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Evening Star, Issue 11681, 13 February 1902, Page 4

tmc twentieth annual report of the Westport Coal Company, adopted Tl» Wwtport at the meeting yesterday, is Coal Coapany. a matter of congratulation, not only to the shareholders, but to the Colony generally. For many years the company have had an uphill figai against adverse circumstances, and now for the first time would seem to be entering upon a perbd when, as Sir Henry Miller (the chairman) observed, the shareholders ajght hope for a due reward of their enter-

prise. For seventeen years "they had had to be content without a single farthing * of return on the capital invested. The directors are able to declare this year a dividend of 3s 3d per share, and to give a brnus of 2s per share, after making duo p ©vision for reserve fund and improvements. The statement made by the general manager (Mr Joachim) shows the importance of this enterprise to the Colony. The output for Umj past year was 433,000 tons. Tte wages bill amounted to £110,370, white the company paid for freights £86,611, 'or royalty, railway haulage, rates, and taxes £63,216, and for stores £13,644. The report is very satisfactory throughout, bo f h as to existing conditions and future pro sjects. In moving its adoption the chairaran explained that the expenditure -Hi works and leases showed an increase, as cha growing output had to be provided for. The outstandings also were larger, owing to the increased business, but most of them had been paid eff since the balance-sheet was cade up. A Yith the increasing output the company would do better in the future than tbey had in tho past; but it must be remembered, he added, that as they went firther afield for die coal the cost of production would increase. The state of the Westport .'jar had been fairly good for some time, and if the Harbor Board decided to carry out Mr Napier Bell's recent recomi .-f.ndations t<ouie improvement might be looked for. deferring incidentally to the complaints as to the high price of coal, Sir Henry .stated that the directors had instructed their agents to try and induce consumers to burn unscreened coal. "Thev

"had heard talk about the high price* of "coal, but screened coal was a luxury, and "Lad to by paid for." In proposing a vote of .hanks to tho directors and the sialf. .Mr Rkhard Oliver spoko in the higucst terms of their capabilities and devotion t;> the interests of the company. Sipeakhg as one who was closely intimate with the h?r.tory of the undertaking from its inception, lie declared that " tho present posi- " Urn was not attained without long " thought and assiduous attention on the " i art of those who were responsible." And no one at yesterday's meeting was entitlel to speak with greater authority.