MINING NEWS.

New Zealand Herald, Volume LX, Issue 18380, 21 April 1923, Page 7

MINING NEWS.

WAIHI GOLDMINING CO. YEAR'S OUTPUT ABSORBED. FINANCIAL STATEMENT. Cabled figures of the Waihi Goldinining Co., Ltd., for the year ended December 31,, 1922, were yesterday received by,, the company's representatives in Auckland. The figures show that, owing to the fall in the price of gold and silver, an.d the high cost of working, the year's output from the mine was only just sufficient to cover • working expenses. Income tax for the preceding year having absorbed the whole of the interest received on investments, it was found necessary to draw on the dividend equalisation fund in order to pay th« usual dividend of 2s per annum. Deep, level development work was also provided; for out of the special reserve for that purpose. , The following is a summary of the figures —Dividends paid, £49,600; taxes, £36,600 depreciation, £13,000; total. £99,200, provided for as follows:—lncome from investments (last year this item was £36,970), £34,362; transferred from dividend reserve, 50,000 transferred from development reserve, £ 15,000 total. £99,362. ; The carry forward remains at £11,000, which is about £162 more than last ' year.; f ■-..-,-. MINE MANAGER'S REPORT. Zeehan Consolidated.—" The contractor!! have extended No. 5 level 13ft. for the week, making the total distance driven 87ft. The country continues to be favourable. 'The reefs expected should soon be met with." .■