COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 228, 26 September 1929, Page 4

COMPANY AFFAIRS.

PUKEMIRO COLLIERIES.

ANNUAL MEETING.

The annual meeting of shareholders in Pukemiro Collieries, Ltd., was held yesterday, ■ in the company's offices, Anzac' Avenue, the chairman of directors, Mr. J. Catchpole, presiding. In moving the adoption of the balancesheet and report, already published in these columns, the chairman said that the very satisfactory results of. the year's operations reflected credit on the efficient direction and capable management of the company's affairs. During the latter part of the year sales had considerably improved, which, to a degree, might be attributed to the stoppage of coal imports from Australia and the temporary reduction of supplies from the West Coast of the South Island, as the result of the earthquake. Mr. Catchpole sounded a note of caution as to the future. Notwithstanding the fact • that the company had been gradually increasing its output he felt it necessary to mention that each year they were faced with an ever growing competition from electrical power and fuel oil, also new coal mining ventures were opening up, and all these factors wonld certainly tend to eat into the existing trade. Consequently they could not look forward to making the large profits in the future that had been secured in the past.

At the previous annual meeting he had dealt fully with the important subject of the carbonisation of coal. This matter had engaged the attention of the directors, in conjunction with the older established coal mining companies of the Waikato, as it become necessary to devise ways and means for the disposal of some 80,000 tons of slack coal, which had been consumed annually by the Auckland Power Station. Following on negotiations a company had been formed in which the Pukemiro Co. had taken 25,000 £1 shares to manufacture briquettes by the Lurgi process. The report was adopted, and the payment of a final dividend of 5/ a share confirmed. The retiring directors, Messrs. A. H. Walker and G. Howie, were re-elected, and Messrs. Chambers, Wirth and Chambers were reappointed auditors. A substantial bonus was approved of for the directors, officials and staff.