COAL MINING.

Gisborne Times, Volume X, Issue 992, 11 September 1903, Page 2

COAL MINING.

Per Press Association. Greymouth, last night,

At a meeting of tho shareholders of tho Tyneside Colliery Company hold to day, an offor by Mr E. G. Pilcher, of Wellington, to purchase the mine and plant on a cash basis, equal to a profit of over 50 por cent on the capital invested a year ago, was accepted, after some opposition on the part of shareholders, who considered the property too valuable to part with. In consideration, however, of the guarantee given by the purchaser to re-open the adjoining Walisend mine within twelve months, the proposals wore ultimately accepted by a large majority. The Wallsend mine was closed down about twelve years ago at tho time of the maritime strike, aud is estimated to contain a large quantity of the finest steam and gas coal in the colony. The prospect of recommencing operations there is hailed with great satisfaction in tho district, especially as the Brunner mine is not expected to •last many years longer. Steps are being taken to place the necessary machinery on the ground, and the combined output from the mines in the district will at no distant date reach 50,000 tons a week.