Financial Position of

the Mining Trust

]V- G - Goldfields Ltd. is controlled by the Mining Trust Ltd., of Adelaide House, King William St., London. The report and balance sheet of The Mining Trust for the year ended December 31, 1936, show that the issued capital of the Trust was £5,945,988 in £1 shares and that it was offset by the following assets: Shares in subsidiaries £3,339,200 Debenture stock in subsidiaries 906,774 Other investments 587,821 Advances to subsidiaries 173,224 Total of investments £5,007,021 Remaining assets items, to complete the balance, were: Debtors and payments in suspense. £37,735; Cash, £176,926; Preliminary expenses. £33,877; Debit Balance, £693,777.

The following is given as the “schedule of investments, etc.,’’ as on December 31:— In Mount Isa Mines Ltd., Queensland, £907,000 in redeemable debenture stock, 8 per cent; £1,554,114 (Australian) in ordinary £1 shares, equal to 80 per cent of issued capital; £75,162 in “advances.”

In Brittania Lead Co. Ltd. (which purchases the product of Mt. Isa)—£100.000 in £1 shares; £98,062 in “advances.” £1 shai’es valued at £2.

New Guinea Goldfields Ltd.—£210,787 (Austra lian) in ordinary 5/- shares, equal to 18.8 per cent of issued capital.

Saudi Arabian Mining Syndicate Ltd,—£l,7os,

in £1 shares, equal to 9.2 per cent of issued capital. This holding valued at £41,438.

Big Bell Mine, West Australia A 5 per cent participation. Expenditure to date, £15,899.

Anglo - Queensland Mining Pty. Ltd. 1250 shares of £1 (Aus.), on which 10/- has been paid.

The total of the whole of the investments in this schedule is about £3,000,000 ; but there are not enough details to explain the difference be tween the £3,000,000, and the £5,007,021 (total of investments in balance sheet).

During the year ended December 31, the Trust received the following revenue: — Interest on Mt. Isa debentures £72,560 Interest on Britt. Lead Co. loan 3,060 Interest on bank accounts 1,608 Advisory and administration fees and commissions 31,505 Total revenue £108,736 Expenditure, which is not given in detail, was £22,549, leaving a credit on the year’s operations, of £86,186. The shareholders got nothing, how

ever. During the year, no lens than £236.021 was written off advances and sales of investments, and the year’s profit disappeared in that. There fore, while the Trust stalled the year with a debit balance, on its “income and expenditure account,’’ of £543,942, .it ended it with a debit balance of £693,777.

The indications are that a great deal of writing down of asset values still is necessary.

The Trust’s directors are: Earl Castle Stewart (chairman), H. A. Guess (vice-chairman), J. P.

Blaikie Webster (managing director), E. P.

Andreae, G. F. Laycock, H. J. Fisher, Mrs.

Leslie Urquhart, D. P. Mitchell. F. B. Reynolds, C. A. Reid Scott, H. Quennell. Messrs. Guess and Mitchell represent American interests.

Rev. M. T. Jones, Victorian secretary

of the Australian Board of Missions, left Sydney on July 10 on his way to

Papua to inspect the A.B.M. stations

there. He will be absent about three

months.

Mrs. Further, wife of Mr. Godfrey Further, a Rabaul storekeeper, reached Sydney from New Guinea by the Mon toro on June 19 and was admitted to a private hospital suffering from injuries sustained during the eruptions at Rabaul.