PADDY’S POINT GOLD MINE

Poverty Bay Herald, Volume LIX, Issue 17958, 9 December 1932, Page 8

PADDY’S POINT GOLD MINE

HALF-YEAR’S RESULTS The report of the directors of the Paddy s Point Gold Mining Company, Limited, for the half-year ended October 3L states, that the total gold won during the half-year .was 3580 z. sdwt., the melted weight of which was 3430 z. 2dwt, The proceeds of realisation amounted to £2131, which gives an average, value of £6 4s 3d an ounce. Tlie company’s, balance-sheet shows that the paid-up capital is now £14,000. Recently the directors took advantage of the increased market price of the company’s shares to sell 215 of the unallotted shares, thus making the paidup capital of the, company £14,000. It is not their intention in the meantime to issue any more shares.

Tim profit and loss account for the half-year shows a net profit of £1027 6s 3d. This, together with the balance of £761 6s 10d to the credit of profit and loss appropriation account at April 30, 1932. gives a total credit balance in appropriation account of £I7BB 13s Id. Tlie directors recommend that preliminary expenses standing at £738 18s 4d he written off to profit and loss appropriation account, and that the balance, amounting to £IO4B 14s 9d, be carried forward.

Tins surplus is sufficient to cover a 5 per cent, dividend (£700) to shareholders, but owing to the fact that £250 of this profit, is tied up in McCaw’s freehold property, on which a further instalment of £250 is due in February, 1933, the. directors consider it advisable to postpone the payment of a dividend until early next year.