MINING NEWS.

New Zealand Herald, Volume LX, Issue 18411, 29 May 1923, Page 5

MINING NEWS.

WAIHI COMPANY'S YEAR. THE ANNUAL REPORT. REDUCTION IN REVENUE. [from our own correspondent.] LONDON. April 20. According to the report of the Waihi Gold Mining Company for the year ended December 31 last. 131.092 ton» (of 20001b dry weight) were treated, being 17.050 tons above the corresponding amount in the previous year. The fixed mine valuation of the gold and silver sold amounted to £24,878 in excess of .the corresponding figure in the previous year, but, in consequence of the continual fall in market prices of the precious metals, the amount realised was less by £0974. During the year before the refinery clean-up. which brought in £40,323, was a special measure, and therefore the total yield obtained from the mine tW« year is £47.290 less than that of the t Javious year. . In consent wee ' of the s'ale of (investments to pay the 10s per share returned to shareholders, and to supplement other payments, the revenue received in London has been much reduced during the year, and, the rate of interest on uninvested funds also having been lower, the balance of sundry receipts at £13 is £12,791 less than last year. Owing to this, the total revenue of the company at £325,176 is £60,088 below the revenue of the preceding; year. ' . ■ • '." The development work at: the mine has been very actively .-. prosecuted > during the year, the developmnt and deadwork footage amounting to 15.403 ft, which is an increase of 5241 ft over last year's total. This is reflected in the accounts, and the cost of development work, together with the cost of running gangways, etc., at £46,053, is £14,816 in excess of the corresponding figures last year. In consequence the total expenditure in New Zealand and London was £12,144 more than last year, and amounted to £290,814, leaving a balance on working account of £34,302, .or £72,231 less than the corresponding figure last year, To £34,362, the balance of working account, has been added £ 10.884, the sum brought forward from the preceding accounts, and £50,000 has been transferred from dividend equalisation account, and £15,000 from mine development, making a total of £110.246. Two half-yearly dividends of Is each were paid on June 1 and December 1. amounting to £49,590, being a distribution of _2s per share, or 20 per cent, on the capital of the company, free of tax. The sum of £36,006 has been provided for taxes, and £13,000 has been written off for depreciation on plant and machinery. After all. these appropriations, the balance remaining to credit of revenue account at December 31, 1922, was £11.048, which the directors recommend should be carried forward. An interim dividend of Is ,per share, free of tax, will be paid on June 1.

The most important development during the year was the discovery of a new body of ore on the tenth level, in the south drive on the Edward lode. This drive was stopped many years ago, as the vein had pinched, and was of low value. On resuming work last August, the vein continued poor and narrow for 97ft up to the 1330 ft mii'-k, where early in November the width and value improved, and at 135Pft it was 10ft wide, worth 6Ss 3d per ton. and at 1390 ft it was 20ft wide, worth Gss 6d per ton. Developments since the date of the manager's report are not so Kood. The directors hope that th<> crushines for the yea' now current will yield better results th»n those obtained during 1922. Every effort will be mnde to keep down costs and to obtain as hic-h return* as can be produced without unduly depleting the resources of the mine. MINE MANAGERS' REPORTS. Moanataiafi.—During the week the crosscut was advanced 28ft. making the total driven from the main tunnel 9091 ft. A nine-inch leader was passed through, but it did not show gold. The country in the present face is of a good description.