MINING NEWS.

Auckland Star, Volume LXVII, Issue 104, 4 May 1936, Page 16

MINING NEWS.

GOLDEN SANDS, LTD

IMPROVED RETURNS

A CHEERFUL SURVEY,

An improvement of 3T per cent in the average number of ounces of gold gained per shift was pointed out to shareholders in Golden Sands, Ltd., by the. chairman of directors, Mr. 11. T. Tosswill. at the annual meeting of the company in Christchurch on Friday. The gold recovered totalled S24oz, as against -lOOoz in 19.<0 and SO-loz in 1934. During tlie year there had been a substantial improvement in charges, ami the coinpanv was now converting gold .it 14/ per ounce, as against 14/11 fast year and 15/1 in 1934. Of those charges, J~/« per ounce, the gold export duty, was constant.

The average purity assay showed a slight improvement over Previous vears, being 9530, as against 0514 in IJJo and Ooll) 1934. „ „ "As to the financial aspect of the company, 1 think we can consider that the finances are quite satisfactory," said .Mr. Tosswill. "The only liabilities are for current wages and supplies, amounting to a little over £"00, against which we have over £1100 in cash and unrealised gold. "It is now proposed to write a further £803 8/0 off the plant extension account, representing 50 per cent of this item, and 10 per cent, or £307 10/5. off the plant and machinery construction and development account. This, with the amount already written off, makes a total ol £3257 10/7. or approximately one-third of the total expenditure of the company, including mining rights and privileges.

"The directors luivc set" aside a deposit account "f £-"K)<>. which tlicy propose to increase to £1000 before declaring any furtiier dividends, 'i'iiis item it is intended to use as an emergency fund to provide against any contingency which may arise." Itcferrins' to tiie export tax, Mr. Tosswill said that many deputations lmd waited on the present and past Governments and Ministers villi a view to setting the tax removed, but, whereas the Minister of Mines (the lion. I*. ('. Webb) had expressed himself as being entirely sympathetic with the deputations' desires, it was unlikely that any definite intimation would be given until the Government proceeded with its legislation dealing with the mining industry.

A final dividend of 15 per cent, making n total of 25 per cent for the year, was approved, and Mr. James Murphy, who retired from the directorate by rotation, was re-elected.

YIELDS OF COMPANIES. Gillespie's Beach (South Westland). — La.st week, lOOoz 2dwt for 13(i hours. Mossy Creek (West Coast).—Last week, 490z OdWt for 13.61!) yards and 137 hours. Argo (West Coast). —Last week, lilioz for 13,500 yards and 124 hours. Worksop Extended (West Coast). —There was no wash-up last week. ! Maori Gully (West Coast). —No wasli-up was made last week, as operations were stopped for four days to enable the dredge to negotiate the very difficult bend. Operations were resumed on Thursday. The dredgemaster anticipates that another three weeks will take the dredge through the very narrow part of the gorge and past all difficult bends.