MINING

Press, Volume LXXI, Issue 21417, 8 March 1935, Page 13

MINING

(JLENKOV COMPANY The first annual report and balancesheet of Glenroy Gold, Ltd., for the year ending January 31 has been issued, and the annual meeting of shareholders will be held on March 18. The report slates that the programme of works as outlined in the prospectus has, with slight modifications, and with the' exception of the tunnel tail-race into the Glenroy river, been completed to the satisfaction of the com- ; parry's supervising engineer. Sluicing has been in progress for a period of six months, and in that time it has been the policy of the directors to work the claim in the manner recommended by the company's consulting engineer, and it is regretted that the results have not been .sufficient to cover expenses, nor reach prospectus estimates. The company's water right lias proved valuable, and the directors ! are considering other methods of operating with a view to increasing the returns. Messrs J. W. Stewart and G. H. Wood retire from the board of direc- j tors by rotation, and, being eligible, offer themselves for re-election. The balance-sheet gives the paid-up capital as £16.000. and sundry creditors £441. making the total liabilities j £16.441. On the assets side the chief j litems are: Cash. £874: gold in transit.! ! £65; mining property and buildings! |(at cost). £7225: water-race and pipe-j line (at eoslL £3517: gold saving, clec- j trie light, and stoning plant fat cost).! £1097; tools. £105: mine development.! £1248; preliminary expenses and! brokerage. £979; profit and loss ap- ■ I propri'Hion account. £1331. j i The mining account for the six , months shows that the gold won re- ; turned £960. and rent £2. Wages | I totalled £1505. engineering and super- i vision £159, general mining expenses £lsl. employers' liability. £6l. and | horse hire £l3. leaving a loss of £930 | to be carried to the profit and loss account. The pre.lit and loss account for the six months ended January 31 gives the mining account loss at £930. directors' fees' £137. travelling expenses £l2B. salaries £IOO. and general expenses £54. making a total of £1350 From this is deducted transfer fees! £ls and interest £-1. leaving a net | loss of £1331. | NEW COUNTS!! POINT ! I The mine manager reports as fol- i iows lor the wee!; ended March 2:-~ For the last week the incline tunnel has been advanced 60 feet and Inn- I bered, making the lo'al distance 80 j feet fioni the commencing point. The I country passed through consisted of a | ! mixture of gravel, sand, and schist ! | bonideis, and fairly solid. At 80 feet j Irom the surface the rock bottom i which is of a -;olt and favourable iialtuei has been reached, and at present is rising gradually as driving proceeds. The wash on the bottom is a : fairlv light gravel containing line gold bul not of a payable nature. The bottom of the incline tunnel is approximately at low-water level but so far no water has been met with. Driving is being continued, following the hot- ! turn in'alignment with the tunnel in: a north-west direction | COI.CONDA MINES 'i he manager i cpoi is that during the week the following work has been [ in progress:—The drive on the reef south-we.-t ; '.-.as advanced liv.- loot- -total 101 ftvt ' fiom the shaft The reef is in two portions, divided by a nurse of eoun- , t.-v rock and stringers. Nice colours , of gold have been seen in the string- i cv~. but no gold has been seen in the ! mam portions of the reel although ; they are carrying /.me bh nde audi mineral The iornu.t ion is now too , iv.de to take in one drive, and we in- '. tend to drive on the hangingwall pur- I tion, which is carrying the most mm- j oral, and then crosscut into the foolwell. Repairs had to be done in the mam level. 1 TALISMAN 1)1 liliO j The mine manager's report for Ike j period ending March 2 states:— : IVleln'.yre's Level—Has been extended 1-1 loot, making a total distance oi 101 feel south. The leaders are small, being broken into stringers. Dubbo and No. 1 level—The stopes are maintaining their width and size, averaging from six inches to four feel wide. The ore broken is of good value. CROWN MINES DIVIDEND AUCKLAND. March 7. New Zealand Crown Mines. Ltd., London, has declared a dividend of 3d a share, less English income tax at -Is (id in the £. SEED POTATOES AUTUMN-GROWN CROP A FAILURE HEPOKT EKO.M PIKEKOHE I THE PRESS Special Service] AUCKLAND, March 7. Owing to the dry weather experienced this season, the crop of autumngrown seed potatoes at Pukekohe is practically a failure. These potatoes are usually dug in March for planting in April to supply the market with new potatoes in September: but this year they have been weakened by second growth. The supply is so short that the price has risen from about £7 to £8 a ton to from £ll to £l2 a ton, and as much as £ls has been paid by some growers to secure good quality. Such prices are not economic, as the high values obtained for early potatoes la- only a verv short time. Sonic relief may be obtained by the use of seed carried over from earlier in the season, and although this is not favoured by growers, such potatoes will be stronger than the present crop, which have been weakened by second growth caused by the rain following on a dry period. Seed for the main crop will be available from other sources, such as Ohakune; but this will not be as good as the usual locally-grown supply as potatoes require a season m which to acclimatise. It is stated that in Pukekohe the yield has been only about 15-cwt to 30cwt an acre, compared with from five to six tons in normal seasons. "The supply of new potatoes available in September and October will depend largely upon the planting of seed which has been carried over from earlier in the season." said a produce merchant. "It is impossible to say how much of this seed will be used." PROPEUTY SALES Messrs C. E. Jones, Ltd.. report having sold on account of the owner, a property in Norfolk street, Papanui, comprising a semi-bungalow of five spacious rooms, with every modern oenvenience, and one quarter of an acre section, to a client. —8 Messrs Ford and Hadfield, Ltd., report having sold on account of Mrs Broadway, a large two-storey residence containing nine rooms, together wit'n more than an acre of land, situated in Bristol street, Merivalc, to Mr Gough. —8