WESTPORT-STOCKTON COAL CO.

Dominion, Volume 6, Issue 1713, 2 April 1913, Page 10

WESTPORT-STOCKTON COAL CO.

ANNUAL MEETING. • (B;r Telegraph.—Frew Association.) Christchurch, April l. At t'.ae annual meeting oi the Wcstpoitstockton Coal Company, tho chairman (lilr. w..iteoce), iu moving the adoption of me annuaj reports, taia:—lou' will notice 'in the balaucc-ishoet taut tlio share capital remains the eame as last year, with the addition of £6U,UO preiereucc i=ha'rei, wlncn have been subscribed for; and 011 ben-ali of tho directors i would like to tlmnk shareholders tor the loyal way in which they cuine forward and touk up this l&ue. The property account has been incrcasefl by. additions to plant, new formation, ctc. Tnc year's working shows a profit of £3363 Ills. 2d. 'I'lie'Sjiiditor lias advised that he dowi not, consider it necessary to write olf any amount' this year because of the large sum spent (nearly 1 £KCO) in fully repairing and keeping the' plaut in first-rate order. You will see what a large eum ive pay yearly lor railage, harbour board dues, and freights, amounting this year to £45,1:11. ■ These charges we: cannot reduce in any ' way. Tho output for the yew has been 125.031 tons, au increase of it,795 tons over last year, and had we boon able to supply, all the hard coal wo could have sold .this / might have' liecu considerably higher. This difficulty of supplying sufficient hard coal will' be fully met When -wo open u;? our new field. You would like to know doubtlo-s how the development of the ne'.v field is progressing. Thero is a tunnel of about, tivelvo chains leading* from the present main road, which is completed with tlio exemption of grading, which will bo finished ill about three weeks,. A considerable distance of this tunnel was taken through. The coal bridge over, tho Mangatiiii liius been completed. After crossing tho bridgo -;hero.is a, distance of ninety chains of tramway to the mouth of-the new mino, Tho contract'for" this' formationfihouid bt> completed by the end of April. The rails required for the tramway are now in Ngakawau. and in about three weeks wc shall commence laying the line. The contract, for erejtintf trollofy • poles f6r electrical work has also been let. We are using every effort to get the new field opened up. so tiat wc iriay obtain a share of tlic wiiiter'trade. The, engineer's original estimate will not only cover' tho 'cart of* reaching the new field, but allow a mo.rgin for. oth«r work required. Thero ir, still,a quantity/>f fine, hard coal iu our old field which will considerably more than keen going until our new mine is iii full working: order. If the profit made this year under adverse circumstances is any guide thero is- cvc„-y prospect of a very successful future heforc the companv. 1 After replying to a considerable numl-pr of questions,'tho chairman moved the ad-in-tion' of the report and ba].">ncc-i?'<o';t. This was seconded'by Dr. Coleridge F.irr and carried. MINING NEWS. WELLINGTON SHARE MARKET. At tlid morning call yesterday sales were reported of . Victoria at 2Jd., and Waih-i-Paeroa-at 295. The business wsg done at the afternoon call. The quotations were, as under t , - -j- ' ' '" '" llu.voi 1 s. 1 ' Seilers! ' . i's. il. £». d. Mountain King .00 li • 0 .0 3 Ross Reconstructed 0 '4'il "'o"'s '3 Saxon — 0 0 4 Talisman 116. .;3 ; -1 16 9 Waihi 111,0 j,.l 11' 9 Waihi. Grand Junction ... .10 9 113 Waihi-Paeroo, 10 6 110 0 Waiotahi 0 1> 9 i. 0 2 0 Waitausri ..j 0. 0 '-6< STOCK EXCHANGE. . Telosraph.—Press' Association.) > 'Auckland, April 1. ■ Rales on 'Change this morning included: —Talisman, 365. 3d.; Waihi, 31s. 6d.; New Zealand Insurance, £5; Auckland Gas, 295. 3d. and 290. (d. Cfiristch6rch| April 1. The following sales were reported on tho Stock Essihange of Canterbury to-day National Rank '(rights), 19s. National .Insurance of New, Zealand, £2 ss.' ■ 9d. . South British Insurance. £3 l. r n. 6d. , N.Z, Farmers' Co-op., £2 ss. 6d. ; REEITpN MINES. Rcefton, April 1. The N2w Big : Piiver for a fortnight's crushing' produced 3440z. 2dwt. from 240 tons storie: v<oo tons Kind cyanided yielded 78oz. lOdivt. bullion. The total value is estimated. at £1595. At the mino repairing of the shaft "is being done, new boilers, engine and .winding gear being put in. The "It.angahua Times" reports that the sample scone all through from the face of the reef in. the Pride of Rcefton went, 3oz. 7dwt.. 17co-.'; at: the Dunedir,, School of i Minos, »oon bs en-, tered into on Merrijig's Field, where an ! engine h;ns been fitted to start unwatcrlns the old Gallant shaft. LONDON MINING QUOTATIONS. London, March 3i. Yesterday's closing quotation* were:— Grand Junction, 20s. (buyer*), and 2lg. (sellers) ; Talisman, 325. 6d. and 375. 6d.