MINING NEWS.

Auckland Star, Volume XLIX, Issue 46, 22 February 1918, Page 3

MINING NEWS.

, TALISMAN CONSOLIDATED. i PROFIT OF £57,820 FOR YEAR.

Shareholders in the Talisman Consolidated Gold Mining Company have had forwarded to them the report of the directors, to be submitted at the annual meeting to be held at the Chamber of Commerce, Swanson Street. This is the first balance sheet since the head office of the company was transferred from London to Auckland. Reference is made 'to the war creating difficulties in regard jto labour aud requisites. The fact wae 'stated that Messrs. P. C. Auld and T. E. j Smith had been appointed the London Committee of the company. In connection with tho British income tax, the most important item in the liquidation of the old company wae the claim for £20',U90 6/ under that heading, and for excess profits. These claims, after being strenuously contested, were eventually settled for £7,245 12/. The company is not now liable to British meoinc tax. The report placed on record the appreciation of the directors of the work of Mr. Stansiield and the staff at the mine. Tho accounts showed, after deducting all working expenses, and writing on* the whole of the cost of formation of the new company, the operations for the period resulted in a profit of £57.820 HO/10. Out of that sum £34,500 has. been paid in dividends, and £5,485 5/ written off for depreciation, which left a balance of £10,835 5/10, which the directors recommend should be carried forward. The balance of the appropriation account from the old company, amounting to .C2G,")70 13/10, the directors propoiro should be added to the reserve account. As far as the mine ic< concerned the report says so far N®. 15 level south has been disappointing, but the board consider it Khoulcl still be continued. At No. 15 level, in the Bonanza and Dubbo section, tho ore reserves are estimated I at 4,614 tons of an assay value of £6 IG/4 per ton. It is estimated there is suflicient good ore available to keep the battery going as at present ior approximately six months. For the period under review 27.010 tons of ore were treated, which produced 41,5400zs 20grs of gold, and 42,38807.s Sdwts and 4gre of silver. The accounts of the company show the bullion won to have yielded £117,718 11/, and the interest on investments £1,883 17/5. The mine expenditure in >"ew Zealand totalled £55.370 1/9, general expenses £2,017 15/, and income tax Xew Zealand absorbed £1,276 8/9.