MINING NEWS

New Zealand Herald, Volume LXXIV, Issue 22724, 10 May 1937, Page 5

MINING NEWS

PLACER AND BULOLO HIGHER INTERIM DIVIDENDS Placer Development, Limited, Vancouver, has declared an interim dividend oi. 60 cents a one-dollar subject to Canadian absentee tax of 5 per cent. This compares with an interim payment of 50 cents in December, 1936. Bulolo Gold Dredging, Limited, is paying an interim dividend of 3 dollar 50 cents a share of 5 dollars, also subject to tax, compared with the previous payment of 1 dollar 40 cents. Both dividends are- payable on June 10. The Placer dividend is worth about 3s in New Zealand and the Bulolo payment about 7s 6d. ' j EIGHTH ARGO PAYMENT A dividend of Id a share; free of income tax, has been declared by the Argo Gold Dredging Company, Limited (West Coast), and is payable on May 24. The dividend is equal to 8 1-3 per cent and represents a distribution of £2OOO, making a total of 15,200 paid in dividends since operations commenced. A sum of £2OO has been placed to gener/il reserve, which now totals £I4OO. This is the eighth payment made by the company. The first was of 5 per cent and the .remainder have been Id a share. ALEXANDER DISTRIBUTION The directors of Alexander Mines, Limited (Reefton),. have declared a dividend of Is a share, free of income tax, payable on May 17. The distribution is the 12th paid by the company and represents an amount of £3750, making a total of £45,000 paid in dividends since operations commenced. YIELDS OF COMPANIES King Solomon (Gore). —Last week, lloz. Bdwt. Maori Gully (West Coast). —Last week, sooz. lldwt. for 137 hours. Argo (West Coast). —Last week. "• 70oz. for 130 hours and 14,000 yards. Golden Sands (West Coast). —370z. 7d\vt. for 30 shifts.

Mataki Junction (Murchison). — "Week ended May 6: 61oz. for 122 hours and 24,000 yards. Big River (Reefton). —Return for April: Battery department—lSO tons of ore crushed for 138oz. 13dwt. melted gold, valued at £IOOO. Cyanide department: No clean-up has been made. Concentrates saved previously seven tons, concentrates saved during April, • three tons, total JLO tons; value, £IBO. 1 n estimating the above values gold has been taken at 14os a fine ounce. Alexander (Reefton). —Return for April: Battery department—34o tons of ore crushed for 160oz. lOdwt. melted gold. Cyanide department: 220 tons of sands treated for 48oz. 2dwt. of bullion. Total estimated value, £1423. In addition: 7} tons concentrates were saved valued at £240. In estimating the above values gold has been taken at 145s a ' fine ounce. Now River (West Coast). —61oz. for 113 hours and 10.000 yards. Blackwater (West Coast). —Return for April: Crushed, 3429 tons, yielding 1395 fine ounces of gold, value, at £7 0s _6d, £9SOI. Working expenses were £7240, working profit £2561, capital expenditure £1292, and development £514. Gillespie's Beach (South Westland). —There was no wash-up last week, the dredge being closed for adjustments to silt wheels. j, STAFFORD OPERATIONS Although few shareholders attended the annual meeting in Melbourne recently of Stafford Gold Dredging, N.L., near Greymouth, - disappointment was expressed by those present at the difference between the results and original anticipations. The chairman of directors, Mr. H. C. Tucker, said that considerable trouble had been experienced with the proposition. The powerline had been blown down on several occasions, operations had been affected by buried timber, and a large patch of previously-worked ground had been entered. The company had reasonable prospects in the current.l2 months. The dredge had passed through the poor ground, and was now entering a new- . area, previously bored and check-bored, which should give profitable yields. A new road had been paid for, and there was no creditors. It had been found bv experience that the ground contained more buried timber than was originally estimated. Moreover, they had been at fault in utilising an old dredge and reconditioning it, although guided by expert advice.