VICISSITUDES OF MINING

Waihi Daily Telegraph, Volume XXVI, Issue 7904, 19 September 1929, Page 2

VICISSITUDES OF MINING

MAORILAND PROPERTY AGAIN CLOSED DOWN COSTS EXCEED RETURNS Expenditure having exceeded revenue the Maoriland Consolidated Company’s mine at Waitekauri has been closed down and the company will go into liquidation unless a Government grant is forthcoming to permit of a resumption of operations.

1 This was briefly the statement made by Mr E. A. Porritt to Mr I*'. W, Platts, S.M., at the monthly sitting of the Warden’s Cpurt at Paeroa in applying for a reduction of rent on the company’s property. Counsel added that before closing down all debts, wages coming first, had been paid, with the exception of the last halfyear’s rent. Expenses had been very heavy, and there was no hope of meeting the rent. In a letter from the Mines Department, addressed to the district mining registrar and based on a report

from the mining inspector (Mr J. F. Downey), it was stated that since the beginning of the year the company had had two crushings, yielding bullion to the value of £7O ISs sd, and this fact seemed to militate 1 against the granting of the application. As, however, the company’s operations in the past had been hopelessly unpayable,' and the company was in a bad way financially the best way to deal with the matter would probably be for the company to pay full rent for the first fopr months of the vear < the nart during

which the goldwan won) ami amegd the application to asking for a reduction as from .T'uly 1, 1929. Mr Porritt pointed out that although crushing had been carried on the resultant cost had been greater than the return and on the suggestion of the Warden it was decided to draw the attention of the Milica Department to the fact, the application being meanwhile adjourned for a month.