LATE COMMERCIAL

Sun (Auckland), Volume 1, Issue 113, 3 August 1927, Page 13

LATE COMMERCIAL

MINING CO. CLOSING DOWN HIGH PRODUCTION COSTS By Cable.—Press Association. —Copyright SYDNEY, Tuesday. The Commonwealth Oil Corporation is calling tenders for the disposal of the whole of its assets comprising a most complete and extensive plant. The managing director states that the prohibitive cost of production, including high wages, has been the direct cause for closing down. The corporation found itself faced with the same position as the .Mount Morgan Mine Company, and found it impossible to carry on under the high cost of production. MOUNT MORGAN MAY CARRY ON The Brisbane directors of the Mount Morgan Company are considering a proposal to continue operations on a cooperative basis. The Mayor of Rockhampton has called a conference representing the shareholders, employees, and residents of the Rockhampton district to discuss the position in view of the possibility of averting the closing of the mine and resultant idling of many hundreds of employees. SOUTHERN EXCHANGES Christchurch. —Reported sales: Bank of New South Wales, £45 2s 6d; Union Bank. £ls 2s and £ls SALES REPORTED Wellington: Bank of New South Wales, £45.