COAL INDUSTRY
HOPE OF FUTURE DEVELOPMENT-
(Per Pre s s Association, Copyright)
' r„ .wiipCKLA-ND, August 24. Discussing the operations of Gleh Alton -Collieries during-the. past year, Mr W. Good fellow,, managing, director, stated at a meeting of the New Zealand Co-operative Dairy Company, Limited, to-day, that the output of the colliery for th 0 year just ended was. 120,830 tons, againsk, 246,449 tons in the previous, year. ..The reduction was due to the cancellation, of the Auckland -Power Board’s ’contract.; Y".... 1, 1 •/’%.
. The mining, of cpd . had not been profitable .owing to. the low prices , received for coal. Household, coal . >vas now, isold -at-.the, mine at- 125.6 d, .against 31s a few,., yeaa-g. ago.. The company , received. £55,000 in compensation; from the P,o.w,er Board, • the, sum of. £IO,OOO was pjiid in taxation., aiid. when, legal -fees had been deducted there would be a net, payment to Glen Afton. Collieries, Limited; of £43,428. The year, . therefore, had been, very, satisfactory from the financial point of view. ,
The tw-efe mines operated by the. company had ; a,, capacity . outp.ut of • 2000 tons a.- day and the estimated reserves totalled from 15,000,000 ■ • to- 18,000,000 tons. Inview of developments in England regarding, -the .production .of oil from coal the -coniptny^s.fields might .be of very, considerable value. The company, had decided not to sell the properties. ■ ■ - -- -
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Hokitika Guardian, 25 August 1933, Page 6
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221COAL INDUSTRY Hokitika Guardian, 25 August 1933, Page 6
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