MINING INDUSTRY.

Northern Advocate, 23 March 1934, Page 8

MINING INDUSTRY.

HIKURANGI OPERATIONS NEW COMPANY FORMED. DEBENTURE HOLDERS TAKE OVER. (Special to -‘Northern Advocate.”) AUCKLAND, This Day. Formed 40 years ago AA'ith a capital of £70,000, the Hikurangi Coal Company, Ltd., recently went into liquidation, Avithout returning any thing to the shareholders on the capital inA-est-ed. The liquidation negotiations of the concern have now been completed, and a new public company with the same name has been formed by deben-ture-holders of the old company. The capital is £6OOO, in shares of £1 each. The subscribers are: Sir EdAvin Mitchelson and Messrs L. J. Stevens, A. G. Lunn, H. Gilfilan, W. T. BroAvn, J. A. Gentles and A. T. Begg, one share each. In the early years of the old company’s life the operations promised to bo lucrative, the area at that time being Avorked being adjacent to the Hikurangi railway station. About 1920 the company moved to the present site, about a mile from the Hilcurangi toAvnship. Shafts Avere sunk to tap a field of coal at a depth of 340 feet. Once in the neAv location the company experienced a series of difficulties, particularly through flooding. On three different occasions the mine Avorkings were inundated, and the company incurred heavy losses in the purchase of pumping and other plant to deal Avith the flood Avaters, So bad did this menace become that in 1980 assistance Avas obtained from the Government in order to maintain the industry. In December, .1932, the company’s position became almost hopeless, Avhen a serious fire put out of action the main producing areas, and the mine and plant passed into the hands of the debenture holders. For some time past the mine has been carried on by the debenture holders, and it has uoav been purchased by them at the amount of the debt. A certain amount of fresh capital has been secured to finance the Avorking of the mine.