RICH YIELDS

Otago Daily Times, Issue 21952, 13 May 1933, Page 17

RICH YIELDS

BENDIGO GOLD FIELDS OUTLOOK STILL BRIGHT. (From Ode Own Correspondent.) SYDNEY, May 4. A report from Bendigo, in Victoria, that another excellent gold find was made there the other day, directs attention to Bendigo’s famous mines of the past. Since July 9 last year the Hercules mines, from which the latest big yield has been secured, has produced more than 12,000 ounces of gold from 6018 tons crushed, and, aided by the high price, of gold, has paid almost £70,000 in dividends to the shareholders. But in days when gold was less precious in terms of sterling, but none the less sought after, mines on various of the main reefs of the Bendigo field were staggering the world and enriching the shareholders with the gold that poured from their thundering batteries. Before 1870 many mines gave tremendous yields, but their records have not always been preserved, while others were privately owned, and their returns were never disclosed. There was, for instance, one of the Watson’s mines. This is known to have yielded more than £500,000 to the owner. In eight months, in 187172, the Great Extended Hustlers Tribute Company took out 48,000 ounces of gold and paid £183,400 in dividends. The same mine was worked by another company later, and from 1870 to 1886 gained 137,597 ounces and paid £353,500 in dividends. In eight months, in 1873-74, the three Garden Gully Tribute Companies had amazing yields. The No. 1 company paid £30,000 in dividends, No. 2 paid £70,000, and No. 3 paid out £50,000. All worked the same mine.

The success of the tribute companies was a prelude to the success of their parent company. The tributes expired in 1874, and in the 12 years that followed the United Company paid dividends which totalled £616,000. The Garden Gully Company had several other successful periods later. In three years, 1883-85, the United Devonshire mine paid out to its shareholders £199,000. Other outstanding recent records have been: —New Red, White, and Blue, in seven years, £126,000; South New Moon, in 11 years, £449,000; Central Red. White, and Blue; in five years, £148,000. Experts say that there is no reason why some of the Bendigo mines that have been famous in the past should not go on producing gold. Some of the existing mines, they say, may even surpass the record of earlier companies. The great yields of the past, they say, really augur we 11... for the future. There is great optimism in Bendigo, and one would venture the opinion that it was not altogether unjustified.