ANNUAL REPORTS.

Press, Volume XLIX, Issue 14758, 30 August 1913, Page 14

ANNUAL REPORTS.

(lltOM OUn OWN COnRESPO.VDENT.) LONDON, Jtily D 3. In consequence, of the labour troubles in New Zealand, saya tlio roport of the Consolidated Goldfieida Company, the full working operations of tho company have only covered a period o* less than ha'f the yoar. Tho revenue amounted to .L' 19,885, and cxpendituro to XIG.C2B, lcaviup a balance of £5197. That sum added to tho balance of £51,599 from the proooding , year, Rives a total of £54,796, out of which £7061 baa been written off development, shaft sinking ar.d prospecting and for depreciation of plant-, machinery and investments, and ;C919 for income-tax, leaving a hatanco of £10,316, which has been carried forward. Developments at tho Woa!th of Nations wine iiavc continued, satisfactory. Development work at tho mm? has necessarily been preotly restricted, and amounted to only llO'Xoft, consisting of 425.5 ft driving, 335 ft cross-cutting, 234 ft rising, and 108 ft shaft sinking. Th-e oro reaorv<\* at tho orul of the year wore r.ot recalculated, but arc estimated by th-o general manager at 34,000 tons, of an averngo assay value <",f lldwta, and, in addition, 10,000 tens of partially developed. cro which, if taken together, wouM make a total of probable anil possible or« of 44,0C0 tons. The general manager again calls attention to the erratic distribution of tho gold contents in the field, which :nay possibly causo considerable variation in the k°M actually recovered. Since the date o£ tlva annual report developments of some importance have taken place, a practically new and parallel re*f, to bo known in future as tfoo west vcsl. haviug b?en intersected in a crosscut 301 ft north-west- of the main drive on the Xo. 9 level. This reef is believed to bo what was known as the old "Energetic" reef, which many years ago was worked down to the i>o.3 level, and ia reported as havinjr of high prad-c but was there lost. At tl>e df;te of the last mail advicos tliis reef had been, driven on n total distance of TOIt, with high values in place?, nrul an average assay value of G.DSdwta, over sS.9ins for the whole distance. Should this r«ef continue to live, above nnd below, aa nppaara probable, tho j oro reserves should bo considerably in- ' created, thus reriderirß unneees?»ry for some time to come the further sinking of tho main shait, which at ibe .end of tho year stood at a verticil depth of 2000 ft. The company's in'orost in the BlacJrwatex mine* Tfronina at 33.224 fharcn, and tno company t-lill holds 11)0.943 progress shares. At tho nwtini; U> lv« held presently, the following sxKcial resolutions ars to be considered : — 1. That the directors 1» authorised to carry to Rcncral rcwrvp th* siun of £5137 etandiiiij t>-> the credit c,i share premium account, ay.d Vα? ?'.".n of £'1G,506 "ptardin? i~> the-credit nf profit and loss account in th* balance-?ht-?t of the company aa at 31« st D«coinber, 1912, and rcproseiitiu'f undistributod profits.of the or any part of such sum, which th<~7 ihirtk fit. 2. That tho directors be further authorised at i>ny t-imo when they confidfr it desirable to do si in the interest of '.Ire company to nr.plv llio vholo or ar.r part of tho G\im for tli-2 time bcirip; stsi»-;iiiit» to jronernJ reserve in procuring tho 02t'!nn , iii"hment or modifioation of th< rk'hto ttti»clied by clau»2 5 of th« M*rTiorardum oi As?ocialion to tho f"U'idor3* flinrn in the company's capital, cither by pnyinr; the sum; tr> '.hr hosiers for tho t : .i/ip bp ; n? of tb« four.dor's share in cf-r^klfration cf »nch Inkiors r<jreeing to th'i estin<?"