THE GOLDFIELDS.

Auckland Star, Volume XXXIV, Issue 304, 22 December 1903, Page 2 (Supplement)

THE GOLDFIELDS.

TAIRTJA SROKfTN HILLS G.SL CO. The annual meeting of the Tairna Broken HilLs G.M. Co. was held this morning. The Hon. E. Mitchelson presided, and there were about a dozen shareholders pro- I sent The annual report stated:—"The gross | earnings I'i'uUi the mine ioi the year reacued tile handsome sum of 18/11 lioui ti.lUO toad oi ore, HI a eosi Lur mining aud milling oi JfcUO.SSii 10/10, leaving a proiit of £11,512U 4/1, I rum which we have paid iv dividends during the year the sum of £lu,oi>t> 5/, leaving a credit balance for the year of IU/x. The Mohara Uoyal property, wuich we acquired about this time last year lias beeu suid to the iiahara lioyal G-old Hiving Company, L,iU., for £1,500 10/ in cash, and 'SJ,'jM fully paid-up shares iv the said company, and we have since disposed of these shares at 3/. each. This sale has lesuilcd iv a prolit to the company of £4,4U6 10/, which amount, added to the credit from the bullion, and to the balance brought forward troni last year, less £00, the nominal value of 000 shares fully paid up and allotted to Mr 11. 11. Adams, makes the credit to profit and loss stand at £9,723 1/10. The mine, since this company commenced operations up to the end of October last, has yioduced the kuiu of £4i> r £>72 10/0 from 13,000 tons of ore, and there has boon paid to you in dividends the sum of £1U,253 10/11, equal to, say, 2/S per share, or. in other words, you have been repaid the whole of the subscribed capital, and also Sd per share premium. The results of our operations have breu highly satisfactory, and we are assure d by the Company's Supei intendent (.Mr 11. 11. Adams), tnat the mine has a long and equally prosperous future before it. In reference to the profit derived from the sale of the .Maliara lioyal shares (viz. £4,498 10). there will be required from this sum, for the purpose of improving our plant and providing extra water power, about £2,000, leaving a jaleice of £2.<)! : >,S 10/, which can be used for tne payment of a dividend if you so desire It. A dividend of ;!d per share would ab sorb £1,818 15/, leaving a balance or £070 15/. which would be more than ample to provide all the udditional plant and power required."

The prolit and loss account showed £0,723 to credit on receipts totalling £27,211. The profit to the company on the sale of 20.090 Mnhara Royal shares was £4,908. The bullion obtained by the company was valued at £22,713. The cash statement showed that dividends amounting to £10,300 lias been paid, £l,."00 had been paid for the Mnhara Royal property and received back from the now company.

The Chairman moved the adoption of the annual report and balance-sheet, and congratulate shareholders on the present position of the company. Very few companies in thp Auckland district had had such success during the past conplo of years, and this was the pi eater credit because of the

initial diftVultiefi. Very little ground had been worked, and there remained still an enormous area of country to oe worked, and there was no question that the company would flourish 'or many years to come. It wns thp intention of the directors to declare to-day a dividend of 3d a share from the gold, and if the shareholders desired it they woHd declare next yenr a dividend of 3d n shnre out of the pmcwds of the Mnbara Rojn] shares. ITe believed that the money won!d bo better in the pockets of the shareholders than lying In the bank. The elenn-np at the mine had a.i usnal been debired r>n account of the Benson, and the gold wo-iltf be deposited in the "Tiames hank on Christmas Evo.

Mr Alison, M.H.R.. se<>nTulr ( l the motion, which was carried. Messrs H. T. Oorrie a n<l R. MitchPlPon -wore rp ele'ted directors, and Mr R. E. Isaacs was returned ag-ain as and! tor.

