MINING RETURNS

Auckland Star, Volume LXXII, Issue 284, 1 December 1941, Page 3

MINING RETURNS

n7 ,d hou ( rT Mt C °" t) - 7l0 » fram 9«0 In*?*! J hSSs. (We " t Coast >--50oz from 22,000 yards 94^17 , va?d« e ln C0a5t).—220.2 ounces from m 12 S hours to November 26 (West Coast). —61% ounces for 36 shifts »i Paddock commenced November 1 No"emter l°9 r * a p ,I ,ti ( m U f ee H nsland J 1 ~ Four weeks ended «ovemoer is, estimated working surplus £21 7ss depreciation, overhead expenses ?ipitrexpendUure £2100 e ° f £1231; rohi?5 th f!L'TJ he T lo J lowin E information has been cabled to the London omce of the Martha Gold Mining Company (Waihi), Limited.—For the period ended November 15, comprising 19 crushing days, 15,165 tons of ors were crushed for a result of 4085 fine ounces of gold and 38,171 fine es „, of ;„ silv ";. No - 2 level - Be! 1 "ef: Driving 2 } ,i the 434 ft crosscut is resumed and the first 16ft assays 33/ a ton, the reef being wider than the drive. No. 8 level. Rex lode: Driving south-west of the Royal lode gangway the nest 51ft is of low value. The reef is about 4ft wi.de.'" Molyneux Dredge.—The Molyneux dredge recommenced operations this week after being held up for eight months, owing to the low level of the river.

TAXATION OF MINES "It Is wrong to place industries such as mining ventures, with limited life and wasting assets in the same category as manufacturing or trading companies for the purpose of taxation." said Mr. O. T. Lempriere. chairman of Sugarloaf Tin. N.L., at the annual meeting in Melbourne. Excessive taxation would result in a curtailment of interest in enterprises such as mining unless some method were adopted which would permit of the return of shareholders' capital belore taxation began. Mr. Lempriere said that Australian tin production was below requirements, and about 500 tons a year was being imported. Cost of imported tin to the consumer would be £40 to £50 a ton more than local tin. He understood that the position of mining companies in respect to taxation would be brought before the authorities with a view to obtaining relief.