IDLE COAL MINES

Evening Post, Volume CXII, Issue 50, 27 August 1931, Page 12

IDLE COAL MINES

LOSSES IN AUSTRALIA

Tyldesley Colliery, .Ltd.;. New SouthWales, reports,a loss during its year ended,; 30th April of £1964. Dividend 'in June;. 1930, was at 2% per cent., and, was paid from the,profits of the year, ended 30tli April,j 1930. . That • dividend required £1186 from, the amount of £2942 brought forward. There is thus a- debit of £209 carried forward to the present year. No I coal was produced at the' colliery during the ' company's > year. At conferences with representatives of-the men the coat of • winning coar in relation to the selling price: was :openly explained to them. Documentary evidence was produced that of the total amount the company realised for r coal-73 pe^ cent., was paid j direct in wages to the men, 4 per cent.'royalty to the i Government,' 3.2 per cent, to •workmen's compensation, and, 7 per cent, for stores,• horse feed, mine timber, rescue stations, and depreciation, . leaving 1218 percent, to pay for, repairs,, interest, salaries, rents, and travelling and oilier sundry,; expenses, and rates and taxes. This was done with the object'of showing that with the,reduced price obtained for coal iCwas impossible tocontinue granting previous conditions.. Different schemes were proposed by the, directors,' under which the mine could be opened, altering' condir tiona, but hot interfering with award rates. The conferences . were frjendlyj but,no good results were attained and tile mine continues idle.' . .'

Excelsior Collieries and Coke Works; Ltd; New. South', Wales, shows a loss of £987' for 'the year ended 30th '.Tune; contrasted with a profit'■ of £18,288 in the previous year. ■ To the adverse result', are attributed' the greatly reduced selling prices, coupled with a diminished demand and keen competition for the trade •offering: . There is no dividend, and, the loss, is, deducted from the balance of £1977 brought forward, leaving £990 to be carried forward. Dividends for 1929 and 1930 were 10 per cent., for 1931-nil.'Cash held at end'of 1930 was £1518; end of 3031- nil; and creditors or customers reduced by £6858 on 1930 figures. . The company's New Greta colliery worked only ; 50 d.ays during the year, and the directors write that the immediate pros-1 Xieet of a greater demand for the products of the mine are not encouraging. ■ Work :it; the' southern mine has ■ been regular. Directors' and other -. fees, and,' salaries' substantially reduced. ■ '.'.,'