WESPORT COAL COMPANY.

New Zealand Mail, 21 February 1901, Page 55

WESPORT COAL COMPANY.

DUNEDIN, February 13. At the annual meeting of the Westport Coal Company, Sir H. J. Miller, the 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 an increasing output, which last year amounted to 368,000 tons, and was expected to be larger this year. The pro-' fit 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 a supply of coal to the Admiralty at Hongkong. They were also supplying coal for the United States Navy at Samoa. I After upwards of two years’ 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 cost more 'than was expected. The report, which increases the dividend to 8 per cent, for the; year, was adopted. Messrs E. B. Cargill and G. L. Dennistori were re-elected directors. Mr G. Joachim, replying to' a vote of thanks to the staff, said, in the course of the nineteen years of its existence; the company had piit out 3,245,000 tons of coal, bad paid away in wages £954,000, in royalty, railway charges, haulage and tuxes £510,992, freight to local carriers £6.98,4:13. Unfortunately the dividends, paid had not equalled 5 per cent, on the capital, which was not enough for the risk run.