MINING NEWS.

Auckland Star, Volume LXV, Issue 277, 22 November 1934, Page 20

MINING NEWS.

OKARITO COMPANY. HALF-YEARLY RE POUT. The report of the Okarito Five Mile Bench Cold Dredging Company, Limited. South Westland. for the half-year ended September "0, states that the total gold won was fi2oloz. the lowest for any halfyear period since dredging began. From March until August dredging conditions were very difficult owing to the heavy nature of the ground. The dredce was stopped ahout August 2,1 and alterations were carried out for four weeks. These had proved very successful. The installation of new shaking tables had eliminated

trouble with the heavy ground, and the' capacity of the dredge had been substantially increased. The hydraulic pump was discarded and was replaced by an efficient centrifugal pump driven by a separate pelton wheel. The saving in power thus effected exceeded expectations and the water pressure on the dredge rose from 751b a square inch to 971b a square inch.

Without allowing for capital expenditure a net pfofit of {1865 was shown. The net result, after charging the whole of the expenditure against the net profit, was a deficit of £377, which had been transferred to profit and loss appropriation account. On April 12 a 10 per cent dividend was paid and the balance of £1000 in reserve account was transferred to the profit and loss appropriation account to cover payment of the dividend. There was now a credit balance in the appropriation account of £17.