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------ERA WELSH SLATE QUARRIES.

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ERA WELSH SLATE QUARRIES. ANNUAL MEETING AT BATH. The annual meeting of that unfortunate specu- lation, the Era Welsh Slate Quarries, Ltd., was held at the Assembly Rooms, Bath, on the 6th inst., there being an attendance of about 50 share- holders. Mr John Rowlands (chairman) presided, and was supported by Mr John Jenkins aud Mr B. D. Pope, directors. The report and balance sheet, showing a loss on the working of the year 1902 of £ 778. Mr B. D. Pope acted as secretary, Mr H. H. Clayton not being present. The Chairman addressed the shareholders with considerable ability. He regretted not to lay be. fore them better tidings. They probably expected that the directors would meet them some months ago, bat after consideration they resolved to post. pone a meeting until the early part of 1904, thus saving the expenses of one annual meeting. They were going to do this because during the year they bad only been able to complete their arrangement as to the mortgage they had had some heavy falls at the quarry, and their results were not, therefore, equal to the expectations of the share- holders. But they received a requisition that a meeting should be called to consider the position, the management, and the future prospects of the company, and that meeting was the result. The only intention of the directors was to save ex- pense. During 1902 the directors had to cope with many difficulties and heaps of disappoint- ments and they came to meet the shareholders with deep regret that they could not present a batter state of affairs than set forth in the re- port and accounts. They were as fully alive as any shareholders to the state of the accounts, and were sorry that the loss appeared to be heavier than in the previous year, despite the fact that they had endeavoured, by individual effcrtand by presence at the quarry to do their best in the interests of the shareholders. The sales of-slabs realised £ 1,591, and the expenses were Ll,377, showing a profit; of £ 213. The amount realised was practically the same .as last years. They had written off X294 of the property development account. It was the first time that item had appeared, and it made the loss greater, but it. was necessary to begin to strike something off. The loss was actually zC778 (including the £294), against £ 553 in 1901. There was a good deal of difference in the position of the quarry. Money had been expended on two portions of the pro- perty. some on the old Era property, and some on the Vron Felin, in order to look for suitable material to throw into the market. With regard to the Era, they bad had considerable quantities of top rock falling, which had involved considerable expense in removal, but it ulti- mately meant the improvement of the property. In regard to the Vron Felin quarry, further tests had been made, and they had found two or three veins of serviceable slate out of which it was possible to procure slates for roofing some time or another, which could be sold at a good value. These had not entered into the expectations of. the shareholders hitherto. As to the management, it was quite possible they might have to make further changes before the end of the year; they had re- solved upon a certain course, which, he hoped, woulu lead to better results. Although much money had been spent, it was impossible for the company to expect much return until much more had been spent. They could not expect a slate quarry to turn out profits unless it was properly developed at the start. They had been working so far on the shell of the property, and very near the surface. They bad not gone down to the heart of the quarry, and were only just beginning to get into a rock to produce slates. To show really how little had been spent on the property, he would mention that from 1898 to the present time, they had spent for wages and all expenses up to the delivery of the materials on the railway, £ 7,769. In addition, £6,991 had been set down as property development account, although some of it was initial expenditure, making a total of £ 14,760. They had received from the sale of slabs £7,930, so that to the end of 1902 £ 6,830 only had gone into the quarry, and he ventured to say no slate company could expect a dividend on such a. small outlay. In that locality j620,000 was often put down on a quarry before a dividend was expected. They would say why were they not told that at the'start ? He was not answerable for that; he only told them what he had discovered for himself, but he taid for the expenditure they bad put in it the results were extremely satisfactory. Once they got at the heart of the quarry they would have better returns. He wished the shareholders to realise that the property was not becoming worthless, but that there was a possibility of its being improved, and he hoped they would realise that they still had a property in their hands. It was their intention to concentrate their energies upon the original Era property, and they would take into consideration the question of leasing the other. They had com- pleted a mortgage which paid off the bank over- draft and charges, and left them a little to spend on the quarry. Mr Jenkins having seconded, questions were begun by Mr W. Tonkin, who elicited that £8,000 was raised by mortage, the interest being arranged at 4 per cent. on the first JE6,000, and 6 per cent, on the other £ 2»000. (Exclamations of surprise). Mr Tonkin: Was that all you, could get on a property producing X270 per annum ? The Chairman It was at that time. The name of the mortgagee was asked,. but the Chairman declined to give an answer except privately. Mr Tonkin said it seemed to him strange that only £ 8,000 could be raised, and at so high a rate of interest. The Chairman, said he could give a substantial reason as to how it was they could not obtain more. He could assure them it was not because the property was not considered much more valuable. He had proof with his own knowledge that if they wished te leave it they could get enough, and a good deal more to clear their interest alone. Bat the directors were against leasing the Era quarry to anyone who might pick the eyes out of the quarry. Mr Purdy at this point moved that the meeting go into committee. This was agreed to, and many interesting questions were then put and answered. The report was eveatually adopted, and Mr Jenkins was re-elected director. It was stated that the directors had received only out of pocket ex- penses for two years, such portion of their fees as they had not agreed to waive remaining in the balance sheet as a liability. As to the future, it was stated that Mr Rowlands had agreed to take no fees at all until something was paid to the share holders, and Messrs Pope and Jenkins would each receive £ 25 to cover out of pocket expenses instead of the £ 100 each to which they were ertitled (ap- plause). Mr J. R. Huntley said they would go away im- pressed with the fact that however unfortunate the past history bad been, so far as the present was concerned they had not only the highest possible integrity on the Board of Directors, but also a very large amount of common sense and intelligence being directed towards the affairs of the company (applause). Mr Weaver said he took it the directors would require more money before they could do mueh. Had they any suggestions ? The Chairman said he was not prepared with an answer, but the directors before incurring further liabilities wished to see the effect of the new arrangement. They would report to the share. holders on the subject next spring. There was a discussion about the lateness of the meeting this year, and it was agreed that there should be no further meeting until the early part of 1905, although the directors will in March or April next issue a statement to the shareholders for the year 1903. A very pleasant meeting closed with thanks to the directors.

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