WESTPORT COAL COMPANY.

Greymouth Evening Star, Volume XXXI, 14 February 1901, Page 3

WESTPORT COAL COMPANY.

[PER PRESS ASSOCIATION]

Dunedin, February 13. ■At the annual meeting of the Westport Coal Coy Sir H. J. Miller, Chairman, in moving the adoption of the report, said that the increase of £27,000 in loans and current accounts was explained by the expenditure on works necessary to provide extra plant to cope with tho increasing output which amounted to 368,000 tons and was expected to bo larger this year. The profit was £5,211 more than the [ previous year and it was proposed to inr crease the dividend by half per cent. The mine was well equipped with improved [ machinery and plant. An important contract war received last year for a supply of coal to the Admiralty at Hong Kong, and it was also supplying coal for the United States navy at Samoa.- After upwards of two years' labor at Millerton the great fault which separated the present working from the main coalfield had been overcome. This was a great work which had caused much anxiety and cost more than was expected. The report, which increases the dividend to 8 per cent for the year, was adopted. Messrs E. B. Cargill and G. L. Denniston were ro-elected directors.

Mr G. Joachim, in replying to a vote of thanks to the staff, said that in the course of tho nineteen years of its existence tho company had put 3,245,000 tons of coal, paid away in wages, £954,000,'in royalties, railway haulage and tazes £510,992, and freight to local carriers, Unfortunately, the dividends paid had not equalled 5 per cent on tho capital, which was barely enough for the risk run.