WESTPORT COAL COMPANY
AN EXTENSIVE CONCERN.
Dunedin, Feb. 26 B At the Westport Coal Company’s annual meeting the Chairman, in his address, said the expenses were the same as last year, whilst the profits had considerably increased, the net profit for the year being £21,528. They had depreciated the works by £8,302, and paid an interim dividend of 2£, and now proposed to pay 3£ and carry forward £7,290. The output at Westport for the year was 160,000 tons, being an increase of 30,000. This would be further increased during the current year, as they were not likely to be subject to keen competition from Newcastle. They had supplied a cargo to the Admiralty for use on the China station, and expected a large trade there as soon as the Government provided sufficient accommodation for loading large steamers. The Company’s wages account now amounted to £1,300 weekly, while they paid the Government £7OO weekly for royalties and haulage, besides paying £I,OOO weekly for freights. After a lengthy discussion as to the amount allowed for depreciation, Messrs Holmes, Barbleman aud Reynolds were elected directors. A motion to make the dividend 41, instead of 31, per cent, was withdrawn.
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Te Aroha News, Volume VII, Issue 450, 1 March 1890, Page 4
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197WESTPORT COAL COMPANY Te Aroha News, Volume VII, Issue 450, 1 March 1890, Page 4
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