IMPORTED COAL

Evening Post, Issue 51, 2 March 1931, Page 12

IMPORTED COAL

WESTPORT-STOCKTON REVIEW

Mi. W. Hardie, chairman WestportEstockton Coal Company, at the annual meeting of the company on Friday, after (commenting on the report and balancepheet items, referred to. market conditions iduring the year. These were good. with one exception, viz., the loss of railway business. The, Railway Department suddenly and unavoidably reduced or can-, celled its orders. The railways had for years past been pressing for increased supplies, which the company had made great jmd on the whole successful efforts to give them; naturally their action'in>reducing orders by about 80 per cent, caused embarrassment, as it was almost impossible to find other markets for the screenedcoal. The main causes were:—(l) The in;, creased supplies available from the older' "New. Zealand collieries; (2) the supplies from newly established collieries; (3) the reduction in consumption owing, to restricted railway services and other economics. The directors did not anticipate jnui'h improvement in market conditions ifor some time to come. The dumping of Australian subsidised coal into New' Zealand was .a very serious matter for the «:oal mining industry in New Zealand. Australian coal was subsidised by way of decreased railway ami wharfage charges. .The present rate of exchange also acted as a further subsidy. Until this week it was equal to over 4s per ton, consequently S'erjr... low quotations were being obtained for*; Australian coal delivered here. The yorking surplus for the year, £3961, was applied to writing down the property. 'I'lic report and balance-sheet were adoptr.d; Mr. Hardio was reappointed ; chairman,'and thd directors decided to reduce jllieir fees by 10 per cent..