MINING

Press, Volume LXIX, Issue 21019, 22 November 1933, Page 11

MINING

MAHAKIPAWA COMPANY HALF-YEARLY REPORT The report of the directors of Mahakipawa Goldfields, Ltd., for the half-year ended June 30 is as follows: The statement of accounts discloses that for the period ol six months, 570 ounces of gold were won, and in respect of this quantity, £3OOO 12s 4cl has been paid to the company by the bank, and a further £912 is estimated to be due for premiums. The result of the half-year's operations discloses a loss of £606 4s 6d. It will be seen from the accounts that the operating expenses at the mine have been kept down to a minimum during the six months. The gold won averaged approximately 95 ounces a month for the period. The ground has been very patchy, and the results obtained have not been up to the expectations we had in March. A geophysical survey was made by the Mines Department of the whole field north of the shaft, in an endeavour to trace the run of the lead. At present we are unable to say whether the results are of a definite nature or not. We are now extending a drive northeast to reach a position indicated by the survey as being likely to contain wash. The equipment at the mine is in good operating condition, although we had trouble with one of the pump motors earlier in the year. Our electrical power costs are very high, and your board has discussed the matter with the power board, to see if the charges could be reduced. We are sorry to say, however, that we have been unable to effect any reduction. Following are the working account and the profit and loss account: — JOSE WORKING ACCOUNT. (Six MfiutllS.) i s. I. To wasrs at. mine, including initio manager's salary 11 1 .. Alining material, timber. tools, and explosives . . *•<><> 2 8 ~ Klectrii: power . ■ 7 7(3 8 6 .. Cartage and .freight mi materials .. . ■ ..Insurances •• .. Cenfra! ciponsc? at mine 8 .17 i'-lt I 7 i' d. By net pio.'eeiis goid «on » oTOoz (idwt •• '-'"i" J6 0 ~ Premium on sale sold realised and accrued .. ism .16 -1 .. Balance being gross lo».« for sis months •<-- 5 5 4.-4 384 17 0 PROFIT AND 1.0.5S ACCOUNT. (riix llontliK.) s. d. To gross loss from mining . . -1-2 ; "> - r > ..Secretarial fees . - 0 " ~ Audit fen . . " Itircetnrs' fees 1,17 0 Travelling expenses of directors and mine mailer .. .. -> O ~ General expenses .. s .](> ~ Uegal expenses 1 ; JG 3 .. Printing, stationery, postbureaux, advertising. and telegrams .. "i> J!) 7 nil I ft <•' - s. d. By tranter tees . . . . 0 " .. Balance -being net i".ss for nionllis . . '1 '• Hill !i 11 BELL HOOPER OPERATIONS

The mine report for the week ending November 17. is as follows: Stoping" and timbering the No. 3 cross drive W. was in hand and consequently no advance in the face was made. The No. 3 cross drive E., after advancing 4ft, ran into a patch of fine sandy drift temporarily preventing further progress. A drive oil the No. 2 cross drive E. is now crossing abreast of this face, 30ft ahead, and showing fair gold prospects up in the wash Two prospecting drives are in hand testing the high N. bank before blocking out can be undertaken. Stoping out the 50ft block from W. boundary is also in hand and producing some payable wash dirt. We washed up for the week 20oz 2dwts of gold. MOUNT LYELL COMPANY Net profit of the Mount Lyell Mining and Railway Company, Ltd., fori the year ended September 30, and the , dividend of 6d per share payable December 18. were announced last week, j A comparison of profits and their dis- j tribution over three years follows: — mm. I in:!::. .Wl profit . 78,"50 43,1180 40,21-1 [ Inspecting and rtevolopTjiont •• 11,472 1it,107 47,-HKi Depreciation .. Taxation . . 7 f '".o 0.77 H T)iv., pop share .. 1/ /|J Div\, amount . • 77,500 ,">>\7.">i) :;8,7.Vj in ;.ro?p( l eting and developing. KILDARE REPORT A telegram received by the Dunedin Stock Exchange from the Kildare (Central Olago) Consolidated Gold Mining Company slates that, heavy rain over the week-end caused a slip which covered part o£ the lead which was stripped and ready to take out. "There is a danger of this moving," the message stated, "but it is hoped to be able to gel out the bulk of the wash stripped." GILLESPIE'S BEACH REPORT Tho secretary of, Gillespie's Beach Gold Dredging Company, Ltd., reports having received a telegram from Mr Sullivan, the director at Weheka, reading as follows: Power plant had first run on Saturday evening. Everything satisfactory. Pipeline and tunnel should test well. About three days' running of machine for drying out required before power switched on motors. HATTER'S FLAT COMPANY Work of preparation at the Hatr tcr's Flat Gold Mining Company's claim on the West Coast is being proceeded with satisfactorily, according to a report of the machinery supervisor. It is expected that the first paddock, comprising about 25,000 cubic yards of material, will be cleaned up by the end of next January. HIGH COMMISSIONER'S REPORT The Department of Agriculture has received the following cablegram, dated November 18, from the High Commissioner for New Zeaalnd, London:— Tallow—Market steady at about last quotations. Hemp—Manila: Market quiet and easier. "K" grade for November-Jan-uary shipment, value £l3 15s. _ Sisal—Market quiet and easier. No. 1 grade for January-March shipment sold at £l6 ss. New Zealand: Market quiet and nominal. No first hand sales reported. Eggs—Market is easier. English, national pack, 17s 6d to 225: English, ordinary pack, 19s Gd: Danish, 12s to 13s: Australian and New Zealand, lis to 13s.