MARTHA MINE WORK

New Zealand Herald, Volume LXXIV, Issue 22725, 11 May 1937, Page 7

MARTHA MINE WORK

PAST YEAR'S ACCOUNTS DETAILS OF THE ASSETS RESERVE ORE AND ASSAYS Tin; second accounts of tlu> Martha : Gold Alining Company (Waihi), Limited, as at December 31, 1930, show total assets of £467,7,' V), the principal figures being as follows: —Works! properties, , etc.. £63,'237; stores, etc., £24,064; inj vestments, £259,403; bullion in transit, | £36,377; and cash items, £78,761. j Paid capital is unchanged at £247,954, and the capital reserve accounts, representing profit prior to incorporation, remains at £37,367. Creditors and taxation provision show a sharp riso from £59,701. to £123,531. The profit and loss account balance is £58,884, against £59,195. As stated in the linn ami of April 23, the net profit was £98,870, 'which compares with £83,990 earned during about nine months, the period covered by the first accounts. Taxes paid and provided for in London and New Zealand account for £69,115, against £51.955. The special export duty on gold paid to the New Zealand Govcrnim'ii required £30,504, compared with £28,976. Gold and silver realised "during the year amounted to £462,677, against £419,054 during the previous nine months' period. The superintendent's report states that the total tonnage crushed during the year was 223,582 tons, against 221.127 tons in the previous shorter period. The average assay value of tho ore compared as follows: Martha-Waihi Junction s (I s (1 1 !>:!•_> .. :i2 (i 'll 1 m'w .. :?<> 7 :»i 11 IIW . . 2S O, 20 0 i !>ar, uh l. '25 4 1 U.'iU "JO O 25 0 Ore reserves in general account were 149,287 short wet tons, compared with 158,428 tons at December 31, 1935, and in suspense account 163,896 tons, against 166,417 tons. The combined reduction was 11,062 tons. Total reserve ore in the Junction area was 18,369 tons, against 29,899 tons a year ago. The tonnage for the year treated in the Junction area was 31,985 tons, necessitating drawing on the ore reserves for 11,530 tons. Estimated average value (dry weight) in the Martha area general account was 33s Bd, against 30s sd, and in the Junction area, 25s 10(1, against 25s 4xl. Tho superintendent states that prospecting for new blocks of ore was carried on energetically. Apart from development work preliminary to tho_extraction of arches, a total of 9191 feet of driving, erosseutting, rising and sinking was done in the two mines. Long prospecting driving seems to establish beyond question that the two big pavshoots or the Edward lode do not come together at depth, although the lode is continuous.

Following on the work carried out by the physicists of the Department of Scientific and Industrial Research, two diamond-drill holes were put down, the total footage drilled being 1551 feet. The work is being continued.

KING SOLOMON MINE

LIQUIDATION PROBABLE EXHAUSTION OF RESERVES [I3Y TELEGRAPH OWN CORRESPONDENT] DUNEDIN, Monday Following the adjournment of the annual meeting of shareholders of King Solomon Deep Lead, Limited, at Gore on Saturday night, when insufficient shareholders attended to make a quorum, a discussion took place on the financial position of the company. It was revealed that as finance was now exhausted liquidation would be the most likely course. Recently the company* was granted a subsidy of £IOOO by the Government on the understanding that the company found a similar sum, which was to be spent pound for pound with the subsidy in prospecting work. The Government offer, however, was limited to 12s 6(1 a foot of driving and the company had to provide a similar sum. The cost of driving was £2 10s a foot and the value of gold won was not sufficient to cover the difference. Con-, sequentlv the company's reserves went more quickly than the Government subsidy. It was stated that, while the company had used its whole reserves of approximately £IOOO, only about £4OO of the Government subsidy had been earned. The company had now reached the stage where it cither must liquidate or obtain fresh capital. The shareholders present were unanimous that the position appeared to be hopeless. The matter will be discussed again on Saturday night, when the adjourned annual meeting will bo held. King Solomon Deep Lead, Limited, with a capital of £13,000 in 260,000 shares of Is each, was formed in 1929 to acquire from King Solomon Gold Mines, Limited, a company formed in Auckland s in 1925, an area of 164 acres of all uvials, near Waikaia, Southland. The purchase consideration was £5707, of which £3466 was payable in cash and tho balance in 44,820 fully-paid Is shares in the new company. Subsequently additional areas were acquired by the company. Its early years of operation were very profitable, but latterly difficulty has been encountered in developing payable ground. Six dividends were paid by the company, making a total of 150 per cent on the capital of the company. At the date of tho last balance-sheet to February 28, 1937, tho company had won 19,305 ounces, valued at £131.529. The shares of tho company reached their peak in 1934 at 5s 2d. Yesterday in Auckland holders quoted at 6d, but there were no offers.

SCRAP METAL SHORTAGE EFFECT OF SALE OVERSEAS PLEA TO STOP EXPORTS Requests that the Auckland Manufacturers' Association should urge tho | Government to stop the exportation | of scrap brass, copper and zinc were j received from two brass and bronze founding firms at a meeting of tho | general committee of the association ! yesterday afternoon, i One firm stated that New Zealand manufacturers of brassware used large quantities of scrap metal in tho manufacture of their products, and exportation was resulting in a shortage of raw I materials. It was realised that under j present circumstances it was necessary j to pay higher prices for scrap metal, | but exportation* to Faigland had made j the supply position very acute. If exportation of scrap metal was allowed to continue, one manufacturer stated that supplies would be unobtainable and the works woulH bo forced to close If firms such as his, which manufactured milking machine fittings, were unable to fulfil their contracts, it would be very serious. "The matter is already receiving the attention of flic Government*," remarked a member of the committee. It was decided to refer the representations to the Government QUOTATIONS FOR SILVER British Wireless RUGBY, May 8 Silver was quoted to-day at 20£ d an oz. spot and 20 7-lGcl forward, same as yesterday.