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Dominion, Volume 37, Issue 234, 30 June 1944, Page 4

According to report, the Waikato coal companies are greqtly dissatisfied at the delay experienced in obtaining settlement of their claims against the Government in respect of its undertaking, expressed iu special regulations, to make good any loss sustained in the operation of the mines under State control. In terms of the Waikato Coalmines Control Emergency Regulations, 1942, where the net profits of a controlled mine for any financial year exceed the average net profits of the undertaking for the preceding three years, “the amount of the excess shall be a debt recoverable as a debt due to the Crown, and shall be paid into the War Expenses Account.” Correspondingly, if the net profits are less than that average, “the amount of the deficiency shall be paid to tbe owner out of the War Expenses Account.” It is further provided that if any question arises as to the amount to be paid into or out of tbe War Expenses Account, as the ease may be, and no agreement is reached as between the owner and the Minister, the matter shall be referred to one arbitrator, if the parties are agreeable, or, failing that, to two, one to be appointed by the owner and the other bv the Minister. It is stated that the total sum claimed by the five companies operating under the control arrangement is between £7O 000 and £BO,OOO, and that the delay in settlement, has correspondingly delaved the adjustment of companies’ accounts required for the payment of dividends to shareholders. In some cases dividends have been paid out on the basis of the claims preferred against the Government; in others, payment has been withheld on account of the delay in settlement. In the circumstances a public explanation by the Government is due. If the scheme has been operating at a loss-which has to be made good by 1 of the War Expenses Account—reasons should be given. This .1 • a matter as between the Government and the Waikato companies. It is a matter of public concern which should be thoroughly veutila e<,