!."h!npnt or modification of tb.!'. attached t-o_«Tieh shafe or in other manner n« t"r?«v iur.v think expedient." THE PROGKKSS MIXES, LTD. Asrain, sctivo opor:.l:ona ?t th* mine were canfiur-d to a peried of )cts than ha'f th<" voi.r. it , , ronwflutiiw of the labour disputes in Xew Zealand. The tot.il rjroes revenue for tha vc:v.r 1012 was i>20.391. ard arrw»int«l to k-avin? a loss of X22fl. Arisin? out <..f the company's posiitjoa a.« 1 fiM. *)v> opnortuiiity prfsentf-d it- ; self to acquire tho founder's aharo in tlio Coris/.idnlid Cir/.'-diieid s " ci Now Z:aland, and ;it wn? rr»n«id;rvd <'.r-.'iruble to make arran.tcrocnts fer acliKvinsr thij object. An : i»nie of not £50,00) five p?r cent, debenturos guaianic-cd by the Consolidal-cd Company, ai.'d the ri~ht of conversion into ijlrciiwßt-T fhsr-r, ai CO , ? 61, has according'v nii'.do, and tho*c J U'res form the !)•:"< of th? consideration J v.:d for tho acquisition of all interests in j the foiir.drr shares. It is ;;roj.ioerd to [ Furrcr.dc to th-? Cons-j!:dnt«d Company the ri',*)it3 n.tti>cl)*d to tho foundor'a chare, end jto ertinjrui'-.h thorcbv the iu-dfbtrdr,c--s to ib; Con'Oiidislod Company. ULACKWATER MIXES. In tho c:-.r<> of this company, tho working c;yer"ti:-r.? bavo c-vwiri n of l<vs tha:i five months: iiU!.J- ivork bsycvl that ot [ v.p and ri-p-irins '.v:s don" hofcre i th.-- end of thi year. T;i« directcrs g!r\U: that I thr> ir,';tf.[ c-rass revenue for the year was 1 £'Ca.S3l, and tho irr<v prrfi! £nr,7o. The mm ■ of £12(0 hep been written •■ ft for (Vprecia-lion on r>!;i.nt, niachiiicrv srtl £o~Ti for dovclopmont. nhi'ft <>:!:;-.ini; rir.d prcsp-'ct-insr. i"017 .'or incizrtf-itz in Kii»!er,<] «nd Xe'.v r'tn'.aud, .?-6t":-2 r'it'.A in N°w Zealand, £277 lor iiK-rcst, and .f-73 t« V yM lenvis'j a ijclorio? of £?9!. which hin b~en earti-cd forward. Vp to 'he tim-e of the shutting down of the mine 11.5CS tr.ns of ore weio n-.i'.lfd nntj trraUd, yioidin™ bullion to tie va'ue c! .CCC.o'C. j:id in edditiun C'2!7o wes revived fr:m lhv*na)o of c-oncen'.raUs. Ore reserves ar<- by the Err.r.erai manaotr nt 71,00j tons, r.rid, in n'lflitk«n. a further ionKS?? »ir.otmtii!jf to 27,715 tor.s of "possiblo ore.' ot only paitlyd«;velor.ed ort-, inakins a- to!&l of 90,620 tDns of sn "average value of lO.lSdwts over 2Cins. Sir.ca the c'oen of the year saliyfactory resnHs have n?ra:r! been att-airi-d, a-nd for the first six months oi -Jvr nreeont year a lotal of Il.esn tor.s haxn hf-cr. cnuhtd, ji«ldin-,' god to tbws of in."J?. cr «-i_np.l to 833 Cd rsc-r ton. and skhowiii^ , a wcrlr.ag profit, aft»r deducting the co=t of rr.::::n?, raillintr tir-d oners' ozxyr.'.?--, •A or ISs Hid p-sr ton. This'sum :i ='J«ficit-nt to di'chartjs the otststandin? lial>;!i:i'.'3 at tl«> chd of the firjircml year, and. riven normal conditions, i' ;i antirinat-d tht>». th= payment of the dividend will be resumed during tne currect half-year.