DOMINION MINES

Evening Post, Volume CVI, Issue 38, 14 August 1923, Page 6

DOMINION MINES

ANNUAL REPORT

INCREASE IN MINERAL EXPORTS

According to the annual Mines Statement, presented to Parliament yesterday, the value of minerals, including kauri gum, exported, and of the coal used iv the Dominion in 1922, .amounted to £3,----1H,105, as compared with £2,919,453 in 1921. The total value of such minerals exported to the end of 1922 amounted to £149,644,257. ' GOLD DREDGING. The bullion produced during the year from- the quartz mines in the Dominion was less in quantity by 39,653 ounces than that produced in 1921, though the value increased by £6001. The yield from alluvial mining was less in quantity py 98 ounces, and in value by £9178. The production of gold by dredging increased markedly, the quantity of gold obtained being . more than double that of the previous year, white the- value shows an increase of approximately 86 per cent. This satisfactory increase is largely attributable to the successful operations of the Rimu Flat dredge a£ Rimu, near Hokitika. The results there obtained by the use of a modern dredge give promise of leading to a very great extension of gold dredging in Westland and elsewhere. The search for petroleum was continued at Kotuku, near Greymouth, but without success, up to the present. The Taranaki Oil Wells, Ltd., produced 5190 gallons of crude oil, and the Blenheim "^ Company 3500 gallons. " It is pleasing to state," says the report, " that there has been an increase of 48,724 tons in the production of coal during the year. The increase in bituminous and. brown coals is 84,806 tons, while lignite has declined 35,082 tons. Importations, 85 per cent, of which came . from Australia, decreased by 320,981 tons." ■ , , ; , At all mines and quarries the proportion of fatal accidents was 1.1 per thousand persons employed. For Ihe preceding year, the percentage was' 1.5 per" thousand persons employed. : THE STATE'COAL MINES. The total sales of State coal from the Liverpool mine for the year amounted to 112,515 tans, value £180.534, as compared with 130j733 tons, value £222,819, for last year, a decrease of 18,218 tonE, with a decrease in value of £42,285. The average price realised by the mine on the total sales for the year was £1 12s 1.09 d. a decrease of Is 11.96 d on'last- year's average. This decrease is due to reductions iv sejling prices consequent: upon reduced wages and freights. The total sales of State coal from the James mine for the year amounted to 2889 tons, value £4710, giving an average of £1 - 12s 7.27 d per .ton. The' sales of coal, etc., through the medium of the depots totalled 87,042 tons, value £187,057, as against 87,871 tons, value. £213,860, for last year. The profit at the mines was £8872. and the depots, etc., £1814, making a total of £10,686, out. o£ which £4552 was applied to the Sinking Fund Account, leaving' £6134 to be carried -forward. There was, a keen competition.in. the sale, of cp|i ( during,,the year, owing' 1 mainly 'to large' importations of coal by private enterprise from Australia. Losses on coals sold to miners, concessions,,in. the form of special'"'railway facilities, 'and-of .allowances for-railway fares to miners and workmen amounted to £4471, and this sum was allowed for in arriving at the net profit for the year. The following items taken from, the balance-sheet indicate the more important items of capital expenditure in respect to the State mines:—The amount writen off for depreciaion for the year was £14,697 payments for interest totalled £9252-; payments for sea carriage of coal amounted: to £58,188; cost of railway haulage amounted to £18,051; total wages paid for coal winning was £57,530; amount paid for management and office salaries (head office and mines) totalled £4184; gross capital expenditure on the whole undertaking to the 31st March last was £539,102; total depreciation written off to .date (equal to 51 per cent, on the gross- capital expenditure) amounts to £276,927; debenture and loan capital stands at £227,601; net profits of the State Coal Mine's Account from its inception to the 31st March 1923, £104,448.; net profit.for the'year ended 31st March, 1923, was £10,686; sicking fund is in credit.-£29.532; general reserve stands at £68,682: amount at credit of profit and loss is £6i04; cash in hand and in the Public Account at the 31st March last was (last year £32,971) £19,580; present net book value oi permanent or'fixed assets is £254,241.