WESTPORT COAL COMPANY.

Otago Witness, Issue 2813, 12 February 1908, Page 41

WESTPORT COAL COMPANY.

The twenty-sixth annual report of the directors to be presented to the meeting of shareholders to-day (Wednesday) is in the following terms —The profit for the year, after providing for bad and doubtful debts, deprecation, and all charges, amounts to £43,254 17» lid, to which must be added the sum of £10,154 7s brought forward from last year, making a total of £53 409 4s lid. An interim dividend of 3s Gd per share was. paid for the half-year ending June 30, 1907, amounting to £14 000. leaving a balance to be dealt with of £39,409 4s lid, out of which the directors now propose to pay a dividend of 3s 6d per share— £l4 000 to pay a ■bonus of Is 9d per share— £7ooo, to carry to reserve fund £8000 to carry forward to next year's account £10,409 4s lid;— total, £39 409 4s lid. If the=e proposals are adopted the dividend and bonus will be payable immediately after the meeting. The mines and plant have been maintained during the year at the usual state of efficiency. In accordance with the articles of association, the Horn. Sir H. J. Miller, M.L C , and Mr P. C. Neill retire from the board, and. being eligible, offer themselves for re-elec-tion The auditors, Messrs "Walter Hislop and C. H. Statham, retire, and offer themselves for re-election. NEW ZEALAND INSURANCE COMPANY. The sixty-ninth annual report and balance Sneet will "be submitted to the members today (Wednesday) at Auckland. The report is Bs follows:— The fire, nftrine and accident premiums, after deducting returns and reinsurances, amount to £616 416 17s 9d, being an excess upon the previous year of £51 268 6s Id. The surplus on the year's transactions after making lull provision for all ascertained losses to November 30, amounts to £91.416 9p Id The b-la^e Iwmi<"M fo>--•ward from 1906, after payment of dividend in February, 1917 was £5257 16s lid (£96 674 6s), deduct interim dividend paid in August last £15,000, leaving an ava-lable balance at profit and loss account on November 30. 1907, of £81,574 6s. from which your directors lecomrcend the following mentioned appropriations'—Reserve fund, £25 000; re-ins^rauca fund £35 000; balance carried forward to new account £21.674 6s ; total, £81 674 6s. From the amount carried forward tha airectors recommend the payment of a dividend at the rate of 2s per shaie, amounting -to, £15 000. Messrs R, C. Carr. C V Houghton, and Arthur M. Myers Tetire f rom the board as provided by 'the articles of association, but ere e'igible, ana offer themselves for re-election. Mes=T3 J. F. Buddie and A. J. Denniston again offer their services as auditors-