Consolidated Goldfields.

Hokitika Guardian, 10 December 1921, Page 4

Consolidated Goldfields.

ANNUAI. .MEETING IN LONDON LONDON, Oct. 25. Sir Wes thy Ucrcival .presided over the annual meeting of the Consolidated Goldfields of New Zealand. Other directors present were: -Messrs I. Lhl'lieli A L. Foster, George A. .Tones, E. I. McCarthy, and L. Welstead. In presenting the report and balance sheet of the Rlaekwater Alines, the chairman stated that labour m New Zealand was in the same disorganised fjttc ‘as it was in other parts of the world The result was they were unalde to get sufficient labour to_ maintain the "normal output- at the mine. 'he year’s working had shown a loss On the other hand the mine itself had never 1,001) in a better position. Developments were extremely satisfactory, the values were good, and the ore reserves bad been well maintained, and there was every indication of a very largo volume of ore awaiting development. Rut inasmuch as they could not get the necessary labour to develop it, or until recently bail not been able to see any improvement in that direction, ; they could only look forward to improved conditions when labour in New Zealand came tp its senses. As soon as it did they would bo able to increase 1 their output and their profit. ! Mr John Ouiiliffc expressed the opin- ■ ion that they had nothing to lie de--1 pressed about. Considering the etr- | I'luiietances. if seemed to him that the j state of the balance sheet was much better tlian it might have been. He thought that they now ought to be able to look forward with a considerable amount of lmpe. good mine like the Rlaekwater, said Sid West by. should show better results than it has done. It only needed increased labour to restore it to the divi-dend-paving stage. AVitli labour as it was it was very difficult to make any forecast. The directors’ report showed that altogether GO men were landed’ at the mine, but much to the directors’ disappointment and regret the majority of these had proved unsuitable, and a considerable number had left the employ of the company. T.atest advices, however, showed that there were somo signs of improvement. The balancesheet- showed the revenue of the com-

pany during the year to boFrom gold and concentrates realised and on band, £58,007. This, together, with £4O for rents and sundry receipts, made a total gross revenue for the year of C 05.054, The expenditure in New Zealand and in London or mining, milling and administration and general expenses. accident and lire insurance, bill, lion charges, milling rents, exchange ratvs in New Zealand, etc., amounted to £48.035. and £1303 for interest, leaving a balance r.f £8349 which, added'to the amount brought forward Horn last year. C 12.097. gave a total of £20,151. Of this amount £SOOI bad been writlrJi off for depreciation ol plant, machinery ami buildings; and CGI69 for development (less redemption), leaving

hi i-retlii l,a la in e curried forward of Cii‘22l. The estimated ore resolves at the end 'if tin' year amounted to 80,600 lons, of an average value of 8.4" dwts.

i" ci a uidtb ofg 39.8 inches, a decrease in tonnage of 902 tons as compared with last i car, and of I.B2dwts. per ton in, value, with an increase in width of four inches. The working costs —mainly a the result of a further rise in wages and materials—showed a< further increase during the year of over 0s per ton. To be worked at a fair profit greater labour efficiency, with a more reasonable output would have to be maintained. The development, work carried out during the year amounted to a total of 1225'.ft. consisting of 741 1 , foot of driving. 1701 ft. of cross-cutting. and 313'.ft of rising. Of the distal driven, 5311 ft was oil reef of an average value of 11.79-ldwts. over 21.29 inches of which llO'.ft exposed payable reef of an average value of 12.39dwt5., -over a width of 25.51 inches, and 112 ft 4.95dwt5.. 210 f- being off reef. PROGRESS MINES.

p’rom the report of the Progress ATino. said the chairman, it, would be seen that on tlie advice of the engineer the mine lmd'boon shut down. Tlie future of the mine lav in development below number 11 level. Tt was impossible to make the necessary arrangements (hiring t lie oust two rears to enable this work to he undertaken, and in. view of tint tbev bad no alternative but tm -dint down the mine until conditions improved Dr Henderson, tile Government engineer bad recently made an inspect ion of the mine below number 11 level, and the directors looked forward to this report with much inforest burn use if Tie endorsed the opinions which had been given in that eonnexion hv other engineers it was quite possible that some proensnt might be made to shareholders for providing the necessary capital to exploit, the mine in dentil. That was the only hone of the Progress. The Government had previously made an examinaion and had reported favourably. They otfeied to make a, C for £ subsidy to the company. but the company was not in a. position to take advantage of the offer. Dr Henderson’s report would shortly lie sent into the Government, hut whether the directors would he allowed In have a ropy of that report wasi not very clear. The bnlam-e-slieet showed that the s'ini of Cl 1.140 was realised from gold. This amount to 'other with value of eon re nl rates realised and oil hand £1 179. and sundry income (London'), £495. made Ihe total gross revenue for the year C13.11U. 'Die expenditure in New Zealand and Loudon on. mining, milling, bullion charges, accident and lire insurance, mining rents, interest and general administrative oxnonses. etc., amounted to £13.950. and tbci following amounts bad been written off ’

Development (less redemption). £779. : ilenreeiatinn of pln.nf. buildings, aerial tramway and water-race. etc.. 02280-. provision for interest on debentures. ,01050: a total of £3710, and 1 leaving a debit on the year’s working of C 10.553. CON St >I. I DATED GOLDFIELDS.

In presenting the report and balancesheet of tile Consolidated Goldfields the chairman said that the only milling operation carried on under tlie Consolidated Goldfields was in connection with the Wealth of Nations Mine. A serious lire occurred at this mine some lime ago. and a considerable expense was incurred in rc-ei|nipping the mine. 'They were unable at the time they hoped to, to begin again owing to the same (onditimis as he had referred to previously labour shortage. The Wealth of Nations had therefore been shut down temporarily. Sir Westby then briefly referred to the position of the other two mines the Consolidated Mines were interested in, i. 0., the (ilnckwuter and the Progress Mines.

Mr K. T. McCarthy and Mr A. L. Foster were re-elected directors Tn asking the shareholders to confirm the election of Air F. W. Spencer ns a director, the chairman said that. Mr Spencer had been associated with the company for years as general manager at Roe/ton, but left tlie Company’s service to take other work. TTo bad always been a. shareholder in the company, and they bad appointed him a director and bad sent him bank to New Zealand, and the directors had every

confidence in him both as a fellow director and as a mining engineer. He was temporarily in charge of the whole undertaking .and they looked forward to his being able to give him very sound advice as to what course they should pursue. Reports of all the companies wenadopted, and auditors were re-ducted.