DAIRY COMPANY'S MINE
Mr. Wm. Goodfellow, managing director of Glen Afton Collieries, Ltd., in which the New Zealand Co-operative Dairy Co., Ltd., is interested, stated that the output of the colliery for the year just ended was 120,930 tons, as against. 240,440 tons for the previous year. The reduction was due to the cancellation of the Auckland Power Board's contract. The mining of coal had not been profitable owing to the low prices received for coal. Household coal was now sold at the mine at 12s Od, as against 31s, which was the price a few years ago. The company received £0,5.000 in cTimpensation from the Power Board. The sum of £10.000 had been paid in taxation, and when the legal fees had been deducted there would be a net payment to the Glen Afton Collieries, Ltd., of £43,423. The year, therefore, had been a very satisfactory one from a financial point of view. Mr. Goodfellow mentioned that the rebates made to suppliers and to the Dairy Company were valued at £104.537, which was a greater sum than the cnpital invested in the colliery. One'satisfactory feature of the business was that the Dairy Company's factories received very-cheap coal. Mr. Goodfellow said the two mines operated by the company had a capacity output of 2000 tons a day, and their estimated reserves totalled from "15.000,000 to 18.000,000 tons. , He added that in view of the developments in England regarding the production of oil from coul, the company's fields might bo of very considerable value. The company had decided not to sell the properties. Sir George Albu, in denouncing the South African Government's policy with regard to the taxation of the gold-mining industry, characterised it as the biggest mistake any Government had made in his fifty-seven years' activity in Kimberley and the TCand, and that never in his experience had such a vondorful opportunity been frustrated by a penny wise and pound foolish policy, which put a strangle |;holcl oa th» industry's prospectSj
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Bibliographic details
Evening Post, Volume CXVI, Issue 49, 26 August 1933, Page 16
Word Count
331DAIRY COMPANY'S MINE Evening Post, Volume CXVI, Issue 49, 26 August 1933, Page 16
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