WESTPORT COAL COMPANY.

Otago Witness, Issue 1942, 7 February 1889, Page 10

WESTPORT COAL COMPANY.

The following is the seventh annual report of the directors to be presented to the meeting of shareholders to bo held on the 26th February 1889:— Tho directors have the pleasure to submit the fo! lowing report to the shareholders for the year ending B!sc December 1888. The profit and loss account, including balance of £3188 108 brought forward from last year, and after deducting expenses of management, rate 9, and taxes, cost of Melbourne board, and all charges, shows a balance to the credit of £20,496 13s Bd, which the directors recommend should be disposed of as follows : -To payment of a dividend of 5 per cent, for the year, £10,395 18s ; to write off as depreciation, £3562 los 7d ; and to carry forward £6538 0b Id. Upon confirmation by the shareholders of these appropriations, the dividend will be payable at the head office immediately after the meeting, and at the branches upon receipt of the warrants, The Westport mine is in a very efficient slate, but considerable delay and loss of trade occurred in the earlier pait of the year through substituting an endless rope for an endless chain previously in use ; but fine new system is now working satisfactorily, and enables the company to have an output which wa formerly deemed impossible. The loss of trade re ferred to was, to some extent, but only partially made up by an extra demand during the Newcastl strike. There has been a great Improvement in Westport bar during the past year. In January 1888 the mean average depth of water was 12ffc ; during the past three months it has been 19ft, and showa oJgns of still further improvement. The western wall is now 3454 ft, leaving only 726 ft to complete the length recommended by Sir John Ooode. The eastern wall is out 1882 ft, and is being rapidly extended. Other works are in contemplation whioh will materially improve the harbour. The company's Greymouth mines have been amalgamated with the Brunner mine, owned by Mr Kennedy, and these properties have been transferred to a separate company, under the name of the Grey Valley Coal Company (Limited), in which the Westport Coal Company holds a half interest. The directors decided upon this step with a view to reduce expenses of management and secure better results, and they are glad to be able to report that the arrangement 'has- been of decided advantage to the company. The outputs of the Brunner and the company's Greymouth mines previous to the amalgamation were equal, and tho profits of the amalgamated companies are equally divided. The bar at Greymouth continues good, and vesselß of large size are ablo to enter and leave the port. In terms of the articles of association, Messrs E. B. Carglll and Maurice Joel retire from the board, but being eligible offer themselves for re-election. ' Messrs Hislop'and Brodrlck; the auditors, also retire, and offer themselves for re-filectlon.