MINING.

Auckland Star, Volume LXIII, Issue 288, 5 December 1932, Page 4

MINING.

OKARITO DREDGING. A report just issued by the directors of (he Okarito Five-mile Beach Gold Dredging Co for the half-year ended October 1 states that the total value of gold won was less than half of that for the preceding six months, when the value was £11,345. The report of the directors discloses a proiit of £1039, before providing for depreciation, for the half-year, as against £812(32 in the previous half-year. The depreciation reserve has been increased by the transfer of £638 from the profit and loss appropriation account. After providing the sum of £400 for income tax, and alter writing off the sum of £27 capitalised as buildings and improvements during the half-year, a balance of £1020 remains to the credit of profit and loss appropriation account. The directors recommend that this surplus should be carried forward. The directors state that the report for (he half-year ended April 2 notified shareholders of a second dividend of £10 per cent (6d a share), which was paid on June 7. Just prior to this date it was decided, in view of the comparatively low returns being obtained, to turn the dredge southward on the seaward side of the claim. Since then the dredge hns worked the southerly cut with the tailings from the northerly cut on one side, and the sea bench on the otber, until the present time, when the- dredge is approximmtely 150 yards to the north of where dredging was started. The southerly cut has proved disappointing. The ground dredged has been of a much rougher nature than any so far encountered, with the result that the through-put has been diminished, and considerable delay has arisen through the necessity for keeping the main boxes clear of heavy gravpl and stones. Further, the gold content hns been low and there has been no indication of a lead of gold on the seaward side of the cut, as had been hoped. LATEST RETURNS. The Okarito wash-up was 340z Gdwt for 107 hours' working. ALEXANDER MINES. The directors of Alexander Mines, Limited fßfiefton), have advised the Auckland Stock Exchange that a sixth dividend of 1/ a share, free of income tax, has been declared on all shares, involving a distribution of £3700. Payment will be made on December

The company's first; dividend of 1/ a share was paid on January 16 of the current year, nnd since then similar payments have been made on June IG, July 25, October 17, and November 17, requiring in all £15,750. The forthcoming payment will increase the amount distributed since the beginning of the year to £22,500. The nominal capital of the company is £75,000, in £1 shares, 20,000 fully paid and 46,000 paid up to 13/6. The total paid capital ii 3 approximately £60,000. . . MINE MANAGERS' REPORTS. Golconda.—The mine manager reports that during the week the following work has been in progress:—South End: The crosscut was advanced 10ft, total 60ft. We passed through a smaller leader about 3?in wide, dipping on the proper underlay. The country rock is of a rather firm character, but appears to be improving as we advance, nnd is interlaced with black mineral seams. There is a fair amount of water percolating through. North End: The crosscut was advanced 10ft, total CSft. There has been n big improvement in the country rock and it is interlaced with ribs of quartz and quartz stringers, and colours of gold have been seen in the stringers, which shows we are in gold-bearing country.