FIRST PRODUCING YEAR

Sun (Auckland), Volume III, Issue 751, 26 August 1929, Page 10

FIRST PRODUCING YEAR

RENOWN COLLIERIES REPORT Results satisfying to shareholders are expected in the coming year by the directors of Renown Collieries, Limited. The fourth annual report and balance sheet discloses a net profit of £1,579 for the year ended July 31, 1929. The amount has been used to reduce the £9,576 debit in the profit and loss account. Coal sales during the year were 57.122 tons. Expenses were £ll,lOl but paid up capital has risen by £5.267 to £135.956. The directors state that, in view of the disappointing quality of the top seam, complete development of the mine being necessary, and further, in view of the usual difficulties in the early development of a mine, the year’s results were gratifying, especially as it was the first year of production. A circular to shareholders intimates that it is intended to issue 111.133 preference shares of 2s 6d each, ordinary shareholders to have preference in allocation. The retiring directors are Mr. H. R. Mackenzie and Mr. H. M. Marler. who offer themselves for re-election. MINING NEWS LUCKY SHOT. —The mine manager reports: “The drive on the main reef off the low level crosscut is now out 22ft. The reef is the full width of the drive and no walls exposed; no gold has been seen during the week, but the ore looks promising and is very heavily mineralised. A good flow of water is issuing tioin the face. In the stoping block above -No. 2 winze the timbering was finished today and stoping on this block will be resumed immediately.” HAMILTON ADVANCE (Special to THE SUX) ~, HAMILTON’. Today. Suppliers to the New Zealand Cooperative Dairy Company, Limited, have been advanced Is 6d a lb butterfat on first grade cream and milk for butter and cheese made in Julv.