MINING

Press, Volume LXIX, Issue 21034, 9 December 1933, Page 13

MINING

BELL HOOPER CROMWELL GOLD, LTD. INCREASE IN CAPITAL APPROVED An extraordinary general meeting of shareholders in Bell Hooper Cromwell Gold, Ltd., was held last night, Mr Alan G. Familton presiding. The following special resolutions were passed: (1) That the capital of the company be increased from £35,000 to £40,000 by the creation of 100,000 additional ordinary shares of Is each, ranking for dividend, and in all respects parri passu with the ordinary shares of the company. (2) That the 100,000 additional shares be offered in the first instance at par to the members of the company in proportion to the number of ordinary shares held by them respectively and upon the footing that 3d a share shall be paid to the company on application, 3d a share upon allotment, and the balance in calls not exceeding 3d a share at intervals of not less than a month. (3) That such offer be made by notice specifying the number of shares to which the member is entitled and limiting a time within which the offer, if not accepted, will be deemed to be declined, and that the directors be empowered to dispose of the shares not taken in response to such offer as they consider expedient in the interests of the company. The chairman stated that rumours had gone out that the directors had misled the shareholders by withholding returns, but the fact was that not a pennyweight of gold had been withheld. Development Work. Development work to date had, in the opinion of experts, definitely proved the existence of an old riverbed, corresponding with a deep lead disclosed by geophysical survey. That the lead was rich was practically certain. from the result of operations in the present workings. If the whole of the mine working to November 24, on the lead were concentrated, the area worked wruld be 3-10 acre. From that small area 642 ounces of gold had been won, equivalent to £12,840 ay acre—taking the price of gold at £C an ounce. The price paid for 38 acres was £II,OOO, of which £OOOO represented cash payment and £50(.0 in fully paid up shares in the capital of the .company. By agreement with the vendors those shares would not be transl/j.nble for at least two months. The area now held by the company was approximately 110 acres. It was believed that other leads existed on the property, but that was a matter for further geophysical surveys and prospecting research to prove. In the booklet issued by the company the estimated width o£ the lead was given as Z-i7 feet. Subsequent development had shown that the lead wts at least 320 feet wide, and that conesponded approximately to the geophysical results. The original estimate of expenditure (£l6O a week) was in excess of requirements, the present weekly expenses including overhead being Jess than £l2O. The directors were fully convinced that the mine had been very carefully opened up and following recent investigations, the working methods would be completely overhauled and reorganised by ex-! perts, which should supplement 'he present weekly returns considerably. Before asking the capital to be increased by £SOOO the directors con- j sidered the position very carefully and although it was possible that the company could carry on the existing capital, it appeared 1o the directors that the additional sum asked for would always enable them to work the mine effectively without having the dread of being short oi the necessary money in case of any emergency. If the shareholders approved ol' the increased capital the shares would be offered to them at par; pro rata to their holdings; and payment would be made 3d on application, 3d on allotment, and the balance as and when required at intervals of not less than one month. Mr H. M. Haycock (Wellington) congratulated the chairman on his report and expressed the opinion that the company was on a sound financial footing. KING SOLOMON WASH-UP lI'I'.KSS ASSOCIATION' TV. MA! I! AM .) INVERCARGILL, December 8. The wash-up at the King Solomon mine for the week totalled 1290z 15dwt. GOLDFIELDS DREDGING RETURN {PMKBB ASSOCIATION TBI,BORA M DUNEDIN, December 0. The Goldfields Dredging Co., Ltd., reports a return for the fortnight ended December 8 of 580/. for 253 hours' dredging. GOLDEN DAW N MINIS j for the 12 working days ended December 2, 268 tons of Golden Dawn ore were treated for a return of £604, exclusive of premium and exchange. In addition 85 tons of outside ore were treated. BELL HILL SLUICING CO. A report from the claim advises that good progress is being made with the raising of the top pressure dam, and it is expected that this will be complete in a few days. Due to the fact that much time has been spent in improved development work, including the extension of the pipe line and the installation of another nozzle, it js thought advisable to postpone the wash-up to some date near ChrisLmas, I tnus allowing of a good trial of the new nozzle. GOLDEN PROGRESS REPORT The secretary of the Golden Progress Quartz Mining Company reports as follows: The chairman of directors paid a visit of inspection to the mine, and found the battery working on medium quality stone, the plates not showing up so well for the time being as in tile previous crushing; but an inspection of the stamper boxes revealed a fair amount of amalgam in them, so that a fair average crushing may be expected at the general clean up. Crushing will be continued up till December 16, after which preparations will be made for a general clean up. The concentrates, * about; seven tons, will be bagged and sent away for shipment to San Francisco, which the directors consider the best market for concentrates. The work at the mine is now confined to stoping out quartz for the battery, and on the surface any spare time is occupied in putting the finishing touches to the new boiler, which is now laid in position. PADDY'S POINT COMPANY The report of the directors of the Paddy's Pointi Gold Mining Company, Ltd., for the half-yearly period ended November 7, states: — The total gold won during the period was 2540z, the melted weight of which was 2430z. The average price realised was £6 17s per oz based on the melted weight. The profit and loss account for the half-year shows a net profit of ,£578.

Provision has been made for the income tax payable by lhe , c ' om .?^ n L *: February. 1934, in respect to the (in - dend paid on April 3. 1933 The balance remaining to the credit of piofit and loss appropriation amount after transferring the profit for the half-j ear is £ 1843 8s 3d. while the funds of the company, including the value of gold on hand, amount to £1445. The directors consider that this financial P° S J" tion warrants the payment of a small dividend, although the company will have certain commitments to meet early in 1934. They have therefore declared a 5 per cent, dividend (3d a share), which will be paid on December 18. ' The director to retire at the annual meeting is Mr Halliday. Mr Halliday is eligible for re-election and offers himself accordingly. The company's auditors, Messrs Leslie and Johnston, also retire and offer themselves for reelection.