WESTPORT COAL COMPANY.

Otago Daily Times, Issue 13518, 15 February 1906, Page 2

WESTPORT COAL COMPANY.

ANNUA!, MEETING: The twenty-fourth anmial mooting of the Wcstport, Coal Company was held in the Board Room of tho company's office, Vogel street, yesterday afternoon. Mr P. O. Noill, in tho absence through illness of Ihe ohairmiti) nf 'directors (Ibo Hon. Sir 11, J. Miller) presided. Thero were present— Messrs (I. 1,. Dcnniston, U. Ilay. J. 11. Sinclair (directors), and about 50 shareholders. Tho Chairman apologised for Sir Henry Miller's absence, It was the first occasion on which ihat gentleman bad not been present, al Ihe annual meeting. llKl'OltT AND HAUNCH SIIKCT. The Chairman: Gentlemen, with your permission the report nnd balance sheet, which have been in your hands for some time, will be taken as read. Referring to the accounts, Ihe Capital Account, remains Ihe same us last year. Sundry liabilities (£52,760) are increased. These are for royally ami renls, freights, rates and lux 's, wages and oilier liabilities at head office and brunches, nearly . all of' which have since been paid. Insurance Fund £52,346. The increase in this account represents the balance of premiums credited over losses paid for the past year on various risks which the company lakes, being Ihe whole of the accident and marine risks, a line on the h,s. Canopus, nnil a pari- nf t.hc lire risks. We are anxious to see Ihe fund increased, in order that me may lake larger risks against it, and llius save paying premiums to insurance companies. If we insured all our with the insurance companies our premiums would amount- to £7000 per milium, and, judging from past experience, the larger ilie risks we can prudently lake ourselves the better for llie ciininany. The reserve fund is now £33,000. On the other side, the properly account lias increased, owing lo Ihe new plant added during the year and the purchase of sites for onr retail ynnl«. Sundry debtors on open account (£19,706) represents amounts owing for coal. They rtre all quite good, and have nearly all been paid since Ihe end of the year, Stoclts are larger, as we have more bulks and i depots. Investments are all in bonds and oilier good securities, The sinking fund is increased by £6000. which has been invested in bonds and banded In the trustees for the fund. Turning lo the profit and loss account, exnenses of management are a Irille less than last year, but rales and taxes are, I regret lo say, increased. The profit on coal account, is considerably reduced. owing lo the very keen comnctilion from Nowcastle and local mines. We have paid an interim dividend of 3s 6d per share for the half-year ended .Time 30 last, and now propose to nay a similar dividend for the half-year ended December 31, and to give a. bonus of 3c 6d per share, and to carry £8000 to reserve fund. Tho s.s. Canopus has done well during llie year, and Captain T.obb must bo complimented npon his excellent management of the steamer. The new bin nt Deuniston, which will enable us to store coal and give despatch tn steamers loading for flic Admiralty and oilier largo consumers, is finished, nnd only wails the arrival of llie eonvc.vors and nicking belts from England to be ready for work. The building ol this bin involved the remodelling of our screening and hauling appliances. It has given Mr Dixon inunh extra work and anxiety,- and he is to bo highly commended for the excellent, way in which the work has been carried out. With these remarks. I beg-to move tho ndonlion of the report and balance she-it-. Mr W. Ti. Simpson, iu seconding the motion for the adonlion of Ihe report, and balance sheet, said the renort was very satisfactory on many noinis. but shareholders would 'observe (hat il showed considerable shrinkage in profits, especially since 1903. The chairman bad lold them that be accounted for this by the keen compolilon, but he might also have snid that the action of the State in supplying ils own railways hail had a very considerable effect. The falliug-awav of the Admiralty supply had bad an elFcct. also, but that, output bad now been increased. It might be thaishareholders looked with some degree of envv on Ilio I urge amount, of money that was carefully and (as be thonghl) wisely kept in store. The large amounts held in llie insurance and reserve funds