WELLINGTON ALLUVIALS

Evening Post, Volume CXXVIII, Issue 29, 3 August 1939, Page 12

WELLINGTON ALLUVIALS

A substantial reduction in working expenses of Wellington Alluvials, Ltd., Wellington, New South Wales, in the current year, was predicted by the chairman of directors, Mr. H. G. Darling, at the recent annual meeting. Mr. Darling said that up to date the amount of gold recovered had been below expectations. In some cases the yield had exceeded the boring averages, but generally speaking the reverse had resulted. Informative bores, which were continually being put down just ahead of the dredge, confirmed the original bores. A close metallurgical survey of the dredge recovery had been under observation, and although a great improvement had taken place the average recovery had so far been only 72£ per cent, of the bullion estimated from bore results. Further research into this question was having continual attention. The dredging proposition was not an easy one, and contained many varying conditions, but as experience of the ground was gained there was no reason why these difficulties should hot be mastered. Since the close of the period, the new bucket line had been put to work and appeared to be quite satisfactory. The chairman said the cash position still showed a large overdraft of £86,000, and sundry creditors had been reduced from £16,000 to £7000. There is a fair holding of Wellington Alluvial shares in New Zealand.