MINING

Press, Volume LXXI, Issue 21581, 18 September 1935, Page 9

MINING

WEST COAST DREDGING ■' RfiTL'RNS : |

The following are the West Coast dredging returns for last ■week:— Ozs. Dwt.

GILLESPIE'S BEACH REPORT

The third annual report of Gillespie's Beach Gold Dredging Company, Ltd., for the year to June 30, states that the year has been a trying one for the company, as during the first six months a number of factors militated against successful working. At the extreme south of the claim, heavy boulders were encountered which not only reduced the turnover, but also caused heavy wear and tear on the bucket line. In turning north, the dredge had to pass round an old cemetery, which necessitated a narrow cut and forced the dredgemaster to work close to the coastal boundary. Seepage of water from the paddock, combined with an exceptionally dry season, hampered dredging to such an extent that during the first "six months there was no wash-up on six weeks, and returns were reduced at other times. These difficulties were unexpected and unavoidable. The dredge is now on an inside cut, and is working north, having passed the point where it started. Much of the ground has had to be cleared, but as there is an absence of heavy timber ahead of the dredge, this item of expense will 'be considerably reduced. A large sum I has been expended on the dredge to keep it in a good state of repair, and it is now working very efficiently. It is expected that the expenses on this score will be much lighter for many months. The power plant gives excellent service and requires little upkeep. though new pelton buckets may be reouired within th© next six months. The total returns during the 12 months amounted to 1517.8 ounces of gold, on which an export tax of £948 14s 4d was paid. , , . The balance-sheet shows dredging expenses at £7247, and administration costs at £951. The gold won realised pll 098 which, with transfer fees, left a profit over expenses of £2925. The profit and loss account showed a dividend of one penny- a share (£2916) nafd on August 6, 1934. The balance at tho end of June, 1935, was £2OOO.

THE METALS MARKET

(raITSD, I'fISSS ABfIOCIATIOS-COMaIGHT.)

BRADFORD MARKET

LONDON, September 16. The Bradford market is quiet and is awaiting the opening of the London sale-'.

Worksop, 132 hours .. 59 0 Stafford, to September 4, 159 hours .. 54 10 Gillespie's, 134 hours .. 44 2 Mataki, 129 hours .. * • 38 0 Okarito, 125 hours .. .. 31 16 Mossy Creek, 92 hours , • 30 15 Maori Gully, 111 hours ,. 25 11 Total .. .. 283 14 Average ., 40 10

LONDON, September 16. Sept. 12. Sept. 16. °SS2£k spot 111'ioi £ s. d. 34 8 3 34 19 H 38 0 0 38 15 0 Forward Electrolytic to Wipe bars .. 34 & 0 37 5 0 37 15 0 37 15 0 38 15 0 Lead — Spot Forward 15 18 9 16 0 0 10 2 6 16 7 6 Spelter — Spot Forward 15 5 0 15 & 9 15 5 0 15 8 9 TinSpot . • • Forward 221 10 0 210 10 0 225 12 6 214 12 6 Silver— ' 0 . Fine, per oz .. W Standard, per oz 3111-lOd 2§id 311'1-lfld