COMMERCIAL

Greymouth Evening Star, 20 October 1942, Page 6

COMMERCIAL

ASSOCIATED GOLD DREDGES The Directors of Associated Gold Dredges Ltd., report that- a satisfactory settlement of the Company’s indebtedness to contract creditors has been reached. Early in September, action was commenced against the Company by A. and T. Burt Ltd. of Dunedin, who were one of the three firms that built dredges for the Company, the total outstanding to the three contracting companies being £49,012. Arising out of the action and the leave granted to the petitioning creditor to apply for a winding up order, the affairs of the Company were placed in the hands of Mr. W. H. Nicholls, a Christchurch Public Accountant, as Receiver. In terms of the agreement for settlement reached between all parties, approximately £20,000 has been paid to the dredge contract creditors by the Receiver in reduction of their accounts.

The petition to wind up the Company will not now be proceeded with in view of the settlement made with the dredge builders. Three dredges are now in operation and results are proving satisfactory. Spare dredging machinery, plant and equipment originally intended for two more dredges is to be disposed of, and the Receiver has called tenders for the sale of a substantial portion of such surplus gear, the total of which is set down in a statement of the Company’s assets at approximately £40,000.

The return for the week ended October 17 was 153 ounces from 72,000 yards. SNOWY RIVER Snowy River Gold Dredging, Ltd., reports profit of £31,445 for the year to June 30, after providing for taxation and depreciation, compared with profit of £9213 in 1940-41. This is the first year in which dredging operations have been carried out for the full period. Total of 7018 ounces of gold was recovered from 1,081,208 yards treated. Four dividends each of 6d a share were paid during the year. GREY RIVER Grey River Dredging.—Period from September 30 to October 14, 1942: 258 hours 10 minutes, 184,633 cubic yards, 755.95 ounces. September totals: 507 hours, 349,964 yards, 1416.37 ounces. GILLESPIE’S Gillespie’s Beach dredge return for the week ended Saturday was 35 ounces in 118 hours from 14,500 yards. SLAB - HUT The return from Slab Hut Creek dredge for the week ending October 17, was 36 ozs. from 8650 yards in 121 hours. The low yardage 'was due to the turning of the dredge.