COMMERCIAL

Greymouth Evening Star, 17 March 1942, Page 6

COMMERCIAL

MINING BARRYTOWN During the first half of March the Barrytown dredge ran 138 hours, treated 60,000 cubic yards for a return of 316 ounces. kanieri During the first half of March the Kanieri dredge ran 221 hours, treated 101,000 cubic yards for a return of 383 ounces. ARAHURA During the first half of March the Arahura dredge ran 198 hours, treated 96,000 cubic yards for a return of 427 ounces. NGAHERE The Ngahere return lor the halfmonth ending March 16 is 3460 z from 120,560 yards worked in 2-16 hours, MAORI GOLD . The annual report and balancesheet of Maori Gold, Ltd. (formerly the Maori Gully Company) shows a not operating profit of £5,266 for the year ending December 31, 1941. The directors state that due to stoppages, owing principally to machinery breakdowns, operations were carried out for only the equivalent of 39 weeks during the year. The net profit, a flor writing of! the loss of £603 brought, forward,had been applied 1c writing down the plant, dredge, and Callaghan’s area, etc., leaving a balance to profit and loss' of £34. Repairs and maintenance totalled £5.630, indicating the hammering the dredge and machinery had received. The gross proceeds of gold won were £13,133. less gold duty and war duty £1,923. Cash at bank at the end of the year was £ 1.937. and gold premiums receivable £1,300. The overdraft, which stood at £2,351 on December 31, 1940, had been paid off, and since then the debenture debt had been reduced by £l,OOO. Two other debentures totalling £1,705 and £2.000 at the end of the year, it was hoped to pay off within the next few months if the recent good run continued.