COMPANY NEWS

Southland Times, Issue 23991, 5 December 1939, Page 2

COMPANY NEWS

MOUNT LYELL MINES PRODUCTION COSTS UP Developmental work carried .out by the Mount Lyell Mining and Railway Company, Limited, in the mine at Queenstown, Tasmania, in the year ended September 30, opened up additional ore reserves of 406,000 tons. In the year, 1,094,611 tons of ore was extracted from the mine, the directors state in their annual report. Total reserves, therefore, were reduced by 688,111 tons. At September 30 the reserves were estimated* at 10,458,000 tons. Copper content of the ore extracted in the year was 1.40 per cent., a de-, crease of .08 per cent., compared with the previous year. Average assay values of ore in the mine at present, are:—Copper, 1.52 per cent.; silver, .lloz; and gold, ,015 oz a ton. Of the 1.094,611 tops mined, 1,085,933 tons was treated by the concentration plant. This is: an increase of 53,805 tons on the previous year. Copper output rose from 12,676 tons m 1937-38 to 13,298 tons. Details of the company’s operations for the last three years are:— 1937. 1938. 1939. £J £ £

The average sterling price of electrolytic copper for 11 months ended August 31 was £49/5/7, against £44/17/5 for the previous year, the respective Australian equivalents being £6l/12/and £56/1/9. The financial position of the company compares as follows: — ■ 1937. 1938 1939. £ £ £ Reserves 1,298,667 1,298,430 1,298,488 Surplus ’ liquid assets 510,191 427,695 435,637 Shares in other companies 1,515,526 1,515,526 1,525,527 The balance-sheet total is £3,447,602, against £3,286,199 a year ago. Paid capital is the same at £1,550,000. Assets are divided fairly evenly between copper mining and the fertilizer industry. DALGETY AND CO. LTD. FINAL DIVIDEND OF . 3/Dalgety and Company Limited, Invercargill, has received advice from the company’s head office in London that at the annual meeting to be held on December 14 the directors .will recommend declaring a final dividend of 3/- a share, less British income tax, making 5 per cent, less British income tax after December 21 and the transfer books will be closed from December 7 to December 21, both days inclusive. The directors propose transferring £15,000 to the staff provident fund and carrying forward £124,200. WELLINGTON PUBLISHING COMPANY

The accounts of the Wellington Publishing Company, Ltd., for the year ended September 30 show a net profit of £6361 as against £7937 in the previous year and £6877 in 1937. The report states that there is cause for congratulation in the fact that, in spite of many difficulties which have had to be overcome, revenue for the year has been well maintained. Further unavoidable increases in costs have affected the working profit, which, at £19,166, compared with £20,663 in the previous year. Tl.c net result, added to the amount brought forward, £7768, makes £l4,l29’available. The directors recommend a dividend of 2| per cent, for the year, compared with 5 per cent, a year ago. This requires £3750, leaving £10,379 to be carried forward. BULOLO GOLD Bulolo Gold Dredging Ltd. announces that interim dividends for the year ending May 31, 1940, totalling 1 dollar 50 cents (Canadian) a fully paid share, have been declared payable to shareholders registered in the books of the company at close of business on December 2, 1939. The dividend will become due on December 11, and will be paid from all offices of the company on December 18, this interval being necessary for the balancing of the books and preparation of the cheques. Payment from Sydney office will be made in Australian currency, calculated at the rate of exchange ruling on December 11. Dividends payable to non-residents of Canada will be subject to Dominion of Canada absentee tax of 5 per cent. The transfer books and registers of members will be closed from December 3 to 9, both days inclusive. GORDON AND GOTCH Gordon and Gotch (Australasia) Ltd. made a profit of £46,245 for the six months ended September 30, making a total profit for the 12 months of £90,089. For the previous 12 months the profit amounted to £98,717, and in 1936-37 to £97,480. The latest six-monthly profit of £46,245 compares with £50,883 shown in the corresponding period of the previous financial year. Ordinary dividends for the year are maintained at 14 per cent, (interim 6, final 6, and bonus 2), requiring £70,000,

