MINING NEWS

Evening Star, Issue 23123, 24 November 1938, Page 10

MINING NEWS

FIJI MINES LOLOMA DIVIDEND SIX YEARS' ORE IN SIGHT. An announcement that a 'dividend of Is a share had been recommended, payable on December 8, was made by Mr P. F. Cody, chairman of directors of Loloma (Fiji) Gold Mines, N.L., at the annual meeting in Melbourne recently. Two previous dividends of Is a share have been paid by the company, and the present distribution makes the total amount paid in dividends £123,750. Mr Cody stated that on the basis of present output the company should be able to pay 4s a share per annum. There were six years' ore in sight, and indications were that present development work would prove considerable additional reserves The Chairman added that at the 224 ft level, the deepest workings yet reached, the ore body appears to be more settled than at the 120 ft level, with every indication of wjdening underfoot. In the south drive at this level the lode, where the main shoot of gold has been encountered, is wider, richer, and of greater length than at the higher level. The favourable development of the southern ore body at the 224 ft level, and the persistence of the southerly pitch of the pay shoots, have rendered it necessary to commence a new main shaft at a site more suitable for development of the lower levels. This work is now under way, and before long it is expected that sufficient progress will have been made to commence opening out at the 324 ft level. EMPEROR MINES FUTURE The future of the company could be viewed with every confidence, said Mr \V. 11. Smith, chairman of directors of Emperor Mines Ltd. (Fiji), at the recent annual meeting in Melbourne. All evidence pointed to a long life of uninterrupted dividends, with possibilities of increased output and returns. "It is definitely established that the Tavua ore bodies continue strongly downward, and only future development will show the extent," he said. "It is reasonable to assume that the life of the Emperor mile will prove to be much longer than the proved reserves now suggest." At the present rate of extraction the profits of more than £200,000 a year from existing ore reserves should be possible said the managing director, Mr E. G. Theodore. Present ore reserves gave the mine an assured life of five years, excluding any future developments. REPORTS AND RETURNS BULOLO DREDGE For the month of October the total gross production of the Uulolo Gold Dredging Company amounted to 19,547 ounces of bullion, containing 13,487 ounces of fine gold, from 1,260,000 cubic yards. The •estimated working profit was 8,822 ounces of fino gold. The above production is equivalent to £llß,Oll, and working profit to £77,192 on the basis of £8 15s (Australian) per fine ounce of gold. CENTRAL SHOTOVER The Central Shotover Gold Mining Company Ltd. reports a wash-up of 28oz 12dwt. DIVIDEND AND CALL LIST. DIVIDENDS DUE. Perpetual Trustees—lnterim, Is a shara Nov. 25 North Kalgurli (1912) 9d sterling, less U.K. income tax of 3s in £1 Nov. 25 Bank of New South Wales —Final quarterly, 6d a share Nov. 25 Younghusband Ltd., Wool Brokers —lnterim, 3 per cent Nov 25 Wilsons Cement —Interim, 4±d ... Nov. 25 Jason Investment Trust, 3 per cent Nov. 28 National Bank of Australasia—lnterim at 6 per cent, per annum Nov. 30 Swan Brewery—Ordinary and preference, 6d a share Nov. 30 Anthony Hordeni—Preference, at 7J per fent., and ordinary, at 5 per cent, per annum Nov. 30 Taringamutu - Totara TimberFinal 4J per cent., making 7 | per cent, per annum Dec. 1 Henry Jonea Co.-op. Ltd., Melbourne —Is 6d a share Dec. 1 Dunedin Brewery—lnterim, 3 per cent Dec. 1 Victoria Nyanza Sugar cent, per arehum Dec. 7 North Broken Hill Quarterly, 6d a share Dec. b Bank of N Z. share, ord., 3;j per cent, on D long term mortgage shares ... Dec. 10 Wuolworths (N.Z.) Ltd. Final, ord., at 11 per cent, per annum Dec. 13 Broken Hill South— 6d a share ... Dec. 15 Mount Lyell—Fnal, Is a share ... Dec. 19 Morris, Hedsttoin, Fiji— Interim, 3 per cent Dec. 31