WESTPORT COAL COMPANY

Evening Star, Issue 11680, 12 February 1902, Page 4

WESTPORT COAL COMPANY

The twentieth annual meeting of the above company was held at the company's offices this afternoon. There were thirty shareholders present, and Sir H. J. lMiller, chairman of directors, presided. The Chairman, in moving the adoption of the report and balance-sheet, said: In the balance-sheet the necessary alteration, embodying the substance of the special resolution previously passed by shareholders, has been made, and there is a corresponding reduction in liabilities. Works and leases show an increase for the year, as we have had to increase our machinery to provide for the growing output. A storage bin, capable of holding 2,000 torts of coal, has been erected at Granity Creek in order to ghre despatch to the large steamers, and also to prevent stoppage of the mine should steamers be delayed by bad weather, as they frequently are. The outstandings are larger owing to the increased business, but they are all quite good, and most of them havo been paid since the balance was made up. The profit and loss account shows an improvement, and the directors are pleased to bo able to recommend a bonus in addition to the dividend, which shareholders are well entitled to after their patience and perseverance for so many years. With the increasing output I hope we may be able to do better in the future than we have done in the past, but it must be remembered that us we have to go further afield for the coal so the cost increases. Thero are still some additional works which wo find it absolutely necessary to commence at once. Amongst these I may mention a drainage drive at the iron bridge section, to enable us to take out the pillar coal from that area, and a deviation of the main rope road at DcnnLston, which lias to be driven some 44 chains in solid rock. The present rope road being in disturbed ground, shows signs of slipping. Tho long looked-for development of the Mine Creek area has at last been accomplished, and the quality of the coal there is fully equal to expectation. The erection of the new plant in that section has been completed, and the capabilities of output are increased to a considerable extent. It is very satisfactory to be able to make this statement-, as the disturbed nature of tho ground through which (!"• approach was made never allowed us to ill absolutely certain what the result would be. Tho state of the Westport bar has been fairly good for some time, and if the Harbor Board decide to carry out Mr Napier Bell's recent recommendations, we may, I think, look for some improvement. A harbor rate of 3d per ton has recently been imposed on all coal shipped at Westport, which will considerably increase the revenue of the port, and provide funds for payment of the new works and more rolling stock for the railway, which is much needed. I beg to move the adoption of Mr W.L. Simpson seconded the adoption of the report, and said it was very pleasing to shareholders to receive a substantial dividend after the long period of years they had struggled-—over twenty years. The- Hon. H. J. Miller and Mr P. C. Neill were re-elected to the directorate, and Messrs Hisiop and Callender were re-electe J auditors at an increased fee of 25 guineas each.

The Hon, Richard Oliver said he had beea connected with the company since its inception, and was familiar with all its struggles. For seventeen years the shareholders had received no return for their capital, and their present satisfactory condition had not been attained without considerable anxiety and labor.

Sir H. J. Miller and the general manager, on behalf of the directors and staff, returned thanks, and tho meeting terminated.