COAL TRADE PROBLEMS.

Auckland Star, Volume LXV, Issue 267, 10 November 1934, Page 4

COAL TRADE PROBLEMS.

DIMINISHED OUTPUT. POSITION OF GREY VALLEY. In moving the adoption of the tenth annual report of Grey Valley Collieries in Christchurch on Tuesday, the chairman of directors, Mr. I\. B. Bell, said:- -"The difficulties mot with have been even greater than those previously experienced. The mine at Dobson was closed for over two months in the beginning of the calendar year; and, with the diminished market, the output for the period was again reduced. Having regard to this restricted output, and the heavy loss incurred through the explosion in .January, your directors take some pride in the fact that the year finished 'all square' financially, after the substantial sum of £5000 had been allowed for depreciation and adequate provision made for taxation, renewals and future development. The general trade conditions from which the company has Buffered for some years past arc unchanged, and unfortunately there does not appear to be any immediate prospect of improvement. The colliery is being maintained in, a high state of efficiency, and development! work underground is being continued well in advance of coal production. The coal being met with as the development work proceeds is of the same high quality, and it is safe to say that the whole of _ the company's property has never been in a better condition than it is at the present time."