WESTPORT – STOCKTON COAL COMPANY. LTD.

Press, Volume LXVIII, Issue 14343, 1 May 1912, Page 3

WESTPORT - STOCKTON COAL COMPANY. LTD.

ANNUAL MEETING

Tho sixth annual nicotine of tli(< Westport-Stoekton Coal Company. Ltd., I W3.S held at the Canterbury Hall, on Friday, the 20th inst., Mr Win. Keece. chairman of directors, presided, and ihero was a good attendance of shareholders. . In moving tho adoption of tho report and balance-sheet, tho Chairman said : —"I havo many more matters to touch upon than is usual under ordinary circumstances, and tho duty devolving upon mo is not so pleasant as where the report ndvjses the declaration of a good dividend, but I will do my best to place, tho affairs of tho company clearly before you." After dealing fully with the balance-sheet, tho Chairman continued : —'"Many people appear to think that.the.company lias not been doin£ anything, some shareholders, even, being under the impression that no''coal is being placed upon tho market. Tho mjno Ims been working for three years, and tho output for that term has been about 330,000 tons, tho amount of money expended on tho items, mining, railage, harbour dues at Westport. and steamer freights, amounts to £22(5,000 for the three years, "which amount shows that -the company has been of considerable gain to tho country, although as yet the shareholders have reaped. no benefit, but this latter position., it is hoped, will bo overtaken before lonjj. With regard to tho working of tho mino at present, although 'the output is small, the directors deem it desirable to Keep together tho bnsiness which,'has been created, and closing down until tho new field is opened, I would also mean dispensing with tho services of the very competent and loyal staff, many of whom it would bo difficult to replace. Tho company has again this year been given a share of tho New Zealand' railways requirements, to tho extent of 32,000 tons. With regard to tho "preference shares, I , hope you thoroughly understand the position. The only point that has apparently not been noticed by shareholders is that they aro given an oppor- ! tunity to apply for more than would bo allotted them pro rata on their holdings, and the directors -would liko I to'sco them taking advantage of this, as sonio may "ho tillable to take up further" -shares, and the directors do not I wish to go to tho general public with I this proposition, but will have to do so, should the preference shares not bo taken up by the shareholders." Tho Chairman then explained very fully what had been done in prospecting tho now field, which, so far, was estimated to contain seven million tons of coal, or twenty-eight years' working, also tho schemo proposed by Mr ■Ashley Hunter, for connecting it with tho existing transit system. After replying to a largo number of questions, tho Chairman moved tho adoption of the report and balancesheet. J>r. ■: Coleridgo Fan , ,said he had much .pleasure in seconding the motion, and went on to say:—''[ went over to Ngakawau last February, with tho directors on thoir last official visit, as an independent shareholder, and I can only speak in tlio most enthusiastic term of tho energetic way in which all tho directors throw, themselves . into their work. Wo' went right over the lease, from ono end to tho other,- in parts where thero was no bores and in parts where there were l>ore-s, and I confirmed with my own eyesight what tho chairman has told you. To my mind thero is no uncertainty about the existence of tho amount of coal indicated on tho maps sent out. I would advocate continuing the boring a little further, to tho southern end of our lease, so as to satisfy us that the coal continues right out. . But this extended prospecting has not been possible in tho time, and the information wo havo is, to my mind, absolutely satisfactory, and I continue to have, as I have always had, the greatest confidence in tho future of the Stockton Mino. I saw the property three times some years ago, and my confidence in it has never wavered. The intervening difficulties havo not served to shake my belief in the eventual good prospects of tho company. I havo much pleasure iv seconding tho adoption of tho report and balance-sheet. Tho motion was then put and carried unanimously. Messrs Joynt, Rutherford, and Dr. Leringe, were elected directors, and Mr W. S. Godfrey auditor. Mr E. Herring proposed a rory hearty voto of thanks to tho directors and officers of the company. Throughout the year, ho said 5 they had had :i very arduous and anxious time, and they had -worked .magnificently. T&iro had been no work or trouble spare*], otherwise to-day would havo seen tho company in a very different position from the one of promise which it now holds. Mr Seay seconded the motion. The directors had had a great many difficulties to overcome, and their work had not been, so pleasant as when everything goes smoothly. There was still a great deal of vrork ahead, and the shareholders left it confidently in tho directors.' hands. 3lr Recce, in replying, eaid:-*-"I beg to thank you', gentlemen, for your hearty approval of the motion, and the mover and seconder for the way in which they h«ve spoken. It has" been the loyalty of the shareholders and the staff that has kept the directors in good heart urder rather trying circumstances, and what you have sai<l to-day wi!i encourage them to greater efforts in the future, and I do believe we shall yet achieve great success in this Company." -ilr Harlcy responded for the staff.