HEAVY ORE DISCOVERIES
Presiding at the annual meeting of the Millom and Askam Hematite Iron
Company, in Preston on Monday, Mr. G. M. RITCHIE referred to the find of ore
at Ullbank, and said they anticipated it will be the heaviest discovery in
Cumberland in their history.
The ore cannot be gained for another two or three years. In addition to the
discoveries by five bores in previous years, ore has since been discovered
in five additional bores during the financial year just closed.
Arrangements are now made for sinking a shaft to a depth of about a thousand
feet, capable of handling a large tonnage. It is probable a second shaft
will be required. An adjoining royalty has acquired giving them direct
access to the main railway.
The accounts showed £77.900 for appropriation, out of which £25,000 was
written off for the depreciation, and £25.000 transferred to the reserve. A
final dividend of 7 per cent was sanctioned on the Ordinary Shares, making
12 per cent for the year, and carrying forward £12.000.
Mr Frank Holt and Mr G. M. Ritchie (directors) and w. P. Peat and Co
(auditors) were re-elected.
It was decided to increase the boards remuneration from £1.500 to £2,500.
The chairman in returning thanks said the increase had not yet been asked