MINING NEWS.

New Zealand Herald, Volume LXVIII, Issue 20990, 29 September 1931, Page 5

MINING NEWS.

YIELDS FROM KING SOLOMON. DIRECTORS REFUTE CHARGES,DEVELOPMENT WORK" PROGRESS. In refuting statements that returns of gold from the King Solomon mine, near Gore, had not been accurately announced each week, the directors of the company, in their half-yearly report, state that shareholders were advised early in July to expect lower returns for three or four weeks. The period of low returns extended longer than was anticipated, which had been very disappointing to the directors and the mine manager. "The directors have Teceived letters from shareholders suggesting that gold returns have been withheld," states the-" report. "Such charges are absolutely without foundation. The mine manager washes up every Friday. He may do ifc in conjunction with one of the staff or one or more of the directors. It is usually, completed early in the evening and the result is telephoned to the secretary, who passes it on to the press. The volume of Stock Exchange dealings in the snares of the company, and the fact that many sales have been made 'forward,' havs resulted in fluctuations in the__market price which bear no relation to the position of the company." The directors state that steady progress has been made with developmental work; Since last report the purchase of plant, tools, etc.. of Winding Creek and Stoney Creek companies had been completed. Continuing, the report states:—'The total gold won from the date of the last balance-sheet to September 11, 1931, is 7160z. 2dwt. 3gr. The first consignment to Australia, reftiised £4 od j an ounce, but owing' to the alteration in the rate of exchange, recent returns have averaged £4 3s bd an ounce. The tunds of the company have been exhausted. As better returns are anticipated in the near future, and as the mine is now fully equipped and in good working order, the directors have not considered it necessary to take any stepa in tiae meantime toward procuring additional capital. The working account shows a debit balance of £6341. Thi3 represents the net cost of the work done since the formation of the company in the development of the mine." L. ' REPORTS OF MANAGERS. Moanataiari.—ln the New Cambria section the winze is down 7ft. The ore is still carrying a good amount of yinn blende and colours of gold were seen in the ore broken. Progress been retarded on account of timbering the winze and repairing the east crosscut.