WORKLESS MINERS.

Auckland Star, Volume LVIII, Issue 31, 7 February 1927, Page 10

WORKLESS MINERS.

KAITANGATA RELIEF.

ROAD-MAKING PROSPECT,

COMPANY'S FINANCE.

(By Telegraph.—Own Correspondent.)

DUNEDIN, Saturday,

The Kaitangata miners arc still without work and without pay due to them. There is, however, a prospect of their making an early start on Government relief work, the construction of a road along the west bank of the lxiver Clutha.

Reports from Kaitangata this morning were that the shops were still open and that subscription lists were being opened in Milton and Balclutha to assist the families of the miners. Mr. F. Waite, M.l\, has dispatched a telegram to the Minister of Mines asking that £2000 of the £3000 held by the Public lrust Uftiee and known as the Kaitangata Belief Fund should be used in alle\iating distress at Kaitangata. This money is the residue of the fund set up many years ago for the benefit of dependents of miners killed in the Kaitangata explosion of 1579. It amounts to over £3000. Of the original dependents, only a woman survives. Descendants of the miners have made several efforts- to secure the money Iving in the custody of the Public Trustee, but the Government has stood firm and it has lain untouched.

A consultation between Mr. Marks ■ind Mr. Waite took place this morning and. as a result, the latter this after* noon recommended to the Hon. Dow me Stewart that the most important and ta\ouralile work was the construction ot the road up the west bank of the (.hitha Kiver. The work would be handy to Kaitangata and men couU be con\e\ed daily to and from work in buses.

Construction of Company.

The company for which the miners have been working is the New Zealand Coal and Oil Co., Ltd., with otlices at <J, Hasinghall Street. London. The company was registered on February 2-S 1900. 1-or the directorate, the qualifications are .">(«) ordinary shares and the hoard is constituted of' Messrs <;. L Wanless. J.l', (chairman I. T. \Vanle*s A. K. Jackson, LL.D.. Colonel A. m! Jackson D.L.. and Sir John Serburn J.P. The bankers are the National Bank of New Zealand, LM. According to the Stock Exchange gence, the company's properties com-

prise three collieries, one of which is treehold, together with a shale lield of 4200 acres and plant for the manufacture of shale oil and its by-products. Negotiations are in progress for the sale of the oil works. The accounts were made up to the end of February aud submitted in January, 1920.

, The statement of dividends was as follows: No dividend has been paid on ordinary shares. Dividend on the preference share (7 per cent) for 1902-1903. On February 2S, 1925, the debit balance on the profit and loss account stood at £18,066 and the reserve fund at £310. lhe amount of loans secured by deposit of first and second debentures bad a liability of £22.2.">2 and there was a debit balance of £2ti.04(» on the Orepuke shalt- working suspense account. The authorised capital of the coinpanv is £210.000, of which £192.i>94 had been Issued in ISO.OOO ordinary and 12.094 (part ot 30,000) preference shares of £1 fully paid. In 1902 the capital was increased from £I SO ,000 to £210.000. Preference shares are entitled to a noncumulative dividend of 7 per cent. There is no provision as to their capital rights.