MINING.

Otago Daily Times, Issue 17636, 28 May 1919, Page 7

MINING.

During the period ended November 30 the Edna May Deep Levels Company made a nee profit of £2522, as compared with £12,525 for the previous six months. From December 1. to March 31 receipts from gold amounted to £11,689, which, added to the balance brought forward from the preceding six months, £8505, and £70 due from sundry debtors, made a total of £3),264. The disbursements for the four months were £14,123, and the company has credit bank balances amounting to £6141. The directors point out that heavy capital charges have been incurred during the past 10 months, but this work is nearing completion, and when the ventilation shaft is completed it will not only provide a complete ventilation system, but should materially decrease working costs. The policy of the directors is to keen both winzes going down continuously, /and thus maintaining developmental work well ahead of extraction. They point out that the fact that the reef has been proved to carry payable values to 740 ft augurs well for the future of tho mine. The mine manager (Mr N. S Stuckey) is as optimistic as ever. He is confident that he lias solved the water problem. He hopes to complete the capital work by the' end of this month, and considers that the company, if the grado of ore in No. 6 level is equal to that of No. 5 level,, should bo able to pay substantial dividends before tho end of the year. Writing on December 13. Mr Stuckey estimated the ore reserves at 37,000 tons, valued at £151,000. Since then the reserves have been considerably added to.