MINING NEWS

New Zealand Herald, Volume LXXV, Issue 23077, 30 June 1938, Page 9

MINING NEWS

NOKOMAI OPERATIONS REMARKABLY DRY SEASON The opinion that, with the plant working continuously, and given normal seasons, shareholders could look forward to increased and profitable returns, was expressed by Mr. H. L. Gill, chairman of directors of the Nokomai Gold Mining Company, Limited (Otago), at the annual meeting in Dunedin on Tuesday. The gold recovery slightly exceeded the previous year's return, but a larger yield would have been recovered but for the fact that the season had been the driest at Nokomai for 44 years. There had been numerous difficulties to overcome during the year, the chairman said. Some unforeseen expenditure had arisen, and the men had to be trained in the handling of the new plant. The gravel pumps and plant were working satisfactorily. The company had sufficient trained men to run them, and the plant was virtually 100 per cent efficient. Increased award wages and extra staff had cost the company nearly £ISOO more this year, and the company had also paid to the Government gold tax amounting to £7OO. This tax reacted very unfairly on companies struggling to get on a dividend-paying basis. "It was to be hoped that the Government would lend a sympathetic ear to the representations that had been made frequently concerning this tax." ,