MINING NEWS.

Auckland Star, Volume LXVII, Issue 128, 1 June 1936, Page 4

MINING NEWS.

GOLDEN DAWN YEAR. Golden Dawn Gold Mines, Limited., reports a net profit of £15,055, against £7057 earned in the previous year. The total amount available is £17,234. Depreciatior requires £12.10, and £9500 is transferred tf development reserve, leaving £6484 to b( carried forward. The report states that in the ordinary course there would be a substantial amount to pay to the shareholders, but before doing this it is necessary to pay the amount ol £4240. advances by the Unemployment Board and the Mines Department. The cash assets, less the liabilities, would not have allowed this to be done without reducing the amount available for .further development to rather too low a sum In such a business as mining. A request had been made for a reduction of the amount payable and was now under consideration. . At: the present juncture the directors cannot declare a dividend. In development the exploration of the lodes in the present area of production disclosed the existence of several branch reefs containing values which increased the payable ore reserves of the company, the tonnage being estimated In December, 1935, at 0011 tons of assured ore and 4GOO tons of probable values. It was from the stopes on the reefs in this section of the mine that the 5645 tons of the company's ore treated during the year were produced. The extension of the northern drive and crosscut from it has been continued for a total of 83Sft, passing broken country for 502 ft. It is now in more solid country and has to be continued for some 300 ft before it reaches the locality under the foot of the main range, where it is expected to encounter, in undisturbed country, the continuation of the reefs now being worked. Tiie tonnage of ore crushed during the year was 11,55S tons, including 3213 tons for outside parties. Bullion recovered realised £72,004, including the net amount paid to outside parties, £16,440 . ' The balance-sheet shows paid capital £10,170, outside liabilities £7087. Assets include cash and bullion £8770. mill £1254, stocks £1771, battery and buildings £10,308, rights £1051, development £27,G10. WINDING UP. At the annual meeting of the Upper Shotover Goldmining and Hydro-Electric Company, to be held in Gore on* June 24, a resolution will he submitted that the company be wound up voluntarily. In the last annual report shareholders were notified that work at the company's claim had been suspended pending tiie holding_ of the annua! meeting on April 12, 1035. At that meeting the position of the company was fully discussed, and tilt decision to stop work was 'endorsed. Tiie directors were recommended to .safeguard the company's rights, particularly tiie water rights, and they were authorised to use their discretion in connection with the other assets. During the past 12 months a small amount of plant has been sold, a total of £18 10/ having been realised in this way. Efforts to sell the main Items of plant have so far been unsuccessful, but the compressor unit is at present under offer to interested parties. It now appears that there is little likelihood of being able to dispose of the water rights, the general stagnation of mining on tiie Shotover being an Important factor In this connection. DIVIDENDS PAYABLE. The local Stock Exchange has been advised that an interim dividend Xo. G of 1 dollar -10 cents per share has been declared by the directors of Bulolo Mining Co. for tiie year ended May 31, 103 G. An interim dividend No. 0 has also been declared by the Placer Development Co. It is 50 cents Canadian per share and is for the year ending April 30, 1937. Both dividends are payable on July 2. YIELDS OF COMPANIES. King Solomon —430z 13dwt. Gillespie's Beach (West Coast). —Last week, 330z 12dwt for. G9 hours. The dredge ceased work on Wednesday morning owing to a break in the main chain drive. Talisman.—3o 2-5 tons of ore were treated at the Golden Dawn battery for an approximate realisation of £222. Worksop Extended (West Coast). —Last week, 50oz for 138 hours and 10,600 yds. Mossy Creek (West Coast). —Last week, 490z Odwt for 132 hours and 0356 yds. Argo (West Coast). —Last week, 82oz for 127 hours and 13,000yde.