WESTPORT COAL COMPANY.

Otago Daily Times, Issue 8112, 22 February 1888, Page 6 (Supplement)

WESTPORT COAL COMPANY.

The following is the sixth annual eporb of the directors, to be submitted to the annual meeting of shareholders on'the 2Sth February :— The directors l,c K to submit Hie iulloivuiK report to the sharehoWer. for ths ye.tr enJinf! : Ist Jlceem-ue.-rISB7:-Uwlll be «een from (he pro it and losa account that, iucludinc the balance ot ,U3w l-'J brought forward from last year, mid alter deduetuisj enst of iiiaiia«i;ment, rates ami taxes, expenses ot U?cal taXand all elites, the balance to the credit amounts to £iH>W in. irom which the director., propose! to par a dividend or 2; per c-id.., winch will nuse'rb £Slii7 19a, to write off the sum of £liio troin coat. o( plant aa dpureciatiou. and to eirry forward the reniainine balances of JC3I&3 His 11 nest years "CTiu"\Vcstport. mine has be.in kepi in a most i-Bi-eient state ttirni )K iiout the >e,ir. and the output has been eimule for the requirements of tho trade. 11l Jaiiiiarv'of this vcar the &.v=tP... of .iiidcrKrouiu 1 considerable saviuu 'will b« effa-te.l. Tile opening ■at th a )r.n-t w.-i? 17.t Un duruiK f"'' year, which lias ! enabitd'stearm-rs ro leave with full lends. : At. Westport the wes! em niiiie lias now beJii 'earriel out upwnnis of ai'Outt, and the work v i Wiiminetneiffeet. the bar: at the end of the yeai the mean average depth of water on the bar was I inci-.'nsecl by lft 3in and a much greater improveI ment is cxp'ee-.eil shortly. l'ho special resolution? passed last year to reduce the capital of the company hate been carried out. auel the company1* nominal capital is now reduced : u>jC3!iii,oiK>. ' . \ The directors, wilh a vi«w to re nice the expenses j of nmimcement, have elosfid the Adelaide oftice. and : transferred the roister to Melbi.urne. makinK one ! otlic- (.hew lor all Australia. The. AiMaiJ.': board ; r-as c.-nsequeiitlv.bueii ilissolved, mid th.' director.! ' -.■ nil to exp'-tss li.eir thanks to the. Adelaide directors i which they c,un ilieteel the; company's affairs «liile I the oflice <\::s in exi-ter.tc i In acco:uanee with (lie urticlei of association, the I Hon. II .1. Miller, M.L.C.. and Mr P, 0. Neill retire ! from the lM.nl, but, bein« el:«i'j!e, offer themselves 1 for re-elect ion. ! Hessrs Hisloji and Eroilrink, the auditors, also i retire and oiler themselves i.ir re-election. 11. J. Jliu.kh, Chairman.