MOLYNEUX DREDGE

Evening Post, Volume CXXX, Issue 91, 14 October 1940, Page 10

MOLYNEUX DREDGE

FROM LOSS INTO PROFIT

(By Air Mail—From "The Post's" London Representative.) LONDON, September 23

At the sixth annual general meeting of Molyneux Gold Dredging Company, Limited, Mr. A. H. Collier (chairman) said that after provision for depreciation there was a net profit of £469, as against a loss of £10,951 for 1938-39. Proceeds from sale of gold were £14,926, or more than double that received in the previous twelve months; costs had been reduced by £2791 to £8920. Proceeds from tribute amounted to £1055. Dredging operations were only possible for approximately eight months owing to the low level of the river. The dredge was actually shut down from May 11 to September 25, 1939— that is, during the winter season when the river fell to its lowest. The dredge was only able to work for some 3392 hours, during which it recovered 22320z of gold and traversed to within 40 chains of the upper boundary of claim. Since the close of the year they had acquired 5£ miles of the Kawarau River, which joined the Clutha River at the upper end of their claim, at a nominal cost of approximately £500. This would e».able their dredge to continue operations without interruption. With regard to the current year, 7970z of gold had been recovered to June 19 last since when the dredge had been shut down, awaiting the arrival of the spring floods. The report was unanimously adopted.