PAPAROA COAL COMPANY.

Otago Daily Times, Issue 15184, 1 July 1911, Page 10

PAPAROA COAL COMPANY.

ANNUAL MEETING. (Per United Pbess Association.) WELLINGTON, June 20. The fifth annual meeting of the PJiparoa Coal-mining Company was held today. In moving the adoption of the annual report and balance sheet, the chairman (Mr Neea) said that three strikes had occurred during 'the year. The cause of the first, wliich lasted from April 16 till April 19, was the objection taken by the employees to certain working conditions, but the matter was amicably settled at a conference. The second stoppage commenced on June 20, 1910, and work was resumed on .Tun's 22, 1910. The men gave no notice of their intention to cease work, and the deadlock could hardly be termed a strike, as the matters in dispute were trifling and easily settled. The third strike, which occurred through two of the men being suspended for alleged gross negligence, commenced on July 29, and work was resumed on August 8. An inquiry into the suspension resulted in the case being dismissed, with costs against the company. The local market for coal had been considerably upset by large importations of Newcastle coal. These importations were largely due to persistent rumours that all the miners were going to strike about the end of 1910, so many big users took precautions and got in large stocks. For the weeks ended June 16, 1911, no less than 187.000 tons of Newcastle coal were exported to New Zealand ports, while during the same period the coal shipped at Grevmouth amounted to 240,000 lons. There was naturally very strong opposition to be faced in getting coal properly on the market, but there was no doubt that a stronger financial position and an improvement in the coal would help matters considerably in this direction. Acting on the suggestion of certain large shareholders, the board deemed it advisable to endeavour to raise further capital in the English market, and the chairman of directors (Mr J. P. Maxwell) accordingly left for England and arrived in London on June 20. It was hoped that he would be successful in raising a sufficient amount to provide for storage hulks and ample working capital. It would greatly facilitate his mission it the holders of debentures would agree to accent a new issue in lieu of their present holdings, as they had already been requested to do by circulars. The holders of £16,400 had agreed to this course. The report and balance sheet were adopted, and the retiring directors were re-elected. Messrs Watkins, Hull, and Wheeler were reappointed auditors.