THE MARTHA MINE

Evening Post, Volume CXXIII, Issue 112, 13 May 1937, Page 12

THE MARTHA MINE

STERLING VALUES

THE ANNUAL REPORT

(Special to the "Evening Post.")

LONDON, April 24,

In presenting their report to December 31, 1936. the directors of the Martha Gold Mining Comoany (Waihi) draw attention to the fact that all items in the accounts are now shown ia ster"Diiring the year, 223,582 tons (of 20001b dry weight) were treated. The gold and silver sold realised £462,676. Interest amounted to £8408. These two items amounted to a total of £471,084. as shown in the accounts. Expenditure in New Zealand and London, including development work at the mine, and New Zealand export «old duty, but excluding taxes, ambunt_d to £297,891. It has been necessary to provide £69,114 for income tax in London and New Zealand. The sum of £5208 has been written off for depreciation of nlant and machinery. After- the above appropriations the balance remaining to credit of profit and loss at December 31 was £9870; to which was added the amount brought forward from last year, after deducting the final dividend for 1935 (No. 2) paid May 8, 1936, £9603, making a total of £108,474. Deduct interim dividend (No. 3) ls per share, free of tax, paid November 3 1936, £49,590, leaving a balance of £58,883; out of which the directors recommend a final dividend (No. 4) of ls per share, free of income, tax, payable on May 7, absorbing £49,090; leaving to be carried forward £9292. THE 40-HOUR WEEK. The superintendent refers in his report to the introduction of a compulsory 40-hour week and to the strike (from August 31 to September 5) which followed the award of the Arbitration Court. The directors record their- appreciation of the manner in which Lieut-Colonel K. G. Milligan and the New. Zealand Executive have handled the difficulties which have arisen in this connection. In the superintendent's annual report all the assay values, are based on gold at 84s per oz fine and' silver at 2s per oz fine, as previously. During the "year 195,814 tons of new ore were developed; the reserves at December 31, 1936, were: In "general account, 149,287 short wet tons of an average assay value of 33s 8d dry weight per ton. . In suspense account 163.896 tons of an average assay value of 34s 6d per ton. The general account shows a decrease of 9141 tons, and the suspense account a decrease of 2521 tons, a total decrease of 11,662 tons. ORE RESERVES. The quantity of broken ore in stopes is given as 237,917 tons. The excess tonnage over general account ore reserves mentioned above consists of low-jrade ore and may not be of sufficient value to put through the mill. The reserve pre in Junction Company's ground was 15,314 tons in general account of an, average assay value of 25s 10d per ton, and in suspense ac-ount 3055 tons of an average value of 23s 6d per ton. The tonnage of ore treated during ; the year from Waihi Grand Junction Company's area • was 31,985 short wet tons, and this necessitated, drawing upon the ore reserves in that area to the extent of 11,530 tons. From January 1, 1937, to March 13, 44,380 tons of ore have been treated, yielding bullion worth approximately £89,260. Lieutenant-Colonel E. H. L. Ueddington, C.M ; G„ D.5.0.. M.C, resigned the chairmanship- of the board of directors on November 12, 1936. His resignation was accepted with regret. He remains a director of the company and the board have elected Mr. G. R. Mitchison as their chairman.