GILLESPIE'S BEACH

Evening Post, Volume CXVIII, Issue 56, 4 September 1934, Page 12

GILLESPIE'S BEACH

The report of the directors to be presented to the annual meeting of shareholders of Gillespie's Beach Gold Dredging Company, Ltd., states that dredging commenced on January 19. For the first six months operations were retarded on account of the dredge having to work through growing timber. The dredge is mow in ground practically clear of growing timber, and extending over the greater portion of the claim. A large motor has been installed at the port pump, as extra water is required on boxes when putting through a good yardage. During the six months to June 30 steady returns were maintained, the total gold won amounting to 1014.40z, which realised £7872 6s 2d. The sum of £632 4s 3d was paid to the Government as expoit tax. The company has pegged off an additional area of 140 acres, and if this proves to be of good values it will have a proposition to place before shareholders respecting the advisability of placing another dredge on the claim. If this eventuates it could be floated as a separate company, of which the present shareholders would be the venders, and thus- would not retard any dividends .forthcoming from the company. As there is ample electric power, a second dredge could be placed upon the claim at a reasonable cost. The directors feel confident that much better returns will be forthcoming. Net income is shown at £7272 18s lid and the profit was £4142 18s lid. The credit balance in the profit and loss account is £2138 15s 4d. Liabilities are: — Nominal capital, 700,000 shares of Is each; £35,000; sundry creditors, £656. . ADDISON'S FLAT. The Addison's Flat Gold Mining .Company's first annual meeting was held at \Vestport on Wednesday. Mr. G. M. Powell presided, and stated that the company commenced sluiciuyi on October 24, so that the period under review comprised a little more than five months; it was, however, considered advisable to make March 31 the end of the financial year, us this was the most convenient date. Sluicing operations were carried on with little interruption to the end of the financial year with-satisfactory results, the first interim dividend of 12% per cent, being declared on December 20, 1933. The retiring directors, Messrs. Geo. Scandrett and A. W. Henley, were re-elected. The directors declined the suggestion that they should be paid something for their services, stating that they wished to carry on for the present as in the past without any remuneration, as they wished first to see "the. shareholders reimbursed to the amount of their par investments, which they thought might be achieved, after placing aside a further sum in reserve for contingencies, within the next few months. The directors, the manager, and staff were accorded a vote of thanks for their efficient management of the company's affairs.