WESTPORT-STOCKTON COAL COMPANY, LTD.

Press, Volume LXVII, Issue 14029, 28 April 1911, Page 8

WESTPORT-STOCKTON COAL COMPANY, LTD.

The annual meeting of shareholders in the Westport-Stockton Coal Co., Ltd., was held at the Canterbury Hall on Wednesday. There was a large attendance, and the chairman, Mr W. Recce, presided.

After the formal adoption of the report and balance-sheet, the chairman proceeded at considerable length, assisted by diagrams and large samples of coal from various parte of the coalfield, to fully explain the work which bad been carried out on the company's property, and tho proposals ot tho directors for the future. Whilst there was an ample supply, enough to last for many years, of steam and medium class coal, the supply of hard coal immediately available and capable of standing the rough usage of shipment to various ports of the Dominion was not so largo as was desired, this having been accentuated by reaching, in one of the most promising areas, a stone roll which intruded diagonally across tho workings, and which temporarily impeded their output. Immediately upon learning of tho above ronditions, the directors, not being able to obtain the use of a diamond drill in the Dominion, cabled to England, and have had the machine working for the. last month. To ensure obtaining an accurate opinion on the field, Mr Sidney Fry", & geologist in whom general confidence is felt, was engaged to advise the directors as to tho existence and position of a second ieam on the company's property. After Mr Frys report lhad been read to tho shareholders tho chairman , said that since receiving the report he ! and somo of the directors had, with Mr Fry, gone over the ground, and had concluded ihat he had good reasons for the opinion that underlying ! the Company's loase, at no great depth, was a lower seam of coal, very much superior to anything 3-et obI tamed. and equal to any in tho Westport district. The diamond drill accordingly had been sot to work, and had reached a depth of 130 feet; tho progress was necessarily slow, owing to tho very hard nature of the coal measures being pierced. The next bore would bo at tho nearest point to the I first tunnel, and if tho coal was reached at a reasonable depth, a saving of two miles in haulago would bo effected, which, of course, would mean an enormous reduction in the cost. Tho Chairman concluded by stating that the directors wished shareholders to havo the fullest information, and he trusted ho had made tho position clear to them, and should it he found necessary to obtain more capital to work the lower seam, which should be known by tho result ot the boring operations ere long, tho shareholders would be immediately consulted. The retiring directors, Messrs W. Recce and J. P. Newman, were reelected, as was also tho auditor, Mr S. Whitta-Thornton. Mr E. Herring, in proposing a hearty vote of thanks to the directors, said that having had experienco in mining operations, he could say that they were never free from unexpected difficulties, and he considered they were indebted to their directors for the prompt action with regard to tho second seam, so that no falling off might occur in the supply of first-class coal. Mr Recce, in responding, said that it was gratifying to feel that shareholders understood the difficulties which had been met with; and appreciated the directors' efforts to overcome them. The best evidence of the directors' belief in the mine, and their loyalty to shareholders was that, although tho largest shareholders, they had not sold a single share.