MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22603, 16 December 1936, Page 9

MINING NEWS

MATAKI JUNCTIDN YEAR PROBABLE DIVIDEND PAYMENT A statement that it was probable the company would pay a dividend next year was made by Sir Harry Moxham, chairman of directors or Mataki Junction Gold Dredging, N.L. (Murchison), at the annual meeting i:i Sydney l»st week. He said the net profit to July 2 of £1969, was at the rite of 23.8 per cent on capital. Subsequent to July 2, results had not been so satisfactory. This was mainly due to the dredge being closed from August 7 to September 2 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 ir. a delay of approximately two weeks. During this period and up to the beginning of November, the dredge course was directed back toward the initial starting point, and for some time during October it was working through old ground. YIELDS OF COMPANIES New River (.West Coast). —2-loz. 13d\vt. Gillespie's Beach (South Westland).— 970z. 13d\vt. for 124 hours. NEW AUSTRALIAN COMPANY A new company with a nominal capital of £75,000 was mentioned by Mr. Eric Campbell, chairman of directors of Mount Morgan Developments, Limited (Western Australia), at the annual meeting in Sydney last week. Mr. Campbell said the company had applied for certain areas on the Tennant Creek goldficld, in Central Australia, and proposed to concentrate during the yfcar on this area, probably working in close cooperation with Mount Morgan, Limited. A separate company, to be called Morgan Tennants, Limited, to acquire and develop areas at Tennant Creek, had been formed.

It was proposed that the new company should acquire options over 16 separate properties, and would proceed forthwith with their examination and development. These 16 properties were exclusive of the areas applied tor by Mount Morgan Developments. The actual work at Tennant Creek would be carried on by Mount Morgan Developments. Limited, for Morgan Tennants. Limited.

GOLCONDA HOLDINGS The small loss appearing in the accounts of Goleonda Holdings, Limited (Auckland), for the year ended November 30 is ascribed by the directors to the fact that no dividends were forthcoming from the company's investments. N<t dividend was paid during the year. Last year's final payment, together with accrued income tax due, and the small loss this year, leaves a debit of £27 in the appropriation account. The assets of the company consist in mining property valued at £1()0, and share* in other companies at £8460 at cost.