MINING NEWS

Evening Star, Issue 23129, 1 December 1938, Page 10

MINING NEWS

PADDY’S POINT NET PROFIT OF £1,006 PROVISION FOR BUYING FURTHER LAND With a rise in gold recovery of oyer 750 z the Paddy’s Point Gold Mining Company Ltd. reports a satisfactory year. Net prot of £1,006 compares with the previous year’s net operating profit of £452. But for the expenditure necessary in acquiring additional ground the directors would have considered the payment of a further dividend for the year. The balance sheet shows that the liquid resources of the company amount to approximately £I,OOO, but in view of the possibility of acquiring further land, the directors consider it would be unwise, at the present time, to deplete these funds by the payment of another dividend. They recommend, therefore, that the balance of £2,982 standing to the credit of the profit and loss appropriation account be carried forward. During the past year the company has continued sluicing on ground to the south-west of Waitahuna township, where mining rights were acquired over part of the Waitahuna Show Ground, and also over the adjoining school glebe, of approximately eight acres. The show ground, has now been worked out, and part of the school glebe, and this ground has produced a total of 4440 z for the year, as compared with 3680 z won during the previous year. This increase, in gold production has resulted in a net profit of £1,006. after writing off the estimated cost of the ground worked during the year. At the beginning of October negotiations were completed with Mr M Cowan, of Waitahuna, whereby the company secured mining rights over six acres adjoining the school glebe, and a start has just been made in this new ground. On the completion of this sixacre block there will be several acre* of school glebe still to mine. It is impossible to estimate the values which will be secured from the ground ahead, as experience has shown that the ground in the vicinity of the township is patchy, and the results of consecutive paddocks vary very considerably. The director to retjre at the tenth annual meeting is Mr Tyson, who i» eligible for re-election, and offers himself accordingly.