MINING.

Auckland Star, Volume LXIII, Issue 240, 10 October 1932, Page 2

MINING.

1 KING SOLOMON. HALF-YEARLY REPORT A net profit of £047 for the half-sear ended August 31 Is disclosed in the sir monthly report of King Solomon Deep Lead Limited (Gore). During the period 1303o? lOdwt 7gr of gold were obtained, anaveras-a of 50oz a week. Practically all of the-gold was won from the upper and lower of the north-east section. On account of the wash dipping- and the workings bein* jyet, very little was done in the north Tec lion, pending the completion of the new drive, which will provide drainage. As a result of the experience gained thp directors considered it advisable to surrender an area of the main claim wS" gives no indication of gold and to pes out a further area in the direction in which th« workings indicate the gold lies. The directors adhered to the policy of selling gold forward, that is, taking market price for gold at the date if s u„ mcnt. The total charges, including depfe elation, amounted to £6759, or annrnri of I ™™ a i 7 ,eek - At the current price of gold some 440z a week were required to pay expenses An outstandingitem of expense was the cost of insurance under the Workers Compensation Act amounting to fo a week. When it was stated tint thic ™? almost exactly the same amount as?hf employees paid in unemployment tar if would be realised that the existing lawam its interpretation by the Courts imposed a very heavy tax on the industry. 1Q a . Continuing, the report stated that the balance-sheet showed that the financial position was quite satisfactory. The n™. ™'«. s 0° s 2 les of sold were not received until from five to eight weeks after the cold was obtained from the mine as tho did not remit until the bu'llfon had S assayed at San Francisco. That account for the small credit" balance at the banif Taking into consideration the liabilities for wages, supplies, etc., it would be seen tW • no funds could be available for divfrtmi at present. A summary of Ihe'bal n r,Jici nd ! was as follows: Capital £13 000• ro in w v leges and development Ciunt Ml plant and tools w>oi. "1, . uuc » balance, £4071. last aCCOUnt sented a total of £11,272, leaving £1728 Thi» not by S these Hem nncef* aSe he o^iT«Jf a » imprest account. £2710: liabilities fm showing a surplus of liquid asse^ current liabilities of £17"S The ™ f r- r • nccount sliowed that the proceeds from sale of gold totalled £7703 the