GOLD DREDGING

Evening Post, Volume CXXVIII, Issue 94, 18 October 1939, Page 12

GOLD DREDGING

WEST COAST ACTIVITIES

The amount of capital invested in dredging on the West Coast, according to the Christchurch "Press," approaches £2,500,000. It is made up as follows:—Barrytown. £128,750; Rimu, £200,000: Arahura, £205,000; Kanieri, £205,000; Grey River, £300,000; Ngahere, £205,000; Argo, £24,000; Blackball Creek, £20,000; Gillespie's Beach. £35,000; Mataki, £33,750; Mataki Junction. £49,750; Mossy Creek, £15,000; New River. £18,000; Nemona, £18,000; Okarito, £35,000; Worksop, £16,000; White's Electric, £22,000; Associated Dredges, £450,000; Mikonui, £324,000; Maori Gully, £24,000. The following table shows the quantity and the value of the gold produced by dredges now operating on the West Coast, to December 31, 1938:— Dredges. Ounces. £ Argo 10,336 52.079 Bundl 7,034 52,252 Barrytown 9,786 74,268 Blackball Creek 1,426 12,483 Gillespie's 10,488 83,463 Grey River 438 3,626 Kanieri 373 2,905 Mataki 8,972 65,547 Mataki Junction 8,368 66,431 xUaori Gully 6,156 45,520 Mossy Creek 6,852 56,304 New River 3,635 26,862 Nemona 6,056 48,961 Okarito 15,056 99,494 Rimu 213,511 1,241,544 Stafford 6,384 51,605 White's Electric 2,489 18,522 Worksop 8,209 64,055 325,539 2,096,121 Returns of gold dredging companies as received this week are as follows:— Hours. oz. dwt. Grey River 130 302 0 Mossy Creek 234 51 7 White's Electric 108 25 0 Worksop — 29 0 , Argo 122 21 0 i Mataki Junction 129 43 0 Gillespie's Beach 128 32 6 Golden Sands (69 shifts) 52 18 Blackball Creek 184 53 0 Mataki 129 24 0 Okarito 130 34 7 Clutha River 123 64 0 BUNDI GOLD DREDGE. The Bundi Dredging Company, N.L., reports a loss of £3683 on gold dredging operations in New Zealand for the year ended December 31, 1938, against a loss of £10,350 in the previous twelve months. The value of bullion, after providing for export duty and realisation charges, amounted to £7285. Mine working expenses totalled £.10.192, and head office expenses £791. The dredge turned over 200,941 cubic yards in 1581 hottrs for a recovery of 9230z of gold bullion, the average value of ,the ground worked being 2.16 grains a cubic j'ard. The dredge was closed down from January 29 to September 12. Extensive repairs were effected during the period. Dredging continued throughout the present year until the middle of August, when operations were discontinued owing to the dredge being unable to dig sufficient yardage to make it payable. In this period 16030z were recovered from 279,416 cubic yards, an average of 2.76 grains a cubic yard. NEW RIVER PROFITS. A net profit of £5931 was made by the New River Gold Dredging Company, Ltd., in the year ended July 31. Total gold won was 18420z recovered at an average of 420z 16dwt per working week, and representing an average recovery of 10.7 d per yard before paying export tax of £1132. In the previous year 14240z were won at a weekly average of 31oz 15dwt and a return of 5.7 d per yard. The average price received by the company this year per crude ounce after paying export tax was £7 18s sd, compared with £7 7s IOJd in.the previous period. Working costs per yard, after allowing for £ 1465 depreciation on the dredge, were 5.2 d, an increase of 1.5 d since the previous year. The increase was accounted for by the lesser yardage worked. During the year, report the directors, repayment of £1822 to secured creditors was N completed, and three dividends of Id each paid to shareholders. In addition a sum of £675 had been invested in inscribed stock. During August this amount was increased to £1470. The dredge worked steadily throughout the year with the exception of two periods in February. March, and April when eight weeks were lost through lack of water. Yardage totalled 351,250, compared with 448,000 in the previous year. (By Telegraph—Press Association.) GREYMOUTH, This Day. For the first half of October Barrytown return was 2430z for 123 hours and 44,000 yards. Kanieri yield was 5710z for 227 hours and 104,000 yards. Arahura return is 5440z for 258 hours and 174,000 yards.