MINING NEWS.

Auckland Star, Volume LXX, Issue 214, 11 September 1939, Page 4

MINING NEWS.

BROKEN HILL SOUTH.

DECLINE IN PROFIT. EARNINGS TOTAL £350,007. An advance announcement of the financial results of Broken Hill South, Ltd.. ior tlie > enr ended June 30. published in the "Star'' on September 1, showed that the company earned a profit of ,t'350.007. compared with £402,301 the year before. 'I he figures were struck after providing tf>r depreciation, taxation and royalty. Further particulars now to hand indicate that profit lrom the investment section, at £ 125.926. was steady, but the net return from the mining section was £.)U.lliS lower at £224,081, the fall being attributable! to the low prices for base metals ruling during the year. The billowing table compares profits and dividends paid in the last three financial years: the dividends shown are those actually paid in the periods, partly out of profits earned in the preceding years: — Year ended June HO, Investment 1037. IO.'SS. 1i).'59. section— t e fc Profit .... 103,513 120.342 125,026 M in i ng sect ion— I'rolit .... 004,803 27fi,159 224,081 Total profit 708.316 402. 501 350.007 Dividends, p.c. 7o 80 40 Amount paid . 500,000 040,1>00 320,000 Since the end of the financial year the company has declared a dividend of fid a share, requiring £80,00(1. and payable on September 15. This will bring the total of the first three quarterly dividends out of profit* for the financial year to £-40,0110, or I/O a shaie. equal to 30 per cent on capita). For the full period of tin; preceding financial year £400.000, or 2 0 a fdiure, was paid, representing .">0 per i-ent on capital. A final dividend is usually announced by the company at the annual meeting in October. Production of lead and zinc in the year under review was more than maintained, as the following comparison of the leading output figures of the company shows: Vi'iir emli'il June 30. P.CiS. 11C50. Treated, tons 3011,520 382,405 377,250 I.cad i-oncen-lrales pr odueed. tons 03,038 00,037 70,640 Containing l.enil, tons 45.070 52.805 55,045 Silver. oz 1,002,550 2,050,210 2,025,041 Zinc einiceutra t i-s ii r niluiid. tons 07,170 77,100 75,779 Containing Zinc, tons 35,550 41.072 41,890 The lower profit from mining operations is accounted for mainly by lower average juices over the year for lead and spelter. The following table shows how average prices a ton of these two metals have fluctuated over the last four years, figures being in Australian currency: — Year ended June 30. Uino. 1937. P.CIS. 1939. I,cml C 201 C3O £22 £18£ Spelter £19 £25 £21 A;l7y The company announces that the annual report and statement of accounts will be issued in October. NEW RIVER DIVIDEND. Tlie New River Gold Dredging Company. Limited, lias declared a fourth dividend of Id a share, payable on September 15. YIELDS OF COMPANIES. Mataki Junction (Murehisoii). —54<>z from 10.000 yards in l.'lo hours. New Itiver I West Coast). —720z from 8500 yards in 117 hours. Wnitahu illeefton). —Tlie final wash-up in No. lit paddock resulted In a return of 52nz ;!dwt for 2n shift* of eight hours each. This makes a total gold recovery from this paddock of lirjoz 14dwt. White's Klectric (West Coast). — 19oz from 7000 yards in 108 hours. s Big Itiver (lteefton). — Keturti for July and August — Battery department: 305 tons of ore crushed for 2050z 15dwt melted gold. Cyanide department: 250 tons sands treated for 27dz bullion. Total estimated value. £1745. In addition: 3 tons ' 12cwt concentrates saved, valued at £110. Gold has been taken nt 150/ a tine ounce. Blackwater (Reefton). — August return: Crushed 4045 tons, yielding 2404 fine oz. of gold from all sources, including clean-up of old battery, the value of which, taking gold at 148/ a fine ounce, was £17,788 AVorklng expenses were £9369, leaving a working profit of £8419. Development expenditure was £€97, and capital expenditure £746. Blackball Creek (West Coast).—ssoz for 117 hours. __ Mossy ('reek (West Const).—2s}oz from 5552 yards for 115 hours. Neuuma ("West Coasti.—l.'tjoz for 1111 I hours. In swinging the dredge oncouutcrcd heavy jiiil'. which fi:is now been c\.*:i \a i cd. and normal returns .tic again anti. Ip 11ed. Mataki. -Week ended Si" i: em I .er S 2Siz in !•'! I hours. 11 .Mri yards. okarito.—|i«iw't in l.'tlj hoinv<. I iillo-pic'- I'eacli.——i ioz lJdwt in hours from 10..:.;| yards.