BROKEN HILL ISSUE

New Zealand Herald, Volume LXXVIII, Issue 23861, 11 January 1941, Page 5

BROKEN HILL ISSUE

£2,500,000 NEW CAPITAL OFFICIAL APPROVAL RECEIVED The Commonwealth Government lias approved an application by the Broken Bill Proprietary Company, Limited, to issue about 2,500,000 shares of £'. L each, It was stated, on behalf of the Government, that the company required the additional capital to help meet the expenditure involved in the establishment of shipbuilding, the manufacture of magnesium, the manufacture of ferroalloys. the completion of the blast furnace at Whyalla, South Australia, and other projects in the extensive _ programme of development upon which it is engaged. ; . A . The basis of the new issue is expected to bo approximately two shares for every nine held. HEAVY LAMB KILLINGS WETHER SCHEDULE RAISED The lamb lulling season is now at jts peak and heavy killings are taking place at the Auckland freezing works. Difficulty is being experienced in handling the quantities offering. So great is the pressure on the works that _ the killing of mutton for export lias virtually ceased for the time being. Meantime an increase of id per lb. in the export buying schedule for wethers has been made. Current rates on hooks at Southdown and Westfield are: Wethers: Up to 481b., 5Jd per lb.; 491!). to 561b., 4Jd: 571b. to (541b., 4id; tiolb. to 721b., 4.\d; over 721b., •ifd, Seconds: Up to 561b., 4id; over 561b., 4id. Other export schedules are unchanged. AUSTRAL N.Z. MINING PROFITABLE INITIAL RETURNS Austral New Zealand Mining, Limited, which operates a lursre dredse on the West Coast of (ho South Island, has issued accounts for tho period January 1 to September :10, 10:10. Previously, the financial year ended on December ,'il. Productive operations were commenced on ■Tulv 1. and to September :iO (ho tired Re ran for'llin hours, treating r.73,000 cubic yards of material for the production of 18i1oz. T -;)f bullion containing 17170z. of linn pold. Jvet realisation on the bullion, after deducting tho gold export duty (£2833), was £15,207. The mine-working: cost in the period was £05(55, equivalent. to .1.01 d a, cubic yard, and tho profit was £IOB2. .In the experimental period of May and .Tune 730z. of bullion were recovered, a loss of £33(10 being written off lo tho development accniiil. At the close of the financial year the London overdraft was £llO.-I<>7 sterling, while sundry creditors totalled L' 12.110. The profit made in (he first three months (if productive operations and the outputs since then, the directors state, indicate that these debts can be retired in a reasonably short time. Prospecting work bv Austral Malay Tin, Limited, in "New Zealand,, in which the company Is interested, was continued. So far no k property has been proved, but operations aro proceeding.