THE PUPONGA MINE.

Marlborough Express, Volume XLVII, Issue 234, 3 October 1913, Page 7

THE PUPONGA MINE.

COAL COMPANY'S DIFFICULTIES

The liquidator of the Puponga Coal Company, Mr Thomas Neale, of Nelson, - has petitioned Parliament through Mr Atmore to favorably consider the unfortunate position of the company, which, has spent all its capital, upwards of £60,000, without return. Mr Neale states that he applied to the Government for financial assistance after- settling the miners' strike, or, as an alternative, to purchase the mine at a price which would have exactly sufficed to pay the company's creditors with a bonus' if the mine turned out a success. This was refused, and the Government also declined a request that some of the pillars in the mine should be worked out as a cheap and temporary expedient to save the mine. The petitioner was then forced -to • sell the leases, and all the assets for .£6200, of which/sum £3700 is to,be paid in cash, and £2500 in shares or debentures, At the da^e of the sale the. . company oAved the Crown royalties amounting to £651,. and to other creditors £3546, in addition to which £700 had been spent since the liquidation in settling the strike, and re-starting the mine. Petitioner asks* -for a remission of'the royalty due, and" such other relief as the House thinks fit. •