Westport Coal Company.

Ashburton Guardian, Volume X, Issue 2304, 12 February 1891, Page 2

Westport Coal Company.

ANNUAL MEETING.

J[rER PKESB ASSOCIATION.] Dunedin, February 11. The chairman of the Westport Coal Company at the annual meeting said :— "You wiil probably wish to know how the loss mentioned m the report occurred. The principal item is the extra cost of getting coal. There was also expense m connection with the collecting-of men, and sending them to Westport, and there are expenses of management, rates, taxes, interest, and depreciation during the last four months of the year. Thes« altogether amount to upwards of £10,000, and then we have to add loss of profits, another £10,000. Loss is notaltogether confined to the company; the miners themselves have been also sufferers, and- many industries m the colony were much injured. The directors decided to close the Wallsend mine for the present. The principal object m amalgamating with the Brunner was to save expense, and it has been found that trade can be amply njet for some time to come by the output from tho Brunnor and Coal Pit Heath, and the expense of a third mine avoided. The balance at credit of profit and loss account is not large enough to warrant our paying a dividend, more especially as it will be necessary to commence work at the Granifcy creek lease during the present year if we are to keep pace with the demand for coal. Trade is rapidly increasing, and although it sustained a severe and unexppcted blow, which must press sp,me.what hejavtUj. on tshe/^arelfqlders, still we'have ample proof that the property is quite as good as was expected. In answer to a question, the Chairman said he estimated that the loss to the miners through the strike amounted to £30,000. During the discussion of a motion not to open the Granity Creek mine without special sanction, ft was staged b,y the Chairman that m the opinion of the Board it was necessary to do something m order to, avert an attempt to forfeit the lease.