MINING NEWS.

Auckland Star, Volume LXV, Issue 285, 1 December 1934, Page 12

MINING NEWS.

GOLCONDA HOLDINGS. YEAR'S PROFIT £1507. DIVIDEND, 15 PER CENT. "A very successful and profitable, year is reported by the directors of Golconda Holdings lor 'the period ended November 30. An interim dividend oL 10 per cent was paid on August 11, and it is now proposed to pay a final dividend ot » per cent. Moreover, tlie directors state that thev have already made provision for a similar annual dividend for the ensuing year and are confident of being able to maintain tills rate for a considerable time. Referring to its various properties the report states that Goleonda Holdings Thames Property No. 1, is still undeveloped, hut the directors intend to deal with the property at an early date. Work on Moanatalarl was progressing satisfactorily under t tie management of a subsidiary Moanataiari Goleonda Consolidated,. Ltd. On Mnliara Heel's it had been found that the contractors had been diverted from the correct line of drive. This had now been recliiied, and it was hoped to have something to report in the course of a few months. Tlie directors had decided to abandon the Black Sands proposition. A dredge had been ordered to work tho Matakl Junction area, ami in regard to Matakl Area No. 2 an option was being negotiated at the present time. In regard to the accounts the report states that the profit made on the disposal of tlie Moanataiarl area at Thames had been carried to reserve, the whole of the development: expenditure 011 tho Black Sands claim luid been written oft', and £1800 had been set: aside as development expenditure on Mahara Keel's. The profit and loss account shows receipts £."107(1. the principal item being Matakl Junction property account, £4380. kxpenses. including development acconut, total £8508. and net profit £1507. Chief items in tho balance-sheet are: Liabilities, paid capital £7000, share realisation reserve £1-140, sundry creditors £4!); assets, development accounts £985, shares in other companies £7002, bank H 1)94. ' GOLDEN DAWN OPTION. An option over the company's milling property and plant at Owharoa has been granted by the directors of Golden Dawn (iohl .Mines, Ltd.. 10 a southern syndicate. The terms are £20,000 cash and £30.000 fully paid shares. It is understood that the' floating of a company in England Is proposed. MOUNT DAVID SLUICING.

An agreement. for (lie sale (o nil English company of the Mount David Sluicing Company's claim and plant, noor Keefton. lias heeii completed. The agreement provides Hint the purchaser will spend £.'SOOO on reconditioning (he claim and working it ami has the right to purchase for £15,300. payable in cash up to .Tune 30, 10.17. and a further £00,000 in cash or tho Allocation of 15 per cent of the shares (fully paid) In the nominal capital of any cumpaiiy floated. FRESHFORD LIQUIDATION. A circular Issued by (lie liquidator of the Fresh ford flo'd Dredging Company, Ltd.. whicli operated formerly nt Waikain, Southland. states that lid a share is being pnid on every 1/ share held. The dredge and plant were sold for £102.\ The coinppny has an issued capital of £0000 in 1/ shares. WORKSOP DIVIDEND. j The directors of the Worksop Extended Oold Dredging Company, Limited, have declared a dividend of 10 per cent, payable December 10. The company, which commenced opeartlons at: -Antonio's Flat, near Reefton, a few monlhs ago, paid its first dividend, of 10 per cent, on November 12. The company has issued .TJO.OOO shares of 1/ each, including 140,000 vendors' and promoters' shares. YIELDS OF COMPANIES. Goldfields Drcdgiug (Shotover).—'Week ended November 30, -1107, 12dwt, for 118 hours' dredging. Skippers (Shotover). —320z lOdwt, for 30 hours work. King Solomon (Gore). —This week, S3oz Otlwt. Charleston Return. —19oz lOdwt 1 4gr for 17 .shifts. Shorta.se of water accounts for small number of shifts. Talisman Duhbo.—Sixty-three tons of ore were treated at the Golden Dawn battery for no nctual return of £301.

MINE MANAGERS* REPORTS. Mataki. —During (lie week ending tlie 25tli Inst', the dredge worked for IHI J hours for a return of 20oz 12dwt sffr. We pulled ahead 12ft in ground tlie average depth o£ which was 14ft. Tlie length of the face at present is 303 ft. 1 opened out a good deal in the river, lifting nil bottom and sand: this, however, is absolutely necessary, as I want to lie right across the river for the beach, which we will strike within t\\o or three chains. The ground has now started to dip l-iljiit across the inside" cut: this will iiieiin belter dredging and will increase the yardGolconda Consolidated. I,til. — For the week ending November 30 liie crosscut has advanced 13ft. Three small leaders were passed through. Th'J country rock is well mineralised. KARANGAHAKE DISTRICT. (From Our Own Correspondent.) W'AIHI, Thursday. Tbo once famous mining district of Karangahake is again the centre of much activity in prospecting, in addition to the operations of the Talisinan-Dubbo Company. and most of the surrounding country has been pegged out. Mr. .T. Morris has completed the erection of his battery in the township. The old stamper system has been discarded and the plant consists of a stonccrusher and ball mill. Mr. Morris Is working a claim on top of the Taukanl Mountain, which skirts the main road in the Karangahake Gorge, and where in tin; early days payable ore was mined. Coring operations are about to commence at Maratoto on a claim formerly known ns the Majestic. A diamond drilling plant capable of boring.7ooft has been landed by Mr. I-loyd.