Image TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage TileImage Tile
Image size: 7168x10240 Scale: 35% - PanoJS3
Page overview thumbnail

Article text

BRISEIS MINE SOLD.
Briseis mine, Tasmania, has been sold
and a- new company is being formed to
work the property. Misfortune overcame
the Briseis mine in April, 1929. when heavy
flood* washed away the company s aam
and' did considerable damage to plant and
property. At that time the company gave
promise of an early return to the list of
dividend paying companies, but the damage
caused was so great as eventually-to cause
it to wind up. In October 1929; the Tas
manian Government proposed to lend the
company— the Briseis Tin and General Min
ing Co.. Ltd.— £25.000 to be expended
over a period of three years for 15 years,
free of interest for the first five years, con
ditionally upon the company spending £2
for every £1 so provided. In March last
the directors recommended that the com
pany be placed in voluntary liquidation,
and that a new company be formed with
a nominal capital of £600,000 Holders of
the 599.993 shades of £1 each m the old
company would receive new £1 paid- to 17/
each, and part of jthe remaining 3/ was to
be used as working capital to enable the
company to spend £2 for each £1 1 lent
by the Tasmanian Government. These
proposals were later approved by share
holders. In June, however, the necessary
financial support was not forthcoming,
the plans were abandoned, and the com
pany went into voluntary liquidation. The
company was formed in London in 1900
with a capital of £600.000. and paid divi
dends aggregating £517.500. It was esti
mated that the cost of re-opemng the
mine after the April floods would be
£65.000.
$