GOLDMINING

Grey River Argus, 12 February 1936, Page 7

GOLDMINING

Quotations: —Maori Gully lOd, Is; Mount Lyell £1 3s 2d, £1 3s 3d; Skipper’s 2Jd, 3d; Worksop Is lid, 2s sd; Barrytown 15s, £1 2s fid; Deep Lead —, la 7d; Gillespie’s lOd, 11->d; Golden Sands 2s, 2s fid; Goldfields 3jfd, 4fd; King Solomon 3s 4d, —; Lawsoil’s Flat 3jd, —; Alexander —, 18s; Alexander (15s paid) 9s, 12s 6d; Argo Gold is 3d, Ms 4d; Antonio’s —, 9d; Bendigo —, 3|d; Big IRiver Is lOd Is 114 d; Brian Boru 2d, 25d. GREAT ASHANTI GOLD OUTPUT. PREMIER PRODUCER OF WEST AFRICA. Gold to the value of £15,852,150 has been produced by the Ashanti Goldfields Corporation, the premier producer of West Africa. Its operations began 37 years ago, and the Corporation’s achievements form a striking example of efficient mine administration. Many disappontments have been overcome by good judgment and high technical skill. There has been 3 580.830 tons of ore treated and 3,272,170 ounces of gold has been obtained. The dividends and cash bonuses have amounted to £5,740,981. The capital was £250,000 in 1927, and was raised to £375,000 in 1931, to £500,000 in 1932; and since 1933 has been £1,000,000. Dividends have varied since 1927 from 50 to 100 per cent., while net profit has already grown from £141,773 in 1927 to £840,572 in 1934. The decline in dividend from 125 per cent, in 1932 to 75 per cent, in 1934 was due to the capitalising of the reserve account, and after paying 75 per cent on the doubled capital, £50,000 was added to the dividend equalisation account, making it £200,000. In the past year the net profit rose to £937.384, the gold -won to 16,957 ozs., w,rth £1,399,855, and the ore treated increased to 6,406 tons.- Last October developments disclosed at several points a continuance of the reefs of great width and good value, an outstanding feature being No. 10 level in the Cote d’ Or reef, where crosscut No. 34 south west found the reef to be eight and a half feet wide, averaging just under three ounces per ton in assay value. Outside mines gave also good developments results, one reef 47 feet wide, averaging B.7dwts.

CONSOLIDATED GOLDFIELDS. CHAIRMAN DIES. The death of Mr Arthur Livingstone Foster, occurred on Friday, September 27th, at his residence, Chartwaye Limprfield, Sussex. The deceased attained the ripe age of 76. He was chairman of Consolidated Gold Field® of New Zealand, Ltd., Blackwater Mines Ltd., and New Zealand Crown Mines' Coy. Ltd., as well as a Director of Komata Reefs Gold Mining Company. Limited. The whole of his business life was devoted to the Consolidated group, he having been asso ciated with those companies from their inception. The parent company was ff ormed in 1896 Blackwater being launched ten years later, in 1906. On the death of Sir Westby Perceval. K.C.M.G., in 1928, Mr Foster became chairm’an, when times were none too

bright for companies in New Zealand, but thanks largely to his untiring efforts he was spared to see prosperity return to all the companies with which he was connected. He kept in close touch with mining developments in the Dominion and had great faith in the ability of the mine superintendents, Mr E. W. Spencer, now managing di. icctor in New Zealand, who, for the second time assumed control after the death of his son-in-law, Major A Winter Evans, killed during the Great War, and the present manager, Mr J. Stewart. At the annual meeting of Blackwater Mines, in June, 1933, Mi L. Ehrlich, who was responsible for supplying a good deal of the original capital for the Consolidated Company and is now the solo surviving member of the original board, paid a fitting tribute to the work of Mr Foster in securing the North Blackwater proportji- for the company, an acquisition which has been of inestimable value to the shareholders.