TAUPIRI COAL CO.

Taranaki Daily News, Volume LVII, Issue 292, 19 May 1915, Page 8

TAUPIRI COAL CO.

SMALL PROFIT FOK THE YK.VR. Bj' Telegraph.—Press Association. . Auckland, Last Night. The annual general meeting of tlie Taupiri Coal Mines, Ltd., was'held today. Mr. K. W. Alison, cliairman of directors, presided. In moving the adoption of the annua] report and balance-sheet, the chairman expressed regret that owing to the serious disaster which occurred in Ralph's Mine on September 12, 11114, the financial results of the year's work were very unsatisfactory, and ijnitc preclude the possibility of the payment of a dividend. The profit for the year, after providing for depreciation, amounted to the sum of £IOBO Os 9d only. To this must be added the sum of £2419 lOs Id brought forward from last vear. making a total of £34ll!)'](is lOd, "which under existing circumstances the directors recommended should be carried, forward to next year's accounts. It would be observed that the report stated that heavy claims for compensation in respect of lives lost in the disaster were now pending before the Supreme Court. Some twenty-six writs were issued against the company, making -claims totalling in all the very large sum of £32,5(10. There were in addition a 'lumber of claims in respect of which writs had not been issued of which six had been settled by the company for amounts aggregating £2!).")0. "Xogotiations have been proceeding with a view to a settlement of the majority of the claims for whi;h writs were issued," continued Mr. Alison. "The directors are hopeful that a settlement may be made out of Court, thus avoiding long and costly legal proceedings."