MINING NEWS

New Zealand Herald, Volume LXXII, Issue 22197, 26 August 1935, Page 7

MINING NEWS

OKARITO IMPROVEMENT The report of the Okarito Five Mile Beach Gold Dredging Company, Limited (West Coast), for the nine months' period ended June 80, shows a net profit of £5860, against a deficit of £377 in the previous six months' period. A dividend of 10 per cent paid in February absorbed £3500 and, after providing for income tax, there is • a credit balance in appropriation aocount of £1931. The report states that the dredge continued to work southwards on the lagoon side of the claim. The ground now being dredged was much heavier than that at the northern end of the claim, but as a result of the alterations made to the dredge a year ago, it was dealing satisfactorily ■with the 6tones and heavy gravel. The returns secured during the period had remained very consistent, the average return being 37$oz. The total quantity of gold won during the nine months waa 13500z., a substantial improvement on the 6200z. won during the preceding six months. YIELDS OF COMPANIES Worksop Extended (West Coast).— Last week, •i-ioa. for 130 hours and 9600 yards. Maori Gully (West Coast). —Last week, 70oz. 15dwt. for 140J hour 6. Talisman Dubbo (Karangahape).— Fifty-nine tons of ore were treated at the Golden Dawn battery for an approximate realisation of £456, SHOTOVER VENTURE Oxenbridge Shotover Gold, Limited (Otago), reports for the year ended July 31: "A year of difficulty and misfortune, which seems inseparable from the working of the Shotover River, and of difficulty in keeping the company financially solvent." The report states that the company fully expected to be winning gold by the end of 1934, but unforeseen difficulties were met with. Continued expense was incurred and a further debenture issue became necessary, an additional £6lO being borrowed, making a total of £2llO. The company had now entered into a tribute agreement with the claim manager and was thus relieved of the payment of working expenses. It was to receive 45 per cent of the gold won. Expenditure for the year resulted in an increase of £2409 in the mining pror perty account, which now has a debit balance of £14,720. Paid capital is £12,500.