MINING.

Otago Daily Times, Issue 17691, 31 July 1919, Page 7

MINING.

—>»■ . WAIHI COMPANY thßvnfh?^., l^ ?- f s Wholders in tie Waitu bold Mining Company was hold in London on May &>. 'liw chairman of £idod COmPany (Mr A - M> Pre-

In moving the adoption of the annual report, the chairman said that for various reasons it became necessary in February, 191., to suspend all operations below the cl?l,xnf tt^V 1 } *2 13O0£t telow the collar of No. 5 shaft-but now it was felt ™? ai ? S, bject *? be aimed at » the rei*wal of the work of development in the lower levels as speedily as possible Thi= company s representatives in New Zealand fully appreciated this, but it had been imrnntnn "1 minerS the 3 P^ y t. WlSlwd 'J lnd tlle eat scarcity of coal m the country prevented the deveiopS bcl TM hc - iN °- n level - In 191° the Minister of Munitions decided that the new pumpmg plant which was required to aikt with W i a ? k v s °T ld n u ot bo P~ceedod able f\ * i :So r. enlbe = the directors were able to tak.3 up the matter again, and it had now been ordered. It consists of two 620 horse-power motors, with two turbine S sß ' ™ ch Pump capable of delivering iww ♦ « a ? llnutc from * d °P th of t . !u° r£ace - Tliay would be installed at the No. 11 leveL The cost would the war " '* W ° U '' d haV ° tecn befo ™ J' 1 the'suspension of development ™?v" ° r , th ? orc resorTCS oi the company, the chairman continued, "it has been good for its finances, for th e development work has cost, only a small part of whatit used to cost. To be exactly £Bi>iT) was spent in development in 1918 £1 5,587 in 1917, and £32,796 in laio. I his, however, is merely a temporary suspension, and £50,C00 is carried to a special development account, in order to assist in financing the vigorous development which will bo prosecuted as soon as an adequate supply of coal can bo obtained and a sufficiency of miners secured in the profit and loss account the yield from the mine « about £17,000 more than Inst yeir although about 3000 tons less Wera dealt with. This satisfactory rosuK is entirely rlue to tile increased price of silver, and had it not toon for this the ■yield would havo been some £4000 less than last year. " Wo _ have received payment of £4491 for ore inadvertently taken by a neighbouring mine. Mining work requires extremely careful surveying, and our neighbours in previous years inadvertently trespassed on our property and mined some of our ore Alter the extent of the tn?spass had been ascertained, and agreed between the representative of both minor,, we considered that wo were entitled to something over £4900 • a %JVS ihou ste we ought only to roce.yo £4481 we nocopted the \cJor sum roJinr than quarrol over a comparatively small matter. Wo have- also had a little difference of opinion with • our neighbours asto pumping Tim is a difficult %£s£ Z Q h n }A °\T hlch ****. different views may bo held. Tho enspersion of developments brought up tbo question in a somewhat aouto form, but we have now a~roed to

-/ aT i e to °f arbitrator in New Aoaland the question of wliat proportion ot tte total pumping each company ehall bo responsible for during the next threo years."

J ho wide difForenco between th.3 standard price of gold and its actual valuo in revr 11 currency, was discu-ssed by Mr Mitchison, who remarked: "There is i • a , that it will be thought advisable for tho national welfare to eontinuo to prevent a perfectly fr«e market for gold. If this should be so, then the penal.sat.on of tho gold industry will continue, and if for tho public weal it is «oomcd to pcnaliso any industry, tnon it is common justieo that the industry Tvhicli tho State is artificially imposing. As leeards the W«hi, wo have rot b£n eo w.o also produce silver, and tho nso in pneo of tho white metal has been altogether in our favour. Also, during tho jvar I confess I have felt most reluctant to voice any grievance or share in making nmv rt PT ' how > vor wc]l justified; hut now tlwt the war is at an end, I think tliat wo as well as other gold producers are ent.tled to ask that whL aS 5 1? amoved, and while wo do tl?o hi ll i° Wod to e a fro ° ha "d to vo oZtf Y° Can Wlth our P rodu °t. then «har?o of eomc compensation in tho Pliapo of a bonus on the gold we nroduce to b ° a matter of : adoptk r ° POrt and balanTO 6heet w «e

irJT- ° f Sir Wostb y Portal, Mr br. R. Mitehison was rfi-elocted to thn has Perceval «,d:-"Mr Mitchison vearT", ? i ,,r ?" tor ,and chairman for manv I V P 'r. { ] mWg that tim<> he hll « d^oted a ff^ y of tf e amOnnt Of llis tim<? to tho att.iirs of tho company. H c or rath