GOLD MINING.

Waikato Times, Volume 110, Issue 18393, 29 July 1931, Page 8

GOLD MINING.

WAIHI GRAND JUNCTION. ' ANNUAL MEETING. United Press Assn.— Elec. Tel. Copyright. LONDON, July 25. • The annual meeting of the Waihl Grand Junction Gold Company was presided over by Mr J. Morewood the chairman. The chairman said that during the year 18,545 tons of ore had been crushed, \A r hich represented 7482 tons in excess of last year.- The ; amount received Avas £11,220 8s 6d. an Increase of £4469 18s. 3d on Ihe' preA'iOus year, and representing an average mine valuation of 52s Id a ton, against 55s 7d for the previous year. The dividend of 4d a share, free of tax, AA-ould amount to £6906. The ore reserves at December 3i’ amounted to 11,590 tons. The amount of development work carried out In 1930 was considerably in excess of that done during 1929. The results were sufficiently encouraging to lead them to believe that it would be advantageous to continue further development Avork in the eastern section of the property. They had, therefore, set aside £3OOO for this purpose. Toward the end of last year the company concluded an agreement with' the Waihl Gold Mining Company, Limited, Avhereby it became Interested in the tin property of the Waihi Company in Siam to the extent of l-20th of its holding —or a maximum of £IO,OOO. Mr W. P. Gauvain, a director, said there was a speoial reason for putting £3OOO to deA r elopment reserve account. The agreement with the Waihl Company Avas -such that the cost of Avinning the ore Avas taken on the basis of the aA’erage Avorking cost attained by that company in the course of its operations. Where, however* special development Avork had to be carried'out they, bad to be prepared to spend extra money. The report and accounts were adopted. Mr J. Morewood Dowsett, the retiring director, Avas re-elected.