for the half, year upon both branches of the company's business amount to £469 14s 4d. As nearly the whole amount was earned between the 30th Juno and 17th . Autcnst, and in spife of want of trucksrbefore cllutied to, ard the heavy expenses maintenance of. a newly-opened railway during that time, the directors think they may congratulate the shareholders on-the result. An analysis of the statement of assets and liabilities wlllqahow that after deducting the amount to be received from calls, outstanding accounts, bills • &c., a sum of about t15,000 of floating liabilities remains to be provided for, which the directors propose to meet by the issue of debentures. The directors ask the sanction of the shareholders to their taking such steps te. raise in this manner Buch sum E8 may be necessary to provide for these liabilities, upon such terms as,they may deem best for the company's interest.