THE NEW ZEALAND MINES.

Otago Witness, Issue 2318, 4 August 1898, Page 18

THE NEW ZEALAND MINES.

(Froh Oue Own Correspondent.) London, Juuq 10

Na'urally the withdrawal of the New Zaaland Exploration Company from New Zealand business has attracted a great deal of attention in London, end has been a severe blow to tiis prospects of New Zealand mining investment bo fax a3 London is concerned.

It has bsen arranged to hold the annual meeting of the WaiKi Gold Mining Company on Friday nexf, the 17fch insfc , when the directors' report will be submitted. In this report it ia staled thai during iha year 10,764 ions of dried ore were treated, producing £14-3.963. A sum of £79 was also produced from 104 bags of slag, and tbif, together with £304 derived from transfer fees and sundiy other receipts, makes a total gross revenue for the year of £144,346. The expenditure in New Zealand and London amounted to £62,023, leaving a. nefc profit for tho year cf £82,323 This cum, fidded to the balauce of £22.75 i brought forward, makes a total of £105 074, out of which the directors have paid income tax, interest;, and an unexpected claim made by the New Zealand Government of £635 as licet se tax for periods prior to the 3lst Dectmbcr, 1896. The sum of £3000 lias also been charged to depreciation of plant and Kifich'ncrf, .md a turn of £11,618 hss been carried to th« ro'e.ve account, thereby raising it to £30,000. 'I La se appropriations absorb altogether £20,911. The directors have also paid four dividcr.dft of 2s per thare free of inccms tax, absorbing £64,000, being equal to 40 per cent, en the 160,000 old shares of tho compariy. A f frr deduction of tho aboveiuealioi,ccl au-.u,.^ of £64,000 and £20,911 the balance rcawiii;i''g to the credit of revenue account is £20,162. In older to replace the money,. spent on capital account in opening up the mine ifc was proposed by the directors to increase the capital or' the company to £320.000 by the creation of 160,000 new shares cf £1 each. The neceesary resolutions were passed and the new issue of 160,000 shares has been applied for by Ihe shareholder to the extent o? 159 914. The remaining 86 shares have not teni applied for, and the directors propose to bell tbem at the best price obtainable. Duriug 1896 34,410 toDs of ore were treated, yielding £134,275, and in 1897 40,764 tons of ore were treated, yielding £144,042. Last ye&v there was a marked improvement in the value of the ore treated, and this year the improvement has been continued. Tae net profit of £82,322 compares with £76,645 iv the previous year. The mine coatinuaa to open up satisfactorily, and the directors wculd call e pecial attention to the important developments in the eastern section of the Martha lode. Since the commencement of the year 1898 a croEscut has been driven in the Welcome lode at a point fixed for opening tho fourth level, 440 ft from the surface and 160 ft below the No. 2 level, which was previously the lowest level in the mine. The Welcome reef was found to be 10ft wide and of good quality for the whole width of the lode, tho aver cue value bciDg otcc

£5 per ton. The crosscut is baing continued to cvi; the Martha and other intervening lodes. Tte th,ird aud fourth levels are now being opened. These works will add to the resources of the mine two new levels of 80tfc each for the whole extent of the property. The expenditure upon water races, the railway, the Victoria mi 1, and other works iv conncclion therewith amounted on 31st December last to £82,850, and some farther expenditure has been made since then. Thcfe works have besn constructed to meet the requirements of 100 bead of stt-mpa beyond the 100 stamps now at work; the additional s'avnps when required cau hi readily added at a comparatively sec all cost. Since tbo cWte of the accounts to the 28th May 25,£90 tons of ore have been treated, yielding £83,960. Two dividends cf 2-. per share each Lave been paid on tbs 160,000 old shares of the company sines the (fate of accounts. From the l«=t June tbe 160,000 new shaie3 rank pnri passu with the 160,000 old shares for all purposes, and accordingly will be entitled to participate in all future dividends.