GOLD MINING

Grey River Argus, 1 August 1934, Page 7

GOLD MINING

Yesterday’s quotations were: Brian B»oru Is 51d, Is 6d; Central Shotovei —, lOd; Consolidated —. 20s; Gillespie’s Beach is 104 d, 2s; Glenroy Sd Is 2d; Golden Point lid. 2d; King Salomon 3s lUd. 4s 2d; Lawson's Flat 44d, (>d; Alexander 13s 6d pa d 14s lid, 15s Id; Bell Hill Is 6d, 2s 6d; Bell-Hooper sd. —; Be 1-Kilgoui 4|d, sd; Ben Ledi 7d, 8d; Big Rivei Is, Is lid; Okarito 7s lOd. 8s 25 Skippers Bd. 81d; Stafford Sluici’i; 9d Is 3-Jd; Waihi 31s (id. 32s 6d: Waituhu —, ss; Worksop Is F'd. 1 lid; Maerewhenua —, 7d; Mahaki p: wa lOd. 104 d; Mahakipawa pref ’ld. Is lid: Mataki — 2s 4 Id; Moss' Creek Is 7d, Is 71d; Nevis Diesel 4d 44d; Nokomai 3s 4Jd, 3s s<l. Blackwater Mines, Limited, which is controlled bv Consolidated Goldfield-* of New Zealand, reports a net pro’t o< £34,409 for the year 1933 (agains? £35,756 for 1932), after meeting development expenses and depreciation and providing £17,500 (agains* 122,500) for taxation. A final dividend of 71 per cent, is proposed*, making a 121 per cent., tax free, for the year (unchanged), and the balance forward is increased from £14.500 t.j £17,600. subject to directors’ additional remuneration.

Net profit of Consolidated Goldfields of New Zealand (the principal asset of which is its holding in the subsidiary company, Blackwater Alines, Limited) for 1933 amounted to £17,888 (against £16,833 for 1932). After providing for two dividends, totalling Is 3d, tax free, per 4s share, paid during Ihe year (the same* the balance forward is increased from £14,592 to £16,855. A dividend of 9d a share, tax free, on account of 1934, will be paid on June 30 next (the same). The directors state that during the

year a certain amount of prospecting and driving was carried out on the Progress leases, but nothing of great value was discovered. Investments stand in the balance-sheet at £63 688, of which £63,308 is in the subsidiary

company; it is stated that the market value of investments at December 31 was substantially higher than the bal-ance-sheet figure. MAORI GULLY DREDGE. The Greymouth directors and the secretary of the Maori Gully Gold Dredging Company, after visiting the claim, near Stillwater, report that the digging of the pond for the dredge will be concluded this week. All the timber is on the ground for the pontoon, the building of which will be commenced this week, and’ the ouckets and tumblers are due to arrive in September. The construction of the pontoon be by then completed. The workmen are comfortably housed in newly-erected huts, in which electric light will be installed. The contractor (Mr McKay) will use the power, which is already laid on to the claim, in the construction of the dredge. The Directors were shown Ky one of the workmen a number of colours of gold washed out of the spoil when the pon ! was being dug. The two bores in the locality where the dredge will commence operating showed an average of Is Sd a yard, with gold at £4 an oz, so that conditions are favourable for a successful start.