TAUPIR! COAL MINES.

Waikato Times, Volume 113, Issue 18948, 18 May 1933, Page 8

TAUPIR! COAL MINES.

THE ANNUAL MEETING. A SATISFACTORY* YEAR. the dividend maintained. f At the annual meeting of Taupirl Coal Mines, Limited, yesterday, satisfaction was expressed that the company had been able to maintain its dividend for the year, in spite of the difficult conditions in the trade. Mr. E. W. Alison, chairman of directors, said the company could successfully compete in any competition of a businesslike nature, but at present most unreasonable and unbussinesslike conditions existed. The annual report and balancesheet has been published. In moving its adoption, Mr. Alison said: — x “ When the present economio conditions are considered, and the faot that there are five mines in the Waikato district producing coal, the whole of which could easily be obtained from two of the leading mines, and the extreme competition that has had to be contended with, I think the shareholders are to be congratulated on the balance-sheet. The net profit for the year is £6343 Os 2d. To this must be added £4541 Is iOd carried forward from last year, making a total of £10,884 2s. “ No interim dividend -on the company’s ordinary shares was paid and the directors now recommend payment of a dividend for the year of Is per share, which represents 5 per cent, and absorbs £6500, leaving a balance of £3104 2s to be carried forward t,o next year.

Senseless Competition. “The gross profit, on coal shows an advance over the last year of £llsß, and substantial reductions have been made in the overhead expenses of the company. The position, satisfactory as under existing conditions it may be deemed, would have been still better had it not been for the senseless and wasteful competition on the part of some Waikato companies which lias been carried on for about two years and still continues.

“ During the year there was a strike of the miners at all the coal mines in the Waikato except one, resulting in very considerable loss to the companies and the miners, as well as to the Railway Department. Carbonisation Operations.

“ You will be interested to be informed that the Waikato Carbonisation, Company has been operating continuously during the year, the regular orders of supplies to the railways enabling the company to carry on. While the carbonettes proved to be an excellent fuel, experiments have been made during the year to produce an ideal briquette for use by the railways. I am glad, to be able to tell you that the experiments have proved most satisfactory. ' The carbonising plant is working satisfactorily and with improvements' which have been recently completed is now capable of producing a largely Increased output." The motion for the adoption of the report and balance-sheet was carried unanimously.

Concentrating Interests. “ Judging from the progress that carbonising of coal is making in England and other countries, together with the hydrogenation of same," .said Mr. W. D. Holgate, “carbonisation of coal will in time solve a great many of the difficulties we are up against in connection with the coal industry. Dealing with the coal industry generally, we are suffering from a depression in llie trade which is chiefly caused through over-production of coal, more use of hydro-electrical power and fuel oils and the declining demand through economic pressure. There is no doubt that in the Waikato we are suffering from too many mines being worked and there not being suffliHent trade to go round, and in order to make it possible for the whole of the companies to pay prices would have to be advanced too high for the economio purchasing power of domestic and industrial uses. The only solution to our difficulties I can see at the moment is some scheme of concentrating our interests and stabilisation of the price of coal at a reasonable figure to consumers. Tin 1 price of coal has been brought to an unreasonably low level through overproduction and keen competition. “ During the past year we have lost quite a sum through strikes. We had a strike in the Waikato mine about nine months ago which lasted six weeks, and although the miners have been generously dealt with as far as wages and working conditions are concerned, it does not prevent strikes occurring on most trivial matters." Direotors Re-elected. Air. W. D. Holgate and Mr. A. J. Parker, the retiring directors, were reelected.