TALISMAN MEETING CHAIRMAN ON THE FUTURE.

Evening Post, Volume LXXXIV, Issue 27, 31 July 1912, Page 10

TALISMAN MEETING CHAIRMAN ON THE FUTURE.

LONDON, 21st June. Tho annual general meeting of the Talisman Consolidated Company was presided over by Mr. F. C. Auld, who congratulated the shareholderc on their strong financial position and the bright, prospects of the company. The total dividends paid for the past year amounted to £119,898, which, together with tho dividend since paid, brought the total distribution to £659,282— a satisfactory ret-ord on a capital of £345,000. Developments during the year had undoubtedly been the best in the mine's history ; and tho estimated ore reserves of about £600,000 showed a considerable improvement, in fact, the tonnage was practically double what it was last year at the samo time, and the grade was also higher. The chairman thought the shareholders could look forward with confidence to increased prosperity in the future. The directors were sufficiently satisfied with the outlook for the future to increase the rogular quarterly dividends to le 9d per share, and, should the surplus profits be sufficiently large after the payment of t-hat amount per quarter and after providing for the necessary depreciation, they would bo distributed by way of a bonus toward the end of the financial year, as hitherto. , Mi*. Auld emphasised th« iextvemely satisfactory improvement in the . Bonauza chute that had taken placo in tl»e No. 14 level, both as regarded value and length of pay chute, and ' in the Dubbo section at tho No. 13 level. The Bonanza chute »t iho 14th level had been developed from the Nob. 6. and 12 winzee, and high-grade ore had been disclosed for almost a continuous run of 1000 ft, only about 60ft of unpayable ore intervening m that distance, and the reef was of a good workable width. Another gratifying feature about that level was that values had been mor« consistent, and had extended much further north and aouth than they did in tho level above. The results obtained in the Dubbo section at the 13th level had quite fulfilled anticipations, as there had been developed there a Tun of 200 ft of ore worth £2 18s 6d per ton for a width of 6ft. Tlwy had also proved that that body extended upward for a distance of 125 ft, averaging £7 per ton for a width of 4ft Cm. It also continued to be of good payable grade for 75ft below the No. 13 level, and, in view of the very considerable improvement shown in tho Bonanza chute at the No. 14 level a« compared with that of the No. 13 level, they hoped for still better result's when the deeper level reached tho Dubbo section. That development was of doublo importance, inasmuch as it gave more working faces in the mine and increased possibilities for the future. Further, they must not overlook the fact that at the bottom of the No. 12 winze, Trom which the intermediate level was put in, the reef was 4ft wide, and assayed £18 7s 6d per ton, so that the prospects in depth, were extremely encouraging. MAEKET VALUE OF SHARES. Two members of the local board in New Zealand recently visited the mine, and they wrote :—": — " No reason appears to exist her© for the fall in the market value of sharps. The mine, in our opinion, never looked better, and at tho most interesting development point of to-day, namely, the drive off the No. 12 winze from the fourteenth level, the north face shows values equal to the highest heretofore obtained. On the south face the ore looks- good, but does noi, carry at the immediate 'face good values. It is one of tho features of the Talisman mineithat values come.and go, and we have no reason to infer that good values will not shortly come in again here." Mr. Auld thought tho shareholders would agree that that made pleasant reading. ORE RESERVES. Tho ore reserves (including ore actually blocked out and ore only partially developed) were estimated by tlie mine manager at the 29th February to be 98,805 tons, having an average value of £6 per ton, and a gross value of over £592,000. These estimates were made by the mine manager on his customary conservative basis. They had always extracted from ths mine much more than tho estimated amount. The thanks of the board were due to Mr. Stansfield and his staff. Mi. George Wilson said that on 28th February, 1907, the manager estimated 69.000 tons of ore in eight, valued at £221,000. He took out during the following twelve months 46,000 tons, pro ducing £197,000, and still left in the mine an estimate of 67,uU0 tons, valued at £257,000. In the following year he produced £208,000, and left £274,000, out "of" which ho extracted the following year. £201,000. and left £205,000. In 1910-11 ha took out £207,000. and estimated in sight £299,000, out of which he took £236,000 during 1911-12. and estimated now for 1912-13 £592,000, so that each year he had developed as much or more gold and silver as he had taken out' during the year. The highest estimate during the five years was £299,000, and the average was £251,650, yet during that period they had extracted £1,050,000, proving that the cs tima'tee given, were on the most conservative basis. Mr. Wilson thought that the, life. of the mine promised to be of long duration. Mr. .Cutcliffe said the position of the company was the finest it had ever been in, while tho development at the bottom levels made them feel in. an extremely comfortable frame of mind. The Chairman, replying to shareholders, 6aid the Dubbo section was very promising. As to the disposal of bullion, that arrangement had been carried out at an annual saving j.o the company of £2000. By treating concentrates at the mine they had saved ao far about £140 per month. He expected that later they would be saving considerably more than that, probably about £5000 annually on tho two items. The resolution for the adoption of the rerjort was unanimously carried. Mr.