IMPORTED COAL.

Press, Volume LXVI, Issue 19957, 18 June 1930, Page 12

IMPORTED COAL.

WEST COAST PROTEST. A QUESTION OF TARIFFS. After an absence of twelve months, Newcastle coal will return to the Christchurch ; market this morning. While this .outcome'of the settlement of the prolonged deadlock; on the.New South Wales mining fields is hailed with joy by many householders, mining companies. and .local, bodies oil the West Coast arc apprehensive of the - competition which will follow: upon a resumption of importing; and the Buller Progress League is urging the imposition of an embargo.' In' making this proposal to the Government it'has advanced •» number of arguments in support of its representations. Yesterday the • manager of a Ohristchurch firm of coal merchants which imports largely from Australia to meet the local demand the attitude of the Buller Progress League as unreasonable and: ridiculous. "It is the quality; of' Newcastle coal. : thoy are afraid of," he said. • If householders ware willing to pay more for it than New Zealand coal, they evidently found that it was superior to the latter for their purposes. The price for Newcastle coal to-day would be 6d 6d a bag, as compared with 6s 3d for Westport and Beef ton, and 5s 6d for Blackball "Newcastle coal already carries an iniquitous duty," he said. "The railway freight from Lyttelton to Christchurch, is 6s 5d per'ton, Is more than that charged on New Zealand coal, and the further it is carried the greater the imposition." For the paßt twelve months the New Zealand miners had been working fairly well, but they had practicaUy. controlled the industry during that period. If a prohibitive duty was placed ;■ on Newcastle coal, it might not bring an increase in price, but there would be nothing short of a tragedy if the miners decided to go on strike. "That would leave us with only one string to our bow," he said, "and wo could not expect Newcastle to come to the rescue at five minutes' notice. is oaten is soon forgotten. During _ the war period, when coal was at a premium, and the Commonwealth could not supply even sufficient for. its own-require-: wonts,, the Dominion was treated as part of Australia."

Profit to New Zealand. Only 30 'per cent, of the price paid, by New Zealand for Newcastle coal went; to Australia. ' The other 70 por cent, remained in the Dominion. It was to be remembered that the coal was brought over in steamers owned by the Union Steam. Ship Company. The contentions :of the Bullor Progress League in;regard to losses in rail- . waj freights' and port charges, due to importations, had no, foundation in fact, for Newcastle coal for Canterbury? must come through Lyttelton, wd re&cn, its destination, by rail; and as a higher charge- wais made by the Railway -Department for carrying Newcastle eoal, the receipts to the Government from this source were correspondingly greater. . . If the Dominion placed a dumping duty on Australian coal, the Commonwealth might retalicto with an export tax on hardwood poies, and then what would happen to power reticulation and bridge building in New Zealand! The loss of revenue ,in royalties, was the only one which the Government would suffer. , , .. Every penny of the reduction in the cost of Newcastle coal would be passed on to the pubUc, : the pa.tience with which "maay consumers had - waited for the •; resumption of the supply ehowed that.they preferred it. v Work was commenced on the 'discharge of the coal cargo of the Kekerangu, the first vessel to arrive at Lyttelton"froxn Newcastle since • the settlement of the disptite,' at 6 p.nu on Monday, and some of it • reached- the merchants' yards yesterday. It is probable' that thi next- steamer, with Australian coal Vwill. arrive at Lyttelton in about thre? weeks or a month.

STANDARD TRUST, LTD. The Standard Trust, Limited, Melbourne, is' offering 100,000 of the unissued ordinary ■hares of the company to ordinary snareholders whose names appear on the register at the olose of business on June 6th, in the proportion of one ordinary share for each complete £8 of ordinary stock held. The price ia 80s a share, payable in full on application. The shares, wfcon fully paid up, will o® oonverted Into ordinary stock. They will not participate in the interim dividend much it ia proposed to pay in July, but otherwise will rank pari passu with existing ordinary stock. Applications must be lodged with the company before noon on June 28rd. By a contract dated May 27th entered into between the company and its brokers, Messrs Catenove and Akroyd,, the brokers have underwritten the ordinary shares offered to the shareholders, and have agreed *to subscribe 150,000 64 per cent, preference shares, of £1 each, to be paid for at par on or before July Ist in consideration of -• commission of 8} per cent, on the nominal amount of such preference shares. WAIOMO SULPHIDE CORPORATION, LTD.

The. managing-director's report for the period ending June 18th is as follows: S'toping operations are in progress, at No. S level at various points north of the main crosscut on the main reef on the ■ Zeehan North extension, and on the new reef.- Up to 7th instant 625 tons of ore were .milled for 88 tons approximately, of gold, silver, load, and sine concentrates which - are now being bagged for immediate shipment. Nearly 70 per cent, of this tonnage was. recovered by the oil flotation plant. The mill- and treatment plant are now running continuously, so that an increased output can be anticipated.

SINGAPORE HUME PIPE CO., LTD. During the - twelvo months ended March 3Ufc, Singapore Hume .Pipe Co., Ltd., Melbourne, again suffered from the fall in the price of rubber, and less expenditure on publio works, added to' which were, low values of tin. New sources of trade, however, were developed. . Active competition was met by a reduction of prioea. It is anticipated' that with extensions of business turnover will be maintained at least on the past year's level. Steel pipe business at Hume Steel's Singapore factory has - been satisfactory. Net profits at £12,073 compare, with £11,699 for 1928-29, and are the highest yet earned. The bum brought in. »' ©5Ol Interim dividend required" £3OOO, and £IO,OOO was transferred to the reserve It is-proposed to pay further dividend at 10 per cent, per annum, taking £2OOO, and bonus.of s per cent., making 15 pe* cent, for the year, leaving £5575 to carry forward, ijividend and bonus for the previous year alen were 'iS per cent. Main balance-sheet items are compared beneath:— _. 1028. 1939. JSOO. Liabilities—- . £ £ £ Paid-up capital .. 40,000 40,000 40,000 Creditors .. 3,037 8,563 3,636 Eeserves ... ... Assets—plant and buildings ;. 14,952 16.400 17,687 Debtors .. ÜBill 6,821 5,505 ■ .. ... 8,485 8,495 8.49S ' .. 6,159 9,281 18,806 .. .. 19,084 8,884 4,138 Steel, Ltd.— MQDWtI) *. 81,68&