HIKURANGI COAL COMPANY
LOSS OF £21,036 A net loss of £21,036 is shown in the annual report and balance sheet of the Hikurangri Coal Company, Ltd., for the year ended December 31. The Profit and Loss Account now shows a debit balance of £18,197. In a covering statement the directors express regret at the unsatisfactory showing, and mention the trouble experienced with water which kept the mine unlit for working the greater part of last year. With the additions which have been made to the electrical and pumping power, however, it is expected that the mine will be able to cope with a very much greater quantity of water than is now being dealt with or than may be anticipated.
The offering of debentures necessary to finance the unwatering operations has been taken up to the full extent of £30.000. Other debts due by the company are shown at £14.266 but there is nothing to indicate what they embrace.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19300125.2.110.11
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Sun (Auckland), Volume III, Issue 880, 25 January 1930, Page 10
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159HIKURANGI COAL COMPANY Sun (Auckland), Volume III, Issue 880, 25 January 1930, Page 10
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