The Mokau Coal Company.

Manawatu Herald, 12 March 1892, Page 2

The Mokau Coal Company.

A meeting of the shareholders was held in Wellington on Thursday evening to hear a statement from the mine manager (Mr Baxter), and Mr Jones, the lessor. Mr Baxter explained that it had cost lis a ton to put the coal on board the Rowena, whereas it was stated in the prospectus that it could be done for 7s. The late manager had made a mistake. He declared that with proper management the coal could be put down at the river's mouth at 6s per ton. The property was as good now as it was when, the prospectus was issued if properly worked. He had 200 shares as a working man under the co-operative system, and now tbat operations had ceased, he was liable, like any other shareholder. If he had to pay for these shares he would be ruined, and there were 26 other workmen in the same position. Mr Jones gave the meeting a long account of his negotiations with the directors, and he characterised their conduct in rather strong terms. He stated that he bad declined to sign the lease beoause the Directors would not sell the shares. He assured the meeting that his agreement with the directors was as binding as the lease, He informed the meeting that tbe secretary reoeived £8 per week, a clerk £2 a week, and there was also a secretary at the mine, while the poor devils of workmen did not get a shilling. A copy ofthe articles of association was here produced, and the number of shares held by the directors was given as follows :— G. Baxter, 200 ; J. Kitchen, 100; W. Clementson, 200; A. W. Brown, 1 ; H. Flockton, 1; W. H. P. Barber, 50; J. H. bhine, 8. The Chairman asked Mr Jones if he could say how much capital it would take to work the mine properly. His own opinion was that it would take about £5000. Mr Jones said that with the exception of about £200 the expenditure would be entirely for steamers. In answer to the Chairman, Mr Joll said the cost of bringing the coal to Wellington would be about 17s a ton . The Chairman thought it could be disposed of at £1 per ton in large quantities. Beyond passing a vote of thanks to Messrs Jones, Joll and Baxter nothing was done. — Times.