GLEN AFTON COLLIERIES

New Zealand Herald, Volume LXX, Issue 21578, 24 August 1933, Page 5

GLEN AFTON COLLIERIES

YEAR'S OUTPUT REDUCED ' RECEIPT 01* COMPENSATION REJ3ATES TO DAIRY COMPANY [FItOM OUR OWN CORRESPONDENT] HAMILTON, Wednesday Discussing the operations of Glen Afton Collieries, Limited, during tho past year, Mr. W. Goodfellow, maqaging director, stated at a meeting of the New Zealand Co-operative Dairy Company, Limited, to-day' that the output of tho colliery for the year just ended was 120,930 tons, as against 246,449 tons for the previous year. The reduction was due to the cancellation of tho Auckland Power Board's contract. The mining of coal bad not been profitable owing to tho lo\v prices received for coal. Household coal was nfiw sold at the mine at 12s 6d, as against 31s, which was the price a few years ago.

The company received £55,000 in compensation from the Power Board. The sum of £IO,OOO had been paid in taxation, and when the Ie«al fees had been deducted, there would be a net payment to the Glen Afton Collieries, Limited, of £43,428. The -year, therefore, had been a very satisfactory one from a financial point of view. Mr. Goodfellow mentioned that tho rebates made to suppliers and to the Dairy Company were valued at £104,537, which was a greater sum than the capital invested in the colliery.' One satisfactory feature of the business was that the Dairy Company's factories, received very cheap coal.

Mr. Goodfellow said the two mines operated by the company had a capacity output of 2000 tons a day, and their estimated reserves totalled from 15,000,000 to 18,000,000 tons. He added that in view of the developments in England regarding the production of oil from coal, the company's fields might be of very considerable value. The company had decided not to sell the properties. NORTH AUCKLAND FARMERS SMALL PROFIT FOR YEAR [by telegraph—own correspondent] WHANGAREI, Wednesday The 31st annual report, to be submitted at the annual meeting of the North Auckland Farmers' Co-opera-tive, Limited,* to be held on September 14, states that the result of the year's working was J small profit of £l4B, compared with a loss of £2354 last year. * The earnings showed a drop of £652, but a substantial reduction had been effected in (operating' costs, and this had brought the company through a very difficult year with the' small credit balance sho'wn, after making provision for contingencies. Messrs. D. J. Finlayson, J. J. Fraser and Ji W. McAulay retire by rotation from the board of directors and are eligible for re-election. LONDON BUTTER MARKET PRICES A SHADE EASIER * The London market for butter is quiet and "prices are a shade easier. Merchants have received the following cablegrams from their London principals, dated August 22: \ New Zealand Producers' Co-operative Marketing Association, Limited.—Butter: New Zealand, 90s to 91s. Cheese: White, 48s to 495; coloured, 50s to 51s. The butter market is quiet. The cheese market is slow. Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited. —Butter: Fresh landed, 91s; stored, 90s. Cheese: White, v 48s; coloured, 51s. Both markets are very quiet. v