PAPAROA COAL COMPANY

Greymouth Evening Star, 1 July 1911, Page 6

PAPAROA COAL COMPANY

TELEGRAMS.

ANNUAL MEETING. REVIEW OF YEAR’S OPERATIONS. PROPOSALS AND PROSPECTS. [Bt !£L£GRAPiI—PKB PRESS ASSofcilTici^.] ; WELLINGTON, June, 30 . The fifth annual meeting of the Pa-pax-Qa Coal Mining Company was held in Wellington to-day. ■ In moving the adoption of tho annual report and balance sheet, the •Chairman, Mr Noes, said that three strikes had occurred at the mine during tho year, .under review. The cause of tho first, which lasted three days, from April 16th, was that objection wafe taken by the employees to 'Certain working conditions, .lint the, matte!* tii dispute ..was amicably settled at a conference. The second stoppage commenced on June 20th ,1910, and work was resumed on Juno 22nd, 1910.'The men on this occasion gave no notice ol their intention to cease work, and the deadlock could hardly be termed a strike, as tho matters in dispute were trii.ing, and were easily settled. The third strike, which occurred through two of the ui6h being suspended for alleged gross negligence, ' commenced on July 29th, 1910, and work was resumed on .August Bth. An inquiry into the suspension resulted in the case being dismissed, with costs against tlu Compahy . The local market for coal had been considerably upset by largo importations cif Newcastle coal, continued Mr. Nees. These importations wore largely due to "persistent rumours that all the miners were going to strike about the end', of 1910;' so many big users -took precautions, and got in large stocks. For the thirty-three weeks ending June 16th, 1911, no loss than 187,000 toils ol Newscastle coal were exported to New Zealand ports, while during the same period the coal shipped at Greymputh amounted to 240,000 tons. There was naturally' very strong opposition to he faced in getting their coal properly on the market, but there was no clpubt that a stronger financial position , and an improvement in tho coal wonldJiclp matters considerably in this .direction. Acting on the suggestion of certain large shareholders, the Board of Directors had deemed it advisable to endeavour to raise further capital in the English market, and tho Chairman of Dilectors, Mr. J. P. Maxwell, had* accordingly loft for England, and he;, arrived in London on June 20th. It was hoped he would be successful in raising a sufficient amount to provide for storage hulks and ample working capital. It would greatly facilitate Ins mission if the holders of debentures would agree to accept a new issue in lieu of their present holdings, as they had already been requested to do by circulars Holders of shares to the value, of £16,400 had agreed to this course. Tho report and balance sheet were adopted. The retiring Directors were re-elected, and Messrs Watkins, Hull and Wheeler were re-appointed Auditors.