THE COAL MINES

Evening Post, Volume CXII, Issue 3, 3 July 1926, Page 11

THE COAL MINES

NATIONALISATION PROPOSAL

MR. H. E. HOLLAND'S BILL,

■•■Tim N.ationnlisation of.Coal Mines Bill-has been introduced by the Leader! Toe ..tho Opposition (Mr.: H. E. Holland), .who proposes, if it passes, that it shall operate as from Ist July next. ■The general control of the industry. is- proposed to be vested in a Mining .Council, consisting of four persons appointed by the Government and four elected by the Unitod Mine Workers of New Zealand. On tho formation of this body all coal mines which the council decidos to appropriate shall, with the Government's sanction, be .transferred to the council, and shall be deemed * > be State mines. ' ' For' tho purpose of assessing the purchase price, tbc Government shall set Tip' a board of three members, one of' whom shall be nominated by the New Zealand Mino Owners' Federation,1 another by the mine workers, arid"'ifie third by the Government. The.board shall have a valuation ' made' of the mines proposed to be acquired, with full power to inspect ■ books- and documents, and the purchase prico shall bo paid in State • Mines. Purchase Stock yielding interest at the rate on the nominal amount of capital equal to that payable on what-is, in tho opinion of tho Treasury,- the nearest equivalent to Gov- • eminent loan stock. The stock is re- . deemable in 25 years or earlier. _Tho Bill also seeks to set up District Mining Councils to advise the ; Mining; Council on all district matters relating to the industry. . Another, body to be set up to advise .tho!" Mining Council is to bo known as the1 Fuel Consumers' Council. .