WESTPORT-STOCKTON COAL COMPANY.

Lyttelton Times, Volume CXXI, Issue 15257, 18 March 1910, Page 4

WESTPORT-STOCKTON COAL COMPANY.

ANNUAL MEETING

The annual meeting of shareholder* of the TVestport-Stockton Coal Company, Limited, was held at the Canterbury' Hall on Wednesday, tho chairman of directors, Mr W. Reece, presiding. There was a good attendance of shareholders.

In moving the adoption of the report and balance sheet, the chairman referred to tho loss sustained by the company owing to the death of the late Mr S. Brown, one of tho directors. He said that the results shown by the report and balance sheet were apparently as satisfactory to a large number of shareholders as they were to the directors, for he had received many congratulatory letters from shareholders. Me .would like to draw attention to the large sums paid for freights, railage, labour and royalties, as showing the great value to the dominion of such industries as the company’s, and he considered that it was a serious question whether some greater protection against New Zealand becoming the dumping ground for imported coal should not be granted. Mine owners had no desire to increase the price, but their very existence depended upon an output which could be relied upon to keep their men steadily employed and reduce standing charges. After describing the progress of the work in hand, the chairman stated that it was anticipated that everything would be completed within two months to permit of tho distribution of the splendid coal from the new seam. He congratulated the directors upon obtaining without delay so able a successor to Mr Broome, who had been appointed to the management of tho Victorian State Mine, as Mr F. H. Chamberlain, whose energy and administrative abilite were well known not only in the dominion, but also in England and America. The directors intended to make quality their chief consideration during the coming year, and to build up a business on that basis. Should the volume of business reach the point fully anticipated, with careful and economical administration, there was every reason to expect that the results of the current year’s operations would be such as to warrant the declaration of a dividend. After the auditor’s report had been read, the motion for the adoption of the report and balance sheet was carried unanimously. On the motion of Mr TV. A.f. Joynt, the retiring directors, Messrs T. L. Cowlishaw and D. D. Macfarlane, were re-elected, and Mr James Jamieson was elected to fill the vacancy caused bv the death of Mr S. Brown. Mr s'. TV. Thornton was re-elected" auditor. Messrs E. Herring and C. Bean asked for some further information on various points, and commented upon the improved position of tho company, and the satisfactory quality of the cool how being mined. A vote of thanks to the directors and staff was moved by Mr George Harris, and carried unanimously.