NEWTON KING, LTD.

Dominion, Volume 29, Issue 254, 23 July 1936, Page 12

NEWTON KING, LTD.

Improved Trading Results Reflecting the considerably improved conditions which prevailed in the primary produce markets during the year, the statement of accounts to be presented to the annual meeting of shareholders in Newton King, Ltd., show a favourable year's working. Net profit amounted to £18,782. of which £5495 is reserved for taxation, leaving a balance of £13,287, which has been applied to reduction of the accumulated deficit and brought forward in profit and loss appropriation account from the previous years, reducing this account to £13.473. Depreciation is allowed for at £8698. The balance-sheet shows assets at £423,347 and liabilities £436,820. Contingent liabilities under guarantees are £18,029. Net trading profit is shown in the profit and loss account, less expenses, depreciation, and provision for bad debts, at £19,032. Against this are the directors’ fees of £250; and the balance to be carried down is £18,782. CHRISTCHURCH GAS Interim Dividend Unchanged The Christchurch Gas, Coal and Coke Company, Ltd., has advised the Stock Exchange Association that the directors have declared an interim • dividend of 3 per cent, for the six months ended June 30, 1936.

The dividend is at the same rate as that of a year ago. The distribution for the twelve months ended December 31 last was 7 per cent.

TAVUA GOLDFIELD Persistence of Lodes Ore carrying telluride was, showing :i> the lower levels of the Emperor and Loloma mines on the Tavuu goldfield, Fiji, said Air. Wallace 11. Smith, a director of the companies on bis return to Mel bourne from a visit to the field last week The existence of telluride, said Mr. Smith, was usually a sign of persistency of the ore bodies at depth, and this augured well for the future of the companies. The main lode on the Emperor mine at the lowest level had been proved for a length of 300 ft., showing payable values all the way. A large tonnage of oxidised ore had developed, which was sufficient to justify the erection of a treatment plant having a capacity of 12,000 tons a month. A contract for the erection of such a plant had been let to Charles Ruwolt Pty., Ltd., continued Air. Smith, and its installation would be proceeded with as expeditiously as possible. Developments in the Loloma mine had been satisfactory at the south end of! the 120 ft. shaft level, and in the last three weeks highly payable values were showing in this section. In the face of this drive sft. to 7ft of ore was showing telluride. "Mr. Smith expressed confidence in the future of the field, and was of the opinion that the Emperor and Loloma mines would become important gold producers.