OWNERSHIP OF MINES

Press, Volume LXXXIII, Issue 25269, 22 August 1947, Page 8

OWNERSHIP OF MINES

PURCHASE BY STATE (From Our Parliamentary Reporter.) WELLINGTON, August 21. The Minister of Finance (Mr W Nash) during his Budget address to the nouse of Representatives this evening, said that £2,500,000 had been set aside tor the purchase of coal mines. It was not the intention of the Government to acquire or to operate small n t th ? P r ?etice of leasing • mall blocks of coal to private or coP j ra Jl ve J ,a l tles w ou W be continued, -aid Mr Nash The Government was prepared to discusi terms for the acquisition of larger mines at any time, ..ecause it believed that experiences in ’he past had proved that the utilisation ?„„ Q ? al J e f ou £ cea was not an undertak- . wluoh should be left to Ihmprofitmot?v ®s of private enterprise." After saying that the State was ? pa^ atlng 13 under ground mines and ’St? ti? pe ™' cas J mmes at March 31, ’ 'be Minister said that since that date offers of sale had been received and accepted by the Government to? Jl® P?P aroa Mine <WeSt Coast! the Star Mine (Ohai), and the Black'Diamond Mine (Ohai). in addition the Westport Coal Company. Ltd. which fames, Millerton, Den- ' istom and Birchwood, had advised its shareholders to accept the Govern! inents offer to buy all shares in the company for £2 a share. The Kamo ;'nS e 1 « N ? rth Auckland was also under offer to the State.