HEAVY LOSSES

Hokitika Guardian, 13 July 1933, Page 6

HEAVY LOSSES

OF HIKURANCi COAL COMPANY

LIQUIDATION IS NOW LIKELY

(Per Press Association Copyright.)

AUCKLAND, July 12.

'Lfficulties and very heavy.losses, the obiHprprangi Coal Cojnpany is likely' to go into liquidation/' A proposal--to this' effect., will be considered at an extraordinary general meeting of shareholders on July 20. The company has been in operation for forty years. .

At the date of the .last annual balance in December, the accumulated losses stood at £32,?95. The company has a capital of £70,000. in 140,000 shares' of 10s each, consisting of 45,000 ordinary, 45,000 preference and 50,000 A preference shares all fully paid. No dividends have been paid for some years In addition; the company issued £30,000 of 10 per cent debentures. The interest fell in arrears in 1931, but half-year-ly payments for that year were made in February and March. 1932. It is understood that the debenture holders propose taking over the mine. A new company, is to” be formed. Liquidation does not mean dislocation of the work, which will continue being worked by Hikuj-apgi miners. A cooperative party company* is drawing a royalty on the coal produced.