NOKOMAI CLAIM.

Star (Christchurch), Volume LXVI, Issue 20329, 12 June 1934, Page 3

NOKOMAI CLAIM.

Sale Offer Made to London Interests.

The second annual report of the directors of the Nokomai Gold Mining Company, Ltd., covers the period ended March 31, 193 4. and is as follows:

“In submiting to the shareholders the second annual report and balancesheet of the company, your directors with regret have to advise that the excavating machine installed on the company’s property is unsatisfactory and unsuitable. Owing to these circumstances. the directors decided to cease digging, and work with the excavator terminated on April 12. To clean up the partially excavated paddock, your directors have installed hydraulic eleva-

“ During the past two weeks, the board has been in negotiation with the representative of a London mining syndicate. and, at his request, granted an option to purchase the company's property, plant and claims, the terms of the option being £39.000 cash, in New Zealand currency, and £26,000 in fully paid up shares of the value of 2s each in the company. The granting of such option was made conditional on the shareholders approving of the same. At the annual meeting, the shareholders will be asked to confirm the action of the directors in submitting this option on their behalf.”

The balance-sheet gives the paid-up capital as £62,054, sundry creditors £14,303 and bank overdraft £543, making the total £76.900. On the assets side, mining property (elaim and races) is £30,000, mining plant and buildings (at cost) £31.136. cost of overhauling races and dams £256 4, and preliminary expenses £4573; manager’s account, etc-., £65; appropriation account balance brought down, £1901; and loss for year. £6560.

The profit and loss account gives the go>d~tron as £5620 and transfer fees £2B. Wages were £5137, excavating contract £1956, repairs and working expenses £2885, race maintenance £1330; management and office expenses, fees, etc., £691; rents, rates and insurance, £149. ,