MINING NEWS.

New Zealand Herald, Volume LII, Issue 16013, 3 September 1915, Page 3

MINING NEWS.

TALISMAN.

REMOVAL OF HEAD OFFICE.

MEETING OF SHAREHOLDERS.

[BT TELEGRAPH.— CORRESPONDENT.] Wellington, Thursday. At the meeting of shareholders in the Talisman Consolidated, Ltd., yesterday, at which it was decided that it was desirable to have the management of the company removed from London to New Zealand, Mr. T. S. Wepton, who was in the chair, explained that for some time pasl the local directors had been negotiating for the transfer of the head office of the company to New Zealand. The London board was naturally unwilling that any such change should take place, but if effected.it would mean the saving of at least £30,000 >—sufficient to pay a as dividend to every shareholder. The London board of management cost £2000, and that sum would be saved, and. besides the company would avoid the payment of the English income tax.

Mr. Weston, in urging economy, remarked that the prospects of the mine were not so good as they were a few years ago. A shareholder protested. Mr, Weston zm& the future entirely depended upon developments that could be made during the next 12 months. They must look around and see where they could effect economies. This could be done in one way by avoiding the payment of the double income tax —the English tax and the New Zealand tax. If they paid the English income tax, which would be severe, they would have to pay at least 2s 6d in the "£, or £130.000, and probably more, but that could be saved by removal to New Zealand. This was a chance to bring the mannzcment of the mine out to New Zealand, where the great majority of the shares were held. Dr. Knight pointed out that it was to be inferred in a circular sent out to shareholders by the London board that those who desired the transfer of management from London to New Zealand were influenced by a desire to escape taxation. That was unfair. They were prepared to pay their full share of taxation, but they desired a fair thing. Mr. Albert Ford questioned the wisdom of a statement that had appeared in a newspaper relative to the future prospects of the mine. Mr. Weston said the facts had to be faced. Mr. Ford moved that the management of the Talisman Consolidated Company be removed to New Zealand, and that the London board bo asked to take steDs to give effect to this as speedily as possible. Mr. A. E. Whyte, in seconding, deprecated " dismal Jimmies " ooing about saySncr the bottom had fallen out of the mine. The motion was carried unanimously. NEW SYLVIA.

£1265 FROM 840 TONS.

The manager of the New Sylvia mine, Thames, telegraphed yesterday that 840 tons of ore have been crushed and treated for a return of bullion valued at £955 and concentrates worth £330, making a total return of £1265.