MINING

Nelson Evening Mail, Volume LXIV, 6 August 1931, Page 5

MINING

MAHAKIPAWA GOLDFIELDS, LIMITED DIRECTORS’ REPORT Tlie directors report that the balance of £SOO, outstanding on debentures, has now been paid off without the necessity of using the moneys placed on deposit. In addition, the Government subsidy of £2OO, which was granted some time ago for the purpose of deepening the shaft, has now been transferred, with the approval of the Minos Department, to development work in the east and west drives. This sum will he paid to tlie company at an early date. As the bonus on a considerable quantity of gold which lias been sold to the Commonwealth Bank has not yet been received, tlie finances of the company are in a very sound position and tlie company has a substantial sum in reserve.

Towards the end of July an action was brought against the company by Mrs Stratford, to recover a substantial sum alleged to he owing to her for rent, and the directors report that judgment was given in the Supreme Court in favour of the company, with costs against Mrs Stratford. This action raised an important issue, since tlie mining rights of the company in respect of tlie total area of 775 acres were in dispute, and had Mrs Stratford been successful in her action a further claim, which she hud made against the company, would have been proceeded with concerning tlie alleged encroachment on her land. The position now, however, is that the company’s mining rights over the full 775 acres have been confirmed by the Court and the directors considered that this action having been disposed of satisfactorily, there was nothing to prevent a repayment of the final balance on the outstanding debentures. Two of the directors of the company recently returned from a visit to the mine, and report that operations at the present time are proving highly satisfactory. Heavy gold is being won, and during the directors’ inspection a nugget of just under 1 jo/, was picked out of the sluice-boxes. It will be noted that the returns are now being given by the mine manager in melted gold instead of in alluvial gold. It is estimated that tlie returns on a standard ounce basis, when the gold out-turns from the bank come forward, will be about 5 per cent, in excess of tlie melted quantity shown in monthly reports.