GOLD MINING

Grey River Argus, 3 August 1940, Page 11

GOLD MINING

GREY RIVER.

Return this 'Week; 145.80 z from 103,003 yards in 132 hours 55 minutes.

blackball creek

The directors’ third report for th? year ending May 31, to be presenrea to the annual meeting on Augusr 22, says that the operations for the year resulted in a profit of- £6659 16s 3d, against £8659 10s 3d for the correponding period of last year, notwithstanding that the value of gold won during rhe year exceeded by £228 the value of gold won during the proceding year. The produced profit was to a great extent accounted for by additional expenditure of £554 for wages and £1179 for gold duty, compared with the expenditure under ' thos e headings for the previous year. The excess gold duty imposed by the Customs Amendment Act, 1939, amounted to one-half the total goia duty applied during eight months only of the year it would be apparent that this duty would be still more burdensome in subsequent years. The company would also pay in respect of dividends naid\during t h e year a sum of approximately £74o* by way of income tax. After making provision for such tax, the balance to the credit of the profit and loss account at the end of the year was £6558 7s lud. Since the close of the year the company had paid off the loan account ,£2OOO. Though expenditure under maintenance and repairs exceeded by £B4B such expenditure last year, stocks of spares and tools had increased by £llO6, .The directors had maintained the policy of keeping the company’s dredge in efficient condition and ban retained ample reserves ,to meet contingencies. Some three months ago an order was placed in Australia for the manufacture of a bucket ladder bottom tumbler to ensure that dredging operations would not be suspended by a breakage of the existing tumbler, which i s not in good condition. Advice had been received that the new tumbler had been completed and shippea io New Zealand, NGAHERE. The Ngahere return for the month of July, 1940, is 6940 z for 302,780 yards, worked in 577 hours.