MINING

Evening Star, Issue 14512, 2 November 1910, Page 9

MINING

A BUDGET OP ANNUAL REPORTS. [From Our Special Correspondent.] LONDON, September 23. —Consolidated Goldfields. — Tho report of tho Consolidated Goldfields of New Zealand for 1909 calls attention to the provision in tho articles of association of tho company under which the founder’s share becomes entitled to participate to the extent of 25 per cent, of tho annual profits after 100 per cent. {2os) per share has been distributed in dividends. The sum paid to date in dividends amounts to 16s 6d per share, in addition to a distribution equivalent to a further 2s per share made in Progress shares. As explained at tho annual meeting last year, arrangements have been made under which this company have acquired an option until April 1, 1913, to commute this founder's interest by the issue to tho holder of 80,000 ordinary shares, should it be deemed desirable. During the year the revenues of the company may be summarised as follows: Gold won from tho Wealth of Nations has amounted to £28,314; gold won from the Humphrey’s and Golden Fleece and received from tributers, £2,916; dividends on investments amounted to £14,005; and ■rent, interest, and sundrv receipts in New Zealand amounted to £576; making a total of £45,813. Expenditure in New Zealand and London on mining and milling and general administration expenses amounted to £16,205, leaving a gross profit of £29,607. This sum, added to tho balance of £36,683 from tho preceding year, gives a total of £66,300, out of which the sum of £4,004 has been written off for depreciation of plant, machinery, development, and investments, £3,196 loss on. realisation of investments, and £994 11s 6d for Income Tax, leaving a balance of l £58,105, which has been appropriated as follows: —Dividend (No. 11), £12,118. The balance carried forward amounts to £45,986. For the current year a dividend (No. 12) of is per sluire (5 per cent.) free of Income lax was declared payable on 29th April, and a further dividend (No. 13), also of Is per share (5 per cent.), free of Income Tax, has now been declared payable on 31st October next. A syndicate with a capital of £22,500 Bias been formed in London under influential support to take over the belonging to the Kotuku Oil Company. Ihe total capital has been subscribed, —Progress Mines. — The report of the Progress mines for the year ended 51st December last slates that during tho year 35,414 tons of ore were treated, and tho sum of £51,940 realised from gold. This amount, together with £1,446 net profit on realisation of investments, £4,546 dividends on investments, and £1,066 received for interest, etc., makes tho total gross revenue for tho year £58,800, a decrease over the previous year of £12,627, tho tonnage treated being also 13,086 tons lees. The expenditure in New Zealand and London on mining and milling and general expenses amounted to £50,242, as compared with £55,602 for 1908, or £5,360 less, and leaving a profit of £8.557, a decrease over 1908 of £7,267. This sum, added to the balance of £28,140, brought forward from the preceding year, gives a total of £36,698, out of which £4,572 has been written off as ex;xmded on shaft sinking and development, £4,350 for depreciation on plant and buildings, and £1,548 for Income Tax, leaving a balance of £26,246, which has been appropriated as follows: —Dividend No. 20, £15,750. The balance carried forward amounts to £12,496. For the current year a dividend (No. 21) of 9d per share (33 per cent.) free of Income Tax has now been declared. During the year under review the development carried out consisted of 2,453 ft, composed of 1,872 ft of driving and cross-cutting, and 581 ft of raising and sinking. Smelting operations were commenced in November last, and about ten tons of concentrates and residues are now being treated daily.

—Blackwater Mines.— The report of the Blackwater Mines, Ltd., for 1909, states that the revenue during the year may be summarised as follows:—The sum of £73,199 was realised from gold. This amount, together with £l7O for rent, interest, and sundry receipts in New Zealand, and £2Bl received for interest in London, makes a total gross revenue for the year of £73,652. Expenditure in Now Zealand and London on mining, milling, and general expenses amounted to £26,880. Tho sum of £1,522 has been written off for depreciation of plant, ma.chincry, building, etc., and £5,000 for development and prospecting, and £1,300 for Income Tax. Rates paid (New Zealand) amounted to £2,095, leaving a balance of £36,853. From this the debit balance brought forward from 1908, amounting to £6,744, has been deducted, leaving a balance of £30,109, which has been approprinted as follows; Dividend No. 1, £12,496. The balance carried forward amounts to £17,610. For the current year a dividend (No. 2) of Is 6d per share (7£ per cent) free of Income Tax was declared payable on 29th April, and a further dividend (No. 3), also of Is 6d, has now been declared payable on the 51st October next. During the year 29,955 tons of ore wero crushed, yielding £37,281, or £2 8s 11.133 d per ton. The working costs were £25,221, or 16s 10.071 d per ton, leaving a gross working profit of £48,060, or £1 12s 1.062 d per ton. Good progress has continued to be made with tho development and equipment of tho mine, which has opened up in a satisfactory manner. The ore reserves at the end of the year were estimated on a conservative basis to be 69,000 tons. A working option has been acquired over the Prohibition lease, consisting of 115 acres, and adjoining the company’s property on the line of reef. Work is being pushed on as quickly as possible, with tho object of proving the extension of tho reef into tho Prohibition area. —Kcmata Reefs.—

The report of the Komata Gold Mining Company for 1309 states that during the year 15,390 tons of ore of 2,0001b were crushed and treated, producing bullion to the amount of £24,731. Interest and sundry receipts amounted to £1,194, making the total revenue for the year £25,925. Deducting therefrom £23,554, the total expenditure in New Zealand and London, which includes £3,801 for development work, leaves a profit of £2.571. Every item of expenditure during the year, both in London and New Zealand, has been charged, as in former years, to revenue ac-. count. The directors have carried out the programme mentioned in last year’s report —namely, “ to reduce the output so that the ore treated may be selected from the better grade slopes”—thus providing the means to pay for development. The work has not as yet resulted in' laying open any fresh run of ore, but the indications of success below the No. 8 level are encouraging, and other parts of the mine are presenting better appearances. The reefs are being opened up in the various levels, A winze has been sunk below the No. 8 level, and is down nearly 100 ft. Drives will bo started when that depth is reached. The drive on No. 2 reef, No. 5 level south, has opened up about 50ft of payable ore; the reef at last advices “ averages 4ft wide, value per ton £5.” The manager recommends the continuance of the various workings which have in view the testing of the reefs in untried portions of the mine. The extraction during the year compares favorably with that of the previous twelve months, the result being 94.2 per cent, of the gold contents, 89.2 per cent, of silver contents, and of the total value 95.5 per cent. The value of the final tailings was 2s 6d per ton.