MINING NEWS

Dominion, Volume 10, Issue 2895, 6 October 1916, Page 8

MINING NEWS

WELLINGTON SHAREMARKET. Yesterday's quotations for mining shares trero as follow:— Buyers. Sellers. £ s.'d. £ i. d. Talisman 0 9 0 0 9 3 Gra'nd Junction 0 16 3 — STOCK EXCHANGE. By Telegraph—Press Aesdciation. Dunodln, October 5. Sales:—Union Steam, 445. 3d. (three parcels); Westport Coal, 295. - LONDON SHAKE MARKET. / (By Telegraph-Press Association-Copyright (Itcc. October 5, 5.35 p.m.) London, October 4. Union Steam Ship Co. 'of N.Z., 555. (Rcc. October 6, 10.40 p.m.) London, October 5. Union Steam Ship. Co. of N.Z., 565. PAPAROA COAL MINING COMPANY. Tho first annual report of the receivers appointed by the first dobenture-holdcrs in the Paparoo, Coal Mining Company, giving an account of their management for the i eleven months ended August 31, discloses a profit of £1358 10s. sd. upon the salo of coal amounting to £27,201 ss. 9d. "The receivers,", says the report, "for the purposes of the liquidation, valued the property comprised in the debenture security at £65,435. This apparcd to bo a fair price, and enabled the receivers, on behalf of yourselves, to prove as unsecured creditors for tho sum of £29,055 13s. lid; against the assets in tho hands of the liquidator; and in this way they anticipate receiving a dividend of abont 2s. 4d. in tho £on such sum. Tho money thus obtained, tho receivers propose to hso in working the mine, so as to obviate borrowing money from the hank on overdraft as at present. A resolution to this effect will be moved at the meeting, of which, you aro receiving notice. As to tho prospects of the mine, your receivers seo no alternative but to recommend you to authorise them to continue working the property for another year. There are possibilities of a growth 'iu tho demand, and if this oventuates during the coming year, and if the war ends, you will bo in a better position to decide then finally upon your future policy. Developments at the mino have kopt paeo with tho output, and the mine manager reports that the property as a whole has been maintained in thorough' going order aud condition."-