MOUNT LYELL CO.

Dominion, Volume 30, Issue 45, 17 November 1936, Page 12

MOUNT LYELL CO.

Spectacular Rise in Profits DIVIDEND RAISED A spectacular rise in profits is reported by the Mount Lyell Mining and Bailways Co., Ltd., for the year ended September 30. The profit of £187,291 is nearly three times greater than that earned in the previous year, and compares with £6374 earned in 1934. The dividend is raised from Cd. to 2/- a share. The profit has been struck after writing oft' £31.90S for prospecting and development, £44.671 for depreciation, and £26,636 for taxation. This information is contained in a preliminary statement issued by the company. The reports and accounts will be available toward the end of this month. The increase in the earnings is attributable largely to the higher price ruling for (Topper in the 12 months. In .September. 1935, the average London price for electrolytic copper was £3B/4/10 a ton, whereas in September this year the average was £43/10/1 a ton. The London price on November 6 was £49/10/-. £6 more than the average for .September. Provided copper maintains its present price the profits of the company for the year ended September 30. 1937. should show n still further increase. In the year 12.335 tons of blister copper were made, compared with 13,927 tons in 1935. and 13,096 tons of cathode copper were produced, as against 12.232 tons ip the previous year. The directors have declared a dividend (No. 52) of 1/6 a share out of profits for the year ended September 30, payable on December 21. Transfer books close at 4 p.m. on November 20. The distribution will require £116,250. With the interim dividend of (Id. a share paid . on June 22 this will make total distributions to shareholders in the year 2/- a share. This compares with (id. a share in 1935. No dividends were paid in 1934. A comparison of figures for the last three years is as follows : —■

WAIHI INVESTMENTS LTD. First Year’s Accounts The directors of Waihi Investments' and Exploration, Ltd., in their report for the period September 3, 1935, to September 30, 1936, state that the assets, acquired from the liquidation of the Waihi Gold Mining Co., Ltd., are shown in the balance-sheet as taken over. The excels value of these assets over the purchase consideration (£247,953/10/-), which amounted to £226,226/10/-, has been transferred to a capital reserve account. The net amount of interest received from investments and deposits amounted to £7577/2/9, after deduction of income tax. and the net balance of profit carried to the balance-sheet after payment of all expenses amounted to £6707/0/9. Out of this amount of £6707/0/9, the directors recommend a dividend for the period of 3 per cent, less income tax (paid November 12), and absorbing £5671/18/9, leaving £1035/2/- to be carried forward. The company made a profit of £12.011 after writing off £11.660 lor depreciation ol plant, but the directors’ deemed it prudent to utilise the balance for writing down the preliminary expenses and value of property rather than pay a dividend. The production figures of Puket Tin Dredging, ' Ltd., since January 1, 1936, are as follows:—>Six months ended June 30, 125 tons of tin ore; estimated mine profit, £4264. Three months ended September 30, 174 tons of tin ore; estimated mine profit, £12,226. The. estimated mine profit in each case is (Subject to amortisation and London office expenses. Only 45 tons of tin ore remain to be produced in order to complete the company’s existing quota for the half-year ending December 31, 1936. . . . , As the liquidation of the Walin Gold Mining Co.. Ltd., was not completed until June 23. 1936, the directors had only a restricted opportunity of considering other outlets for the company. Prior to the liquidation the Waihi Gold Mining Co.. Ltd., had agreed to take a 624 per cent, interest in , a syndicate which was formed to acquire options on and examine a property in Zululaml. This company took over that interest, but Ihe directors regret Io state, that the developments results of the property were most disappointing, and the favourable indications on the surface did not continue in depth. The property was, therefore, abandoned.

Australian Motor Industry Information of considerable interest to shareholders in General Motors-Holdens. Ltd., and the public generally, was contained in the speech delivered by the managing director, Mr. L. J. Hartnett, nt the opening of the company’s new factory at Fishermen's Bend. Melbourne, recently. Mr. Hartnett said that the company’s total volume of business in 1935 was £10,080.000. He explained that of every pound spent by Australians on the company’s products in 1935. !•>/- stayed in Australia, 2/7 went to other parts of the British Empire, and 2/5 went to other countries. The amount paid in salaries and wages of employees during the year was £1,374.000. the average number of employees being 6570. To indicate the extent to which the company contributed to Australia’s industrial welfare, Mr. Hartnett mentioned that more than 38.000 Australians were drawing their livelihood from the operations of General Motors-Holdens, Ltd. Gold Mining Returns Gold dredging returns reported to the Stock Exchange Association yesterday were as follows :— Mossy Creek, 490 z. 12dwt. from 10,000 cubic yards worked in 136 hours. Neniona, 70oz. from 1650 cubic yards in 124 hours. Gillespie’s Beach. 78<>z. Sdwt. for ll.j hours. Okarito, 14oz. 7dwt. for 128} hours. By Tclcjrrnph— Association Auckland, November 16. The Mataki dredge return for the period ended November 15 was 360 z. for 208 hours ami 12,500 cubic yards. AUCTION DIARY TO-DAY. 130 Willis St.. 10.30 a.m.—Contents of restaurant (E. Johnston and Co.). Levin Sale, 11.30 a.m.—Mixed stock. 3-1 Heretaunga St.. Petone, 1.30 p.m.-—Supe-rior household furnishings (E, Johnston and Co.). 91 Dixon St.. 1-30 p.m.—Household furniture, carpets, etc. (C. W. Price). Avenue Tea Rooms, Kelburn Avenue. 1.30 p.m.-—Contents of tea-rooms (E. Johnston and C.). WEDNESDAY. Johnsonville Fat Stock Sale, 1 p.m.—Mixed stock (Wright, Stephenson). S Willeston St.. 1.30 p.m.—Furniture, carpets, etc. (E. Johnston and Co.). ? Accountants' Chambers. 14 Maria Place. Wanganui, 2.30 p.m.—1300 acres freehold land on Mnngnmahoe Rd. (Loan and Mercantile). 155 Lambton Quay, 2.30 p.m.—Attractive city freehold property (Dunbar Sloane anil Levin and Co.).

1934. £ 1935. £ 1936. £ Profit 6,374 65,912 187,291 Prospecting & development 14,120 27.410 31,90S Depreciation . 18,360 34.262 44,671 Taxation 1,489 5,012 26,636 Dividend — Rate a share — 6d. 2/Amount ... — 38,750 155,000