GOLD MINING

Grey River Argus, 27 April 1939, Page 12

GOLD MINING

CLUTHA RIVER. For the week ended April 21, the Clutha River dredge at Alexandra worked 115 hours, recovering 106 ounces of gold. OKARITO. The Okarito Five Mile Beach Gold Dredging Company, Ltd., reports a wash-up of 590 z. Idwt. for 129 hours dredging. RIMU FLAT. Rimu Flat dredge return on Monday for 125 hours was 158ozs ISdwts from 42,125 yards. golden sands. Profit of £527 16s 6d was earned uy Golden Sands, Ltd., in the year ended March 31, 1939. With the carry forward, the amount available is £BO2 14s 3d, which the directors propose to deal with as follows:—For directors’ lees to March 31, 1940, £200; write off new development work, 50 per cent., £32i» 4s 8d; carry forward, £276 9s 7d. The directors, in their report relet to the loss the company sustalnen through the death of the chairman, Mr R. T. Tosswill, whose work on behalf of the company showed outstanding ability. The directors record then indebtedness to him for the sound policy he pursued. The vacancy on the board had been filled by the appointment of Mr Daniel Denneny, senr. His appointment was subject to confirmation in general meeting, and he will stand for re-election m the annual meeting. "As advised in the last annual re port, the plant had to be shifted to a new site, which necessitated the extension of the pipe-line and the renewal of most of the timber work m the tables, elevator, and plant. This is the third shift since the commencement of operations, and it is anticipated that the next shift will be required about four years hence, foi which extension the company has in stock sufficient pipes when required. “The removal of the plant reduced the sluicing shifts during the year to 340, against 686 the previous yeas-, and produced 260 ounces of gold against 665 last year, for a net value of £1969 against £4BBB last yeat. “Shifting the plant commenced rn August last, and because of most unfavourable weather, together with labour difficulties and increased costs of labour, materials, and general charges, the shifting was more costly than anticipated, but owing to the sound financial position of the company and the adequate reserves provided, the company was able to meet the outlay entirely from its own resources. Sluicing was resumed at the new site in January, with satisfactory results, and it is hoped that uninterrupted production can now be expected for some years. A liability’’ ot £936 shown on the balance-sheet as owing for pipes is amply covered by cash and gold on hand, plus saleable surplus pipes, from which a sum ot £226 has been realised since the close of the financial year. “The retiring director, Mr D. F. Dennehy, being eligible, offers himself for re-election. Mr W. S. Mac Gibbon, the company’s auditor, retires and offers himself for re-election.”