WAIHI G.M. COMPANY.

Auckland Star, Volume LIX, Issue 134, 8 June 1928, Page 8

WAIHI G.M. COMPANY.

DIRECTORS' ANNUAL REPORT. The directors of the Wailii Gold Mining Company, in the annual report issued to shareholders, state that during the year 1927 the quantity of st-one treated wag 232.334 tons. The gold and silver #old realised £374,022, to which is added £45,824, being the special quantity obtained by reduction of bullion in proce* of treatment. Other receipts amounted to £26.600. making a total of £416,336. The expenditure was £310,131, leaving a gross_ profit of £136,405. The sum of £24,533 was paid or reserved for income tax in Britain and New Zealand, and £8550 was written off as depreciation of plant and machinery. The balance remaining was £103,322, which, with a balance of £3254 brought forward from 1926, made a total of £106.576. The interim dividend paid in November, 1927, accounted for £24,795, leaving a balance of £81,781, out of which the directors recommended the payment of a final dividend for the year of I,' * share, on the old and new shares, absorbing £49,591. leaving £32,190 to be carried forward. The quantity of ore from the Waihi Grand Junction mine treated dur» ing the year was 31,734 tons. Dealing with mine development, the report states that in the lower levels, th e payable ore developed had proved insignificant and it had been decided that unless an improvement was disclosed in the bore hole below No. 15 level no further sinking should be done there. The report added: ''During the past two years about 0500 ft of prospecting by means of diamond drilling has not revealed any appreciable quantity of payable ore. In the position described a more rapid depletion of the ore reserves seems inevitable, and the exhaustion of the mine may have to be faced within a very few years." The report also refers to the £50,000 allocated a few years ago to be applied to the examination of other properties, and states that it is now £63.964.

The directoig weir, states the report, considering what m.•" prove to be an important a'lluviai tin proposition in SiafflAn option had been secured over the property and careful lests were being made under the supervision of Mr. E. G. Banks and the representatives of a well" known tin mining eoinpmy. who had had a long exj>ei ieu'-e of :in mining in the Far East. Th e company in question wa« acting in concert with the VVaihi Company. and would participate in the pr<*" position if the option were exercised. The total value of bullion won from the mine to the end of 1P27 i« £1i.i36.274. The amount paid in di\:dend.«. inciuUinf interest- on instalment* of shires, * ■£3,^44,739.