WAIHI GOLD MINING COMPANY

Otago Daily Times, Issue 21054, 17 June 1930, Page 13

WAIHI GOLD MINING COMPANY

ANNUAL MEETING. . A SATISFACTORY YEAR. UNDERTAKINGS IN SIAM. (Fbosi Oub Own Correspondent.) - , . . LONDON. Mav 8. j\lr A. M. Mitchison presided to-<iay at the annual, meeting of, the Waihi Gold Mining Company. Ltd., held. ,at Gannon' Street Hotel. * ' ‘ : . Addressing the shareholders, the "chairn}sn, recalled that last year it was decided that no further exploratory work would be undertaken in depth and all lateral exploration would be confined within the block bounded by the Martha, E award, and Royal lodes and worked bv the Waihi and Waihi Grand Junction Companies through so many years. Nothin-* occurred during- the'past year to tnake them take a more favourable view ot mining prospects outside the above block, but he was very glad indeed to say that the exploratory work which had been done inside the block had been, on the whole, very satisfactory, and had led to results better , than wbht might have been reasonably expected. Without being unduly optimistic, he thought that they might accept the following extract from the report of Mr Hopkins as a... fair description of the position of the mine as it now stands:-

He says: The work done during the year indicates that there are many points in the mine at which. further inrestiea,i ls - ' vatr jnted. The main crosscuts and drives effectually opened up all the JP a \ n ,^ 1K shoots of ore, but there are probably many smaller runs still to be discovered. Pfobably such small runs by tliemselyes would not make a payable output. but they are very useful additions lo our mam. resources. ’ I, Jr K coDseauenceof the new, ore thev had been able .to: .provide an. output for the year of oyer: 200,000 tons, with only a decrease of 27.561 tons in the general reserves and 4853. tons, in suspense reserveMvhikt the reserve in theiJunction property wag built up to 14,778 tons 4 . MOST EFFICIENT SERVICE.’ «think.” the chairman, the shareholders will deem this very viewer th’ a £ d W w U l i eart i ly endorse the °, f . the board that it reflects the greatest credit on Mr Hopkins and Mr mi™ o^ r ’-vr irid ,? n , alt connected with the iko remind'’shSehold.rfVS particubrly good ithis year, but they are always so consistently good thafcacm--eory pgrusal of the figures does not aufunremittini attenti ®n.tp; the constant and unremitting care which the various nfoever!' F , or “any years Mr Rhodes, our local pany New' h - aB helped the I(!ompany in New Zealand to an "extent which .can only : . be by those iho E been intimately acquaintedwith all the affairs - The Waihi CompSy would have fared very much worse : in “any ways than it has done if its fimt r under^he U^ lai l d had not ' been at sF*a , a** * h »' b 4fwfiss him r company , 8 indebted :to - THE finances. •.. • - year 1,10 ffe 6at j ß factory to aee ;that. this «^L the B°ld and silver realised from the nary output was £360,599, which is P°ndmg" figure- last -year/ - : 7- refi * _ Y n s f: yeral- occasions I hdire * had to ?or n the U vafu at i h +lf e; ia °? teaa tendency a I Ue i le prepious. metals, unfn coSfie if' t« f UP ’? T ari -°« a ******* as this ltn ? ent ' t 0 increase, and, mm yea J the increase amounted to £12,541, we have taken credit for it in th* beffup 8 to a |xi°ii ■ e the Taluea ii. U P . exactly, the same position as they were m last year. With the add iother tß "d are - £3OOO f 1 by® about hfHHUI f?. u 1: though’ taxes are-a trifle tho h t I L^ ilo - ba l nce of revenue account for Jear y Tln«sA b ° Ut f A OQ than exbeeted lnA S -f great deal better than we expected, last .year, and-eaables ■iw to re. commend; the same dividend , last year without touching on any of • the reserves by° £13,3i*2. Cariy forwa rd will be reduced ; “As to the; future, X' think "it is rivht fesh-dividends .button the other haUd/dtit only fair to say that the inevitable ceLn! tion appears uow to be likclv tn ohmfr later than seemed probable last year.”

. TIN IN, SIAM. teen B devot^ al f° f fl ime *^^ d - attention Lad Siam, of in Lim?f m | a, i. y J l ' u Iled ? u tet, Tin Dredging Limited, had been incorporated with capital of £300,000 in .1,200,000 -shades- of five shlihriga each' for the purpose of ta£ ,mg over this property, but for the present a committee ;of '-four members nominated by the two companies was matter inSdra; Sd ofSw K b l e r- and experienced manager of Tronob Mines, Limited was itjng in g sL°m 16 iDtere6<S ° f tbe u °dertat The Waihi was co-operatin™ with men thoroughly well, versed in conof the° nUf na ture, and in the selection tLv LJifv u Dd .“ a< *inery in England they bad the benefit of the technical enwhom 1 tL k w W - e - df i e a of l , Mr Q auVain, to the Waihi had been so much iridebted m the past, - not only in conneci ra H° r a .hydro electric woike, but also In connection with many other mechanical and'electrical, problems ‘• m S which, the Waihi has had to deal; 1 The price of. tin tiad fallen from what it was when the Putet proposition was first taken up but they* were working ca ; eful ,, a nd conservative estimates! and when the dredge was at work they believed that they would be able to make profats on prices of tin which would prove ruinous to many other tin producing companies. . • of l h w a ur ai?Ce , t!le investment ot the Waihi m the puket .undertaking stood under, the head of investments r in sundry propositions, and was re- ° ' f<>r £36,85S ou t of the total 'M Securities ■ standing at £370,890 "in the 4A7 ad .°nly ,a. market value of £3W,407, a depreciation of £7483, but at December 31 Stock Exchange- securities were rather unusually depressed, and oo \„„" e °A the , 6ame securities at April fiL-VL't 8 ’ ite date of the report; was £377,170. or an excess of £6280 over the book value; The chairman then moved that the directors report and statement of ac- ' counts to December 31, 1929, as submitted to this meeting, be received and adopted, and that a final dividend for the year (No. 129) of Is per share, free of income tax, be. now declared, arid that Ute.ba ance of revenue amounting' to £5206 19e lid be carried' forward. ! - LATEST NEWS. The chairman also read a very satisfactory cablegram from the mine statins that' the total hew ore developed to May 3 .was approximately 81,009 tons. reserves general account. May 3, 196,000 tone net, wo. Several shareholders spoke to the motion. Sir Lawrence, wno. last vear, criticised the decision to cease exploration towards the west, said that he had since gone into the matter with the mines engineers, and was now convinced that their decision was right. Mr Bedford spoke at • considerable length about a. property owned bv his brother at Owharoa; 1000 yards from the Waihi pithead, and asked that the company should spend. some t money in enploring the property and putting down a bore. ■ ■' •. - The chairman afterwards explained that this property had already been under consideration, and all > the papers concerning it had been sent to the manager' there was nothing the directors would like better than to find another mine in New Zealand, but they had -to rely cn .advisers out there,' who reported that to make the explorations suggested would be a waste. The main-resolution was adopted, and Mr G. K, Mitchieon was reflected -a director. ...