MINING NEWS

New Zealand Herald, Volume LXXIV, Issue 22620, 7 January 1937, Page 5

MINING NEWS

YIELDS OF COMPANIES Mataki (Murchison). Two weeks ended December 31, 730z. from 18,500 yards in 94 hours. - » INCREASED BULOLO OUTPUT The results of the four dredges of the Bulolo Gold Dredging, Limited (New Guinea) for the first five months of the current financial year exceeded the recoveries for the corresponding period of 1935-36. From June 1 to October 31 the dredges handled 4,910.200 cubic yards for a recovery of 61.8530z. fine gold valued at 2,164,85;') dollars (Canadian). After giving these particulars. Mr. C. A. Banks, in his address at the annual meeting in Vancouver last month, said that, as dredges Nos. 5. 6 and 7 came into production, there would be a gradual increase in the yardage handled, and when all were operating some increase in dividend might be expected, although the increase in profit was not expected to be proportional to the increased yardage, as with iftore dredges in operation, ground of lower average value would be treated. j NEW SOUTH WALES OUTPUT * Gold production of New South Wales j in 1936 shows an increase of 22 per i cent on the quantity produced in 1935. | Estimated at 61.1600z. fine it is the I largest since 1919, when the yield was j 65,8390*. fine. The value is £531,300, having topped the half-million mark I for the first time for 20 years. Produe- | tion in recent years was as follows, | figures for 1936 being approximate:—• Output, Value, oz One £ 3029 .. 7,40(5 51.542 1030 .. 12.4f)3 53,066 1031 .. 30,073 115,(>'23 '1032 .. 27.911 203.622 1033 .. 20,232 226.06S 1034 .. 3(5,123 307,662 103.- .. 50,102 430,945 1036 .. 61,160 531,300 The above table traces the revival during the past seven years under the stimulus of the increased price of gold, the ofiVct of which is marked clearly in the value of production from 1931 onward. BENDIGO PRODUCTION The Bendigo field, which continues to lie the chief gold-producing centre of Victoria, yielded 38,7500z. gold for 1936, an increase of 45430z., compared with the previous year. Central Nell Gwynne, with 46400z., was the largest producer, and five other companies won more than IOOOoz. The Hercules mine, which headed the list 011 several occasions, ranked low this year with a yield of 3070z. Four companies paid dividends amounting to £17,400, of which the Central Nell Gwynne accounted for £14,100. WILUNA ACCOUNTS The accounts of Wiluna G6ld Mines, Limited, Western Australia, show a credit balance of £188,065 in Australian currency. The funds represented by this balance, it is stated, have been utilised in carrying out extensive additions to plant and equipment, and a vigorous programme of exploration and development, with a view to increasing the profit-earning capacity, and it was decided to carry forward the whole amount and not to pay a final on the shares of the holding 'concern, Wiluna Gold Corporation, Limited, London. The hokling company shows a net profit of £159,512 sterling, against £288.242. The interim dividend of 10 per cent compares with 20 po r cent for the previous full year. .-jitMy