MINING NEWS
HIGHER NEMONA DIVIDEND A dividend (No. 11) of 2d a share, free of income tax, has been declared on shares in Nemona Gold Dredging Company, Limited (Reefton), payable on May *l6. The dividend is an increase of Id a share on previons payments and will require £3OOO, making a total of £IB.OOO paid to shareholders since operations- commenced in June, 1936. GREY RIVER ACCOUNTS The directors of the Grev River Dredging Company, Limited (West Coast), expect that digging will begin about the middle of September. The dredge was launched on April 23, but some delay is expected owing to electric power not being available. The first accounts of the company show paid capital at £240,051, and creditors, £4496. The principal assets are:—Cash, £32,045; funds held in London and New York, £29,807; mining rights. £103,500; dredge under construction, £45,854; preliminary expenses. £1235; underwriting commission, £9375. The balancing total is £244,876.
WAIMUMU SLUICING LOSS
Increased working costs and the dry season experienced in Southland were contributory factors that caused a loss of £Bl2 to be recorded by the Waimuinu Sluicing Company, Limited, during the year ended on March 31. Gold won totalled 2910z. lOdwt. and realised £2374, compared with £3641 last year, when a profit of £738 was presented. In the report it is stated that, while costs would probably continue to mount in some directions, it was hoped that with an improved plant and better ground the coming year would be much more satisfactory. The gold tax paid had increased the company's loss by £179. In spite of repeated representations the Government had failed to recognised the injustice of a tax on gross revenue. YIELDS OF COMPANIES New River (West Coast). —For week ended April 28, 330z. from 9000 yards in 108 hours. White's Electric (West Coast). —For week ended April 28, 38oz. in 106 hours. Mataki (Murchison). —For period ended May 1, 2Soz. from 7800 yards in 108 hours. Clutlia River (Otago).—For week ended April 29, lSOoz. in 125 hours.
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Bibliographic details
New Zealand Herald, Volume LXXV, Issue 23027, 3 May 1938, Page 7
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332MINING NEWS New Zealand Herald, Volume LXXV, Issue 23027, 3 May 1938, Page 7
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