MINING NEWS

New Zealand Herald, Volume LXXI, Issue 21743, 7 March 1934, Page 5

MINING NEWS

TALISMAN DUBBO ACCOUNTS HALF-YEAR'S PROFIT OF £915 A profit of £915 is disclosed i;n the accounts of Talisman Dubbo Gold Mines, Limited, for tlio half-year ended December 31, as against a debit in the previous half-year of £llß. Out of the profit earned the debit; of £392 ill the profit and loss account has been written off and a dividend of 3d a share, equal to 5 per cent, absorbing £436, has. been paid, £3O written off plant and machinery, leaving £57 to bo carried forward.

The report states that the half-year has been a momentous ono in the history of the company. An issue ol! 6000 ordinary 5s shares was oversubscribed in September. Out of the fuudsi provided one of tho longest single span ropeways in Now Zealand was constructed, the length being 2100 feet with a drop of 800 feet. From October 1 ore was sent for treatment at the Golden Dawn battery from No 1 Talisman level and up to tho end of the year 310 tons wero treated for a gross return of £2051. Since tho end of the financial year the returns have still further improved and good profits are accumulating. Authority is being sought by tho directors to pay interim dividends during any part of the year providing the profits warrant such payments. At tho present juncture the rise has holod through on tho reef between the two levels, greatly improving the ventilation and giving, when completely fitted, facilities for increasing the ore output of the mine.

The P a id capital of the company stands at £8154. Sundry creditors are owed £ll9. Assets amount to £B3BI, including £3BO for preliminary expenses, £4BOO for mining properties and rights, and £1531 for development. YIELDS OF COMPANIES Mataki Dredging (Murchison) .• —Last week, 13oz. for 134 hours. REPORTS OF MANAGERS Mataki Dredging (Murchison). —We are now within 80ft. of the river on the north side of the cut, and the ground seems to be improving a little, the gold showing better quality. During the past few days I have dish-prospected, right across the face; every dish shows gold in small quantities. At present the ground is still very hard and contains a number of large stones. I fully expect better returns when we get into the river. The dredge will have at least 6ft. less of a face, and I feel sure the ground will be more solid.