MINING.

Star (Christchurch), Issue 5871, 13 May 1897, Page 1

MINING.

— ».. ... - TP.gr Press Association.! " LONDON, May 11*The improved outlook in the Trailsvaal, as the result of the repeal of the Aliens Immigration Act and the movement in favour of the observance of the Transvaal Convention, combined with the prospect of peace between Turkey and Greece, have caused an improved tone in the mining market. All stocks are hardening. African mining shares have had a sharp rise, and the movement is reflected in Australian stocks. MELBOUENE, Mat 12. The report of the Mount Lyell Mining and Railway Company shows net profits for the half-year of .£51,660, and a balance to the credit of profit and loss; account, of .£8'3)564. This' balance 'having been absorbed in the erection of works and plant, the Board has decided to issue 28,900 new shares; 27,638 are to be issued to shareholders, one for every eight held, at £2 premium, a payment of =£2 to be made on July 1, and of jjl on August 2, Sept. 1 and Oct. 2. The balance of 1262 shares i3 to be sold by the Directors in the interest of the company, the proceeds to provide capital to complete the present five furnaces and initiate an extension of the plant. The balance-sheet and circulars giving full information will be in the hands of shareholders on Monday. The register closes from June 16 to June 18 for the new issue. The Board recommends the half-yearly meeting. to declare a dividend of 4s per share on 221,100 shares, payable on July 1. AUCKLAND, May 12. Inquiries made from the legal managers of mining companies have elicited replies that during the month a marked revival has taken place in mining. Calls are being paid better than in the previous month. In a few cases forfeited shares have been purchased at the call price, and in some instances as high as nine times the amount of the call. The Kaponga Company had a small crushing of 49 tons, obtained in the development works, for 490z.