Westport Coal Company.

South Canterbury Times, Issue 7064, 9 February 1893, Page 3

Westport Coal Company.

(By Telegraph ) WESTPORT, Feb. 9. At the annual meeting of the Westport Coal Company yi> c ,l -inlay, the Hon. R. Oliver, who presided, arsid that the diraotoro did not think it advisable to propose a dividend of mors than 7i per cent. but as the shareholders had been subjected to a depreciation r of 10s per share when that amount was written off,, a bonus of Is per share was recommended. The directors felt that no in-■croM-j in the dividend should be made until that gum had been made good to shareholders. The works at Ooalbrookdele wore in excellent order and good progress had been made with the works at Granity Creek. After careful prospecting coal had been found on the lower IftTol, and it was hoped that they might be able to work this coal for present purposes and avoid the expense of an upper incline for some time to come. Should this forecast prove correo l , it would not be necessary to inoar any additional liabilities in excess of the funds already provided. Xbe report was unanimously adopted. Messrs Bartleman and Ramsay were elected directors. A special meeting of the company wos subs' quenlly held, at which resolutions were carried to permit ihs company to carry out the arrangement mada and the partnership fentored into between the Westport Coal Company and Brunner mining proprietors on the jbne part; and certain other proprietors of that pnterest on the other. The chairman explained that it was not contemplated by the Birectors that the proprietors would be called ■pon to approve of selling the property. The Inject was to carry to completion the arrangeIpiPtu already entered into and it was deemed Ittviaable for this purpose to have general Hiber than specific powers.