MINING

Hokitika Guardian, 5 December 1932, Page 6

MINING

GILLE'PIES BEACH GOLD COY. The secretary of the Gillespi e s Beach Gold Deeding Co., Ltd, auvu.es that work is well in hand at the claim and tnat evrytlnng is going smoothy. The electrical contractors are already well on with their contract and expect to be iiinshed in four months time.

me hardwood timber for the pontoon has arrived from Australian and is now being carted to the claim. On its arriv'd! there the construction of the pontoons will be commenced and carried on with all possible speed. It will be of interest to shareholders to know that the directors do not intend striking another call before the end of January.

OKAIGTO GOLD DREDGING CO.’ The report by the directors of the Okanto hive Aide Bea c h Gold Dredging Company, Ltd., for the Lad-year October lac, to be submitted at the fourth annual meeting of the company on December 12th, -states, inter •alia, that the report f° r the half-year ended April 2nd notified shareholders of a second dividend of 10 per cent. (6d per share), which was paiu on Jude 7th. Jif-'t prior to this a-ate it was decided in view of the comparatively low 'returns being obtained, to turn the dredge southward on the seaward side of the claim. Since'.'then t'h e dredge has work©! the southerly cut .with the tailings from the northerly cut on one side, and the sea beach on ah ß other, until die f, i'feint time, w-nen the dredge "is approximately 150 yards to the north of where -dredging was. started. Tiii s southerly cut has proved disappointing. The ground dredged -has been of a much -rougher nature than any so far -encountered,- with the result that the through-put has been diminished, and considerable delay has arisen through the necessity for -keep-, ing the main boxes clear of -heavy gravel and stones. Further, the g o ' l * content has been low, and there had | been no indication of a lead of go d on file-seaward ’Side of the cut, as had | .been hoped. The total value of gold won ■ -luting the half-year was less than half of that for the preceding six n oaths ; Notwithstanding it his, tha compar-/ I .shows -a profit of) £1639 for the halfyear before providing for depreciation.! The depreciation reserve has been increased by the transfer of £637 10s sd, from the profit and los, s appropriation account; After providing the sum of. £4OO for income tax, a balance of' £lOl9 12.5 3d remains to the credit of! -profit and loss appropriation account.-;: The directors ,recommend that this j surplus should be carried forward. The; 1 director who will retire at the annual; meeting is Air J. AL Stewart, who,' boing elig’hle, offers himself for re-, election. There is also a vacancy on the Board arising through the -resignation of At r .Robert Lee. Air C. D. Richards, the -company's auditor, will pi«,o retire, and, -being eligible, offers' •himself for re-election. •