KOMATA REEFS. AUCKLAND, January 14.

Otago Witness, Issue 2862, 20 January 1909, Page 28

KOMATA REEFS. AUCKLAND, January 14.

1 During 1 the four weeks ended December la-st the Komata Reefs G.M. Company crushed and treated 1800 tons of ore for a return of bullion worth £3379. This is an increase upon the return for the previous month when 2300 tons yielded £2474. Compared with the final clean-up for 1907 (£3317 from 2100 tons), the return under notice also shows an increase. The total output from the mine for last year was £44,309, as against £47,128 in the preceding year — a decrease of £2819. The mine has yielded to date bullion- valued at £317,485. 1 CHICAGO DREDGING COMPANY. The following is the aoinual report of the directors : — " Tba operations show a profit of £1066 4a lid, the sum of £870 12s bd (equal to 3s 6d per share) having been returned to shareholders in the form of dividends, and the balance of £195 12s 3d carried forward, malting a total balance to the credit of profit and loss account of £506 69 Id. The value of the gold wen amounts to approximately £700 more than the previous year, but the expenditure was heavier ; the items, wageg, fuel, and maintenance, being chiefly responsible for the increase of £320 odd, extra repairs and renewals to machinery being neco-sary to keep the dredge up to a proper efficiency, while tho increase in the cost of fuel is accounted for by the faofc that supplies have to be delivered on the west side of the river instead of on the east side as formerly. The- ground worked is estimated .at about fou<r acres and a-half, but it is very hard to arrive at the accurate area, as m order to finish the river part of the claim the dredge was shifted a.bout a good deal. With the object of reducing th© annual rental it has been decided to surrender the original Holding and apply for a fresh area, of some 30 acnes. Both applications are now before tho court and will be disposed of at the February sittings. The dredge has worked with fair average consistency, having worked 46 weeks, averaging 125& hours per week. The machinery is in very fair order, anxi the pontoons wore recently examined by Mr J. Knewstubb, who reported them to be perfectly sound, and stated that they should last for a number of years. Mr Fred Williams is still in charge of the company's property, and to him and his crew the board desires to return thanks for faithful services. The retiring directors are Messrs S. Cameron and S. J. Luke, but, both are eligible, and offer themselves for reelection, as also does the auditor (Mr D. Webster."