MOANATAIARI MINES

Wanganui Chronicle, Volume 74, Issue 149, 26 June 1931, Page 9

MOANATAIARI MINES

REPORT OP DIRECTORS. NEW COAIPANY PROPOSAL. | The half-yearly report of the direc- ■ tors of tho Caledonia Kuranui Aloana* i taiari Consolidated Gold Alining Com--1 pany, Ltd., tc be presented at tho annual meeting of shareholders this month, states that since the last report the wospeets of the mine have shown considerable improvement as the work progressed, several small parcels of picked stone having been secured from time to time. Some of tho stono showed gold very freely and might almost have been classed as specimen. A proposal to form a new company for the purpose of raising funds to pay off the liabilities of the present company and provide working capital to enable the development of the mine to be carried on in a more vigorous manner and on a bigger scale had been submitted to shareholders and adopted. Air. P. F. Watson, the retiring director, offers himself for re-election. The authorised capital of the company is £58,750, which is paid up to £34,646. Sundry creditors amount to £2296, bills payable £689, and bank overdraft £487. Assets include: Aline property and machinery, £4817; battery plant and site, £5512; bullion on hand, £138; mine development, £27,610. In thi mine development account working charges for the halfyear are shown at £926, increasing the debit balance to £27,865. Against this £7B 15s was received in Government subsidy, .'’l3B by bullion on hand, and £37 10s by crushing, leaving a debit balance of £27,610.