GOVERNMENT PAYS £823,000 FOR TAUPIRI COAL MINES
(P.A.) AUCKLAND, This Day. The Government’s offer to buy out Taupiri Coal Mines Ltd., for £823,000,000 was unanimously accepted by the shareholders at an extraordinary general meeting today. The chairman, Mr J. B. Donald, said that had the company been taken over on an asset basis it would have had to pay a large sum in income tax and an amount which could not have been ascertained would have been payable by the shareholders individually. From the Government’s point of view also there were many advantages in arriving at the net price. He added that the company , had never adopted the “short term” policy of mining “easy coal" to bolster up its profits for shareholders at the expense of the future. Unless consideration was given to these facts, the market value of coal shares quoted on the Stock Exchange could be-mis-leading. '
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Greymouth Evening Star, 20 October 1948, Page 7
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148GOVERNMENT PAYS £823,000 FOR TAUPIRI COAL MINES Greymouth Evening Star, 20 October 1948, Page 7
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