MOUNT LYELL MINING.

New Zealand Herald, Volume LXV, Issue 20115, 28 November 1928, Page 9

MOUNT LYELL MINING.

OPERATIONS OF COMPANY.

NET PROFIT OF £200,051.

DIVIDEND OF \2\ PER CENT,

The report for the year ended September 30 of the Mount Lyell Mining and Railway Company, Limited, states tho working account shows a profit of £270,152. After deducting £25,237 for prospecting jind development, £36,701 for depreciation of minG plant, etc., £3OOO for superannuation fund, and £12,594 for taxation, the net profit from nil sources amounts to £200,051, compared with £173,299 for tho previous year and £171,861 in* 1925-26. A dividend of Is and bonus of 6d a share lias been declared, payable on December 19, and makes, with the interim dividend of Is paid on Juno 18, a total distribution of 2s 6d for the year, equal to 12£ per cent., as against 11£ per cent, in the three preceding years. The company's liquid assets, apart from shares in other companies, show a surplus of £641,455 over liabilities, mada up as follows: —Metals on hand, in process and in transit. £287,151; sundry debtors, £402,713; slocks on hand, £353,114; a total of £1,042,978. From this has to be deducted debit balances at brinks, £94,263; loans on deposit, £107,833; sundry creditors, £149,067; London transfers and drafts in transit, £50,360; a total of £403,523, leaving a surplus as stated of £641,455. The present authorised capital of tho company is £2,500,000 in £1 shares, an increaso of £1,200,000 since last year. Advantage lias not yet been taken, however, of tho increased authority as tho issued capital of £1,289,195 has not changed.

Tho year's operations aro reviewed in detail in the report. Mention is mado of tho completion of tho North Lyell tunnel and tho electrolytic copper refinery, which has had a material effect in increasing the efficiency of tho mining and metallurgical operations. Reports are also mado on mining production, oro reserves, tho results from the concentration plant and tho new electrolytic refinery. The improvement in the price of copper is noted, tho average for electrolytic for tho 12 months being £57, as compared with £62 lis lid in tho preceding year. The cost of production has benefited by the larger output of oro and improved metallurgical practice. A satisfactory report is made on the manufacture of superphosphate and other chemical products. Tho annual meeting will bo held in Melbourne on December 14.