WESTPORTSTOCKTON COAL COY.. LTD.

Press, Volume LIV, Issue 16149, 1 March 1918, Page 4

WESTPORTSTOCKTON COAL COY.. LTD.

ANNUAL MEETING OF shareholders. The annual meeting ot the NN est-pon-Stockton Coal Company. Ltd.. was held Oil Wednesday. February 27th, ]91*5 ;ll 3.|.*, p.m., at the offices of the company. I>3 C'ashel sucet. Christchurch. Mr NVm. Beece. chairman ot directors, presiding over a huge attendance of shareholders. ANNUAL REPORT. The directors herewith submit accounts to December 31st. 1917. Owing to labour difficulties in the earlv part of the year, and the shortage of miners and truckers, there has been a decrease in output for the vear 1017. The amount of coal mined was 160.716 tons, being 16.416 von? less than last year. It is gratifying to note that '.he development oi the company s property is procc'tdine satisfactorily, and that, given a sufficient supply of men. tue output could be much increased. Our expenses have been very heavy this vear. and the increased taxation, amounting to -Colli 4s 6d, as againsu iJl'Jo!' last year, presses heavily on a. company such as ours, so shortly entered upon its profit-earning stage. The amount to the credit ol profit and loss account is £16.9-33 Ms ./d. which the directors recommend be allocated as follows:— Tin* pavnient of £'381 > 14s 6d, being the dividend of 8 per cent, on preference shares: the payment of a dividend of *i per cent, on ordinary shares, absorbing .£6-373 10s; the transfer of r "3OW to depreciation; and the balanoo of £3-362 ]0s 3d to be carried ror-

" "rlie vacancy on the Board of Directors created by the liiuch-regrottod death of Mr Duncan Rutherford nas been tilled by the appointment of Mr Win. Nieholls. The directors retiring by rotation are Messrs W. M. -Joynt and AN. Nieholls. who are eligible and offer themselves for re-election. The auditor. Mr W. S. Godfrey, also retires, and offers himself for re-ap-pointment. As usual, a report of the proceedings of the annual meeting will be posted to each shareholder. WILLIAM JvKKCL. Chairman.

in the year—considerable labour difficulties, resulting in a reduction of output of 10.4.10 tons, and you will at once realise the difference tins made in our !o- of proht and mc' ca. Ed rat o of overhead charges to output. The other in otter 1 have already, referred to. the large increase m taxation. It will be clear to vou that without the amounts incurred as above to meet our available credit balance -w-ould lu\e been considerably augmented. . NVe have also paid., to maintain ou. plant and works. :ui increase oi about £-1000 over last year, owing entirely to the enormous advances in the cost of steel and other materials, so that, taking everything into consideration, I feel that the company s undertaking has l>orne the strain of adverse stnnces i's well as could be expected. The cl.airman here made an interesting detailed statement regarding the. output per miner and the wages paid by the company. Continuing. he said : i cannot allow the occasion lo pass without expressing my sense ot the loss the shareholders have sustained by the; death of one of the early directors ot the company. Mr" T>uncan Rutherford, who*e strength of purpose and loyalty to the company were always a great, hcln to the directors - NVe have also to deplore the loss ot Lieutenant Mnrsden our late secretary, who crave his life m France, fighting for the great cause the Empire has pledged itself to uphold. . . The directors have appointed Mr V?. Town send as secretary to the company; Mr Townsend has, had considerable experience of the coal trade, and engaged for some time in watching over our North Island interests. 1 am pleased to say that the work at the mine is showing good progress, and that tho management is working smoot.iIv AYith a prospect of improvement in output in the. future, and with tho return of peace, there appears no reason whv voiir undertaking should not prove worthv of the confidence you have placed in it. The chairman then formally moved the adoption of the report and balancesheet. THE DISCUSSION, Mr J. Mill, seconding the adoption of tho report and balance-sheet, said that the shareholders appreciated the careful way in which the directors iiad looked afteV their interests during a troublous year, with laboux - difficulties, extra taxation, increased cost of t>upplies, etc. Mr Mill made further feeling reference to tho loss to the directorate in Mr .Rutherford's death, and to Lieutenant Marsdens death in action in France. The directors, he said, had the fullest, sympathy of the shareholders in their arduous "work for the. company. Mr Herring paid a tribute to the energv and hard work the directors and staff had put in the enterprise, and the efforts they had made, and added many interesting sidelights on the