The superintendent (Mr 11. IT. Adams) expressed the opinion that the company's mine was below the present level, and he told Mr Alison that he expected that level would he payable for the next three years. He could not say what the ground ivMow was worth, but he was onitf satisfied from his observations that the mine was grood for a very lons lease of payable life. He recommCTiaed In his rcr-.irt that a dam be erected across the main Tairua- Itiver, opposite the low level tnnivel, to obtain power for a compressed nir plant, the air plant beinp used for pumpinc mid winding it. The post would b° about £2fWt. and would enable the rnropanv tn jro .W fc—t bnlow tlie present level. Tie reported favourably on the year's work.

The meeting closed Trith the usual votes of thanks.

MIXING NOTES FROM LONDON.

(From Our Spcoinl Corrpspondont.) LONDON, Novpmbpr IS. WArTEKAURT CM. CO. j The ordinary c?npr.il meeting of tli« WaitrVanri Hold Minns Company, TJraltPfl, was held In r.ornlon on November 12th, Mr Thomas Rnsseli, C.M.G., presiding. In movliiK the adoption of the rpport anil j statpmpnt of accounts submittpd to flip moetlUß, tli' , chairman pave an •ouU ;, ic of ilip work done on t.np proporty, and slaliMl tbat so fir as they had annv thp „• works had not disclosed any fiivonrable resuJts. TU 7 hr.d not been able to find payable or". They had mpt quart. btit It was poor. The low Ipvpls, however, would be further and thoroughly csamlnod and further prospertlng w.-rk on tbp surface ( t : i? p'atcd. llef'rrir.K to the "nanclal position, the chairman «u!d: "Yon will sep by the arcouiits what our financial position was on JTst May last. Our liquid awspta thpn consisted <>r cash ai bankers £21S«, N.Z. Govenimciit debpnlurps £<inn!). Sincp then wp have rpcpivpd from varionn sources tlic rollowinfr snms: rtulllon, £4245; sundry receipts, £405: proceeris of Komnta Rppfs p'nares sold. £1«S1; c;i!!s rpcelvpd fror.) New Wnitiknnrl shareholders. .C.'W": dividend on Kcmata Reefs *ii:ires on r,ninion reglatPr, £21.">0. Thp dividend for the Komntn Kecfs sharps h. Id on the colonial register was paid in the colony, and there Is :i sum duo for calls considered pood at £11~r.. Tliesp sums make ,i total of .£IR.4. r >o. \Vf have paid ont the followlntr sums: Draffs drawn by Auckland office, £.'w!X); sundry expense?, London. £240; dirpetors' fees. £."05; total, £4'Vi4. whi.-l! leaves us wkh a llonid balance of a little over £12,000. There Is a large sum of several thousand pounds on Ihe credit side of the. company's halonceshept represented by mining sfoTps and sncU like properly at the mine, a good asset no rlonbt when we resume work at tho mlll<i; but we cannot, and do not, reckon this airormt as a liquid nsset in tbp work In wMeb we arp now engaged. That Is, ronshly. our prpspnt finaneiil pos'tion. We have no debts, we hare p:>irl off all the debentnres that oxisterl on the property and wp bold free and unpncr-r-.bpr"d 2n.~>.5r,0 shares in th" Komata Reefa Oolu Cnmpanv. 7,td.. or rioro than odp Konnta Iteefs sharp for eieb sharp of the , WnltPkfinri fnninsny. Po yon will see if we nr..' tlip Komata Reefs shares we arp fin sfron? for se-nie time to come, anil wr > l>p,vp p-pTieif.Tit f"\.ls for ryi"i;!vo Pxnloratlont:.

The resolution was then put and carried uninlmo^sly. Th» retirinc directors. Mr H. .T. RrisriTiand Mr .Tames Rusppll we ; -e re elected, and n vote of thanks was passed to the chairman and directors. WOODSTOCK. At a meeting of fhnrpholders of th» WooiistflPk O.M. Compntiy. T.td.. on Wednesday Ins;, it was decided to so Into liquidation. Mr Hopkins, ehal'-man of tbp. company, presided. The resolution will require to be confirmed at a second meeting.