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 But it seems that the whole of the increased return was absorbed by the increased cost of production. Later on the company’s productions and sales for the year declined by 4000 tons. The Court concluded that the operations of the company would not permit it to pay a higher rate of wages and obtain any reasonable return for the capital invested. The representative of the union contended that the company could again raise the price of coal, so as to meet the demand for increased wages. But “we do not consider that the workers at present are unfairly paid,” was the finding of the Court; “they would, no doubt, as one of their witnesses very honestly stated, like to get a little more if they could, but the circumstances of this industry do not, in our opinion, justify us in making any further increase in wages.”

In 1901 the Court refused to increase the rate of miners’ wages in the Auckland industrial district. The President said he was satisfied that, in spite of an increase of gold from the Waihi mine, the industry was languishing, and was in a depressed condition. He went on to say that many thousands of pounds had been sunk in improving the works, and no return from the extra money invested had yet been received. In many cases the money had been absolutely lost. In other cases, the position was so critical that, unless additional funds were provided for continuing development in the hope of payable results being obtained, companies that were employing large numbers of men would have to “slow down,” and the men employed would be thrown out of employment. The conditions were already sufficiently unfavourable, and if the Court, by its award, increased the expenses by one-sixth, as proposed, the chances of further funds being forthcoming would be destroyed. “This Court, in our opinion, is not justified in increasing the rate of wages so as to destroy, or, in a great measure, cripple, an industry upon which many workers now depend for their livelihood, and in which many individuals have invested money. We are satisfied that the mining industry, as a whole, in the Hauraki mining district, is in a very critical condition, and that the Court is not justified, unless very cogent reasons are established, in adding to the present expense necessary for the further development of the industry.”