COMPANY MEETING
DUrdiAN ROODEPOORT DEEP SATISFACTORY NCREASE IN AVAILABLE OFtE RESERVE THE annual meeting of Durban Roodepoort Deep, Limited, was held in Johannesburg on May 28th.
Mr. W. H. A Lawrence, the chaizman, presided, and in moving the adoption of the report and accounts, said that the total net expen- diture on capita. account h1c1 amounted to £108,545, the principal item being the provision of winding plant for No. 5 shaft. Capital expendi- ture for the current year was largely dependent upon the delivery of plant from overseas, but it was expected that it would be on a some- what higher scale than in 1940, chiefly in connexion with the sinking and equipn.ent of No. 5a Circular Shaft, and the provision of hoisting equ.pn, ent for the sub-incline shafts and of an underground electric power supply. The development accomplished during 1940 had amounted to 98,525 feet—an increase of 13,772 feet compared with the previous year's figure The payable ore developed had amounted to 2,304,1°0—an increase of 5o6,800 tons compared with 1939.
The average value of payable ore developed at 4.2 dwt. per ton had shown a drop of 0.3 dwt. The available ore reserve as re-esti- mated at December 31st, 1940, had been 6,799,300 tons averaging 4.4 dwt. over a stoping width of 52.5 in. The available reserve had shown the satisfactory increase of 631,600 tons, the average value being 0.1 dwt. per ton lower, while the estimated sloping width had been 0.2 of an inch greater.
INCREASED TAXATION The limitation of the prce paid to the mines for gold purchased from them to 15os. per oz. fine had been removed during the year, and as from January 1st, 1940, the goldmining companies had been paid the full market price of 168s. In addition to the payment of normal income-tax on the basis of the increased figure of r68s. the mines had been called upon to pay a special contribution of ix per cent. of taxable income before deduction of the redemption allowance and any tax loss brought forward from a previous year.
A further cost which they had had to bear during 1940 had been in respect of realisatien charges Since the close of the company's financial year the special contribution had been increased from II per cent. to 16 per cent.
The company had released a large number of its employees for military service, and in addition undertook, together with other gold- mining companies of the Witwatersrand, heavy additional work in the form of munitions production. He was pleased to state that the mine shops had been able to complete punctually and satisfactorily all work of that nature allocated to them_ The report and accounts were adopted.
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