INTERESTS IN TIN

Evening Post, Volume CXXIV, Issue 119, 16 November 1937, Page 12

INTERESTS IN TIN

WAiHt INVESTMENTS

Directors of Waihi Investments and Exploration Co., report for the year ended September" 30 that the net revenue for the year, after deduction of income tax, amounted to £13,613 15s 9d, and the balance of profit carried to balance-sheet after payment of all expenses amounted to £12,179 5s lOd, to which has to-be added the amount brought forward last year, after deducting the first and final dividend for that period (No. 1) paid November 12, 1936, £1035 2s Od, making a total available of £13,214 7s lOd. Out of this amount of £13,214 7s lOd the directors recommended payment of a dividend for the year of 6 per cent, less income-tax, payable on November 12, 1937, and absorbing £11,157 18s 2d, leaving £2056 9s Bd to be carried for-i ward. During'the year a quotation on the London Stock Exchange was obtained for the shares of Puket Tin Dredging, Ltd., of which the company placed 40,000 shares on the market for the purpose. Accordingly it has not been thought necessary to enclose with the accounts a copy of the accounts of Puket Tin Dredging, Ltd. The cabled returns of that company are now published quarterly but for the convenience of shareholders the production figures since January 1, 1937, are as follows:—Six months ended June 30, J. 937, 293 tons tin ore, estimated mine profit £28,045; three months ended September 30, ,1937, 111 tons tin ore, estimated mine profit £9099. The estimated mine profit in each case is subject to amortisation and London office expenses. A first interim dividend of 5 per cent., Isss income tax, was declared by Puket Tin Dredging, Ltd., in August last, and the amount received on the company's holding is included in the accounts. , ; . During the' year the directors have considered numerous propositions. In the case of two of them the information submitted was sufficiently promising to warrant examination and report by a mining engineer sent for the purpose. The reports, however, were not such as to justify proceeding further with either proposition. The cost of these examinations and reports have been written off capital reserve account. A further property is now being examined.