CLOSING OF MOUNT MORGAN

Hokitika Guardian, 24 January 1928, Page 4

CLOSING OF MOUNT MORGAN

OTHER COMPANIES AFFF(TKI). Now that active operat ions 1!' Mount Morgan (told Minin;; Co., I t i.. at I! < •«•!< 1 1 :i 1111 iton. have ceased. the po-.itinn is dearer h r the or,ulna! wi lll l i ll jZ ii]j of the company. .'.t the extraordinary meeting, in Ji.lv last, wl; >ii iii|iiit!:ilion was th i ided upon, it. was uredicted t’at the smeltin , <-:ilit)taiyin Mini!,l I ■ vnvpleted I y December. aiu! the t< rutini'.tinn of i!r> active existent .■ cf the :I!\ is. therefore, in jwi irtlnm e with t’•{• | ro01X11111110 ira'i'i'il in o;i earlier in the year. Owing t > po.lilt t ivt- operations proving i:i?]>;■!>!'• ti»ii!*e 8.009.059 tons <>i ore. containing gross metal values beivvcon f 1.'.11511.h 1 (t anil £IO.(ICO.hi.) %yi! 1 remain in the mine. The two largest items appealing in the last lialanee-sheet of slums in other companies £.l-12.(519. anti debentures £186.195. nre expected in the aggregate on realisation to he more than fully repaid. The share interests include a holding til 59 per cent <>! the capital of the Electrolytic Refining am! Smelting Co. ol Austialin. Ltd., onehalf the capital of Australian Fertilisers. Ltd., and also a large holding in Metal Manufactures, I’ty.. Utd. Of the £186.195 of debentures £IGO.195 was represented in Commonwealth. Victorian and municipal del/cnt'ures. Whether any of these assets have yet been realised on has not been announced. The surplus of liquid nssets at "May 31 last amounted to £750.92<. the assets including stocks of ore. stores ami unsold metals and book debts. The mine assets, which include machinery, plant, properties am. buildings, have also to he disposed 01. The cessation of active operations brim's to a close a world famous mine that" for over forty years has meant much to Australia.