TAXATION OF MINES

Press, Volume CVIII, Issue 31767, 26 August 1968, Page 16

TAXATION OF MINES

Govt Sees Only The Winners (N.Z. Press Assn. —Copyright? MELBOURNE, April 24. No industry should be expected to stand the uncertainties and selective penalties which the mining industry worked under, the managing director of Western Mining Corporation (Mr W. M. Morgan) said. He was addressing the annual meeting of the Institute of Directors in Melbourne. “To look at the profits obtained from the relatively very few successful mines and use this as a base for gauging a proper level of taxation for the industry is rather like looking at the profits made from only the winning bets placed on horse races to form an opinion of the profitability of that industry,” he said. He said his criticisms applied not only to State Governments which controlled the taxation legislation, but also those which controlled the issuing of leases for mineral exploration and fixed royalties. Goldmining companies received special taxation privileges, but base metal mining companies were not so fortunate, Mr Morgan said. It would be more realistic to consider the industry as a whole, its disabilities compared with other Industries, and then decide on taxation. 1:4 Bonus By Mauri Bros Mauri Bros and Thomson, Ltd, Sydney, is planning a one-for-our bonus issue, directors announce. They have increased the dividend from 10 f to 11 per cent with a recommended final of 51 per cent. Group profit rose $98,246 to $1,062,663. The bonus will be ex issue on October 3.

Issues, Calls Pending

N.Z. Pastoral Holds.— Float sl.sm in 100 c shares at par. Now open. Morrison P.I.M. Bonus issue 1:8 and 1:9 cash issue of 100 c shares at 175 c on the increased capital. Ex bonus, cash Issue. Aug. 31 K.P. Drug. Unsec. convert. notes. Rate 1:3, interest 7 per cent. Ex issue. Sept. 5 General Foods (N.Z.)Unsec. convert, notes 2:7 at Si p.c. interest. Ex issue Sept. IS T. J. Edmond.—l:B cash issue of 100 c shares at 20Qc. Details later. A. C. 1.—1:5 cash Issue at 180 c. Payable 100 c on application (Nov.. 30), balance by Sept. 30, 1969 G. Court.—l:4 bonus issue. Details later.