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MINING NEWS

WELLINGTON SHAEE MARKET. Tho mining market was lifeless yesterday, and no bueiness was done.. The ciuotatione were as follow:— Buyers. Sellern. £ s: d. £ b. d. Murray Greek (Us.) : 0 14 6 N.Z. — 0 0 10 Talisman : 17 4 17 9 Waihi - Mi 6 Grand Junction — 13 3 STOOK EXCHANGE. ■ (By Tolesraph—Prpss Association.) Dunedin, 7. The following ealo was made on the Stock Exchange to-day :- Union Steam, £1 2s. Id. Tho following sale was reported:— . Waihi, £1 133. 6d. Customs duty collected at tho port of Wellington yesterday amounted to £4792 Ife. Bd. ■ CONSOLIDATED GOLD FIELDS OF NEW ZEALAND. ' The report of the Consolidated Gold,. Fields of New Zealand, Ltd., covers the year ended December 31, 1913. " During the year tho revenue of the company may be eummarised as follows:—Gold won from tho Wealth of Nations mine, £38,737; dividends on investments, £4648; rents and sundry receipt* in New Zealand, £169; and interest, £M 6," making a total of £43,J01. The exDcnditure in New Zealand on mining, milling, etc amounted to £23,181, and in London and Now Zealand for administration expenses, eto., £2163, leaving a. gross PToflt of £18,456. This sum ha 3 been disposed of as follows: £7195 has been .written off for development, depreciation of plant, machinery, and buildings, etc.. £320 for income tax in London, owl £4883 balance of purchase consideration in respect of rights of the founders' share, leaving a balance of £6056, which has been carried forward. -All tho arrangements in ■ connection with the acquisition by the company of the rights on the founders' 'share have been duly oarricd out, but the directors aro advised thnt in order to protect the ordinary shareholders it i« desirable that the special rcsolutione, of which notice' is given, shall bo passed, so as to extinguish the rights attachod to the founders' share and convert it into an ordinary share, the sum of £4883 out of tho profits of the year ended December 31, 1913, having been applied for the purpose of making up tho purchaeo consideration.

