THE COAL RESOURCES OF THE PROVINCE.

Auckland Star, Volume V, Issue 1495, 25 November 1874, Page 3

THE COAL RESOURCES OF THE PROVINCE.

We have much pleasure in giving insertion «! th^ fol. lowil "S» on "The Coal Resources of the Province," from an esteemed correspondent :- Sir)— While the pedple of Aticfciand city appeal-to be much interested in discussing pi-bviiidia.! attd 6ehtHLl |d6alttdiA, *iid af6 Using every eff,.rt to avoid an education tax, regardless of the advantages of education, they appear to all but ignor* the advantages of developing the resources of the coiintrjr north of AhSkland. $htfs, while We are importing hundreds of thousands of pounds' worth of coal from Australia, and while those imports are going on increasing from year to year, yet it is now admitted on every hand that we have coal of a supetior quality to that which is imported, and not only does our coal extend over a large portion of 'he North, but it is found situate near to our best harbours. The Bay of Islands harbour is looked upon as equal to the best harbour in the world, and although the Kawakawa coal basin can be made available to it from the Kawakawa, VVaitangi, or Kirikiri river, yet so great is the apathy of the capitalists of Auckland that although the Legislature of the colony has voted a railroad from the coalfield to deep Water in the Bay (over three years ago) yet the question of extending that road has been allowed to languish- until within the last few weeks. Thank fortune this railway is now about being carried out No doubt this progress is owing to the fact of the Kawakawa Coal Company having for the last two years met with with so much success in their undertakings. They have not only extended their operations and added to their plant to an extent in value, equal to the work done by the outlay of their first paid-up capital; but they have also made a dividend not long ago, thus adding to the value of their stock and lease, which extends to 99 years, at a royalty of about 4^. All those improvements made from profits may not have been quite fair, to the interests of the smaller and poorer, shareholders, but as the stock of the company is chiefly held by; a few rich men. (the richest in the province), who are Bank, and Insurance Directors large Mill owners &c , they were able to lay out of their money until their property is largely improved. They will now reap tbe result of their patience, and investment of previous profits. For the benefit of a number of people down here in the neighbourhood of the mine, and for the benefit of the coal miners, who now , form a large and respectable body, many of whom have their own bouses and gardens. It would be much better if the capital of the comoany were extended, so that some of the shares could be placed within the reach of these working people ; for it would be a great incentive to the men working at and about the mine to feel that they had an interest in the works While the profits of the mine were sunk in improvements, &c, no doubt but shares could have been got at a discount, but sinoe the means of conveyance from the mine to the shipping, the winning of the coal, and in short all of the work, to securing the mine by timber, Ac, has b<en let by contract; and since the prices of all this contract work does not exceed one-half of the price got for the coal, when delivered by the contractors to the shipping, there is no chance apparently of any person buying shares down here, and unless theie are more shares ushered, it. is not likely that many shares will now change hands even in Auckland. It has be^n reported down here and elsewhere, that like many other valuable interests, the Kawakawa shares are chiefly held by a few persons, who manage to keep shares down in price, or to raise them at pleasure, and that while those holders stamp a value on there shaic* for others to sell, yet if pressed to sell themselves at that p-ice, they would not part with one, but through other hands they go on adding to their stock at the price n*med. Let us hope, however, that the day of such things in Auckland are about over, and that the interests of the Bay of Island* may not suffer from such monopoly, regardless of the interests of the miners and settlers, who ought atleast tohavea fairchancewith others. If at present Kawakawa coal shares can be purchased in Auckland at par, or helow it, the broker who would offer them in the Bay would most likely make a handsome commission on them. - Respectfully yours, A Bay of Island Correspondent."