\ TAN Y MEETINGS
CROWN MINES, LIMITED
(Incorporated in the Union of South Africa)
IEETING HELD IN JOHANNESBURG, 21st MAY
L W. H. A. LAWRENCE presided at the annual meeting of Crown ars, Limited, held in Johannesburg on May 2Ist. After reviewing rations, the Chairman said the total profit had been £3,507,687. iiends had absorbed £1,461,747 and provision for taxation. had owned to £1,970,692. Further provision made in respect of miners' lasts outstanding liability had been £53,374.
Ile net amount expended on capital account during the year, namely, 1,17o, had been lower than would have been the case had not deliveries plant from overseas been held up as a result of wartime conditions. e principal items of expenditure had been for alterations and additions the "C " reduction plant.
kvelopment results on the main reef leader had continued to be sfactory, but disclosures on the south reef, development of which had mainly confined to the western section of the mine, had been clis- minting. The total ore developed during the year had amounted to jl,800 tons of an average value of 4.9 dwt. That had been an increase 127,600 tons compared with the total ore developed in 1940, the average be being od dwt. higher.
lie available ore reserve as re-estimated at December 31st, 1941, had pled 19,518,500 tons of an average value of 4.8 dwt. over a stoping of 44.3 inches. The available ore reserve showed a decrease of oo tons compared with the previous year, value and width being ged.
e price received for gold and the rate at which normal income-tax payable by the company had remained unchanged throughout the There had been, however, an increase in special contribution which based on taxable income before deduction of redemption allowance any tax loss brought forward from a previous year. As from ist, 1941, the percentage payable had been raised from II per to 16 per cent., while as from the beginning of the current year had been a further increase to 20 per cent.
e problem of obtaining supplies of materials essential to the enance of mining operations had become increasingly difficult ghout the year. Every effort was being made by the mining industry whole to reduce consumption of imported materials to the lowest compatible with the safety and maintenance of operations at the I level.
ce the close of the year under review it had been agreed to conserve g stocks by curtailment of the development programmes to such an • t as was feasible and appropriate, and your company had adopted policy in conjunction with other mines of the' Witwatersrand. In to comply with the general policy of conserving essential materials, been decided not to circulate to shareholders the usual quarterly s nor a report of the proceedings at meetings: Copies of these s could be obtained, however, on application to the head office in esburg or to the London office.
common with the rest of the industry the company had continued dertake the manufacture of munitions, and had fulfilled satisfactorily cork of that nature entrusted to it. The number of European gees of the mine who were absent on military service had increased the year.
report and accounts were adopted.
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