TAUPIRI EXTENDED COAL MINING COMPANY.

Te Aroha News, Volume VII, Issue 441, 29 January 1890, Page 4

TAUPIRI EXTENDED COAL MINING COMPANY.

DIVIDES!) or ONE SHILLING PER SHARE.

A meeting of shareholders in the above Company was held on January 24, in Scherff’s Buildings, Fort-street, Auckland. Annual Report.— The annual report was submitted as follows : The directors beg to present the balance sheet for the half-year ending December 31st, 1889. The profit and loss account for that period, after writing off £44 12s lid for bad debts, £582 13s 6d from amount of the book debts as they stand-in the ledger, and £ll2 3s for depreciation of mining plant, shows a net profit of £1,084 18s sd. The balance brought forward from last half-year is £135 19s lOd, making a total of £1,220 18s 3d, which your directors recommend to appropriate as follows : £1,200 to payment of a dividend of Is per share, the balance of £2O 18s 3d to be carried forward to new account. The works for opening the new mine are rapidly approaching completion, all that remains to be done now being the caging of the shaft. The latter has been sunk to a depth of 170 feet, to the bottom of the lowest seam of coal, 40 feet thick. This seam has been opened up by headings driven in different directions, and the mine is now ready for putting out coal immediately the shaft is caged, which ought to be in about six . weeks. The quality of the coal is more uniform and superior to that of the old mine. No difficulty is experienced in keeping down the water, which is very much less than was expected. Our pumps will be able to cope with more than ten times the present quantity. Mr Robert Walker retires from the directorate by rotation, but is eligible and offers himself for re-election. A director will also have to be elected in place of Captain Sewell, deceased. The dividend will be payable on the 25th January. The profit and loss account from July Ist to December 31st, 1889, was as follows: To mining expenses, £2,534 16s 5d ; mine manager’s salary, £284 18s lOd: rent and royalty, £605 13s 9d ; sundry charges, £464 7s 7d ; bad debts, £44 12s lid; deduction off debtors, £405 10s 7d ; mining plant, written off, £ll2 3s ; balance, being profit for the half-year, £1,084 18s 5d ; to balance, taken to balance-sheet, £1,220 18s 3d: total, £1,220 18s 3d. By coal, £5,300 11s Id; interest, £236 10s fid ; balance brought down, £1,084 18s sd; balance, June 30th, 1889, £135 19s lOd : total, £1,220 18s 3d.

Thames, Jan. 24. Trenton. The footvvall leader is now being driven upon towards the Saxon boundary, in order to secui’e good ventilation. The leader is 18 inches in thickness in places, and gold is seen in the quartz. Trenton. —ln the course of another week the Trenton Company will have to be looking out for a battery to crush the quartz on hand and rapidly accumulating. New Moanataiari.— A pound of nice picked stone was obtained yesterday afternoon from a small stiinger in the footwall of the lode in the drive on the Golden Age reef, Point Russell level. There were also 21b of nice stone got in a leader in the footwall of the same reef, in the intermediate level. Warden’s Court. At the Warden’s Court yesterday the following applications were granted :-Wm. Mears, Sons of Freedom, Moanatairi Creek ; J. M. McLaren, Dunedin, Karaka, granted in the name of Mr Pierce Davidson, of Auckland ; E. K. Cooper, Joker, Waiotahi Creek. The Goldwater, Wairarapa, and Tapu licensed holdings were forfeited for non-working. There was also a plaint by the Mining Inspector against the Adeline Amalgamated t Gold-mining Company, Karangahake, for non-compliance with the regulations, re the number of men to be kept employed, and after hearing the evidence the Warden adjourned the case until the 20th February, but stated that he must then be satisfied that something would be done to work the ground in a bona fide manner, or else he would forfeit it. He did not ask any company to put on a lot of men when they could not be profitably employed, as he knew that if good gold was struck, more than the regulation number would be employed, but something should certainly now be done to develop this ground. Fame and Fortune. —The Golden Age reef has been intersected at the Balmoral level of this mine. The lode is of very large size, being about lift in thickness, and is composed of quartz of the most favourable description, while the mineral indications are all that could possibly be desired. Alarge stream of water is issuing from the reef, so that very little work can be done upon it for the present, but some strong blotches of gold have been seen amongst the quartz that has so far been broken down. Coromandel, this day. Royai. Oak Mine. —There is little change in the mine since last report. The reef has been rather broken in the winze, bub continues to show blotches of gold in each .breaking down. To-day there, are more favourable appearances ; qne of the fissures is nearly run out and the reef is making more, solid. The ground,, continues fair working, showing good indications , on the run going down. In rising' 'from No. 3 level on No. 2 run the reef Is rather pinched at present. Owing to the hard nature of the ground the last breaking down showed no gold, but the cross lead is stronginminerals and the ground showing more favourable

indications. The tributers expect to connect the two levels by to-morrow, when they will again be in a fair way of working. I have put on another man to prospect the leef in the western portion of the mine.— Peter Reid.