MOUNT MORGAN MINE

Evening Post, Volume CXXXII, Issue 86, 8 October 1941, Page 9

MOUNT MORGAN MINE

Messrs. W, J. Candy, Masterton, and Wm. Machin, Christchurch, who recently visited Sydney to inquire into the affairs of the Mount Morgan Company in the interests of New Zealand shareholders, have reported their investigations. They state that the chairman and members of the board of directors and officials at the mine gave all the information they asked for and freely placed at their disposal all books and records of the company. They also had a long discussion with Mr. E. Campbell, a candidate for a seat on the board and a critic of the company's affairs. They found that "not one person (however critical in other matters) has suggested that the mine and its ore deposits are not as extensive and likely to be as productive in gold and copper as has been from time to time reported."

The New Zealand investigators' report goes into the overburden question in detail and into the policy of removing it by contract. Problems as yet unsolved are also referred to. They are of opinion that "in future outside projects will be left severely alone" so far as capital responsibility is concerned, and all effort will be concentrated on the Mount Morgan mine. They would like to see a reconciliation of conflicting views of individual directors and the technical staff. Suggestions relating to organisation and administration were made to the directors for their consideration. Prices for products of the mine are high, as follows:—Gold. £9 15s per oz; copper, £75 4s 6d and £3 4s 6d per ton; and silver, 2s per oz, all Australian currency. Taxation is a big item, the Federal gold tax being £70,610 out of revenue in the past two years.