COMMERCIAL PROFIT OF £2,500

Greymouth Evening Star, 1 August 1946, Page 10

COMMERCIAL PROFIT OF £2,500

REPORT OF ASSOCIATED DREDGES “After providing for all customary charges, the for the ■ year amounts to £2,511. During the period under review the dredges treated 3,291,257 cubic yards for a recovery of 7,354 ounces of gold, which is an increase of 780 ounces on last year’s figures,” states the annual report of the directors of Associated Gold Dredges (N.Z.) Limited, on the operations of the company’s dredges during the year ended March 31, 1946. “This increase,” continues the report, “has been more than offset by • the increase in wages due to new industrial awards and the resultant increase in replacement parts. Some slight relief has been gained by a reduction in the Government tax on gold production, but as this came into force in the latter part of the year the full benefit has not been reflected in the year’s working.

“Following the custom of previous years and dredging companies in general, nothing has been written off the main assets by way of depreciation. Towards the end of the year arrangements were made to sell the company’s gold recoveries, for a period of six months, through a local channel. By this method of disposal a higher rate was received than that obtainable from the Mint. The Atarau dredge is at present operating in country that requires very little clearing and the heavy cost incurred in the past under this heading should be materially reduced. Your board has been successful in completing the sale of 59 acres of the lower end of Red Jacks claim, which were unsuitable for dredging. After going into the position at Red Jacks, a further 50 acres, which adjoins our original claim boundary on the top end, has been purchased and the dredge has opened out and is now working this area.”

DREDGES 16,443 HOURS IN OPERATION

The managing director of Associated Gold Dredges (N.Z.) Limited will present the following report to the annual meeting of shareholders.“Throughout the year the dredges were in operation 16,443 hours, which was 76.30 per cent, of the possible working time. The individual opeiations of the three dredges were as follows: —Operating hours: Marsden, 5,767 hours; Red Jacks, 5,1051 Atarau, 5 571. Area dredged: Marsden, 30.2 acres; Red Jacks, 27; Atarau 50.4; total 107.6 acres. Gravel treatment: Marsden 1,236,227 cubic yards; Red Jacks, 921,849; Atarau, 1,133,181; total. 3,291,257 cubic yards. “Gold recovered: Marsden: 2,302 ounces; Red Jacks, 2,217; Atarau, ? 785’ total,. 7,354 ounces. Woiking costs’per cubic yard: Mardseri 3.782 d; Red Jacks, 4.638 d; Atarau, 5.130 d, average: 4.486 d. For the previous year the total gold recovered per cubic yard was 4.269 pence and the cost per cubic yard was 4.056 pence. Th increase cost per cubic yard over last year’s figures, is in the mam due to heavv increase in awaid rates oi p y which is reflected not only in th wages paid to our own employees but also in the price of replacement and maintenance materials. For the year the total net gold recovery increased bv £8,443, but the increase in wages of £4,738 and replacement parts and stores of £3,808, more than offset the additional recoveries. “The yardage treated by the fine dredges shows an increase of 166,4.19 cubic yards, compared with last year s figures. Had Marsden dredge not encountered a bank of pug to a depthi ox 15ft., extending across the lull width of the claim, the through-put would have been further increased. Disposing of this pug was difficult and unprofitable for some .considerable time The shortage of labour remained acute for the major portion of the year, but the position in this respect has now improved.”

RUBBER DISTRIBUTORS

It was not possible to say more about the company’s relations with Dunlop Rubber (N.Z.), Ltd., then that, in the opinion of the directors, the arrangements that had been made were quite satisfactory, said the managing director of Rubber Distributors Ltd., Mr. D. L. Irwin, at the annual meeting of shareholdeis o. the company. In the directors report it was sa’d that the close relations which had existed for many years with Dunlop Rubber continued. An understanding satisfactory to the future operations of Rubber Distributors had been arrived-at. Commenting on the directors’ decision to build a new factory on a site oi approximately three acres at Gracefield, Lower Hutt, Mr Irwin said the building would cover an area of 30,000 square feet. It would house all the company s operations under one roof, and permit the sale of the existing factory and leasehold property. The whole of the plant, delivery of which had been very slow, should arrive before the end of the present year. PUBLIC TRUST OFFICE Estates to the value of £653,050 were accepted for administration by the Public Trustee in Juno. During the month 532 new wills appointing the Public Trustee executor were prepared on behalf of testators and lodged for safe custody. The total number now held on behalf of living persons is 133,532.