Company News CLUTHA RIVER GOLD

Press, Volume XCIX, Issue 29383, 9 December 1960, Page 21

Company News CLUTHA RIVER GOLD

Review Of Year's Operations

(New Zealand Press Association) DUNEDIN, December 8.

An abnormal series of breakdowns between November, 1959, and March this year had resulted in a loss of dredging time of 850 hours for the year, compared with 228 hours the previous year, Mr F. G. Payne, chairman of directors of the Clutha River Gold Dredging, Ltd., reported at the annual meeting in London on October 27.

"The dredge encountered unexpectedly hard ground and this caused additional strain on the digging equipment The bucket chain parted on four occasions, but was successfully repaired,” he said. Dredging operations during the year resulted in the production of 6133 ounces of gold. During the current year 3111 ounces had been recovered from April 1 to September 16. The profit before taxation amounted to £BB6O. Net profit after charging £2587 for taxation amounted to £6273, said Mr Payne.

The New Zealand income tax attributable to the repayment of capital amounted to £6777 and had been charged to the general reserve fund. A total of £1248 had been written off mining land, licences, and prospecting expenditure. ”A dividend of Id per share is recommended which will absorb £5104, leaving a balance of £3187 to be carried forward to the current year,” said the chairman. This recommendation was approved by the meeting.