KAITANGATA COAL COMPANY

Otago Daily Times, Issue 26176, 12 June 1946, Page 8

KAITANGATA COAL COMPANY

NINETEENTH ANNUAL MEETING

“ In spile of many difficulties, the output has been well maintained, and though down at present should soon show an increase,” said the chairman (Mr T. Espie), in moving the adoption of the annual report and balance sheet at the nineteenth annual meeting of the Kaitangata Coal Company, Ltd. The chairman said that officers had been appointed by the Government to investigate the position in regard to the suggestion that a revision of the Government subsidy should be made. As a result of this investigation, a further subsidy of Is 6d a ton was paid, this being retrospective to April, 1944. Lack of Experienced Men

Staffing problems were now worse than at any time during the past two years, he continued, this being particularly so in the case of experienced mine workers. Every effort, however, was being made to keep an efficient staff at work. A boring plant had been purchased, and the company had prepared a comprehensive plan for boring a large area behind the old No. 1 mine. At Summer Hill, mine .development work and shallow boring had been carried out with good results. The chairman said that the balance available in the Appropriation Account was £7464 8s 2d. which the directors recommended should be applied as follows:—To payment of a dividend of 2s per share, £6370 10s: to carry forward, £1093 18s 2d. The dividend was being paid partly from the 1945 funds and the balance from 1946 profit, and represented a payment of Is a share for each year. The value of the plantations had been proved during the past year, as owing to the difficulty in procuring suitable timber, the company had used a large number of its own trees. Had it not been possible to do this, he added, it would have been very difficult to carry on the mine. A further 10.000 trees had been planted this year. . „ The motion for the adoption of the report and balance sheet was seconded by Mr J. Watson, and carried. Election of Directors Mr S; M. Sparrow was re-elected fo the board of directors, and Mr E. B. Edginton was appointed to fill the vacancy caused through the resignation of Mr J. A. Sparrow, who retired owing to ill-health. Messrs Barr, Burgess, and Stewart were re-appointed auditors for the ensuing year.