MINING NEWS

New Zealand Herald, Volume LXXII, Issue 22090, 22 April 1935, Page 5

MINING NEWS

SKIPPERS LOSS OF £2490 SPEEDING-UP PROPOSALS The first annual accounts of Skippers, Limited, Shotover, Otago, for the period ended March 31, show a. net loss of £2490. The gold yield since the company commenced operations in November was 2330z., producing £1716. _ The directors state that the adverse results wore due to frequency of flooding and it was sheer bad luck that the company should strike in its early stages the worst conditions for several years past. The plant was fully capable of operating successfully under average conditions. They claim that while the presence of gold in substantial quantities had never been disputed, the company's experience during the past five months had provided, additional proof to this effect. The diversion of the river had been successfully accomplished, and a rise in the river of four times its normal volume did not interfere with the progress of paddock work. High pressure water in sufficient quantities was available during certain periods of the year, and an additional service dam had been constructed to increase the storage capacity. To ensure a supply during fche periods of water famine, an oil power generating set had been installed. In order to meet thfi abnormal conditions, the directors were considering i the speeding-up of production, so that, only seven to 10 days would be re--1 quired to complete a pfiddock and a ! wash-up and not two or three weeks as i at present. It had been decided to pro- ! cure the extra, water for the increased ! production by installing a hydro-electric I plant at Skipper's Croek, rather than I risk exhausting the company's resources | if present conditions continued. It waa hoped it would be unnecessary to raift* fresh capital. _ • The company has a paid, capital of | £75,000. Its fixed assets are shown at j £59,760; fictitious assets, £10,747'; ! and floating assets, £2950, including j cash and gold, in hand, £2422. YIELDS OF COMPANIES Waitahu (West Coast). —5-soz. 18dwt. for a further partial wash-up from No. .3 paddock last Tuesday. The previous wash-up was 450z. 18dwt. on April 4, since which time the elevator has been i in operation for 27 shifts of eight hours, i Ben Ledi (Otago).—l7*oz. from 8000 I vards of material. The return repre- | sents part of a paddock under treatI ment, and does not include any recovery from the .tail-race and tussock run, which will be cleaned up on the completion of the 'paddock. The manager states that since recommencing operations last month the water supply has been errratie and a full supply wai available only occasionally.