CONSOLIDATED GOLDFIELDS

Evening Post, Volume CXII, Issue 91, 14 October 1931, Page 12

CONSOLIDATED GOLDFIELDS

(From "The Post's" Representative.)

LONDON, 4th September. Mr. A. L. Foster (chairman), presided over the annual meeting of the Blackwater Mines, Ltd., on 2nd September. The report of the company showed that revenue for the year was as follows:— From gold recovered, £70,004; gold exchange, £431G; rents, £544; a total gross revenue of £74,955. The expenditure in New Zealand and London on mining, milling, and administrative and general expenses, accident and fire insurance, bullion charges, mining rents, interest, rates in New Zealand, etc., amounted to £64,5-18, leaving a balance of £10,406. The sum of £1459, was written off for depreciation and £8062 for . development (less redemption), leaving a balance for the year of £884, which, added to the amount brought forward from 1029, left a balance of ""£6757 to be carried forward.

With regard to milling operations, the value per ton recovered, viz., 34s 1.19 d, was practically the same as' for the previous year, and working costs were 9.14 d down at 29s 4.4001. Ac to the value disclosed by development, work during the year, of the total of '27.11 ft driven, risen, or sunk, 1677 ft, or 62.per cent., was on reef, of an assay value of 14.40 dwts. over a width of 30 inches. This compared with a total for the previous year of' 1507 ft, of which 1142 ft was on reef of an average value of 12.52 dwts. over 22.7 in. The report and balance-sheet were adopted. Mr. Foster gave an account of the Progress Mine which was closed down some ten yews ago. In the meantime expenses had been going on year by year. There remained, therefore, no useful purpose to be gained by the company's continued existence, and the •directors had under consideration the voluntary winding-up of the company.