WAIHI GOLD MINE

Wanganui Chronicle, Volume 74, Issue 139, 15 June 1931, Page 8

WAIHI GOLD MINE

LAST YEAR’S OPERATIONS “VERY SATISFACTORY’’ RESULTS PROSPECTS FOR THE FUTURE LONDON, May 7. The annual meeting of the Waihi Gold Mining Company was held to-day, Mr A. M. Mitchison presiding. The chairman said that last year he explained that tho exploratory work anside the block of ground bounded by the Martha, Edward and Royal lodes had been very satisfactory, although nothing had been done outside those boundaries, and nothing of any importance had resulted in depth. To-day the position was much the same. As their superintendent had remarked: “No deep level exploration has been confined to the ground enclosed by our main reefs, but a great deal of work has been carried out within this area, and tho result has been a very satisfactory year.” Reference was made by the chairman to the ore reserves, figures regarding which were published in yesterday’s Herald. He also dealt with the costs of development as explained in tho annual report, a summary of which was published on June 3. These costs, he said, were reduced last year from £1 4s 8d to £1 3s lOd a ton, as compared with the previous year. Of the 216,536 tons of new ore developed in 1930 about 130,000 tons came from the Martha and Empire lodes in about equal proportions, about 40,000 tons from the Edward, and the balance from various other reefs. About 122,000 tons of it were developed on the Sth, 9th and 10th levels, which still continue to be their best levels, though nearly 19,000 tons had been got from the 14th level. Benefits of Co-operation Tho advantages of the co-operation between the Waihi and Waihi Grand Junction Companies was referred to by Mr Mitchison. He said that during the period they had been working the Junction they had crushed about 90,300 tons of ore from that mine to the profit of the Junction Company, themselves, and the working miners. Of that stone he was quite sure that not a single ton would ever have been crushed at a profit except by the Waihi Company. If money had been found to continue to work the Junction mine separately it would simply have been thrown away. Mr Mitchison also dealt with the prospects of the company’s tin property in Siam. He stated that between ahalf and two-thirds of the property had been transferred to the Puket Tin Dredging, Limited. It was believed that it would be possible to make profits on prices that would prove ruinous to many other tin companies. As they were taking a two-thirds interest in the Puket Tin Dredging, Limited, it became a subsidiary company of the Waihi.

The chairman moved the adoption of the directors’ report and statement of accounts to December 31, 1930, and the declaration of a final dividend for the year of Is a share, free of income tax, the balance of revenue amounting to £2556 to bo carried forward. The resolution was carried. Reference to the Future Regarding the future, Mr Mitchison said he simply did not know. If, five years ago, he had said then what he thought was going to happen he could not have gauged the prospects at that time to be as they are now. The position now was very much better than he could then have foreseen. Waihi was a difficult and complicated mine and there was a great deal of silver present. Lots of small reefs were now being worked—reefs which had been carefully marked and put aside in the palmy days, and were now being worked. Complimentary references were made by the chairman to the valuable services of Mr Charles Rhodes, and the members of the Auckland staff, tho superintendent, Mr H. W. Hopkins, tho mine manager, Mr J. L. Gilmour and others officials at tho works.