MINE WORK TO BE RESUMED

Press, Volume LXXVIII, Issue 23753, 26 September 1942, Page 4

MINE WORK TO BE RESUMED

Result of Waikato Vote

MEN’S SECRET BALLOT

A decision to resume work has been made by the Waikato miners. The secret ballot held yesterday resulted in 715 miners voting for resumption of work and 423 voting against, “The Press" was authoritatively informed last night that as a result of the ballot all miners will be resuming work on Monday. When mining operations are resumed all the mine properties in the Waikato will be under State control. This control, the Government has decided, will last for the duration of the war. The Government's decision to take control of the Waikato mines has been based on the considered opinion of official quarters that “the owners have failed to carry on work continuously, and that they have been unable to exercise control over the miners.”

DETAILS OF BALLOT MINES IDLE YESTERDAY (P.A.) AUCKLAND, September 25. The outright majority of 287 votes in favour of resuming work, recorded in the secret ballot of miners, ends the Waikato coal-mine strike, which commenced on September 3. The result was announced in Huntly this evening shortly after 6 o’clock, when the complete returns had been received from the 10 voting booths. A total of 1151 votes was recorded. Details ot the voting are;— •In favour of resuming work, and allowing the dispute to go before a Disputes Committee .. • • 715 In favour of continuing the • strike until the minimum wage is paid .. .. 428 Informal .. • • .. 8 All the Waikato mines were idle today for the taking of the ballot, and at Mangapchi work ceased early to enable the men to vote. There were comparatively few miners about when the returning officer posted the results, as stormy weather made conditions out of doors extremely unpleasant. The news spread quickly, however. Telephones were busy, and those who scanned the notice made notes of the figures and hastened back to their homes in various districts to inform neighbours. There were many expressions of satisfaction at the result, which will enable the mines to resume work on Monday. CAPITAL IN MINES

WAIKATO COMPANIES’ RETURNS Shareholders’ capital invested in the five principal coal mining companies in the Waikato totals £513,432, and the aggregate of their assets is valued conservatively at more than £750,000. Particulars of the various companies are as follow: — , , Glen Afton Collieries is owned by the New Zealand Co-operative Dairy Company, and the Mac Donald mine which it works, is leased from the Crown. Paid capital is £IOO,OOO and total assets are estimated at well over double that figure. Last year’s output was 226,315 tons. No dividends are paid and any profits revert to shareholders in the form of rebates. Taupiri.—Capital, £150,000; total assets, £186,886. Last year’s net profit, £9532; taxes, £12,800; dividends, £9405. Renown. —Capital, £102,000; assets, £131,060. Profit last year, £5600; taxes, £1712; dividends. £5600. Pukcmiro.—Capital, £100,000; assets, £150,968. Profit last year, £2101; taxes, £4779; dividends, £3750. Wilton.—Capital, £61,432; assets, £85,294. Profit last year, £3730; taxes, £5800; dividends, £3686. Included in the assets of the Pukemiro, Renown, Taupiri, and Wilton companies are shares and debentures of the Waikato Carbonisation Company, which was formed to dispose of the slack from the mines. In recent years profits and dividends have declined as a result of rising costs, including taxation, but generally the finances of the companies are looked upon as thoroughly healthy and their shares have a regular demand on the Stock Exchange.