CLUTHA RIVER DREDGE

Evening Star, Issue 22895, 1 March 1938, Page 6

CLUTHA RIVER DREDGE

NINE MONTHS’ OPERATIONS RETURN 7.500 OUNCES APPROXIMATE PROFIT OF £48.000 With its latest return of lOooz the Clutha River Gold Dredging Company Ltd,. has,. in. nine months’ operations, recovered 7,5000 z of gold, worth £60,000 (New Zealand currency). The company also ranks among the dividend paying concerns, an interim distribution of lid on the 2s shares falling due last Wednesday. Present returns have been comparatively disappointing, ranging between lOOoz and 150 oz. The best wash-up recorded by the dredge was for the week ended October 1, when it recovered 4380 z, while returns recorded last August all topped the 300 oz mark. To pay all costs requires an average of 40oz a week, so that a profit of 6,0000 z has been approximately obtained since the dredge, began operations. The Clutha River Gold Dredging Company Was incorporated in London in 1934, but mining operations were delayed for a long time owing to the low state of the river preventing the flotation of the pontoons. The nominal capital of the company is £225,000 in 2s shares, of which 1,550,000 fully paid shares have been issued. The claim extends from the junction of t.he Manuherikia with the Molyneux at Alexandra down stream through the Alexandra Gorge to the junction with Coal Creek, a total area of 496 acres. The shares had unanswered ' sellers this morning at 3s 4d.

SHARE QUOTATIONS

Press Association—By Telegraph—Copyright

LONDON, February 28. (Received March 1, at 11 a.m.) Share quotations; Clutha River, buyers Is 9d, sellers 2s (ex div.). Molyneux River, buyers Is 7}d, selk;:: Is IPl<3.

SYDNEY WOOL SALES

Pres« Association—By Telegraph—Copyright

SYDNEY, February 28. 'At the wool sales there was much improved support from Japan to-day, aided by good general competition from Yorkshire and the Continent. A very firm market ruled, well-grown lines being from par to 5 per cent, above last week’s closing rates. Greasy merino realised to 21} cl. The offering was 9,044 bales, 8,140 being sold, 820 of them privately. The average price of wool last week was £l4 10s lid a bale, or 11.9 d per lb.

GOLDEN DAWN

For the fortnight ended February 19: No. 3 Level—Drive south on No. 5 reef from crosscut west driven 36ft. Reef averages 4ft wide. Very heavily mineralised stone, value averages 6s 9d a ton. Rise on No. 5 reef south of crosscut risen 15ft, total 42ft; reef average 3ft wide on east wall, improving going up. Still reef left both on hanging wall and foot wall of rise with small horses of mullock between; ore average £1 13s 2d. Back of rise average value, £6 14s 9d a ton over a width of 3ft. Stoping on reef going into west wall off No 1 reef; reef 14in wide, value £2 19s 6d a ton. On No. 2 reef north; reef l-sin wide, value £1 19s a ton. On No. 4 reef north and south of crosscut west; reef lOin wide, value £5 14s 8d a ton. On west wall branch reef north; reef 12in, value £2 12s a ton. Bottom intermediate level; Under hand stopes on No. 1 reef south. Reef 14in wide, value i £2 2s 9d a, ion.