COMPANY MEETINGS
BANGRIN TIN DREDGING CO.
PAST YEAR'S OPERATIONS
THE 19th ordinary general meeting of the Bangrin Tin Dredging Company, Limited, was held on Wednesday, June 2ISt, at Win-
- chester House, Old Broad Street, London, E.G.
Mr. Kenneth 0. Hunter (the chairman) said that their total mining revenue amounted to £142,374 compared with £192,334 for the year 5937. The dredges had operated 79 per cent. of possible working time and had worked an area of 3,642,500 cubic yards, as compared with 40202,500 cubic yards. The output was 1,121 HMS, compared with 1,164 tons in 1937, costs being somewhat higher at 3.36d. per cubic yard as compared with 3.otd. Proceeds for 1938 averaged £127 os. 2d. per ton against £165 4s. 9d. in 1937, and that fall in the market value of output was reflected in the reduced mining profit of £59,516, compared with £89,948 in the year 1937. The provision made in mine working account in respect of depre- ciation was £10,343, against £19,467 provided in the previous year, the directors haying taken into consideration the extended working life of the mine, due, of course, to the acquisition of the new Sydney Siam area.
They had brought in £9,225 from 1937, and after providing for the interim dividend of 5 per cent. paid during 1938, together with Siamese dividend tax thereon, there remained a balance of £37,658 to be dealt with. The directors recommended the pay- ment of a final dividend of 5 per cent., making to per cent. for the year, and they proposed to transfer the sum of £5,000 to taxa- tion reserve and a further £5,000 to general reserve, leaving a sum of £12,658 to be carried forward, subject to directors' addi- tional remuneration and provision for Siamese dividend tax on the proposed final dividend.
At the meeting last year! he had mentioned that eight of the ten leases of the Sydney Siam area had been duly transferred to their company, but that there had been unavoidable delay in trans- ferring the remaining two. Those two leases had been received by their manager in the East on October 25th last year, and the balance of the purchase money was then paid over to the vendors, thus completing the acquisition.
With regard to the working results for the present year, their output for the five months ended May 31st was 361 tons, with an estimated profit of £28,871, the figures for the same period in 1938 being 545 tons, with an estimated profit of £37,456.
The report and accounts were adopted.
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