PROGRESS MINES OF NEW ZEALAND. , The Teport of tho Progress Mines of New Zealand, Ltd.-,'covers .the year ended Decomber 31, 1913, and states that during tho year 34,996' tons of oie were treated and the sum of £37,093 Bs. 3d. rcalieed 'froui gold. This amount, together ivith prococde of oonccntratco, smelter matter, and fur : : nsco bottoms, £13,238, diyidondo on inveet-' ments Ji43li), and eundry income from other sources £614, makes the total gross revenue for the y«w £55,261. The expenditure in New Zealand an-d London .on mininj, milling, and general administrative expenses amoiintod to £36,768. ■ leaving a profit of £18,492. This amount has been disposed of oe follows:—Development- expenditure £7275, depreciation on plant, buildinge, atrial tramway, and watOT race, ct<3., £3679, interest, rates, and taxes, etc., £475, interest on debentures £1217, £1016 bad debt written off and £2945 placed to gold reserve, leaving «, balance of £1883 placed to credit of profit and loss account and reducing tho amount carried forward to £24,033. During the past year debentures have Been iesued to the amount of £36,810, and the amount utilised towards the repayment of tho company'e indebtedness to tho Consolidated Gold Fields of New Zealand, Ltd.. which, has now heen entirely, discharged. During tho year under review the. development work carried out consisted of <055Wt., composed of 1166tft. of driving, 1394»ft. of crojecutting, 811»ft. of rising, nnd 633 ft. of diamond drilling, at an-averase cost per foot of 355. 10.56 d., after allowing 3s. 6.84 d. per foot for ore vron in development and charged up to cost of mining. As ompared with 1911, the laet full year, the working costs show the satisfactory reduction ofc 7s. 3.96 d. per ton, the cost for the- former year being 265. 4.78 d., against 19s. 0.91 d. for the past year. Just before the end of the Company's year important developments began to take place to the eouth of tho main fault and in the extreme south of the mine. Shareholders have subsequently been advised from time to time of the cable advices received as to the progrees of these developments, and in view of their important bearing upon the future prospects and working of tho mine the general manager hoe prepared a supplementary report dealing almost exclusively with Hieee developments which appear to promise a, new and important, era for the mine. In December last the Blnckwater Minee, Ltd., paid a further dividend of 5 per cent., free of income tax. Thie company's Interest in that undertaking consists of 86,295 shares taken into tho balance-sheet at cost prtco. BLAOKWATER MINES. Tho report of the Blackwater Mines, Ltd., covere the year ended December 31, 1913, and states that tho revenue for the year may be summarised as follows:—A sum of £82.448 woe Tealised from gold. Tills together with £49 for rent and sundry receipts in New Zealand, and £741 for interest, etc;, makes a, total gross revenue for the year of £83,238. There were also ou hand at tho end of the year 462 tone concentrates, at an estimated value of £4841, which had not-then been realised. The expenditure In New Zealand and London on mining, milling, and administrative and general expenses amounted tp £48,256, allowing a gross profit of £34.982, which, if added to the amount brought forward from last-year, £894, gives a fcotoj of £35 874. Of this amount the sum of £1904 has been written off for depreciation on plant, machinery, and buildings, £7914 for development, i>haft sinking, and proe-peot-ing, £1489 for income tax, £2742 rates in Now Zealand, and £300 added to gold reserve, leaving a- balance of £21,526 out of which the sum of £12,499 was paid in respect of dividend No. 6. leaving-a. credit balance carried forwo/rd of £9026. The ore reserves aie estimated by tho general manager at 104.727 tons, of an average vajno of 9.89 dirts.' over a stoping _ width of 3198 in , an' incrcaso over the estimated tonna«o at the end of 1912 of 5107 tone and of 5.9! in. in width, with a. decrease of 0.19 dwt«. in va.luc. The development work carried out during tho year' amounted to 3730 ft., consisting of 1680 ft. of driving, 314 ft. oE cToss-cuttinit, a»a 1768 ft. of -rising. Of tho distance driven-, 918.5 ft. was on reef of an average value of 10.84 d'wts. over 17in., of which 420.5 ft. cxpo6ed payable reef of an- average value of 14.35 dwts. over a width of 24in. Of the total distance risen, 1188 ft., or 6'/.2 per cent., exposed reef of an .-averago value of 12.56 dwts. over 22in., of "which 812 ft averaged 14.83 dwts. over a width of 25in. The cross-cutting was in country rock throughout. Development work in the mine during the year has has been Bornewhat restricted in consequence of the limitod supply of efficient labour available. In the fifth and sixth levels tho reef, north of tho main shaft, has shown signs of disturbance, but to the south of the ehaft in the No. 6. or then lowest level, an importnnt block of ore has been opened up and driven on payable reef to tho end of the year for a distance of 195.5 ft., with an average assay value of 13.15 dwts., over a width of 25in. Dividend No. 6 of Is. per share, free of income tax. was paid on December 31, 1913. Rince the close of the financial year satisfactory remilts hftvo again been attained, and for tho first six months of the present year a. total of 24,697 tons have, been crushed yicldine gold to the value of £47,146, or equal to-3!s. 2<l. per ton. and showing a working profit after deducting the cost of mining, milling, and general expenses, of £20.321, or 16s: 5Jd. per ton. Important cable advices were received from the general manager «t thi> end of last month stating that the reef had been intersected by the main shaft nl. a depth of 1018 ft., assaying 36 dwte., or &1 lOe. per ton, over a. sampled width, of Kin., . ,

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19141008.2.71

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 8, Issue 2275, 8 October 1914, Page 8

Word count
Tapeke kupu
1,343

MINING NEWS Dominion, Volume 8, Issue 2275, 8 October 1914, Page 8

MINING NEWS Dominion, Volume 8, Issue 2275, 8 October 1914, Page 8

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