KING SOLOMON MINE

Southland Times, Issue 23183, 26 April 1937, Page 3

KING SOLOMON MINE

ANNUAL REPORT OF COMPANY The annual report of the King Solomon Deep Lead, Ltd., states: — “On January 14, 1937, the directors issued a special report to shareholders, explaining the difficulties confronting the company, and an extraordinary meeting was called for the purpose of considerating a motion to liquidate. This meeting was held on February 13, but after a full discussion on the position an adjournment was decided on. In the meantime representations had been made to the Minister of Mines (the Hon. P. C. Webb) who, after visiting the mine and conferring with the directors and the mine manager, agreed to provide a subsidy of £lOOO, on a £ for £ basis, for prospecting work. Four sections of the mine were selected as being those most likely to repay exploration and a start was made at once in one of them—namely, that part known as ‘Radford’s.’ This section has always been reputed to be very rich, and in the past a considerable sum of money was spent in prospecting it, but without success. “At the adjourned meeting it was unanimously decided that the motion to liquidate the company be withdrawn, as the subsidy granted, plus the company’s own funds, would enable a large amount of prospecting to be done, and it was considered that there was quite a reasonable chance of locating further areas of good ground. Since then a total of 602 feet of driving has been done in “Radford’s,” and while gold has been encountered in various places, it has not been in payable quantities. Unless better wash is found almost at once, operations will have to be transferred to another section.

“The company is badly handicapped by heavy working expenses. While the number of miners and truckers employed has fallen to an average of 18, it is still necessary to employ just as much non-productive labour as ever, and consequently the cost of extracting the wash is much heavier than previously. Increases in wages and other costs have also to be borne, and the ground requires to be really rich to keep the mine going. “At February 29, 1936, the company had an excess of liquid assets over liabilities of £4145 13/3. At February 28, 1937, the balance Stood at £949 1/7, a decrease of £3196 11/8. It must be explained here that since the date of the balance-sheet the position has been improved by the cancellation of the liability of £5OO, ‘unpaid purchase money.’ The company has exercised its right to abandon a portion of the freehold area and so wipe out this item. The last few weeks, however, have all shown losses on working. “The working account for the year shows a loss of £3022 19/2, despite the fact that nothing has been written off mining' privileges account. Gold won totalled 18570 z, making a total since the commencement of operations of 19,3050 z, valued at £131,529 1/2 after paying gold tax aggregating £9192 11/9 which is equal to over 70 per cent, of the capital of the company. “The directors regret that they are quite unable to make any forecast as to the company’s prospects. All the information available will be placed before the annual meeting, so that the position can be reviewed then. “The retiring directors are Messrs Henry Smith and R. P. Boyne, They are eligible for re-election, as is the auditor, Mr F. Young, A.P.A., N.Z.”

MINING RETURNS MATAKI JUNCTION (United Press Association) WELLINGTON, April 24. The Mataki Junction gold-dredging return for the week ended April 22 was 530 z lOdwt 22grs for 81 hours’ work and 16,000 yards dredging. GOLDEN SANDS (United Press Association) GREYMOUTH, April 24. The Golden Sands return was 420 z 18dwt for 34 shifts. ARGO DREDGE (United Press Association) GREYMOUTH, April 24. The Argo Dredge return was 740 z for 133 hours’ work and 14,000 yards. MAORI GULLY (United Press Association) GREYMOUTH, April 24. The Maori Gully return was 270 z 4dwt for 132 hours’ work. MOSSY CREEK (United Press Association) GREYMOUTH, April 25. The Mossy Creek return was 17oz 7dwt, for 135 hours’ work and 9728 yards. THE BROKEN HILL PROPRIETARY (United Press Association) WELLINGTON, April 25. The Broken Hill Proprietary has ad- ■ vised the Stock Exchange Association of a half-yearly dividend of 1/3 a share in Australian currency on fully paid shares and of lOd a share on shares held under provisional certificates are declared payable on June 2. WELLINGTON’S FOUR WOOL SALES £2,811,469 REALIZED (United Press Association) WELLINGTON, April 24. The total gross proceeds of the four wool sales held in Wellington this season were £2,811,469, against £1,825,592 for the five sales of 1935-36. This season’s figures are the best for eight years, and the final sale held on April 3 was easily the best of the season, the gross proceeds exceeding those of the February sale by £115,807, and those for January by £19,296. The average price a bale at the April sale was £25 16/5, giving an average price a pound of 17.584 d. For the four sales this season 121,460 bales were offered, 119,966 sold, and 1494 passed in. THE FRUIT MARKET NEW ZEALAND APPLES (Received April 25, 6.30 p.m.) LONDON, April 24. Quotations for apples are: New Zealand (ex the Rotorua and the Port Nicholson): Coxes, 11/3 to 14/-; Dunns, 10/- to 10/6. Australian: Coxes, 10/3 to 13/3. Liverpool Prices: Queensland Dunns, 8/- to 10/-; Victorian Coxes, 9/9 to 10/-: Jonathans, 10/9 to 12/6. Pears: South Australian Packhams, 8/9 to 14/-; Josephines, 12/- to 12/9.