COMPANY AFFAIRS.

Auckland Star, Volume LXIV, Issue 18, 23 January 1933, Page 4

COMPANY AFFAIRS.

HIKURANGI COAL CO. , FURTHER LOSS LAST YEAR. AN UNFORTUNATE PERIOD. A loss of £4672 is disclosed iu the annual accounts of the Hikurangi- Coal Co. -In their annual report, the thirty-ninth for the period ended' December 31, the directors state inter alia:—• "The company's experience during the past year has been an unfortunate one. Ln the first place, a prolonged strike, extending over seven weeks, took place, owing to a reduction of the number of men employed in the mine. This strike involved the company in a sum which contributed largely to the loss sustained. In the second place, a severe fire occurred in the workings early in November. This fire necessitated the sealing off, meantime, of a large area of the company's coal resources, and has involved, in the interim, a large reduction of output. Every effort is being' made to improve the output as much as possible under the circumstances, and operations are in progress to increase development work. The company has sought the advice of recognised experts, and while their opinion shows that the position is not good, they state that, with an increase in output, considerable improvement may be anticipated." Messrs. W. T. Brown and J. A. Gentles, retiring directors, offer themselves for reelection. The accumulated losses now stand at £32,295. The balance-sheet shows: Paid capital, £70,000; debentures, £30,000; sundry debtors, £25,808. The mine and works, plant, etc., are valued at £89,000.