MARTHA MINING COMPANY

Southland Times, Issue 23199, 14 May 1937, Page 3

MARTHA MINING COMPANY

THE PAST YEAR’S ACCOUNTS RESERVE ORE AND ASSAYS The second accounts of the Martha Gold Mining Company (Waihi), Limited, as at December 31, 1936, show total assets of £467,735, the principal figures being as follows: —Works, properties, etc., £63,237; stores, etc. £24,064; investments, £259,403; bullion in transit, £36,377; and cash items, £78,761. •Paid capital is unchanged at £247,954, and the capita, reserve accounts, representing profit prior to incorporation, remains at £37,367. Creditors and taxation provision show a sharp rise from £59,701 to £123,531. The profit and loss account balance is £58,884, against £59,195. . The net profit was £98,870, which compares with £83,990 earned during about nine months, the period covered by the first accounts. Taxes paid and provided for in London and New Zealand account for £69,115, against £51,955. The special export duty on gold paid to the New Zealand Government required £30,504, compared with £28,976. Gold and silver realized during the year amounted to £462,677, against,£4l9,os4 during the previous nine months period. The superintendent's report states that the total tonnage crushed during the year was 223,582 tons, against 221,127 tons in the previous shorter period. The average assay value of the ore compared as follows: —

Ore reserves in general account were 149,287 short wet tons, compared with 158,428 tons at December 31, 1935, and in suspense account 163,896 tons, against 166,417 tons. The combined reduction was 11,662 tons. Total reserve ore in the Junction area was 18,369 tons, against 29,899 tons a year ago. The tonnage for the year treated m the Junction area was 31,985 tons, necessitating drawing on the ore reserves for 11,530 tons. Estimated average value (dry weight) in the Martha area general account was 33/8, against 30/5, and in the Junction area, 1 25/10, against 25/6. The superintendent states that prospecting for new blocks of ore was carried on energetically. .Apart from development work preliminary to the extraction of arches, a total of 9191 feet of driving, crosscutting, rising and sinking was done in the two mines. Long prospecting driving seems to establish beyond question that the two big payshoots of the Edward lode do not tome together at depth, although the lode is continuous. Following on the work carried out by the physicists of the Department of Scientific and Industrial Research, two diamond-drill holes were put down, the total footage drilled being 1551 feet. The work is being continued.

Martha-Waihi Junction s d s d 1932 32 6 41 1 1933 30 7 36 11 1934 28 9 26 0 1935 28 1 25 4 1936 29 9 25 0