MOANATAIARI MINE.

Press, Volume LXIV, Issue 19463, 9 November 1928, Page 15

MOANATAIARI MINE.

WHY IT IS CLOSING DOWN. [XHB PBEBB Special Service.] AUCKLAND, November 8. The reasons already given for closing the Moanatalari mine at Thames are amplified in the half-yearly report of the directors to be presented to the meeting: of shareholders .on November 12th, when the question of endeavouring to raise further capital, _ or_ going into voluntary liquidation, will be fconBidered. The report says: "The purchase of the Moanataiari battery some years ago on what might be termed the hire-purchase Bystem has proved a veritable stone round the neck of the company. The directors have endeavoured to arrange with the Government for a loan, offering in return to allow the battery to be used as a public crushing battery for Thames, under certain conditions, and also to give a first. mortgage - over the whole of the company's assets. The Government, however, has not yet given the assistance asked for, having no doubt been influenced by a counter movement to have the plant of the Thames School of Mines brought up to date, lnis proposal the directors consider impracticable. . £ "The position at the mine is as favourable as it has been sincei the new reef system was encountered, states the report. > "Your Board is as confident as ever that if the finances can be straightened out a successful issue will eventuate;"