COMMERCIAL MINING REPORTS

Greymouth Evening Star, 2 December 1950, Page 9

COMMERCIAL MINING REPORTS

Kanieri Dredging Profits.—Although the profit of Kanieri Gold Dredging, Ltd, expanded from £2359 to £81,076 during the year ended March 31, no dividend is being paid. The last payment was Is a share in February, 1947. The directors say that dredging reserves are sufficient for only about two years. They have decided, therefore, to build up financial resources to arrange for shareholders to benefit “at the appropriate time.” Sums totalling £36,966 have been placed to depletion, depreciation and renewals reserves, leaving £44,110 to increase the "carry-for-ward to £56,723. The larger profit came partly from ground of a higher grade, but chiefly from the increased price of gold, state the directors. The difficulty of estimating the cost of transferring the dredge to the property of Taramakau Gold Dredging, Ltd, militated against an agreement to work that company’s property.

Arahura Gold Insurance.—Arahura Gold Dredging, Ltd, have received £200,000 sterling insurance for the loss of its dredge, which sank in March, 1949, and purchased the stranded dredge for £22,500, states the annual report for the year ended March 31. About 870 tons of material have been removed from the dredge. An a/rnount of £168,386 is available for rehabilitation of the dredge after purchase costs and disbursements resulting from the stranding have been paid. Barrytown Sale. — The sale of Barrytown Gold Dredging, Ltd’s, dredge to Australian interests has. not yet been completed, says the annual report. t . The formation of the. new company to work tin deposits in Queensland has been delayed by the Queensland Government. The dredge is awaiting shipment from Greymouth. Investment income for the year ended March 31 was £1774, giving a net profit of £1323, agaipst £724 in the previous year) Snowy River.—The dredge return from Snowy River for the fortnight ended yesterday was 243 ounces from 49,000 yards, in 257 hours,