THE TALISMAN MINE.

Press, Volume LXVI, Issue 13740, 23 May 1910, Page 9

THE TALISMAN MINE.

SCHEME FOR FUHTIIER DEVELOPMENT. INCREASE OF CAPITAL. (PR«SS ASSOCIATION TELEGRAM.) AUCKLAND, May 22. Tho Talisman Consolidated Gold Mining Company issued a circular to-day stating that it was decided to enter into a. big scheme for the vigorous development of the Woodstock property, which i 3 believed to contain much payable ore. It was intended to onlargo and sink the Woodsiock shaft the required depth to connect with the lower workings of tho Talisman mine, to instal permanent pumping machinery, to provide the necessary winding plant. considerable mino and milling machinery, to reorganise the treatment plant, and do other necessary thinge in connection therewith. Towards the completion of this scheme the directors have already provided ovtr £60,000 out of accumulated and current profits. They have decided that the time has now arrived when it is desirable to capitalise this expenditure. Satisfactory developments recently made justify the expectation that the monthly return and dividends will be maintained hilly,'and sufficiently increased profits earned, to pay dividends on fresh capitalisation. The board has decided to adopt the suggestion tuado at the annual meeting to rnaiie existing shares fully paid, but will make a call of 2e. and simultaneously declare a special dividend bonii9 of 2s, appropriating such dividend to tho payment of the call. This will bo dono at the diite of the annual meeting in June, and tho operation will capitalise £30,000 of the above expenditure. Tlo provide fresh funds for working it is proposed to take poster to increase the capital by tbo issue of 15,000 shares of 20s each on the following terras, namely—ls,ooo new shares will be offered to the. present proprietors pro rata nt a premium of per share, payable lOe on application, including premium of ss, and balance in threo equnl instalments of 5s nt pciriods of threo months, six months, and nino months thereafter respectively; dividends accruing on instalments due -when paid, to bo paid at tho wime rate as declared on existing capital.