MINING NEWS

Auckland Star, Volume LXIX, Issue 309, 31 December 1938, Page 4

MINING NEWS

WAIHI INVESTMENTS. ITTI Ki: POLITY ill-' COMPANY. The <|iiesliou of future policy was fully discussed at 111'' annual meeting of Wailii Investments ami 1-: s plorat ion. 1.ti1., held ill London. Alferualhc policies of invest ing tin- conipany's funds or looking lor suitable mining proposit ions were placed lu fore slia n-lioltlers. The elmii'nia n. Mr. C. I!. Mitchison. said the d i reel or s appreciated llial shareholders might not wish tliein to hold indefinitely so large a reserve of gilt-edged securities it ml lliey had in mind the possmility that, unless a suitable mining venture was offered them wit hill a reasonable time, they might have to tlireel their attention to investment, railicr than exploral ion. The directors al-o had in mind the more limited possibility that some at any rate nf the funds of i lie company might lie directed to til's purpose. Mr. Milcliison said lie mentioned the-.. mailers to show that the directors were watching their opportunities in both fields and were by no means wedded to an indefinite continuance of the present state of affair.-.

Tn the <liseussinn vti 1 • -11 f«»Iloxvpfl fliairnui n's snei>«-l» <overa] shar«'ljoh!ers vnji-nl tIK-ir flisni'ipointment with the lon* prief at which the company's shares \\<'rr o«• i 1 (jnotc«l nil t)n> Stock ;,xclianee. an«l nitli the low rate ~f diviilem] which ih»'v were ref*ei\»ntf. They >ttjryrested that citlier the l.uaril shonH invest the eoni pjiny's t"un«ls in securities t-howin?: a hijrher yield than the presenr holdint: ot' ffiHe< 1 '*! M-ciirit ie»». <»r that the «.<>pfs of the conipaiiy >honhi he iii>trihut<Ml to the shareholders and the company wound up. Mr. said ho had jrrcat svmpathy A\it!i shn rehohhrs who found that the price at which their shares were standing va< insutlicjent. Perhaps that sympathy was a little i]unliti"d when, as appeared to h»* the rase in some 7nstanr«**« at any rale, tin y had r»- « i\ed their share--for nothing out of their investments in the old Waihi i'ontpany. The hoard had endeavniired r.» fedlow the primary purpose for whieh the company was formed-—that i-f the resources of the old Waihi company in exploration ot mining properties and in investments iti those proper-tier-under the v«.ry sound and expr>rienced views of those rpiaiilied persons who examined the i»roperties brought before tinhoa rt\. The "esolutioii adopt in j the directors' report was carried unanimously.

| PATO CONSOLIDATED. DIVIDEND I'ol-U V STATED. The present policy of ilie directors of I'ato < "oii.solida ied (jold Di i Ltd.. is to retire Hi'- loan- olit.iim-d. -univalent to lij-io.ooo dollars, over a period, in order that tlio payment of dividend.- can lie lieiriin as soon as possible, and the first dividend may l>e vie, lan d aliout 111•• middle of 1 !•:>!!. I.liter, provided results and other conditions warranted. Mr. ('. A. Hanks. liiai.aginu' direeior. .-aid at the annual niceiinr. tlie.v would consider in >ialliiii_- further dredges, fur in addition to increasing Ihe output of g«>hl. this would, in effect, further reduce Ihe co.-t per yard. Though a ~ii 11.-1 a 111 i.a 1 proportion of the dividends of mo.-t minim: properties had to lie considered by shareholder* as a return of eapilal. this applied in a small degree only to Palo t oiis.dida leo. which, owing to ihe very la rue gravel reserve*, seemed as*ureil i.f long life.