DOMINION REEFS.
Dominion Reefs, whose gold mining rights are in the Klerksdorp district of South Africa, was formed only in the middle of 1935 and the company has not yet reached the dividend-paying stage. The chairman, Mr. A. C. Moreing, M.P., did not tell the shareholders how near that stage might be, but he gave them grounds for Teeling that substantial progress has been made towards it. He explained that the accounts for the period ended September 30th covered only II months of mill operations. During that period the company has been treating development ore which had accumulated on the surface and which is of lower average grade than the ore obtained from regular stoping operations. He indicated, too, that the future capital expenditure might be smaller than had been contem- plated.
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