MINING NEWS
OKARITO COMPANY'S YEAR "Tin- company has had many misfortunes during the year, but has, nevertheless, succeeded in producing almost as much net profit as in tho previous year," states the annual report of the Okarito l'ive Mile .beach Gold Dredging Company, Limited, whoso claim is in South Westland. Tho net profit amounts to £2(538, against the previous year's £3062. The decrease is almost entirely accounted for by the increase of £4OO in repairs and maintenance to the dredge. In March, 1938. a dividend of 4d a share (.6 2-3 per cent) was declared, absorbing £2333, and after providing £ll4 for income tax a balance of £1223 remains to be carried forward. The dredge operated for only 38 weeks during the year: In this time 11260z. of gold were won, as compared with 11570z. during 47 weeks in the previous year. Tho average value of ground dredged has therefore shown a substantial increase. The averago realisation for the year was £7 6s 3d an ounce, compared with £7 5s Id last year. YIELDS OF COMPANIES Goldfields Dredging (Otago). 17oz 18dwt in 120 hours. Nemona (West Coast)oSoz. troll) 14.300 yards in 122 hours Worksop Extended (West Coast).— 50oz. from 5500 yards m l-o bonis.
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Bibliographic details
New Zealand Herald, Volume LXXV, Issue 23121, 20 August 1938, Page 11
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204MINING NEWS New Zealand Herald, Volume LXXV, Issue 23121, 20 August 1938, Page 11
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