31

0.-2

(2.) Loans for thi<; Development ov Mining. Since 1905, when statutory provision was made for advances by way of loans for mining development, fifty applications have been received for loans, of which six only were favourably considered by the Board appointed under the Mining Act to investigate and report upon such applications. The amount of loans granted is £35,225, of which £33,573 has been paid to the borrowers. Of the five concerns assisted, one has refunded the loan out of capital, never having made any profit, and three are in arrears in payment of interest. None of the fifty applicants for loans subsequently declared any dividend. The provision regarding mining loans is taken advantage of by mining promoters who are unable to obtain subscribers for their shares, to make 'up shortage of capital on the extremely favourable terms -viz., bearing interest at 4| per cent.- -which the Government offers. It is perhaps unnecessary to state that such speculations, to which the investing public are not responsive, have frequently very remote prospects of success. The result of mining loans in this Dominion lias been m> better than that experienced in New South Wales and Victoria, where much money was thus expended without benefit to the industry or to the State.

Statement regarding Mining Companies who have borrowed Money for Development of Mining under Part X of the Mining Act.

(3.) Subsidized Roads on Goldfields. The following schedule shows the amounts expended by subsidies and direct grants out of the Public Works Fund —vote, " Roads on Goldfields "—in the different counties, &c, during the year ended 31st March, 1915 :—

In addition to the foregoing, North Island goldfields' local bodies were credited with gold duty amounting to £12,450 Is. Bd. The total amount of State aid thus given on behalf of the mining industry during the past financial year amounted to £42,514 17s. 3d.

initial to represent lame of Company. Amount Amount I Amount of Loan \ -r i of Loan refunded Subscribed ■««■ ' Gotn- CaPite1 ' ment. ! I Amount of Capital actually Paid up. Value of Scrip given to Shareholders on on which no Cash paid. Total Expenditure since Registration. Total . , . Amount Amount (>f Dividends < )win^b y paid. Company. rt. . . £ 10,000 7,000 7,725 10,000 500 £ 8,998 7,000 7,075 10,000 500 £ £ 34,193 70,000 £ 21,937 2,585 £ 10,000 63,000 £ 24,175 70,000 £ £ 9,573 7,640 B* .. D- . . Of .. DJ .. 3,000 500 ! 14,400 .14,400 5,550 73,258 15,525 B .. Totals . . 35,225 33,573 3,500 ~ * £133 13s7l0 in arrears ; also £3 Hi. interest 1,000 princr in arrears. pal, being t £336 9s. 1 instalments of princip; .d. interest fl, unpaid. i in arrears. :.394 1.6s. 2d. interest

Direct Grants. Subsidies. £ s. d. 200 0 0 1,214 16 8 1,581 15 6 150 0 0 3,804 11 7 331 7 6 87 19 0 739 0 3 361 0 0 488 3 11 3,492 4 6 4,649 16 6 1,428 13 5 1,499 15 7 5,695 13 11 350 0 0 10 2 6 £ s. d. Whangarei County Coromandel County Thames County Thames Borough .. Ohinemuri County.. Pelorus Road Board Havelock Town Board Collingwood County Takaka County Waimea County .. Buller County Inangahua County Murohison County.. Westland County .. Grey County Vincent County Maniototo County Tuapeka County .. Lake County Wallace County .. Otautau Town Board Arrowtown Borough Southland County- ' ,' 34 15 0 243 0 0 21.0 17 6 50 0 0 276 2 7 76 9 11 101 10 4 100 0 0 1,212 9 6 100 0 0 1,574 9 11 Totals £27,851 13 2 £2,213 2 5