BETTER PROSPECTS.

Auckland Star, Volume LXVI, Issue 229, 27 September 1935, Page 8

BETTER PROSPECTS.

PUKEMIRO COLLIERIES.

TWENTY-FIVE YEARS' PROGRESS. An # assurance that the coal trade was in a' better position than for several years past was made by the chairman of directors, Mr. A. Howey Walker, at the 25th annual meeting of the Pukemiro Collieries, Limited. The annual report and balance-sheet, details of \vliich were published in the "Star," were adopted. In its 25 years the company has made considerable progress," said Mr. Walker. "On an original capital of £50,000 wo have paid dividends totalling £311,000, besides 50,000 fully paid bonus shares. During the period wo have paid £108,000 in income tax."

Mr. Walker Baid that since the beginning of March the company had been trading under normal conditions. However, for several years up to the end' of February the Waikato coal industry was in a deplorable state. Trading conditions were most trying, owing to the severe price-cutting which threatened to extinguish the company's trade. The company took a firm stand, and it had maintained a strong position throughout. Some loss was suffered during the years when price-cutting was at its height, but the company had emerged with a strong following and with considerable assets still intact.

The retiring directors, Messrs. Walker and A. W. G. Le Quesne, were re-elected, and at a subsequent meeting Mr. Walker was re-elected chairman.