and preference dividends of 8 per cent, require £BOOO. . ~ The consolidated balance-sheet ot tne company and its subsidiary company shows current liabilities and provisions at £230,333, against which there are current assets of £810,358. Property, machinery, and so on, are set a£ £261,499 and reserves at £233,893. The company has advised the Stock Exchange Association that transter books are closed from November 30 to December 13, inclusive. PLACER DEVELOPMENT Placer Development, Ltd., announces that interim dividends for the year ending April 30, 1940, totalling 60 cents (Canadian) a fully paid share, h av ® been declared payable to shareholders registered in the books of the company at close of business on December 1939. , w The dividend will become due on December 11 and will be paid from all offices of the company on December 18, this interval being necessary for the balancing of the books and preparation of the cheques. Payment from Sydney office will be made in Australian currency, calculated at the rate of exchange ruling on December 11. Dividends payable to non-residents of Canada will be subject to Dominion oi Canada absentee tax of 5 per cent. The transfer books and registers of members will be closed, from December 3 to 9, both days inclusive. E.S. AND A. BANK Net profit of shown by the English, Scottish and Australian Bank Ltd. for the year ended June 30 is a decrease of £35,299. , Though gross profits rose by £27,205 to £1,295,817, expenses, including taxes, increased by £62,504 to £1,050,523, according to a cabled summary of the accounts from London. Dividend at a steady rate of 7 per cent., less United Kingdom income tax. requires £163,625. GOLDSBROUGH MORT Goldsbrough, Mort and Co., Ltd., have advised the Stock Exchange Association that the directors have declared an interim dividend of 2 per cent., payable in Melbourne on December 20. Share transfer books will I be closed from December 7 to 19 inclusive. The dividend is at the same rate as that of a year ago. The final dividend was 24 per cent., making 4J per cent, for the year ended March 31, 1939, as against 7 per cent, for the preceding year. " UNA HILL MINE Una Hill Consolidated Gold Mines Ltd. has received word from the Mines Department that the Minister of Mines, the Hon. P C. Webb, has authorized a further grant of £250 to the company on a subsidy basis of £1 for £l. This is additional to the £lOOO granted in December 1938. The development to which the Government assistance has been applied is nearing completion. The lower incline is now down 104 feet, or 172 feet vertically below the No. 4 level. The miners are coming out on the hanging wall side of the Flinty and work is proceeding in country of splendid type where the No. 2 reef should shortly be intercepted. DRUG HOUSES OF AUSTRALIA Drug Houses of Australia, Ltd., has issued a further 35,332 shares of £1 each, increasing die paid-up capital to £2,475,244. The new shares were allotted in connection with the acquisition of the business of L. Fairthorn and Son, Pty., Ltd., of Tasmania. . ; . ■ ■ ' WELLINGTON GAS DIVIDEND (United Press Association) WELLINGTON, December 4. The Stock Exchange Association has received the following advice: The Wellington Gas Company Ltd. has declared a half-yearly dividend on preference shares of 2J per cent., pay-? able on December 15. MORT’S DOCK Mort’s Dock and Engineering Co., Ltd., proposes to make a new debenture issue when the existing 5 per cent, issue falls due on January 1. The new debentures will have a currency of five years from that date and will carry interest of 5 per cent, per ' annum, payable half-yearly on July 1 and January 1 each year. It is intended to make the authorized amount of the issue £200,000, as at present. Existing debentures outstanding in the ■ last balance-sheet as at June 30 last . were £190,512. t

TOOTH AND COMPANY A new high record net profit of £855,709 is shown by Tooth and Co., Ltd., for the year ended September 30. It is £13,871 more than last year’s profit, which, was the previous highest. Dividend is raised to 12 per cent (interim 6, final 6) from 11J per cent., and requires £741,919, or £30,914 more than the previous year’s appropriation. Other allocations are £50,000 to reserve (making the account £950,000), £50,000 to reserve for depreciation of properties and securities (making that account £325,000), and £5OOO to employees’ benefit account. With £61,193 brought forward, the amount carried forward is £69,983. MINING MATAKI (United Press Association) AUCKLAND. December 4. The Mataki return for the week ended December 1 was 21oz for 129 hours. Because of floods the yardage was unobtainable. OKARITO (United Press Association) DUNEDIN, December 4. The Okarito wash -up totalled 14ozs lOdwt for 126 hours’ dredging. CLUTHA DREDGE (United Press Association) DUNEDIN, December 4. The Clutha River Dredge at Alexandra worked 127 hours for the week ended December 1 and recovered 58oz» of gold. ' KANIERI, BARRYTOWN AND ARAHURA DREDGES (United Press Association) GREYMOUTH, December 4.

During November the Kanieri Dredge handled 15920 z for 478 hours and 259,000 yards; the Barrytown Dredge handled 10630 z for 550 hours and 196,000 yards; and the Arahura Dredge recovered 1106 oz for 544 hours and 369,000 yards.

Revenue— • Mine, etc. 1,032,108 846,713 927,116 Dividends 71,611 85,953 83,692 Net profit 343,852 150,830 161,189 DividendRate, p.c. 171 ; , 7J 74 Amount 271,250 i 116,250 116,250 Depreciation 48,603 j 52,421 65,009 Prospecting and development 27,869; 21,135 • 26,177 Taxation 73,889 19,283 37,601 Production cost a ton of copper 47,603 52,264 53,323