27 JANUARY 1939, Page 40


Ashanti Goldfields, the outstanding company in the West African gold field, have added to their long record of progress another year of record tonnage and profits. Tonnage mined and treated in the year ended September 3o amounted to 223,80o tons, yielding 224,119 fine ounces of gold, compared with 216,602 tons, yielding 218,674 fine ounces, in the previous year. Net profit amounted to £1,042,064, an increase of £28,023. Working costs were, however, is. 3d. per ton higher at 29s. 3d. per ton. The company has already announced that it is maintaining the year's dividend at 95 per cent. and dis- tributing, in addition, a 20 per, cent. scrip bonus. For the latter purpose the dividend reserve of £2oo,00o is to be capitalised. A further £5o,000 of new capital is to be issued in cash at 6os. per share to cover the cost of a new flotation plant.

(Conrinved on page 154) FINANCIAL NOTES (Continued from page 152.)

Apparently, the future holds still better things in store for the consulting engineer's report speaks of recent ore discoveries having revolutionised the outlook and having made it possible to budget for providing and maintaining a larger output. He looks to maintaining a monthly mine profit of about £100,000 by raising the grade of ore until steps can be taken to raise tht. monthly tonnage to about 30,000. * * * *