IMPORTED COAL AND PROFITS

Maoriland Worker, Volume 12, Issue 299, 22 November 1922, Page 6

IMPORTED COAL AND PROFITS

Last year over SOO,OOO tons of coal wero imported into New -Zealand. Owing to tho high- priceoo r this coal the New Zealand railways "showed a tlcfic-t of over a million sterling.

In addition to the loss en the railways, due to importation, the Government's policy had the effect of causing a crisis in the New Zealand mining industry. Mines wero closed down or worked short t* ; me, and tho New Zealand miners were thrown out of work. Even the coal owners at their annual conference recently made a warm t-rotest.

We mention these facts to show that the coal industry in this country passed through a depression last year, and that, owing to the Joss of the" local market, things were abnormaL

Yet, this bad condition notwithstanding, (the Pukem'ro Collieries Company made a net profit last year of £44,000 odd —74 per cent, on its to'al paid up capital—paid a 35 per cent dividend, and carried forward just o n £20,000!

The Westport Coal Company has just held its annual meeting. The net profit for the year was £48,440, and from this they paid .a dividend for the half-year of 12_ per cent., plus 6d a share bonus from the insurance fund —the? 6d being equal to another ".j per cent.

The State Mine made a net profit of £17,000 last year.

But the Arbitration Court comes along t and cut's the miners' wages THREE TIMES during tho last, twelve months!

If ihis is not robbery of the miners, what is?