MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22391, 11 April 1936, Page 7

MINING NEWS

TALISMAN DUBBO IYEAR^ INCREASE IN NET PROFIT ERECTION OF BATTERY The accounts of Talisman Dubbo Gold Mines, Limited, for the year ended December 31, 1935, show a net profit of £6539, an increase of £BO6. With £llls brought forward, £7654 is available. Four dividends of 10 per cent each absorbed £3835 and the balance is. disposed of as follows:—Bonus to men, £B2; depreciation, £97; income tax reserve, £258; development reserve, £1000; reserve for construction of a battery, £1500; balance carried forward, £BB2. The report states that development has been continued on both the Talisman Dubbo and Talisman No. 1 levels, and a further level (Talisman No. 2) 101 ft. below the latter is in progress to reach the virgin country on the Maria reef in the Earl of Glasgow ground. The treatment of the pay ore from the mine has been continued at the Golden Dawn treatment plant. The working, transport and treatment charges do not permit ore of a lower value than 12dwt. a ton, of which there is a larg'3 tonnage in the mine, being profitably treated under existing conditions, and it has been necessary to select the richer ore. A steady output of 60 tons a week of ore averaging about loz. a ton is being maintained. The result of the development works and the experience of the nature of the reefs and leaders in the area developed have satisfied the directors and mine manager that there is justification for considering the erection of a treatment plant for the mine. Investigations covering the period under review have been made, and tests carried out on the company's ore in Australia, America and England. The estimated cost is £BSOO, and in addition to the £ISOO placed to battery reserve account the net profits since the end of the year are being accumulated and to March 24 amounted to a further £2178. The proposal of the directors is to appropriate profits to the cost of erection instead of payments of dividends. Any balance necessary,, over and above the reserve and accumulated profits, it is intended to provide by the disposal of sufficient of the company's reserved shares at a price per share to be fixed when further capital is required, and these shares will be offered in the first iustance pro rata to the shareholder®.

MARTHA OPERATIONS | BY TELEGRAPH —OWN CORRESPONDENT] WAIHI, Thursday The following information has bee» cabled to the London office of the Martha Gold Mining Company (Waihi), Limited:—No. 2 Level: Driving west on Bell reef, next 37ft. assays 12s 6d A ton, width of lode being about 3ft! No. 6 Level. —At 5101t. west of No. 2 shaft north-west crosscut, a crosscut was commenced south and intersected north branch of Martha lod® at 39ft., in width Ift., of good grade ore. The course of the lode is 60 degrees true, and vertical drives have been commenced east and west on its course. No 8 Level. —Edward lode crosscut at 550 ft. south of No. 2 shaft. At 51ft. in this crosscut have intersected a vein ljft. wide assaying 7s 9d a ton. Junction No. 7 Level.—Driving west on Ulster lode and commencing from Ulster winze, next 83ft. assays 20s a ton, width of . lode about 3ft. Next 34ft. assays 5s 9d a. ton, width of lode about 2ft. MAORI GULLY DREDGE TBY TELEGRAPH—PRESS ASSOCIATION] GREYMOUTH. Friday The Maori Gully dredge closed down on Thursday for the Easter holidays, and for the five days' dredging period of 105 hours secured a return of 370b. 12dwt. YIELDS OF COMPANIES Goldfields Dredging (Shotover, Otago).—Owing to the Shotover River being in flood, the dredgemaster was unable to wash-up for the week ended last Saturday because of the drift travelling in the river. Talisman Dubbo (Karangahake)• 60£ tons of ore were treated at the Golden Dawn battery for an approximate realisation of £664. Blackwater (Reefton) return for March, with February figures in parentheses: —Crushed, 3404 (3435) tons, yielding 1536 (1484) fine oz. gold, valued (at 140s 6d a fine oz.) at £10,792 (£10,423); working costs, £5771 (£5594); working profit, £5021 (£4829); development expenditure, £93 (£163); capital expenditure, £775 .(£1234). Deep Lead (West Coast).—42oz. ,2dwt. for 17 shifts. Waipapa Beach (Otago).—23oz. for 140 hours' dredging in seven clays. WOOL PUBLICITY PLAN SUPPORT IN CANTERBURY Support for the proposed compulsory wool levy for propaganda and research purposes was expressed by wool-growers at a meeting of the Canterbury Agricultural and Pastoral Association this week. Members mentioned that previous opposition was based on too large a proportion of the funds raised being intended for research. Now that about three-quarters of the money was intended for propaganda, sheep farmers were more inclined to support the proposal.

DUNEDIN RABBITSKIN SALE There was a large offering at the rabbitskin sale held at Dunedin this week, the high prices of recent sales resulting in considerably increased quantities compared with corresponding sales last season. There was again a very keen demand from the United States for all grades and new season's incoming winters sold to 73d. with early autumns at 54d and late autumns to 62d. Early-caught grades such as racks and summers sold very well at prices Id to 3d higher than last sale. The following w*re prices realised Light racks, 41! d per lb: prime racks. 43Jd; dawny autumns, 44d; early autumns, 54} d: late autumns, 62d; incoming winters. 73d: autumn does. 36d: early autumns (spotted). 44Sd; late autumns (spotted). 48d; autumn bucks, 58d: summer does. 28Jd; summer bucks. 35d; milky. 27Jd: summer broken, 2Sd: autumn broken. 35d: runners, 33Jd; small. 21{d: summer blacks. '24 i d; autumn blacks, 35Jd: summer fawns, 3Gd. The next sale will be held on Tuesday, April 21. t