ANGLO NEW ZEALAND MINES.

Auckland Star, Volume XXVIII, Issue 298, 23 December 1897, Page 7

ANGLO NEW ZEALAND MINES.

A special meeting of shareholders in this Company was held in Messrs Morrison and Philips' office, Shortland-street, when Mr J. Brown presided. A resolution was passed confirming the one already agreed to authorising the voluntary winding up of the Company. The shareholders appointed Mr Partridge to act in conjunction with the Secretary, Mr Morrison, in liquidating the Company. THE CASSELS PROCESS. The Golclfields Committee have agreed that as the Cassels Company have decided to accept £10,000 in lieu of £15,000 to report the Cyanide Process Gold Extraction Bill to the House, and have also amended the clause that a royalty shall be charged by the Government ranging from one and a-half to two per cent, in accordance with the grading" of the ores. The Committee has also inserted a clause limiting the amount of royalty to be charged for arrears due to the Cassel Company to live per cent. TAXATION OF MINING COMPANIES.

Some excitement was caused during the month by a proposal that came before the House of Representatives to bring mining companies under the operation of the Land and Income Assessment Bill. As this meant paying 5 per cent, on the whole of the dividends paid, instead of on half, as at present, prompt action was taken by the Chamber of Mines to prevent any measure becoming law that would increase the taxation upon mining companies. When the question was raised in the House the Premier explained that the total amount involved in this matteAvas only £3,000. Under the proposal if a mining company under its articles of association conhned itself solely to mining then it had not to pay the additional taxation referred to, but if in the articles of association it embraced other business in addition to mining, then the company voluntarily brought itself under the law and bad to pay the taxes as regards the payment of income tax upon half the amount of the dividends. All other companies had to pay full income tax instead of upon half their profits. The Government simply proposed to place the mining companies on the same footing as all the other companies. When the matter came before the Public Accounts Committee the Committee amended the clauses so as to revert to one half instead of the whole as regards mining companies, so that the law stands as it was before.