MT. MORGAN ACCOUNT

Wanganui Chronicle, Volume 80, Issue 240, 11 October 1938, Page 11

MT. MORGAN ACCOUNT

REDUCTION IN PROFIT Mount Morgan, Limited (Queens-* land), shows a profit of £116,064 for the year ended June 30, against £143,043 in the previous year and £104,961 in 1935-36. The directors state that, had the company realised the same price for its copper as in the previous year, the profit would have been increased by £92,782. Two dividends of 41d a share were paid during the year, equal to 30 per cent., against 15 per cent, in the previous year. Distributions absorbed £88,049. Since the close of the year, a further dividend of 3d a share ha< been paid. A sum of £23,734 was transferred to removal of overburden reserve account, £15,000 was provided lor bad and doubtful debts, and £6604 to employees’ welfare fund. This leaves £109,470 to be carried forward, against £126,793 brought in. Revenue totalled £628,566, against £515,056, and expenses £512,503, against £372,013. Total production from the sulphide and oxide mills for the last three years comparer, as follows: — 1936. 1937. 1938 Gold, oz 35,618 39,539 56,541 Silver, oz 2,736 19,661 Copper, tons ... 1,513 1,806 2,353 The construction programme, which includes increasing the present capacity of the sulphide mill to treat a minimum of 10,500 tons of ore a week, and the erection of smelting and converting units for the treatment of concentrates, is progressing satisfactorily. It is anticipated that this will be completed by the end of the year, and the smelting plant will be in operation in January.