MINING

Nelson Evening Mail, Volume LXX, 19 December 1936, Page 16

MINING

MATAKI JUNCTION «

Shareholders „at the annual meeting of Mataki Junction Gold Dredging, in Sydney, were told by Sir Harry Moxham (chairman), that it was probable that the company would pay a dividend next year. He said that the net profit to 2nd July of £49G9, was at the rate of 23.8 per cent, on capital. Subsequent to 2nd July, results had not been so satisfactory. This was mainly due to the dredge being closed down from 7th August to 2nd September, for alterations to tables, with a view to obtaining faster dredging. Costs in future ought not to exceed 3d a yard. Shortly after the dredge recommenced work, one of the main motors had to be repaired, resulting in a delay of approximately two weeks. During this period and up to the beginning of November the dredge course was directed back towards the initial starting point, and for some time during October it was working through old ground. At the beginning of November better ground was entered, and the four weeks to 20th November showed a working surplus of £467, and it was anticipated that the • four weeks to 18th December would show a material improvement on the previous period For the week ended 27th November 79 ounces of gold was recovered, and for that ended 4th December, 76 ounces was obtained.

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