LATEST MINING NEWS

Waihi Daily Telegraph, Volume XXXVII, Issue 9211, 23 April 1938, Page 3

LATEST MINING NEWS

MARTHA'S COMPANY'S RETURN TO APRIL 9. ASSAY VALUES. The following information has been cabled to the London office of the Martha Gold Mining Co. (Wailii), Ltd.: l For the period ended April 9, comprising 20 crushing days, 17,379 tons of ore were crushed for a return of 3953 line ounces of gold and 22,555 fine ounces of silver. This includes S 5 tons mined from the. Grand Junction area, which yielded 15 tine ounces of gold and 75 tine ounces of silver. No. 4 Level —II branch vein: At 75 feet in Lovett crosscut we drove to east on this 24 feet, but although value is good, the width of the vein is narrow, not being more than 12 inches. Driving has been suspended. No. 5 Level —Lode at 85 feet north in Taylor crosscut: The next 12 feet west assays 10/0 per ton. Driving lias been suspended. PROFIT OF £100,427. A net profit of £100,427 is shown in the accounts of the Martha Cold Mining Company (Wailii), Limited, for the year ended December 31. This compares with .C. 95.570 in the previous year. The decision of the directors to pay a final dividend of Is a share (sterling), making 2s a share unchanged lor the year, has already been published. Cabled advice received from London by tin: New Zealand attorney, Mr. .1. H. G. Banks, slates that the gross profit for the year was £lßl,181. The amount brought forward was £9293. Income tax in London and' New Zealand required £75,939 and depreciation written oft was £4815. After payment of the interim dividend, requiring £-19,590, there was a balance in the revenue account of £60,130, out of which the directors recommend the final dividend of Is a share (free of income tax), payable on May 6. The final dividend absorbs £49,591, leaving £10,539 to be carried forward. The annual meeting will be held i'.i London on May 5.