MINING.

Otago Daily Times, Issue 17635, 27 May 1919, Page 7

MINING.

Our Cromwell correspondent states that the yield from the Rise and Shine No. 1 dredge last week gives indication of payable returns, as the dredge has struck shallow ground. In the ground alongside somo excellent returns were obtained. At meetings of directors of the Broken Hill South Limited and North Broken Hill Limited it was decided to defer the payment of the usual quarterly dividend. The last distribution of the Broken Hill South Company was at the rate of ls 6d per share, and the total disbursement was £60,000. A similar amount was distributed by tho North Company on March 28, at the rate of 2s per share. In tho case of the South Company it is pointed out that in view of the fact that the Associated Smelters Company has, since the expiry of the munition lead sale contract on March 31, been able to dispose of only a small portion of its lead production, advance payments on lead concentrate to the Broken Hill companies have, for the present, been discontinued. It is the policy of the Broken Hill South Limited to conserve its financial resources in order to maintain productive operations. It is also stated for the information of shareholders that the company has jusfc: received a claim for tho year 1916-17, under the- War Tim© Profits Tax Assessment Act, in a ' sum approximating £107,000. The board therefore decided with regret that the June dividend would not be paid, 1 and that the resumption of dividend payments must necessarily depend upon the-future position with regard to the realisation of lead. The directors of the ■North Broken' Hill Limited, on similar grounds, have decided to defer the payment of dividends until they are assured of a market for a reasonable proportion of tho lead production. WAIHI COMPANY. (Peb United Peess Associattox.J AUCKLAND, May 26. lTio Auckland attorneys of the Waihi Company have received a cablegram from the London office that the annual report states that the gross profits for 1918 totalled ±.199,000, the dividends paid during the year and the income tax absorbed £142,000 depreoiation £17,000, provision for- development suspended during war £50,000, amount earned forward £53,000. The annual meeting will be held today.