RALPH'S TAUPIRI COAL COMPANY.

Waikato Argus, Volume V, Issue 330, 20 August 1898, Page 4

RALPH'S TAUPIRI COAL COMPANY.

FIRST ANNUAL MEETING. The first annual meeting of shareholders of the above company was held yesterday at the Chamber of Wines. Mr E W. Alison (chairman of directors) presided, and there was a good attendance of shareholders. After the confirmation of the official minutes, the secretary (Mr M. A. Phillips) read the annual report, which was as follows : ANNUAL REI'OBT. In presenting the first annual report and balauce-sheet for the period ending June 30th, 1898, the directors have pleasure in stating that on the eve of commencing mining operations they have to congratulate shareholders on the excel* lent prospects of the company. The tint two months has been a time of special care and exertion on the part of all concerned in the direction and management of the company's affairs, as the pumping out of the mine, and other important works in connection with its development, were undertaken, and we are glad to tell you that the >vhole of the preparatory works have been carried through without hiteh and misfortune of any kind, and that the opening of the mine has been attended with complete success. The great value of the company's mining property is now clearly demonstrated, and the representations made by the promoters of the company as to the enormous thickness of the coal seam and the excellence of its quality are proved to be fully borne out. Work at the mine -has been pushed on so energetically that, although the company only obtained possession of the property on May 4th last, we are now in a position to supply house and steam coal in any quantities. You will be pleased to know that a large sale of coal has already been secured, for not only have arrangements been made for a considerable trade with coal merchants and dealers, but contracts for large supplies have also been entered into. As we have an unlimited supply of coal of such exsellent quality, and a largo output already assured, the company should prove a most successful one. You will observe by the balance-sheet before you that the whole of the expenses of the company (excluding expenditure on plant, etc.) up to June 30th amounted to £1466 8s 7d. This covers outlay incidental to the formation of the company, such as brokerage, registration, etc., as well as the cost of pumping ont the mine and preparing for coal output. The proportion of this expenditure, £673 5s sd, representing actual cost of formation, has been placed to a preliminary expenses account, and the balance, amounting to £793 3s 2d, stands as an opening charge to our profit and loss account for the current year. Two directors—Messrs E. \V. Alison and N. A. Nathan—retire by rotation, and, being eligible, offer themselves for re-election. The auditor (Mr W. R. Holmes) retires, and, being eligible, offers himself for re-electian. BALANCE-SHEET.

The balance-sheet for the period ended June 30th was then read, as under : Liabilities : Capital—Bo,ooo shares at 5s each, £20,000 ; less reserved 15,000 shares, £3750 ; unallotted 4f>o6 shares, £1126 10s , unpaid calls, £443 17s 6d : £532 7s 6d ; capital paid up, £14,679 12s 6d.

Assets: Leasehold property, £5000; buildings and improvements, £224 17s 9d ; plant. £1923 19s lOd : railway siding and subway, £201; office furniture, £ll ; cash on deposit, £4IOO 2s 6d ; cash in Bank of New Zealand, £1476 7s 3d; cash in hand, £5 16s 7d; preliminary expenses, £673 5s 5d ; profit and loss account, balance, £793 3s 2d; total, £14,679, 12s 6d. Profit and loss account for period ending Juno 30, 1898 : Dr.—Management* £304 10s; travelling expenses, £lB 3s Id ; mining expenses, £4l 9s 9d ; legal expenses, £3 4s 3d; wages and salaries, £226 3s 9d ; charges -postage, telegrams and exchange, £22 13s 8d Sprinting and advertising, £BO 14s 9d ; stationery, £23 5s 2d ; rents, rates, and taxes, £lsl 10s; sundries, £9 16s 8d ; total, £BB2 lis Id. Cr.—Transfer fees. 9s; interest, £BB ISs lid : balance, £793 3s 2d; total, £BB2 lis Id.

Mr Allison, the Chairman of Directors,

in moving the adoption of the report, said the company had entered into possession of the property in May last. Thanks to the energy and skill of the manager (Mr Snow) the output of coal commenced within two months. It was unnecessary for him to detain the shareholders with details of the work carried ont, as very able aud reliable reports of the mine had appeared in the leading papers. Since June 30th the whole of the unallotted shares had been disposed of. The directors think it undesirable to sell the reserve Bhares, as there is apparently no need for further capital, and the shares are certain to appreciate as the company progresses. He considered it his duty to state that the prospects of the company are bright and that the administration of the business has been sound and economical, and thrt the thanks of the shareholders are due

to the General Manager, Mr W. J. ' Ralph, and to Mr A. Phillips, Secretary, also to the Manager, Mr Buow. The motion was seconded by Mr Clay aud carried nem. con. On the motion of Mr W. J. Ralph, Messrs Alison and Nathan were reappointed directors, and Mr W. R. Holmes was re-appointed auditor. Mr Ralph, Managing Director, said that the output of coal from the Waikato district last year was 66,100 tons. The present output of Ralph's Taupiri Comfiany was 100 tons per day; when the ine opened to the Thames the output would be 200 tonß per day. He was certain that the shareholders would receive dividends.