MINING

Hokitika Guardian, 13 December 1935, Page 4

MINING

WORKSOP EXTENDED DREDGE

The monthly meeting of directors, which was held on December 11, a dividend (the fifth) of 10 per cent on the capital of the company, namely £16,000, was declared payable on December 18. This dividend will absorb £1,600 free of income tax. The transfer books of the company will be closed from December 14 to December 18, both days inclusive. Also, £l6O was added to the special reserve bank which now stands at £BOO.

With the, above dividend included, 50 per cent of the , capital invested has been paid to the shareholders since dredging operations commenced in August, 1934.

BIG WEST COAST PROJECT, • . Sir Harry Moxham, chairman of the Standard Ti nLode, N.L., at the annual meeting in Sydney, said that Burma Malay Tin, Ltd., had closely tested the property known as Maori Creek, on the West Coast of New Zealand. Adjacent areas had also been tested, and the company had now tested in all 3,775,000 cubic yards of a' gold content of 7.2 pence, with gold at £4. Thes e areas individually were Maori Creek, 540,000 yards, at a value of 9.88 d; Sunday Creek, 1,235,000 yards, at 6.65 d; and Kapitea area. (Jellies’), 2,000,000 yards at 7d. The first two of these properties had been proved by Burma. Malay, Ltd., and the third by British Developments. The other areas, in which no boring had yet been done, were KapiteaExtension, Sawyer’s Creek, and Sebas- * tian Creek. It was the board’s intention, continued the chairman, to place an order for a dredge unit with a capacity of at least 50,000 cubic yards a month. Burma Malay, Ltd,, had been appointed the general managers for the company in New Zealand. The purchase price of the Maori Creek, Sunday, and Sawyer Creeks were £4OOO and 33,000 shares in the capital of the company. It was intended to call up the remaining 3s a share on the issued contributing .100,000 shares. In addition to the £15,000 thus obtained, 25,000 new shares would be issued at par, representing £6250. The company had £3500 in hand, and would then have in all £24,750. The dredging costs were not expected to exceed 3(7 a cubic yard, and. thfere should be a return of a working profit of from 9d' to Is a cubic yard. The property should be producing within 12 months. The chairman explained 'that under the original prospectus the promoters ceive 80,000 fully paid shares' and options over 50,000 contributing sharesat par. The promoters had agreed to forgo the option over the 50,000 shares and to place 28,000 of th e promoters* shares towards the purchase price of the New Zealand properties.