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Gisborne Times, Volume V, Issue 38, 14 February 1901, Page 2

DIVIDEND OF 8 PEE CENT,

[By Telegraph—Press Association.] Dunedin, last night.

At the annual meeting of the Westport Coal Company, Sir H. J. Miller, chairman, in moving the adoption of the report, said that the increase of £27,000 in loans and current accounts was explained by the expenditure on works necessary to provide' extra plant to cope with the increasing output, which last year amounted to 368,000 tons, and was expected to bo larger this year. The profit was £5211 more than in the pro vious year. It was proposed to increase the dividend by a . half per cent, The mine was well equipped with improved machinery and plant. An important contract was received last year for the supply of coal to the Admiralty, at Hong Kong, as was also the supplying of coal for the United States Navy at Samoa. After upwards of years of labour at Millerton, the great fault which separated the present workings from the main" coal field had been overcome. This was a great work, which had caused much anxiety, and had cost lhorc than was expected. The report, which increases the dividend to 8 per cent, for the year, was adopted. Messrs Cargill and G. L. Denniston wore re-elected directors.

Mr G. Joachim, reylying to a voto of thanks to the staff, said that in the course of nineteen years of its existence the Company had put out 3,245,000 tons of coal; had paid away in wages, .£954,000; in royalty, railway haulage, and taxes, £510,992 ; freight to local carriers, £698,413. Unfortunately the dividends paid had not equalled 5 per cent, on the capital,- which was not enough for the risk run.