WAIKATO COAL MINES

Otago Daily Times, Issue 22505, 25 February 1935, Page 10

WAIKATO COAL MINES

LENGTHY PRICE WAR ENDED AGREEMENT BETWEEN COMPANIES (Per United Press Association) AUCKLAND, February 24. After a series of meetings extending over three months, the five companies engaged in the Waikato coal trade have reached an agreement regulating the prices of coal in all territories supplied from the mines. The agreement is a most comprehensive one, and it has involved more time and labour in its execution than any previous undertaking in the trade. It is understood that no quotas will be applied to production. The increase in the retail prices in Auckland averages about 20 per cent.

The following statement was given out yesterday by Mr W- D. Holgate, chairman of the Waikato • Collieries Association:—

"It is well known that keen, competition with the cutting of prices has been in operation among the Waikato coal companies for the last two years. Coal has been sold in many instances at about 4s a ton below the cost of production, resulting in the loss of many thousands of pounds to the companies. An agreement has now been arrived at between the five companies concerned. In future, all grades of coal will be sold and delivered to the railway stations by the companies at the same price from each mine. The increased price of the coal sold will be approximately 5s a ton."