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MINING NEWS

! SNOWY RIVER FINANCES - | ' SHARE VALUE REDUCED A recommendation to niter the nominal value of shares to Is from 5s was ! made at the annual meeting of the 'shareholders of tl;e Snowy Rivor Sluicing Company, Limited, held in Christchurch on Friday evening. The present capital of the company is 120,000 shares of a nominal value of 5s each, and the proposal will substitute for this a nominal capital of 600,000 shares of Is each. Paid capital now amounts to £20,855. It is expected to start sluicing opera?tions about -June 1, when tho waterrnce of about 6J miles, from Black\yater intake to the mine, between Ikamatua and Reefton, will be completed. ■ Tho profit and loss account showed expenses amounting to £241. A sum of £72 was received in interest. Preliminary expenses were included in the balance-sheet at £1502, and tjiere was also a contingent liability of £SOOO for water-race contracts.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/NZH19330403.2.11

Bibliographic details

New Zealand Herald, Volume LXX, Issue 21457, 3 April 1933, Page 5

Word Count
150

MINING NEWS New Zealand Herald, Volume LXX, Issue 21457, 3 April 1933, Page 5

MINING NEWS New Zealand Herald, Volume LXX, Issue 21457, 3 April 1933, Page 5