WESTPORT-STOCKTON COAL COMPANY.

Otago Witness, Issue 3338, 6 March 1918, Page 23

WESTPORT-STOCKTON COAL COMPANY.

The annual meeting of this company was held on Wednesday, at Christchurch, Mr William Reeco (chairman of directors) presiding. The directors' report. stated that owing to labour difficulties in the early part of the year, and tho shortage of miners and truckers, there had been a decrease in output for thfr year 1917. The amount of coal mined was 166,716 tons, being 16,416 tons less thau last year. It was gfetifying to rqto that the development of the company's property was proceeding satisfactorily, and that, given a sufficient supply of men. the output could be much increased. The amount to the credit of profit and loss account wa3 £16,953 14s 9d, which the directors recommended be allocated as follows : —The payment of £3817 14s 6d, being the dividend of 8 per cent, on preference shares; the payment of a dividend of 5 per cent, on 'ordinary shares, absorbing £6573 10s; tht- transfer of £3OOO to depreciation; and the balance of £3562 10s 3d to be carried forward. The vacancy on the board of directors created by the death of Mr Duncan Rutherford had been filled by the appointment of Mr William Nicholls. Dr Coleridge Farr asked that Mr Kayo, as one of the newest directors,, who had reoenfcb l paid his hrst visit to tho mines* at Ngakawau, might give his first impressions. Mr Kaye said that, in company with his fellow directors, he recently visited Ngakawau, and, to put it in a sentence, he was amazed and astounded with what he saw. Everything was so much better than he had anticipated. The whole of the work had been carried out in such a complete manner and planned with great foresight; then, in the mine itself, the immense quantity of coal augured well for the comparfy. Altogether he had como away highly pleased with the result of his visit. The motion was carried, and the retiring directors and auditors were re-elected.