MINING.

Lyttelton Times, Volume CXVII, Issue 17702, 31 January 1918, Page 7

MINING.

1 THE BLACKWATER REEF. IMPORTANT DEVELOPMENTS. [Per Press Association.] REEFTON, January 30. An important development has taken place in tho North Blnclnvater (Ziman's Syndicate). The main shaft has been completed at 1360 ft, and cross-cutting was commenced at this depth to intersect tlio well-known Blnckwater line of roof. At eighteen feet a leader of six inches showing visible gold and at 119 ft a strong, well-defined reef, sixteen inches wide, we re passed. Four assays of the reef give the satisfactory average of ior. Mdvvt Mgr of gold per ton. Crosscutting still is in progress to intersect the main Blackwater reef, which is expected to bo met within a total distance of 300 ft from tbo shaft. Tlio development is the most important on the field for several years. LOAN AND MERCANTILE COMPANY. Tho following is tho report of the directors of the New Zealand Loan and Mercantile Agency Company, Limited, for the year onded Juno 30, 1917: — - After paying interest on the first • aridsecond mortgage debenture stocks, making provision for bad and doubtful debts and other contingencies, adding £25,000 to general reserve account, writing £30,000 off promises and placing £15,000 to a dividend equalisation reserve account, there remains a balance of net rovonue of £124,978 13s Gd. Out of this amount £45,587 17s 3d was paid on June 22 last as an interim dividend of 21 per cent on tho ordinary and cumulative preference Blocks, less incomo tax. and the. directors have appropriated a sum of £IO,OOO to the staff benevolent fund. £ e. d.. This leaves a balanco of . 69,391 1 3 which the directors recommend should bo applied as follows: ' £ s. d. To payment of a final dividend of 2J> per cent- on tho 5 per cent cumulative preference stock to .Tune 30, 1917, less income tax . 24,730 0 3 To payment! of a. final dividend of 31 per cent cm the ordinary stock to June 30, 1917, less income tax, making 6 per cent for the year . .. . 29.200 19 9 To payment of a bonus of 1 per cent on the ordinary stock for year to June 30, 1917 less incomo tax . . 8,343 210

Balance . £7,116 18 5 This balance carried forward from the profits of the year will be added to tho general revenue account, which now stands in the balance-sheet at £89,017 2s Gd, and which will thereby bo increased to £96,134 0s lid. Generally throughout Australia pastoral, and agricultural prospects ore good, although in some districts an excessive rainfall has adversely affected tiro crops. Tho wool clip is well, grown and in excellent condition. In parts of the North and South Island of New Zealand the winter was wet, but seasonable weather is now being experienced throughout the Dominion and business prospects are encouraging. The British Government Iras purchased this season's wool clip and other produco both in Australia and New Zealand at satisfactory prices, but tire scarcity of _ tonnage j 3 being severely felt and is hampering business throughout Australasia. The directors have to record, with much regret, the death orr November 30 of Mr Edward Fanning, who had been chairman of the Australian local board since the year 1903 during which time he rendered valuable sen-ice to the company. Further donations aggregating £2OOO have been made in London, Australia and New Zealand to tho patriotic, war funds. Mr Henry J. Gibbs retires from office as „ director in terms of the articles, of associathm, and being eligible, again offers himself for re-cleotion by. the stockholders. Mr Vosey G. M. Holt as the director repre--senting the second mortgage debenture stockholders also retires, but his re-appointment rests with the trustees of that stock.