MAORI GOLD PROPOSAL
The directors of Maori Gold, Ltd-, called a general meeting of the shareholders for September 28, at which they propose submitting a proposal to wind up the company and appoint a liquidator. The directors state that the Callaghans area, because of the tight nature of the ground, has been difficult to work. It has now become apparent that the poppet legs will have to be renewed if dredging is to be carried on. A completely new bucket line will be required by the end of the year. The Inspector of Mines has indicated that if dredging operations are to be continued, the pontoons must be provided with more freeboard. This would require an expenditure of probably £10,000. Even then it is doubtful if the area could bo worked profitably. The directors have' come to the conclusion that they have no alternative but to recommend the liquidation of the company. The company has £4500 in hand. The last directors' report, for the year ended December 31, showed a working profit of £779. Not gold realisation was £9751 for 36 normal weeks' working, the return being 1189oz. In 1942 there was a profit of £5266, and In 1941 a loss of £318.
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Auckland Star, Volume LXXV, Issue 216, 12 September 1944, Page 3
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203MAORI GOLD PROPOSAL Auckland Star, Volume LXXV, Issue 216, 12 September 1944, Page 3
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