WESTPORT COAL COMPANY.

Press, Volume XLIX, Issue 8095, 11 February 1892, Page 6

WESTPORT COAL COMPANY.

(PRESS ASSOCIATION TELEGRAM.)

DUNEDIN, February 10.

At the annual meeting of the Westport Coal Company, the Hon. J. Miller presiding, the report recommending 6 per cent, for the half-year, making 7£ per cent, for the year, was adopted. The Chairman reviewed the figures of the balance-sheet, and said the liabilities had been reduced T>y £16,000. The profit on the coal showed a substantial increase. The expenses were higher, chiefly in rates and taxes. He pasaed a high compliment to Mr Waters, the late Engineer. The Hop. R. Oliver protested against the charge made by the Railway Commissioners for carrying the Company's produce. The Chairman said they had at length got the Commissioners to promise to consider the question, and had no doubt they would get a reduction. The report was adopted, and on a ballot Mr Ev Cargill and the Hon. R. Oliver were elected Directors. The Chairman said the liabilities had been reduced by £16,000 during 1891, and £18,216 due to the Company had been paid since the. books were closed at the end of the year. , With the financial arrangement now made there was no necessity for any call, and they would be able to prosecute the works for some time without further borrowing.