STATE NOT TAKING OVER ANY MORE . COAL MINES

Wanganui Chronicle, 17 June 1950, Page 5

STATE NOT TAKING OVER ANY MORE . COAL MINES

AUCKLAND, Last Night (P.A.)— The Government has decided not to acquire any further privately-owned coal mines in the Dominion, according to advice received by Pukemiro Collieries, Ltd., one of the two large remaining privately owned mines in New Zealand. In a circular to shareholders, the chairman of the company, Mr. H. Morpeth, states that negotiations for the sale of the company's undertaking to the State were started 18 months ago, with the Labour Government, and following the general election the National Government was approached for a declaration of its policy. Apart, from Glen Afton Collieries, Ltd., which is owned and operated by the New Zealand Co-operative Dairy Co. Ltd., Pukemiro Colliers Ltd,, and the Kaitangata Coal Co. Ltd., Dunedin, are the only two major coal mining companies which were not taken over by the State during the Labour administration. The most recent acquisi--tion was the Renown Collieries, Ltd., which changed hands last year. An offer by the State was in the hands >f the directorate early in the week of the general election but at the request of the Labour Government an announcement to shareholders was deferred until after the election. The shareholders accepted the offer and the State assumed control early this year, the new Minister of Mines, Mr. Sullivan, stating at the time that th* State’s commitments would be honoured.