TAUPIRI COAL MINES

Sun (Auckland), Volume II, Issue 355, 16 May 1928, Page 15

TAUPIRI COAL MINES

SOUND FINANCES ANNUAL MEETING HELD “The solid financial position of the company is well reflected in the present market value of the shares which to-day, are quoted at sellers 275. 6d. buyers 27s 3d” stated the chairman of directors of the Taupiri Coalmines, Ltd., the Hon. E. W. Alison, at the annual meeting to-day. “The increase from 18s. 6d. in 1926 must be a source of great satisfaction to shareholders and directors.” Mr. Alison said that the report and balance sheet made pleasant reading. The relations between the company and the mine employees had again remained harmonious and the year had been one of steady progress, the output of coal having been well in excess of that of last year. NET PROFIT £18,566 The Profit and Loss Account showed that after making allowance for depreciation there was a net profit of £ 18,566 10s Id to which must be added the sum of £ 5,158 14s Id brought forward from last year, making a total of £23,725 4s 2d to be dealt with. The preference share dividend had been paid as usual, amounting to £ 1,600 and an interim dividend of Is a share on ordinary shares, amounting to £ 6,050, leaving a balance of £16,075 4s 2d, which the directors recommended be appropriated as follows: To pa} r ment of a further final dividend for the year of Is per share, making a total of 2s for the year, £6,050; to transferring to the Accident Reserve Fund, £1,000; to carrying forward to next year’s account, £9,025 4s 2d; a total of £16,075 4s 2d. “If these recommendations are agreed to, the Accident Reserve Fund will amount to £II,OOO. Shareholders will agree that a substantial fund of this nature is a prudent provision,” he continued. MINE DEVELOPMENT During the year the developments in the mine had been satisfactory. The superintendent, in his annual report, said that the new screens were giving every satisfaction, and all machinery was in first-class order. He also said that the mine at present, both underground and on the surface, was in a very satisfactory condition. All development work had been well advanced, and on the whole the mine was in a better condition than at any other time. Shareholders woujd be pleased to learn that in addition to the satisfactory developments recorded, recent borings have proved that at the Rotowaro mine there is an extended coalbearing area.’

The Railway Department was continuing its policy of using New Zealand coal instead of imported coal. “A great amount of time and money is being devoted to research in regard to the highly important questions of carbonisation and pulverisation of coal, and the directors have been giving close attention to all developments as they are recorded,” he concluded.

“A man would be very hyper-critical to find fault with the balance sheet,” said Mr. W. Duncan. “It shows the directors have been looking after the shareholders. We have come through a strenuous time with a profit. But are they good mortgages?” The Chairman: The mortgages are all worth 20s in £l. The report and balance sheet were adopted. The following directors were reelected to the vacancies: Messrs. W. J. Ralph and J. Rayner. Mr. R. E. Isaacs was reappointed auditor. A vote of thanks to the directors was passed, on the motion of Mr. C. W. Anderson.