"FINANCES EXHAUSTED"

New Zealand Herald, Volume LXIX, Issue 21346, 22 November 1932, Page 5

"FINANCES EXHAUSTED"

GOLDEN POINT MINING

APPEAL TO SHAREHOLDERS

In view of the fact that finances are exhausted an advance of £5 each by shareholders is suggested in the directors' report which will be presented at the second annual meeting of the Golden Point Gold and Scheelite Company, Limited, to be held in Christclvurch next Monday. The directors state that the year ended September 30 tvas one of great difficulty and operations resulted in a Toss of £lOll. This did not include provision for depreciation of plant, which was in an excellent state of repair. The debentures amounting to £SOOO, which had been authorised at a special meeting last year, had been taken up as follows:—Directors, relatives and officials, £2735: creditors, £670; other shareholders, £1595. In September last the installation of the new mill was completed and the finances showed a small margin. Unfortunately, a stoppage was necessary to increase the power and there was further delay owing to the cam shaft breaking. The underground manager resigned and lie had not been replaced up to the present. This necessarily resulted in a reduction of the number of miners.

" The position to-day is that our finances arc exhausted, although the plant is ready to continue operations as soon as the necessary miners can be put on," state the directors. " As one- creditor is now taking action, the directors believe that in the interest of the shareholders, it is advisable for the debenture holders to appoint a receiver, who will carry on the mine. During the year 9070z. of smelted gold and about 90 tons of concentrates, yielding a total value of £6333, were recovered by the small five-head battery."

In suggesting an advance of £5 each by shareholders, the directors state that this would bear interest and would be a first charge on the company's assets in the event nf winding up. If the capital was not available very shortly, there appeared no alternative to the receiver realising.

SYDNEY WOOL TRICES

MARKET VERY FIRM

ALL-ROUND COMPETITION

(Received November 21, 9.25 p.m.)

SYDNEY, 'Nov. 21

At the Sydney wool sales to-day 12,325 bales were offered and 11,790 were sold, also 1759 privately. There was very strong competition from the Continent, Yorkshire and Japan. The market was very firm at the closing rates of last week, any change being in sellers' favour. Greasy Merino realised 19£ d. <•

HENRY JONES CO-OPERATIVE

LARGE INCREASE IN PROFIT

TRADING CONDITIONS IMPROVE

Net income earned within Australia at £135,071, against £55,674 for 1930-31, and net income earned outside of Australia at £35,995, against £35,880, are disclosed in tho accounts for the year ejided October 31 of Henry Jones Co-operative, Limited, fruit canners, Melbourne, -which owns subsidiary jam-making companies in Australia, New Zealand and South Africa. The total profits for the year show an increase of £79,512 on the previous year. After deducting the interim dividend of 6d a share, which was paid out of Australian income and took £35,754, a sum of £135,311 remains. The board recommends payment out of the income earned within Australia of a dividend at the rate of 9d a share, which will absorb £53,631, and out of the income earned outside Australia payment of an additional dividend at the rate of 6d a share, which will absorb £35,754. Tho balance, amounting to £45,926, it is proposed to transfer to general reserve. Following is a comparison of the company's profits and appropriations, together with the balance-sheet figures for the past three years:—

Net profit— 1930 1931 1932 Within Aust. . . £71.451 £55.674 £135,071 Outside Aust. . . 46,866 35,'880 35,995 Totals . . 118,347 91,554 171.066 Dividend p.c. . 7J- 6i 81 Amount . . 107,263 89,386 125,140

To reserve . . 11,084 2,168 45,926 Liabilities— Capital . . 1,430,173 1,430,173 1,430.173 Prem. on shares . 59,038 59,038 59.033 Gen. reserve . . 324,025 335,110 337,277 Creditors . . 289,371 259.371 207,691 Assets--Shares . . 2,169,492 2,169,492 2,169.492

The directors report a general improvement in the conditions affecting the industry, as compared with a year ago. Almost without exception this improvement is reflected in the reports and accounts of the mansr associated companies. Losses arising from bad debts in 'their trading accounts show a substantial reduction, and are now only slightly in excess of those of a normal year.

NEW COMPANIES

DOMINION REGISTRATIONS

The following new companies have been registered in Auckland and Southern contres:—

PUBLIC -

'J'ho Dawn of Hope Gold Mines, no liability, Auckland, gold miners, to purchase from Mr. H. D. Williamson his quartz claim and plant now known as the Dawn of Hope, at the Thames, and to thoroughly exploit the reef systems contained in the property. Capital, £20,000 in 80.000 shares of 5s each. Subscribers: R H. Montgomery, S. H. Harrison and John Hardlev. 500 shares each; John Grierson, G. A. Eddowcs, W. J. Gatenby and J. C. Black, 100 shares each. Gold Exploration, Limited, Auckland, to acquire mining property, rights, easements and privileges, in tho district of Thames and elsewhere in New Zealand, and to carry on mining purposes thereon. Capital, £7500 in £1 shares. Subscribers: Frank M. Winstone, George Winstone, Frederick Baskott, William B. Winstone, Eric G. Winstone, Charles F. Gardner and Bruce R. Winstone, one share each. Eureka Gold Development, Limited, Auckland, gold miners, to purchase the rights and privileges of the Eureka Gold Dredging SyndiAte. Capital, £I6OO in £1 shares. Subscribers: R. A. Johnston, F. W. Herbert, A. T. Newdick, R. F. Percival, N. \V. Hendry, C. C. Shepherd and W. G. Lange, one share each.

PRIVATE

G. Bramall and Company (New Zealand), Limited, Wellington, to take over the business of manufacturers of waterproof garments formerly carried on by George Bramall. Capital, £3OOO in £1 shares. Subscribers: J. H. James, J. T. James and G. Bramall, all of Victoria, Australia, ICOO shares each.

Rona Bay Buildings, Limited, Wellington, to acquire lands, buildings and hereditaments (if any tenure or description at Eastbourne, near Wellington. Capital, £2OOO in £1 shares. Subscribers: B. L. Hammond, 11C0 shares, E. A. R. Jones, 900 shares.

J. It. Smiliio and Company, Limited, Timaru, quarry owners, stonemasons, brick and tile manufacturers and dealers in limestone, cement, etc. Capital, £2OOO in £1 shares. Subscribers: J. H. Smillie and C. E. Kerr, 10CO shares each.

PUKEKOHE NEW POTATOES [from our own correspondent] PUKEKOHE. Monday A sharp fall is shown in the price of locally-grown new potatoes, which are quoted to-day at about 6s per cvvt, f.o.r. Pukekohe. Last, week's quotations were from 83 3d to 9s per cwt. \