NORTH BROKEN HILL PROFIT

Wanganui Chronicle, Volume 80, Issue 254, 27 October 1938, Page 11

NORTH BROKEN HILL PROFIT

As set out in a preliminary stateI ment the net profit of North Broken iHill, Ltd., for the year ended June 30, ‘was £475,153, compared with a record profit of £910,628 in the previous year I during a period of high metal prices. Ore reserves at the close of the year j showed an increase at 5,075,000 tons, j Profit is struck after providing £57,1800 for taxes and royalty (£276,000 in the previous year), and the unchanged I amount of £30,000 for depreciation. ' Appropriation for new plant amounted 'to ±94,026. The profit equals approxi- ■ mately 3s 5d a share, out of which j dividends totalling 3s a share were paid, aggregating £420,000. The quantities of lead and silver in ' lead concentrate, which have been taken into the accounts at an estimated value of £AI2 10s a ton, and Is 8d Australian per ounce respectively, arc: :Ldad, 12,507 tons; silver, 700,3140 z The international agreement between Jhe silver producing countries terminated on January 1, and the whole of ;the silver withdrawn from sale by the ; company—9Bs,9l9oz.—was realised before the end ot the financial year. Development work done at the ■ north section at June 30 resulted in ar. increase of ore reserves. The genera' manager estimates ore reserves in the North, British, and Junction sections : ’at 5,075,000 tons, excluding ore disclosed by diamond drilling only. Thi:. ; compares with 5,021,000 tons a year earlier. Certain of the company’s leases, in- , eluding the main productive leases, I have been renewed for a further I period of 20 years from their respective due dates on satisfactory terms. ; Two new mineral leases at Broken Hill have been acquired.