BLACKWATER MINES.

Auckland Star, Volume LXVIII, Issue 153, 30 June 1937, Page 4

BLACKWATER MINES.

PROFITS DECLINE. A sharp decline in the profits of Black water Mines. Ltd.. is shown in th" accounts for 1936. Profits fell by £14.000 to £27.3(M1 and a dividend of 2' a share, or 10 per cent tax-free, compared with 3 a share, or 15 per cent tax-free in I!>3."">. During the year t lie company treat", i 42.00(1 tons, against 45.700 tons, for a working surplus of 27/3.50 a ton. against 27/5.17. Ore reserves showed a small decrease, but values indicate a higher grade of ore with depth. The decline. states the "Financial I imes. ' was "due in large measure to circumstances outside the company" control. Legislation initiated bv the New Zealand Government had the' effect of raising wages and shortening hours. The effect on the company was an increase in expenses and a smaller tonnage treated owing to reduced working hours. An important contributory cause was the lar-e----scale programme of public works undertaken by the Government. Under tiv counter-attraction of Government scheme--the company suffered a shortage of labour miners leaving to join the public work •' The company did its best to till the -a,, with unskilled labour, but the total output necessarily suffered." It is proposed to introduce such up-to-date mechanical appliances as are practicable to increase the output. An e.vtri ten-head had already been Installed in the batterj, but was not required. CONSOLIDATED GOLD. Net nrofit for 1936 of Consolidated Gold t telds of New Zealand. Ltd.. th? holdincompany in Blackwater Mines, was £-'l 77-7 against flU.Oin. A sum of i'lM .53<; ' wa-' brought in. The year's dividend of 1 c, a share, compared with 1 ' in iov, absorbed £18.750. leaving £-4.001 to h,'lS f tAn interim dividend for |on June 30 1 t,s - free ' is