COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

Greymouth Evening Star, 16 March 1948, Page 6

COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

Gold Mines of N.Z. Ltd.-—The dredge returns for the first half of March are:—Arahura: Ran 186 hours and treated 85,000 cubic yards for a return of 266 ounces. Kanieri: Ran 211 hours and treated 73,000 cubic yards for a return of 172 ounces. Associated Gold Dredges (N.Z.)-— For the week ended March 13 the company’s dredges recovered 54 ounces of gold from 43,618 yards m 220.1 dredging hours. M.K. Manufacturers. —An increase of £774 in the net profit of M.K. Manufacturers, Ltd, to £31,532 is shown in the accounts for the year ended December 31, 1947. An unchanged dividend oi 8 per cent, payable on May 14, requires £3OlO, and after providing £18,341 for tax reserve and £BOOO to overseas exchange fluctuation reserve, the carryforward is increased by £2lBl to £5869. , Auckland Gas Accounts. —The net profit of the Auckland Gas Company, Ltd, for the year ended December 31, 1947, shows a decrease of £1777 to £12,895; The unchanged dividend of 2| per cent., requires £13,309, which is £414 higher than the net profit. The sum of £11,744 transferred from the investment fluctuations account, now closed, increases the carry-forward to £13,878, against £2548 brought in. The surplus for the year, including a Government subsidy of £36,364, was £51,210, against £56,096 in 1946, when the subsidy was £17,500. Provision for taxation of £38,315 was £11,325 lower.