MINING.
Melbourne, May 12. The report of the Mount Lyell Mining Company shows net profits for the halfyear of £51,660, with a balance to the credit of the profit and loss account of £83,564. This balance having been absorbed in the erection of works and plant, the board has decided to issue 28,900 new shares —27,633 to shareholders, one for every eight held. The balance of tbo 1262 shares uro to bo sold by the directors in the interest of the company, tho proceeds to pro vide capital to complete tho present five furnaces and initiate an extension of the plant. The balance-sheet and circulars giving full information will be in the hands of shareholders on Monday. The register closes on the 16fch of June for the new issue. The board recommended the payment of a dividend of four shillings per share on 221,100 shares, payable on July Ist. Melbourne, May 17. Overtures have been made to the Mines Department by an English syndicate to lease a number of old gold-mines in various parts of tho country, which have been abandoned owing to an influx of water. The Governmant is favourably impressed with the proposal.
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Bibliographic details
New Zealand Mail, Issue 1316, 20 May 1897, Page 30
Word Count
195MINING. New Zealand Mail, Issue 1316, 20 May 1897, Page 30
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