MINING NOTES FROM LONDON.

Auckland Star, Volume XXIX, Issue 167, 18 July 1898, Page 2

MINING NOTES FROM LONDON.

(From our Special Correspondent.)

. LONDON, June 10, The only item of interest this week is the issue of the Wailii report. This, be it said, I is a very satisfactory document, and a few more of the same nature concerning New Zealand mines would do a power of good by attracting public attention t.6 the fact that there are paying properties in the • cojony. The British investpr seems to haye forgotten the existence of such in New Zealand, £j,nd, well, you can't wonder at it when there are only live dividend payers inthe whole schedule of New Zealand mines floated in the Old Country. The report which is to be submitted to the shareholders on Friday next is of course for the year endin.- December 31st ' 1897. The directors state that during the year 40,764 tons of dried ore were treated, 1 producing .£143,963. A sum of £79 was, also produced from 104 bags of slag, and this together with £304 derived from : transfer.1 fees and sundry other receipts 1 makes a total gross revenue for the year of ' £144,346. The expenditure in New Zealand and London amounted to £62,023, leaving a net protit for the year of £$2,323. 1 This, added to the balance of £22,751 [. brought forward; makes a total of £105,074, : out of which the directors have paid income '' tax,, interest, and an unexpected claim made by. the New Zealand Government of ■ £635 'as license tax for periods ! prior to the 31st December, 1896. 1 £3,000 has also been charged to de- ■■ preciatiop of plant and machinery and 1 £11,618 lias been carried to reserve account, i raising it to £30,000. These appropriations absorb "£20,911. The directors have < also paid four dividends ot 2s per share, i< amounting to £64,000, being equal to 40 ' per cent, on tho 160,000 old shares of the i Company. After deduction of the above- : mentioned amounts of £64,000 and £20,9U, i the balance remaining to thp credit of ; revenue account is £20,162. In order to ■ replace the money spent on capital account ■ in.opening up the mine, it was proposed by i the directors to increase the capital of the ' Company to £320,000 by the creation of ' 160,000 new shares of £1 each. The l necessary resolutions were passed, and the , new issue of 160,000 shares has been 1 applied for by shareholders to the extent , of 150,914. .The remaining 86 shares the i directors propose to sell at the. best price 1 obtainable. Last year there was a marked improvement in the value of the ore treated, and this year the improvement - has been continued. The mine con- - tinues to open up satisfactorily, and . the directors call special attention to the t- important developments in the eastern 3 section of the Martha lode. The expendit ture upon water races, the railway, the c Victoria mill, and works in connection r therewith amounted on 31st December 1 last to £82,850, and some further expendi- . ture has been made since then. These j works have been constructed to meet the requirements of 100 head of stamps beyond the 100 now at work, the additional I stamps when required can be readily added at a comparatively small cost. Since the date of the accounts to the 28th May I 25,290 tons of ore have been treated, yield- ■ ing £88,960. Two dividends of 2s, per share each have been paid on the 160,000 old shares of the company since the date of I the accounts. From the Ist June the \ 160,000 new shares rank pari-passu with the 160,000 old shares for all purposes, " and accordingly will be entitled to partici- ' pate in all future dividends. THE MARKET.. . J< Dealings in N.Z. shares recently have been very limited; and as the appended ' quotations will show there have been few J alterations and none of importance in the . quotations :*—Blagrove, 6d to 9d ; Con. G. 3 R N.Z., £1 15s to £2; Glenrock, 6d to Is; Hauraki, 4s to ss; Katmnga, 2s 3d to 2s 9d; Kauri Freehold, 16s 3d to 18s 9d ; Komata Keefs, 4s 6(1 to 5s ; New Hauraki, 6d to9d ; ■ N.Z. Crown, 16s3dtol8s 9d; Phoenix, 3d to ' 9d; Preece'aPoint,3dto6d; Royal Oaks, Is I 6d to Is 9d; Talisman, 7s 6d to 10s; p Taitapu Gold Estates, 7s 6d to 10s; 1 United New Zealand, 7s 6d to 12s. 6d ; ' Wai hi Grand Junction, 17s 6d to £1 2s 6d; ! Waihi Gold, £4 lls 3d to £4 13s 9d ; Wai' ■ tekauri, £1 13s 9d to £1 16s 3d ; Waitel kauri Extended, Is 3d to Is 9d ; Waitekauri Cross, 15s to 17s 6d ; Woodstock, " 15s to 17s 6d.