MONEY IN COAL.

Auckland Star, Volume LIX, Issue 231, 29 September 1928, Page 10

MONEY IN COAL.

A PROSPEROUS COMPANY.

TALK OF BIG PROFITS. '

Press representatives were not admitted at yesterday's annual meeting or Pukemiro Collieries, Limited, but a leport was subsequently issued for publication. The statement of the chairman, Mr. J. Catch pole, included the following reference to the conipanv's profits:— "In conclusion, 1 would like to refer to idle talk anent excess profits, which has been freely circulated since publication ot the profits of the company and the proposed dividend. I take it. that tins emanates from individuals who are not. possessed of the true position, which is, bnelly: This company i? paving the same award rate of wages to* its vm'. ployees and is receiving th,- -ame price tor its coal as the other competitive companies in tne Waikato. Consequentlv. it tar price of coal at the mine lowered in order to reduce the profits at present being made, ii would have the effect of creating an overwhelming demand, which the company could not hope or undertake to supply. Further, other companies wjhiU! eventually be compelled to follow suit; consequently, their profits would entirely disappear, their business would become unprofitable and. in all probability end in liquidation, and" finally would no doubt precipitate the industry into a stat6 of chacs." A final dividend of 20 per cent, making a total of 35 per cent for the year, was .then declared. Last year the dividend wa« 30 per cent.