MINING.

Otago Daily Times, Issue 17319, 20 May 1918, Page 6

MINING.

G — S o 1" ho , return from the Rise and Shine No. f dredge last week was 250z 16dwt for 126 hours work. ..fhe Rising Sun dredge obtained 390z 14dwt for 134 hours' work last week. - At tho annual meeting of the Taapiri . y® 11 Mines the chairman said the directors felt themselves iustitied in recommending I the payment of a dividend—the first in s four years. The balance of profit for the r year was £11.671 15s 9d, after making * XMcriA UK; m , £ l c Pi'cciation to the extent oi 3 ±-45UU. lo tho balance of profit roust be r added tho sum carried forward from last year amounting to £1217 4s 7d. making 3 a total of £12,889 0s 4d. Tho total amount 1 wTsn l< ?c Profd-onci shareholders was • 8 P n o le f ,n, a >' ln K. a not balance of 1 £10,60u 3s 6d. Phis tho directors recoin- - mended should be dealt -with by paying a - dividend to the ordinary shareholders 0 at 3 the rate of per cent, per annum, absorb- . mg a sum of £9075, and by carrying forf n ? xt y ear ' s account the' sum of i os fcd. The improved position of the , company was due to two main facto.s. - I'irst, the .closing of Raloh's mino and ; tne concentration of all work in the Extended mine The other factor was tho ir.- > . ou tP l 't 190,957 tons, as against J. 61,636 tons last year, due to the fact that , ? f . the , l E??f lb ' e , working days 12J, only were r ™ While the result of the year was i Srat'fymg, it was well to bear in mind that the cost of getting the coal, notv.-ith-I standing the soaring effected by the closing l Ralph s mine, must so on increasing , "nder existing war conditions. The comr pany had to bear its share of the increased taxation consequent upon the war. Last ■ year, owing to the smallnoss of the profit, the amount of taxation was comparatively I small being £1403 for land and income tax. llie tax for this year, however, would necessa,rilp be a considerably larger amount. Iho assessment had not yet been made, but 1 ri?^?? xlm ?' 0 i y 't would absorb between £6000 and £7000, the actual rate being 7s 6d m the £ of every £ of profit made, less an allowance for depreciation, which is nxed by the Commission'cr of Taxes.