saved Iheni from having lo lean on their bankers. They were llieir own hankers, and Ihat could no l be so if they had not these funds. They did nol know when these funds would be required for llieir legitimate purposes. Tho funds had not been much involved yet. but there was no telling the day when lliey would be required. The time might, runic when the directors might se" fit. to declare a dividend from these funds, when Ihe position wns strong enough to allow il. There was no doubt thai they were suffering lo some, extent from a diminished output bv sea, but Ihat was now improving. The directors bad been very indicious in doing their own carrying, and llie shareholders had bencfilcd a good deal in consequence. At, Ihe same time, there was no doubt, that; Ihe market was diminishing, and he ionhl be sorry to see the reserve funds interfered with. w.r.rTiov or lintra'TOUK. The Hon.. T. Fergus moved the re-elec-tion of Messrs .1. li. Sinclair and Keith Ramsay to the directorate. He nml not sav ihat both gentlemen had given considerable assist mice to Ihe company and looked, after Ihe interests of shareholders, end they might be eorfectly confident that tliev woul'l continue to do so iu I lie future. Sir .1. Mill seconded the motion, which was carried unanimously. Mr Sinclair, on IwhaU of Mr Ramsay and himself, thanked Ihe shareholders for their renewal of confidence. AUIItTOM Messrs Waller Ilislop and 0. 11. Rliilliiini were m. ihe motion of Mr >T. Mill. by Mr John Wright, reelected auditors, CnMI'MMES'TARV. Mr C. W. S. Chninljerla-in moved a vole of thanks to Ihe directors and slaff of ihe company. Tliev had reason to thank the.-c various gentlemen for the great skill thevliikl bestowed upon the business, and it was matte-' for ronuralul.ilion that, tliev Imd sn," 1 ' an excellent board and ."faff. They had beard a good ileal about competition. and o <!oub! il wns severe and u'light account for tlio small drnp in the value of shares. There was little reason, h nvever, to trouble themselves much about it. They had a good mine, good coal, a grod trade, and .goo.l men lo look after it, and as long as I J,eve was a profit in coal tliov would ""I tlie'r share of it as well an their neighbours.—(Applause.) Mr fi. ltile'ii-e seoendod the motion, which was curried on the voices. Thn Chairman said: On behalf of the directors T beg to thank ihe shareholders very Irnrlily. Tn view o[ the increasing competition, llie directors recognise t.he necessity of finding new markets for Ihe coal. Active slops are being taken iu this direct ion. nnd in another year we hone lo be able to give a favourable report of r.nr efforls. It has bren found necessary lo provide for r.n analysis of the coal, so r.s lo determine ihe proper mixture of- coal fo.- Ihe various purposes. Mr liradley. an expert in Ihrso matters, line been appointed to take charge of the testing laboratory at. Wcstport, under the supervision of Mr Dixon, manager of the Deuniston mine. Owing to the skill and oncrc of Captain Lolik the company's steamship Canonus worked during lie year up to her fell capacity. She has proved herflf to 1-e mi up-10-d'ite collier, and a credit, lo her builders. Messrs Swan and Hunter, Captain I.obb is about taking a well-earned holiday. All the inanasers have worked exceedingly well, and the company is to lv> congraluhilcd on llw success of their efforts, in snitc of the increasing competition and reduced prices. It is a mjttei of much satisfaction to find that the large or.tlav Hint we have incurred in increasing the facilities for bringing out the coal has proved to be a vca.l economy. There arc. of course, always new works to he undertaken to provide for the development of tho field, but Ihese will not he of tlio same magnitude as those which we have new lienrb- comnlcled. Mr G, JoHiim. general manager of (he company. «r'd: Allow me to return you v.v sincere thanks for the most gralifvin" vote you' liavo raised. 1 sneak for but. for the slaff. They will, I urn sure, be mo=t cncoinagcd by it. nnd I cm e"i)s''ient : oi;slv =av that they have one end all lorallr and helpfully worked f or the interests of the company. During llie nasi, year wi> paid in wages. £132,Jt0; baulaje.J royalty. v ates and taxes to the Government. £99.473: freights fo local steamers, £96.951; and £18.100 in stores.