TALISMAN CONSOLIDATED

Dominion, Volume 11, Issue 148, 12 March 1918, Page 8

TALISMAN CONSOLIDATED

ANNUAL MEETING

Shareholders in the Talisman Consolidated Sold alining Co. held their h'rst annual meeting in Auckland last week. , Mr. M. Casey, chairman of directors, presided. In moving the adoption V>f the annual report, the chairman said that although the values of the ore had not changed, costs had increased, owing to scarcity of labour and advanced price of materials-. _ The company's position was, he claimed, thoroughly sound. Prospecting was being done at the different levels, and ' the country at present was favourable. Dealing with finances, the chairman said that the company had a reservefund of £26,570. Sundry creditors in London and New Zealand totalled £7365, ivhich included the amount of the estimated New Zealand income tax. The balance of the profit and loss appropriation account was and since September 30 a further dividend had been paid. The _company's invos,tni3nts totalled £71,272 in London, and £25,000 in New Zealand, tin; former having appreciated at _the drTd of the company's year to £72,719. The stores on band were valued at £11,497, and £2468 was paid over to the new company by the liquidator. The cash in bank and on hand in London and New Zealand totalled £11,856. The amount of- bullion realised represented £117.718, as against £164,056 for the period ended March 16, 1916. The mine expenditure totalled £55,376, as against £91,625 for tho previous period. The general expenses in New Zealand to-, tailed £2017, and it was anticipated that this amount would be considerably reduced , during the coming year, j The' expenses in London £1371 as J against £3348 for the previous year, i Taxes paid in New Zealand totalled ; £1276, and provision of £7000 for u\j come tax \va3 made as against £29.762 !in the previous year. The saving un- ! der this heading alono by the change I of control to New Zealand, whs. con- ! sidcrable. The net profit for the year was £07,8'20, of which shareholders had received £34,500 in dividends to Septejnber. After providing for income tax and depreciation there was £10,835 to be carried forward. Tho old company had now been finally dispused of. The question of British income tax was the most important item in the -liquidation, and he was pleased to be ablo to report that claims made by the Inland Revenue authorities in Enalaml totalling £26.690 were eventually settled for £7245. Dr. C. P. Knight, of Wellington, seconded the adoption of the report and balance-sheet, which was agreed to.

Mr. 11. Stansfield, ni'iio , superintendent, in answer to a question, said the rock now met with in the northern part of No. 16 level was more favourable than in the south. He intended to continue the level, and the put n winze in helow where gold was previously located.

The retiring directors, Messrs. M, Casey and T. 8. Weston, were reelected.