MINING NEWS

Evening Post, Volume CXXIV, Issue 96, 20 October 1937, Page 16

MINING NEWS

. KOMATA REEFS, LTD. I Reviewing the position of Komataj Reefs Gold Mining Co., Ltd., at the annual meeting in London recently, the i chairman of directors, Mr. C. A. Whitfield, said:—"The most striking feature of the profit and loss account is the amount of £5831 derived from dividends,' interest, and commission. The gross amount of this item is more than sufficient to provide for the amounts required for the payment of this company's regular dividends of 25 per cent., free of tax, but there are outgoings to be met, including London expenses and income tax, which have to be provided, and there we have to rely upon capital appreciation and realisations of investments at a profit. That accounts for the item of £1324 19s 7d, which is much more speculative than the receipts from dividends. For the first six years after the reorganisation of this company it was free from the payment of income tax upon profits derived from surplus on investments realised. It is now liable, but, in spite of this additional liability, we have still been able to pay the regular dividend free of tax." (By Telegraph Press Association 1 HOKITIKA, October 19. The Rimu dredge reports a return of 292.450z of gold from 56,376 cubic yards worked in 1343 hours. CLUTHA DREDGE. (By Telegraph.) (Special to the "Evening Post.") DUNEDIN, This Day. A later return of the Clutha Gold Dredging Company makes the total gold won to date 4568 ounces. The dredge began operations on May 22 and the latest return of 3440z is the third best wash-up. Taking gold at £7 per ounce, the value amounts to £31,976. MINING SHAKES. (By Telegraph—Press Assn.—Copyright.) (Received October 20, 12.30 p.m.) LONDON, October 19. Sales of mining shares include:— Mount Lyell, 30s; New Guinea, Is 8d; Bulolo, 90s.