COMMERCE AND FINANCE

Otago Daily Times, Issue 24491, 27 December 1940, Page 8

COMMERCE AND FINANCE

MINING NEWS VICTORIA DREDGING COMPANY The Victoria Dredging Company (no liability) treated 227,783 cubic yards for the four weeks ended December 5, for a return of 17700 zof fine gold. A dividend (No. 10) of 3s a share has been declared. This brings the total distribution to shareholders since the commencement of dredging operations on July 11. i!«8. to 23s a share on shares called up to 10s only. MOUNT LYELL MINING How the Mount Lyell Mining and Railway Company, Ltd., and its subsidiaries extended their activities in the last year was described by the chairman. Mr P. C. Holmes Hunt, at the annual meeting in Melbourne. " Mining and treatment operations at Mount Lyell during the year resulted in larger tonnages of ore being handled," he said. " Copper production was affected by the lower average grade of the ore. Ore reserves, as calculated at September 30, were 162,000 tons higher than 12 months earlier. "The company has been developing an extensive scheme for handling high tonnages of low-grade ore, and. the new primary crusher and additional classifying equipment were put into use during the year. An extension of the undertaking given to the Commonwealth Government in connection with the price of copper has been decided upon, requiring still more plant, some of which has been delivered, and the remainder of which is being made in Australia and the United Kingdom."