WESTPORT GOAL COMPANY.

New Zealand Herald, Volume XXXVIII, Issue 11576, 14 February 1901, Page 5

WESTPORT GOAL COMPANY.

[BY TELEGRAPH. —PRESS ASSOCIATION.] Dunebin, Wednesday. At the annual *meeting of the Westport Coal Company, Sir H. J. Miller, chairman, in moving the adoption of the report, said the increase of £27,000 in loans and current accounts was explained by 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 be larger this year. The profit was £5211 more than 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 contract was received last year for the supply of coal to the Admiralty at Hongkong, as was also the supplying of coal for the United States navy at Samoa. After upwards of two years' labour at Millerton, the great fault which separated the present workings from the. main coalfield had been overcome. This was a great work, which caused much anxiety, and the coal was more than was expected. j The report, which increases the dividend to eight per cent, for the year, was adopted. Messrs. E. B. Cargill and G. L. Dennistou were re-elected directors. Mr. G. Joachim, reply to a vote of thanks to the staff, said in the course of the 19 years of its existence the company had put out 3,24-5,000 tons of coal, and had paid away in wages £954,000: in royalty, railway haulage, and taxes. £510.992: and freight to local carriers, £698.4-13. Unfortunately the dividends paid had not equalled five per cent, on the capital, which was not enough for the risk run.