MIXING NEWS
WAIHI GRAND JUNCTION
(From "The Post's" Representative.) LONDON, June 15.
Mr. W. P. Gauvain presided over the annual meeting of the Waihi Grand Junction Gold Company on June 14. Addressing shareholders, he said that tonnage treated during the past year was 21,916, a reduction of 5864 tons, as compared with 1933. Net amount received as a result of treatment of this ore was £5844, compared with £13,252 received in 1933. Sundry re-' ceipts, including interest, amounted to £3512, bringing the total up-to £9357. After deducting administration and general expenses, there remained the sum of £6839, to which must be added £3761 brought forward from last year, making a total available balance of £10,600. The directors recommended the payr ment of a dividend of 4d per share (free of income tax), which would absorb £6906, leaving £3694 to be carried forward.
Dealing with the qapital reserve account, he said the surplus on plant and stores sales had been increased py £718, representing the value of plant and stores disposed of in 1934. Unfortunately, they had to record a reduction in the value of ore treated snd this, coupled with a diminished tonnage, had resulted in a considerable reduction in the company's revenue. ■ Work in the mine was proceeding on five levels at points between the main shaft and the western boundary, but there was nothing outstanding to report as regards, development. Tha ore reserves at December 31, 1934, showed a tonnage of 24,337, worth 26s 4d in the general account; and 3055 worth 23s 6d in the suspense account. The suspense account was as it was in 1933; there was an increase of 9568 tons in the general account, but with a reduction in value of Is Id per ton. For the first five periods of this year, that is to May 11, 1935, 8181 tons of ore had been treated resulting in a return at mine valuation of £9029. For the corresponding period of 1934 the tonnage treated was 8526, for a mine valuation of £10,564. The chairman spoke of the handicap imposed by the gold export tax, and the resulting curtailment of treatment of low grade ore. He also mentioned that the dredge of Puket Tin Dredging, Limited, had now begun operations. The company's investment in this amounted to £8200. The report and statement of accounts were adopted. , '
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Bibliographic details
Evening Post, Volume CXX, Issue 6, 6 July 1935, Page 12
Word Count
391MIXING NEWS Evening Post, Volume CXX, Issue 6, 6 July 1935, Page 12
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