ZINC CORPORATION THE thirtieth ordinary general meeting of the Zinc
Corporation, Ltd., was held on June 25th, at 95 Gresham Street, London, E.C. 2.
The following is an extract from the statement of the chairman (Mr. J. R. Govett) circulated to the shareholders with report and accounts:
The net profit for the year after making provision for the higher taxation in Australia and in England, was £148,442, which compares with £142,575 in 1939. In addition a transfer of £12,000 has been made from the profits equalisation reserve.
The increase in the provision for taxation in the profit and loss account over the figure in last year's accounts is more than £130,000
and in addition we have provided £41,600 for depreciation, as well as £27,000 for shaft sinking. After making these provisions we have decreased our participating dividend from 3s. per share to 2s. 6d.
The mine has responded very satisfactorily to development, and the net result of this work is reflected in an increase in ore reserves, which at the beginning of the year for the lead lode stood at 3,459,000 tons, and at the end of the year at 3,650,000 tons. The mine output in 1940 was the largest yet recorded. The year 1940 marks the first full period of operation of the new equipment, and the record tonnage mined and successful operation of all new plant are sufficient in themselves to prove the care and fore- s'ght that has been applied in their design and layout.
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