MT. MORGAN DIVIDEND

New Zealand Herald, Volume LXXIII, Issue 22584, 24 November 1936, Page 5

MT. MORGAN DIVIDEND

TOTAL OF 1/4} A SHARE YEAR'S PROFIT £104,961 LOWER GRADE ORE HANDLED Mount Morgan, Limited (Queensland), shows a profit of £1'04.961 for the year ended June .'3O, compared with £110,4:52 for 1934-35, and £80,569 for 1933-34. The 1934-35 pro fit included £IO,(XX), being the par value of 100,000 shares allotted the company in Mount Morgan Developments, Limited. Dividends of Is 41 d a share, equal to 55 per cent, require £127,600. After contributing £9570 to employees' welfare fund, the amount carried forward is reduced to £11,494, from £73,702. Total revenue was £390,821, against £347,899 the previous year. Two quarterly dividends of 6d and 4Jd a share have been paid during the current year. In September the directors announced that until the new plant was working in November it was considered prudent to withhold further interim dividend. A considerably increased tonnage of ore was treated, the quantity amounting to 259,929 tons, against 177,780 tons in the previous year, but as the grade,was lower production of gold at 35,6180z. showed only a small increase over that of 1935, totalling 33,8320z. Ore reserves are as follows: —Sulphide ore, 7,506,652 tons, assaying 4.26dwt. gold and 1.77 per cent copper; oxidised ore, 1.500,000 tons, assaying 2.7dwt. gold. The latter ore is added this year a.s a result of investigation of the workings and old dumps. Extensive alterations and additions have made the concentration plant capable of treating up to 30,000 tons ore a month. The oxidised ore plant, with a ca'iajity of 800 tons a day, was expected to be in operation in the present month. Paid-up capital increased from £232,000 to £272,070 during the year. Surplus shares from the new issue have been since disposed of, and capital now stands at £278,500. Premium on shares reserve was increased to £162,467 by the new issue. Of this amount, £58,135 has been utilised by writing off £38,320 of the cost of reconditioning and installing machinery, and writing off £19.815, the cost of mine preparation. After transferring £BBBB for depreciation, the premium on shares reserve stands at £95,443. Share reserve remains at £IO,OOO. At June 30, Concentrates and precipitates on hand were valued at £BO,OBO. Government tends, deposits and cash amounted to £120,393. LABOUR FOR HARVESTING RELIEF WORK PROPOSAL TAURANGA FARMERS' VIEWS [BY TELEGRArH —OWN CORRESPONDENT] TAUBANGA, Monday The provision of labour for harvesting was discussed at a meeting of the Tauranga branch of the Farmers' Union, when a letter was received from the provincial secretary at Auckland, who reported that the placement officer at Auckland had stated that he coul,l find labour, provided it was specifically for harvesting, and at harvesting rates. The meeting decided that relief labour in each district should be made compulsorily available for harvesting, through the placement officer. SALE OF CLYDESDALES GOOD PRICES REALISED [from OUR OWN correspondent] HAMILTON, Monday High prices were paid at a sale of registered Clydesdale horses held at Te Kapa to-day on account of the trustees of the estate of the late Mr. R. McG. Thompson. Outstanding Scottish breeding was represented by some of the offering and the demand was brisk. Deed Carnell, a two-vear-old brown filly bred in Scotland, was purchased by Mr. G. Wheatley for 320 guineas, while an eight-year-old bay mare, Gipsy Panehakna, with foal at foot, went to Mr. P. C. Belton, of Woodville, for 160 guineas. Another eight-year-old mare with foal at foot, Phodo Panehakua, was purchased by Mr. F. Geek, Te Kauwhata, the price being 125 guineas. A four-yenr-old brood mare, Vaina, changed hands at 145 guineas, the purchaser being Mr. V. Thompson, of Ngaruawahia. MINING NEWS YIELDS OF COMPANIES Argo (West Coast). —71oz. for 14,000 yards and 132 hours. Maori Gully (West Coast). —3Soz. 14dwt. for 124 hours. Golden Sands (West Coast). —560z. 19dwt. for 36 shifts. White's Electric Dredge (West Coast). —Week ended November 20: 240z. for 108 hours and 7000 yards. New River (West Coast). —To November 18: 15$oz. from 5000 yards. The dredge has turned away from the terraces, jyhere it mot with a great deal of heavy timber. The dredge builders are now making the final adjustments necessary. There will be no return next week. Mataki (Murchison). —Last week: 360z. for 121 hours and 7500 yards. DRILLING AT SYLVIA MINE [BV TKLKGIAPH—-OWN CORHF;SPONnKNT] THAMES, Monday The Cabinet has approved of a subsidy up to £I2OO on a £1 for £1 basis for diamond drilling at the Sylvia Mine, on the outskirts of Thames borough, according to advice received by Mr. J. Thorn, M.P., from the Minister of Mines, the Hon. P. C. Webb. REPORTS OF MANAGERS Mount Lyall (Tasmania).—Fortnight ended November 11: Mines—North Mount Lyell: Tons extracted, 1500. Royal Tharsis: Tons extracted, liou. West Lyell: Tons extracted, 1 8,530. Prince Lyell: Tons extracted, .117(1. Lyell Comsfock: Tons extracted, 4057. No. S level, main shaft to !)3ft below No. 8 level through porphyry. Reduction works: Furnace in blast for full period; 12In tons refinery anodes made during current year. Concentrator: Mill operated 336 hours and treated 31,240 tons ore, producing 1921 tons concentrates. Copper refinery: Tank house in operation throughout fortnight, SUCS tons cathode copper being produced for period. Total for current year, 1532 tons. Big River (Reefton).—Week ended November 16; No. 1 Level—South stope: The run of ore in this area is about loft and has widened out overhead from lft to 7ft Gin. Centre stope: Filling-in operations in progress, and hangingwall leader will then be stoped. No. 5 level: Advanced 22ft for tho period, makinsr 200 ft in from the main shaft. Nine and a-half tons of quartz were delivered to tho surfaco line. Slight repairs being done in No. 2 level Water-race, feeding boiler. Is being reconditioned in anticipation of dry weather. The. reef track has been cut in No. 5 level, carrying stone lft wide on the footwall side. This stone carries free gold. Hanging wall is not yet to hand and further work ds necessary to prove the ore channel.