MINING NEWS.

Dominion, Volume 2, Issue 564, 20 July 1909, Page 8

MINING NEWS.

; ■ -ij LONDON SHAKE QUOTATIONS.: ■'"■/ • (By Toleeraph.—Frcsa Association!—<3opyrleht.) '>'. .;-'.V--;■;■■■■■■ ':'■'•-;.,' y , :v:-\v London, Julyi 18; ;' :: The'latest'. , quotations are as unHef^- I '' v . '. ■. ; . ' r ■: .'■/.'.•;;" Buyers. , .Sellers.' ■■'•-.. : :.''- J .:■■'•' ■ ; . ■;■: ■ : Js.-d.v--; .£ s. d. Waihi Grand Junction ... 2 6. 3■ ■' 2 8 9 Waihi ~: . ...,V....:.U......;. _V. ; BJB ..9.,;:' 9 .1 3 .. :■;: ' ; . TALISMAN CONSOLIDATED. : ■ ;■'■;.:. ■ The 1 ' report of the 'Talisman Consolidated; Ltd.,'for \ the year ended : February. 28, 1909, presented' at the meeting on June 15, states that the result of the'year's .operations, has :been! to: open up tons .of. ore.. ,'At the commencement of the"'year' there were 67,221 tons of ore in .reserve, and after allowing for 46,785 tons milled; there" remained a balance of 51,459 tons at- February 28,' 1909,. which,, is valued, at , .£5 ■Gs., 9d. per ton. This; gives' a total value of '.£274,584, as against £257,120 last, year, . or an ■ increase of ! .£17,464.. :■ It must, , however, be clearly, kept ; :in 'view, that the ore. reserves at: the end of the company's .financial -year under review refeiv only.- to pie: actually, blocked out, 'and do not include any partially developed or probable o,re, the value of whicn is.bolieved to be large, "but which it is impossible to calculate accurately, at any rate until development work has proceeded further. During the year shareholders have been notified regularly as to the result of the outputs from the : mine.-'. The' fnrther development of> the very satisfactory values met with in the No. ■13' v level- was.: retarded -..owing'to thewater .difficulty; .It will be v.reWmbered that steps ,wre,immediately';'taken to surmount the water' trouble,, and to get the mine clear of water at the earliest possible moment, and for this purpose' two ; No. 12, two No. 9 and two No. 8 Cameron sinking pumps, having a, combined capacity of about 40,000 gallons per hour, were ..installed, and'the mine.is nowiunwaterod; Not withstanding, the water difficulty, vigorous development work mis carried Out' at other points' ■in the mine, with/the result that the total gold and\silver recovered for the year under review amounted to .£208,282,-as against .£196,900 for ]the previous year, which is" tho largest- amount of bullion yet recovered inany one year in tho company's history. In addition to tho sinking pumps already referred to a new ' stationary :PUmp of 20,000 gallons per hour capacity has been, put in the No. 13 level, and a duplicate of this" is now at the mine and is in course of • being'installed. . There , is'.a surplus 0f ; '.£118,463 on profit and loss account; After making proThe.;following dividends, free of incomo-tax and other, charges, amounting; in all to ,£7184, and ; writing, off .£2770 for. depreciation' of machinery,: plant, buildings," furniture, 1 e'tc.,' the net profit carried to the balance-sheet is .CIOB 508 The following dividends, free of income-tax and colonial tax, have been paid •: during tho year, .namely:—No. 13 of Is.'. per . share, No. 14 of Is. 3d. per ehare, No. 15 of Is. 3d. per. share No. 16 of Is. 3d. per'share, and. No. 17 of 19 6d. per share. Those,dividends amount to ;j893,750, leaving, Iwith'the balance brought forward from previous year, a sum' of JJ62247 and it is proposed.that a bonus for the year of Is. per.share, free of taxes,.should bo declared •at the general mating. This .-wonld absorb .£15,000, Wine £17,247 < ; to be carried forward A fnrther dividend (No.' 18) oHsI 6d. per share (free of taxes), amounting to .£22,500, was paid on May 25, 1909, out of the current j-ear's profits.... •';;. ..' . .'..."• ~'..'. '. ,■'.■■ :.,