WESTPORT COAL COMPANY.

Lyttelton Times, Volume CV, Issue 12425, 14 February 1901, Page 6

WESTPORT COAL COMPANY.

AN EIGHT PER CENT DIVIDEND. [Per Press Association’.] DUNEDIN, Eeb. 13. At the annual meeting of the WestportCoal Company, Sir H. J. Miller, the Chairman,' in moving the adoption of -he report, said the increase of £27.000 in leans and cult ent .accounts" was explained, oy the expenditure on works necessary to provme the extra plant to cope with the ’increasing output, which last year amounted to 368.000 tons, and was expected to be larger this year. The profit was £5211 more liiau in. the previous year. It was proposed to increase the -dividend by half per cent. The mine was well equipped with improved machinery and plant. An important contrart was received last year for supplying- coal to the Admiralty at Hongkong, and aho one to supply coal for the United Stales Navy at Samoa. After upwards of two years’ labour at Miller ton, the great ia-ult which separated the present workings from the main <oalfield had been overcome. This was a grfar work, which had caused much anxiety , an d cost more than was expected. The report, which increases the dividend to £8 per cent for the year, was adopted. Mess-rs E. B. Cargill and G. L. Dcnniston were reelected directors. Mr G. Joachim] in replying to a- vote of thanks to l! ;c stair, said that in the course of the nineteen years of its existence, the. company had p;.t out 6.246.000 tons of coal, had paid away in wages £954.000. in royalty, railway'haulage and taxes £510,992, and in frieght to local carriers £598,413. 'Unfortunately-the ■dividends paid had . not,equalled 5 per cent on the capital, which was not enough for the risk run.