JBL interest not paid
(N.Z. Press Association) WELLINGTON, January 28. J.B.L. Minerals (N.Z.) Ltd, (in receivership) has released its audited accounts for the year to June 30. Accumulated net income for the year was $62,193. Interest on $500,000 debenture in the J.B.L. group is described as non-collectable. In line with original proposals, income was spent on ;mineral exploration and existing prospects. Preliminary expenses of ! $68,265 and mining exploration $148,651 were capitalised.
The major assets of J.B.L. Minerals are leasehold land and buildings at $461,524 and debentures $500,000. A note to the accounts says that it was not possible to determine an eventual realisable value of the debentures. The first annual meeting, on Febrauary 14, will consider a resolution to reduce the number of directors to four. No dividend is recommended.
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Bibliographic details
Press, Volume CXIV, Issue 33445, 29 January 1974, Page 22
Word Count
130JBL interest not paid Press, Volume CXIV, Issue 33445, 29 January 1974, Page 22
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