MINING NEWS.

Auckland Star, Volume LXVIII, Issue 100, 29 April 1937, Page 4

MINING NEWS.

STAFFORD GOLD DREDGE. LOSS OX YEAR'S WORK. A net loss of £750 for the year endtil January 31 is shown in the accounts of the Stafford Gold Dredging Co., X.L., Melbourne. operating 011 the West Coast. This reduces the credit balance to £1414. The dredge treated 451.34 M cubic yards and re covered 14490z smelted gold. Proceeds were £11,712, resulting in a working prolit of £302. Working expenditure was 6.( Md a ; cubic yard, as against G.3d the previous I year. Operations were suspended during August. Later the dredge worked iu low values, and then reached a section containing a more solid formation of wasli. ; Actual work here began in February this year and results have improved since then. 1 The report adds that there is a prospect : of a more profitable operation for the period I ahead. I At January 31 the company had £21'J gold in transit, creditors £1411, and bank overdraft £INVu. KING SOLOMON MINE. In their annual report to sharehold* the directors of Kin? Solomon Mine ret •? to operations since the previous propo>a* to liquidate was withdrawn. Since the: 1 , they state a total of t>o-ft of driving be* n done in "Radford's." and \\ 11 ilv gold had l»*en encountered in various places, it hail not been in payable quantities. I nie>s fetter wash was found almost at one*, operations would have to be trau-:'» rred to another section. The company was badly handicapped b> Ileavy working expenses. While ihe nunrl»er of miners uml truckers enudo.. Ed had fallen to an average of I*. it w.is still ! neeessary to employ ju>t a> nnn'l: n-*-c i productive labour as ever. and ro 11 u<"« s •" thr c st of extracting Tii•• wash ■ heavier than previously. In— ,l wages and other costs had also to \** ; borne, and the grov.nd reqeired t«> real»v i rich to keep the lain" | At February 'J'.». the e »r:y r '» an excess of liquid assets over i\io.ii» ''** Of £4140 1«/;«. At Fe'.r a-y U* *7 balance stood .-it £:»4St 1 7. ;< «i .« ;i •• « i £3UM> U.S. It w;w exp'a'n «*»-! "" ! the date of th-» hala nce-«h« et t!i - yos:" '* : had been imprcved hv the can •j*.iati«r» «* | the liability of £.*»oti. unpaid p'-p*' l ! money. The company had exervis *d " * i right t*.► abandon a portion of rh( 1 area, and so wipe out this item. Tr.e l* 1 "* j few weeks, however had ail shown on working. | The working account for the year shovd ja 1. sk of c.Wj'j de-p!t•• ill' f•' 't I nothing had been w-itten »• ff i:i«nh:- nr. j lejres account. 4 ;oI<! won totalled 1v ~ {making m total since th • operations of lf*.HOr»oz. valued at tlol.*' {1/2. after payinsr gold tax aggregr*" • £!»1!»2 11.'ft. which was equal to .»v* r 7*l per cent of the capital of the (•"•'•i.i::- } The directirs regretted that they ve e j unable to make any forecast a- \o tae comnany's prospects. All ih» i-:'or:•• .ti-*-* • available would he placed before f->< .-• •p -' j meeting. >o that the position could b • rc- , viewed then. RETURNS OF COMPANIES. Emperor Mines. Limited iTiji). r« no-t.s the following clean-up f«»r j "ir wc. k - '» April 17 ;-• Treated li::~»«: 1 n-r tons :« i » recovery of Jf'.V.'j,,.-. bullion, cni.t; i: in--060.50z fine gold , a cad value. S ftdv t a ton.