MINING.

Taranaki Herald, Volume LX, Issue 143785, 8 May 1912, Page 6

MINING.

TELLURIDES PROPRIETARY

LIMITED

Following is a copy of tho mine manager’s report for week ended May 4, 1912; Gordon.—Tho level going south on the Corbett lode has advanced 5 feet for tho week, making a total distance from the crosscut of 15 feet. Tho footwall portion shows about 4 inches of stone and not so much sulphide has been scon in tho ore us was the case a little farther back, but still the ore looks very promising. The level going north on tho course of the Corbett lode has boon advanced 6 feet for tho week, making a total distance from the crosscut of 16 feet. There is an improvement in the quality of tho stone in this direction, the quartz showing on tho footwall side is 0 inches in thickness. and was responsible for some very good ore at the last breaking down, and there is still a very nice show of high-class sulphide to bo seen at this point. The hanging wall portion is also improving in appearance, the mineral indications being much bettor than has ever been'the case before. Volunteer.—On Thursday last the rise intercepted a lode 2 feet in thickness, from which a general sample was taken, and this assayed £5 6s per ton. The, rise will now be carried forward on the upstr.ike of the lode till we roach the old surface level above. This development is now up 19 feet from the back of tho main level.

The annual meeting of shareholders in the Waibi Gold Mining Company is fixed to he held in London to-day (May 8). , Tho final accounts for 1911 show a,gross profit of £371,500, as against £559,000 for the previous year. Expenses of development during the year amounted to £29 000, as against £20,000 in 1910. Dividends of 55 per cent., or 11s per share, amounting to £272,748, have been paid, and the addition of £38,862 income tax in England and New Zealand makes a total of £311,611 as against £441,000 last year. _ After providing £35,000 for depreciation, as against £37,000 last year, tho balance to credit of the revenue account is £82,000, which the directors recommend to bo carried forward. The capital expenditure during tho 'year amounted to £12,000, but in accordance with .the policy stated at the last general meeting this amount has not been charged to revenue account. -