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CALEDONIAN COLLIERIES LTD.
I In submitting to -hareholders or Caledonian Col
I Jieries Ltd. .vesterdav ihe motion for the adop
I tion of thc directors' statement and balance sheet
Ifor the third year of Ihe company's operations, thc
chairman (Mr. II. B. Howard Smith) s;iid it was
! regretted that Die position disclosed was not as
satisfactory ns that for the two previous years.
I The reduced profit, was not unexpected, us it was
J forecasted in last year's report' that, for thc
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1 in4 the volume of business. The result had been
.further accentuated by the additional taxation im
I posed by thc Federal and Xew South Wales Gov
i ernments,. the total amount for thc year being
I no less than £V1,766. Unfortunately, the short
age of ships and unprccedencly high, freights rul
ing on account -of the war precluded tlie prospect
: of a revival in thc foreign trade for some time,
j which seriously affected the output from the West
IWallsend and West Wallsend Extended collieries.
! Furthermore, coastal tonnage, already reduced by
i Government requisitions, had been rendered le?s
I efficient by thc refusal of tlie Victorian, coal
lumpers to continue the practice oj- the last
forty years of working overtime. As a conse
quence, an improvement in their company's busi
ness for the current term could not be expected.
The total output from the company's five col
lieries for the year 1915 was 1.312.7SS tons.
The resolution was carried, and the dividend at
the rate of 7 per cent, per annum for the half
year was declared, payable at the termination of
the meeting. The retiring directors and auditors
were reappointed.
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