MINING FAILURE.
SHERIFF IN CHARGE. NORTH BROKEN HILL. A circular issued by the secretaries of Junction North Broken Hill mine (no liability) states that the joint compensation committee has signed judgment against the company for £47,382, and the sheriff has entered into possession of all the assets of the company at Broken Hill and Pinnacles. The circular adds:— "The situation is that the sheriff's officer is in possession and control of our mines and other assets, and the directors have thus been deprived of the management thereof. "In view of these circumstances there is no possibility of any return of capital to shareholders, and you may therefore take this as the board's final communication. "The present position has been brought about by the operations of the various Workmen's Compensation Acts. "Directors have for a long time past used their best efforts to place the mine on a payable basis, and avert the present seizure of your property, and regret that owing to falling metal prices and the legislative enactments above referred to, their efforts were of no avail."
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Bibliographic details
Auckland Star, Volume LXII, Issue 88, 15 April 1931, Page 4
Word Count
178MINING FAILURE. Auckland Star, Volume LXII, Issue 88, 15 April 1931, Page 4
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