MINING NEWS

New Zealand Herald, Volume LXXV, Issue 23163, 8 October 1938, Page 11

MINING NEWS

GILLESPIE'S BEACH RESULTS A net: profit of £3963, against £15,832 in the previous period, is shown in the accounts of Gillespie's Beach Gold Dredging Company, Limited(South . AVestland), for: the year ended June 30. Dividends for the year were 8" 1-3 per cent, compared with 33 1-3 per- cent in the previous year.' The reduction was caused to sOme extent by the lead, worked the previous year splitting out and carrying a much higher :over-burden of valueless , sand. A further .factor in reducing the ,dividend was that large expenditure; was looming ahead. This included additions to pontoons, new ladder and an increase in length to the elevator, as well as a new conveyer belt to permit of a much higher stacking capacity for. the deeper ground which is 'expected to be met on the roturn cut south. '

Gold won totalled 18670z., valued at £14,803. In the. previous 'year 35520z. were won. The year's export tax required £llOl. The road to the claim has been 'completed at a cost of £llOO and a reduction in cartage costs is anticipated. MAORI GULLY DREDGING [by .telegraph—press association] ; * ; r GREYMOUTH. Friday The Maori Gully Dredging-Company directors expect to make a.favourable recommendation at ..next month's annual meeting "of shareholders regarding a neW area. The prospecting of. Waipunga and Callaghans has been satisfactory, while an option has been secured over an additional 100 acres at Callaghans, which is now being bored. YIELDS OF COMPANIES Golden Dawn (Owharoa).—For September, 292 tons of ore were treated for a return of £642, gold valued at £7 2s an ounce. Blackwatcr (Reefton). —.Return for September: Crushed 4241 tonV,\ yielding 204JL fine ounces of gold from all sources,! including clean-up at old battery. The valuo at £7 3s Gd*a fine ounce was £14,643. Working expenses were £7424, leaving a working . profit of £7219, Capital expenditure was £1231 and development expenses £935. Nctnona v (West Const). —560z. from 13,500 yards in 116 hours. Bundi (West Const).—lO-loz. smelted gold, from 12,420 yards, for 95 hours. Mossey Creek (West Coast).- —~Boz.