WANICIE COLLIERY.
At the general meeting held last week of shareholders of Wankie Colliery Company, Limited, the Chairman, Sir Edmund Davies, was able to report a very satisfactory year's trading, sales of coal having increased by nearly 39,000 tons, while costs of production showed a reduction of nearly 1.59,000 on a considerably increased output. This result, Sir Edmund explained, was mainly due to the large capital expenditure incurred at both collieries, an expenditure which had necessitated the borrowing of £150,000 some three years ago in a debenture issue. The Company declared a final dividend of 5 per cent., less tax, making the substantial dis- tribution for the year of 17f per cent. Sir Henry Birehenough, in seconding the resolution moving the adoption of the Report and the declaration of the dividend, congratulated the Chairman upon having obtained favourable terms from the bank which had enabled the company to pay off its Debenture debt, carrying 6 per cent. per annum, and substituting one on terms involving a considerable saving to the company.
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