MARTHA GOLD MINE YEAR
Reduced Ore Reserves
The annual report of the Martha Gold Mining Company (Waihi), Limited, for 1939 shows that gold and silver sold realized £421,989, against £401,114 in the previous year. Interest provided a further £9102, making a total of £431,091. The net profit, as has already been announced, was £62,250. A sum of £70,217 was provided for income tax and National Defence Contribution. In addition, £5411 was paid in export duty in gold and rents, £25,225 in respect of special export duty on gold, and £7652 in respect of special war duty on gold, making a total of £38.258. The directors propose to transfer £3OOO to staff fund from a credit _ balance which was established in 1936 for exchange purposes and is no longer required. During the year 195.047 tons of new ore were developed. In general account there are 110,890 short wet tons of an average assay value of 30/2 a ton (dry weight) and in suspense account there are 147,778 tons of an average assay value of 34/5 a ton (dry weight). The general account shows a decrease of 17,157 tons, including 5485 tons written off, and the suspense account a decrease of 8187 tons, a total decrease of 25.344 tons.
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Dominion, Volume 33, Issue 187, 4 May 1940, Page 14
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207MARTHA GOLD MINE YEAR Dominion, Volume 33, Issue 187, 4 May 1940, Page 14
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