ELECTROLYTIC ZINC

Wanganui Chronicle, Volume 83, Issue 257, 31 October 1939, Page 3

ELECTROLYTIC ZINC

EFFECT Ol LOWER METALS PRICES Accounts ol Electrolytic Zinc Co., of Australasia, Ltd., lor the year ended June 30 confirm the profit of £405,800 announced in the preliminary statement published un September 30. The fall in profit from £459,500 for the previous year is attributable, the directors slate, to the lower metal prices ruling during the period. This disadvantage was partly offset by realisation ot products and by-products at prices above the value at which they weic included in the accounts at June 30, 1938, and by valuation of the increased stocks of raw materials al ligures more in accord with replacement values. Gross earnings were £571,000. Preference and ordinary dividends, botii 15 per cent., account to £390,000. Provision for amortisation and deprecaition. etc., which in the previous year’s accounts had been included at £145,009, has been reduced to £lOO,OOO, which the directors consider sufficient in view of the ample reservations previously made. This reserve now stands at £2,528,467, and is in the main used in the company's business. Output of the Risdon (Tas.) works of the company for the year was: Electrolytic zinc, 69.825 tons; lead. 2873 tons; .silver, 437.550 ounces; cadmium. 172 tons; copper, 233 tons; silver in copper residues, 18,429 ounces; superphosphate sales were 27.786 tons. Ore treated at the West Coast mines amounted to £159.970 tons (153,344 tons last year). Mill production was 55,108 ton.s zinc concentrate, 13,263 tons lead concentrate, and 91,594 tons mill residue. Reserves of known and probable ore remain at 1,500,000. Provided there is no interruption to deliveries of plant from the United Kingdom because of the war, it is expected that the first section of the Australian Aluminium Company’s works at Granville, Sydney, will be in operation in the first half of next year, and that the full plant will be in readiness in the second half of 1940. Balance-sheet items are as follows: Assets, cash and investments, £866,000; debenture sinking fund, £327,800; debtors and stocks, £886,500; shares, £500,400; plant, mines, etc., £2,606,500; total, £4,641,200. Funds used, liabilities, £807,100, debentures £400,000, ordinary capital £1,100,000, preference capital. £1.500,000, undivided £834,100; total, £4,641,000.