MINING NEWS

New Zealand Times, Volume LII, Issue 12197, 23 July 1925, Page 6

MINING NEWS

N.Z. CROWN MINES MEETING "USELESS TO*GO*"oN SPENDING MONEY.” The annual meeting of shareholders in the New Zealand Crown Mines,. Karangahake, held in London, was presided over by Mr John Cutcliffe. The directors’ report was as follows: — In New Zealand, maintenance, management, advisory hoard, licenses and fir© and accident insurance amounted to <£1426 2s 6d; development and prospecting to £706 15s 7d, making a total of .£2168 18s Id. The receipts from tho quarry amounted to £994 5s sd; less Government royalties and charges, *2158 2s 6d; which makes total receipts of .£746 2s lid, and shows a debit balance of .£1422 15s 2d. In London the receipts amounted to '£47o 10s 4d, of whi*h <£343 4s 4d was received as dividends and interest, and £127 63 as profit on investments realised. The expenditure amounted to £413 18s sd, resulting in a surplus of £56 Us - lid, and reducing the debit balance to £1366 3s 3d. The chairman said the directors considered it was useless to go on spending money. They might just as well take a venture in some other concern. He stated the stone quarry had shown a profit of £278, £127 and £746 respectively for the last three years. Sales of machinery in New Zealand had mitigated the mining loss. The report and balance-sheet were adopted, and Mr Hubert Akers was reelected a director.