THE WAIHI GOLD MINE.

Hauraki Plains Gazette, Volume XXXX, Issue 5441, 28 June 1929, Page 4

THE WAIHI GOLD MINE.

REPORT OF ANNUAL MEETING.

IMPRESSION IN LONDON

In regard to the Waihi, Mine, the “Mining World and Engineering Record” (London), says : — “From the report of the annual meeting of the Waihi Gold Mining Co., Ltd., it will be seen that slowly but surely the curtain is being lowered in regard to mining operations at the famous Waihi property, a mine which has produced about £16,000,000 of bullion during its long history. Exploration work has ceased, and the future of the mine must depend more and more upon the reserves, which are correspondingly being reduced. For the year under review a net decrease in the general account of about 80,000 tons was recorded. In regard to dividends, the outlook is decidedly brighter, thanks to the careful manner in which the chairman, Mr A. M. Mitchison, and his colleagues have managed the affairs of the company over a long series of years. It is evident that the shareholders may look forward to the same handsome distribution for the year 1929—40 per cent., free of income tax, on the increased capital—unless something very unforeseen takes place, but for 1930 a decline must be expected. In Siam the long negotiations in regard to the alluvial tin proposition have been brought to fruition.” A Shareholder’s View. At the meeting referred to a shareholder. Mr E. J. Lawrence, remarked : “We have Mr Williams with us here to-day. I do not think that we want Ml’ Williams to come here from far away New Zealand, just to take up the role of Cassandra, and tell us in a few well-chosen obituary phrases that the glory is departed. As a matter of fact, Mr Williams told us that some 17 years ago. Anyway, he told us that the patient was very seriously ill, and time has proved that Mr Williams was quite right. But, like the late King Charlesll., the ‘old Waihi mine has been an ‘unconscionable time in dying,’ and since then has produced upwards of £7,000,000 (seven millions) worth of bullion. And you have been able to distribute to us in dividends 65s per share, and another 15s per share return of capital, which of course is virtually dividend withheld. Thus, in round figures, including income tax, you have £5 per share, and the mine is still ot yet dead. Is it not a case for calling in a specialist ? You have never yet, Mr Chairman, engaged a first-class mining geologist— a man of world-wide reputation—to report on Waihi My one constructive point is that you should get a first-class geologist to report before the patient is in extremis.”