COAL MINES COMMISSION

New Zealand Times, Volume LXXI, Issue 4315, 26 March 1901, Page 6

COAL MINES COMMISSION

nous association. DUNEDIN, March 25. . The Coal Mines Commission held a sitting in Dunedin to-day. Geo. Joachim, general manager of the Westport Coal Company gave evidence dealing with capital. lie said 10s per share had been 1 paid off for losses; there were debentures equal to £65,000 owing, and other liabilities equal to £40,000. 'Hie dividends paid from 1882 equalled 4J per cent. The present output could he maintained for the. present generation, i.e., from 20 to 25 years. The company had recently spent £II,OOO in, crossing a fault at Grauity. Last year, the average price for the whole output f.o.b. Westport was 10s lOd per ton. Only about 20 per cent, of the whole output was fit for screened coal, so that out of every five tons one ton only could be sold as screened. The price of 22s 65 at Wellington was for screened, and to get that the whole output had to bo taken into count. They could only get 20 per cent, screened. The rest sold at reduced rates. There was no preference in the matter of sale. It was -absolutely incorrect to say the company closed the Wallsend mine to profit the Westport one. It was closed because the quality of coal was inferior to Brunner, and the coal was cut off' by faults on all sides. They found then that the demand could be supplied from Brunner, and they closed the Wallsend, over which they had lost £BOOO. W. P. Watson, general manager of the Kaitangata Coal and Oil Company, said thev hoped to be in a position to sunply 2000 gallons of oil from the Orepuki Shale Works by the end of April, and crude oil very shortly. The company had applied for an extension of time for the Government bonus, but had got no reply ret. There were 130 hands employed at Orepuki, and 300 at Kaitangata.