KAITANGATA COAL MINES.

North Otago Times, Volume CVII, Issue 17168, 26 March 1927, Page 7

KAITANGATA COAL MINES.

All sections of the community will be pleased to hear that there is every prospect of the famous Kaitangata Coal being procurable once more. The project which promises to put Kaitangata coal again on the mai-ket should certainly have the good wishes of the general public. A strong company is being formed with the object of acquiring the assets of the Kiatangata Coal Mine from the debenture holders of the N.Z. Coal & Oil Co. at the extremely low figure of £26,500. The attention of investors is drawn to the full-page advertisement appearing in this issue and in this connection the following facts should be noted: — 6 1. There is ample coal in sight for many years to lcome and the mine is ready to commence producing at once. 2. There are no "promoters" shares being issued and all the provisional directors, the manager, and the promoter are each taking 1000 shares. These men, as will he seen from the prospectus, are all capable business men of undoubted integrity. 3. Assets amounting to £106,000, on present day values, are being acquired for £26,500 and no liabilities are being taken over. the financial stability of tbe enterprise is thus assured from the outset. The Orepuki Shale, Oil Works are not being taken over. These works costing £250,000 were the downfall of the New Zealand Coal and Oil Co. They never earned any profit and for 20 years the profitable Kaitangata mines have been carying the staggering burden of £200,000 Orepuki Debentures and loans — - ^ a position perhaps without parallel in the modern industrial world. It will be obvious to all investors now th»e coal mine will be | released from this paralysing burden, that the prospects of the new company are exceedingly brighi. ; 4. The new discovery hy Dr Bergius of a successful method of manufacturing petrol from coal has opened a possible market for Kaitangata Coal which, when fully developed would be capable of absorbing 100 per cent. of the coal mined, slack included. The fact that New Zealand is very poorly off in regard to na- ! tural petrol supplies makes this demand practically a certainty within the next. few years. Kaitangata icoal is ideal for the Bergius process while anthracite coals are useless. 5. The favourable atterttion with | -which this project is viewed may ; he gauged by the fact that over. 20,000 shares have been taken up in the last few^days. Intending investdrs will be well : advised to communicate at once I with R. Finch, , Box 87, Oamaru, from whom prospectuses may be obtained.