COMPANY NEWS

Southland Times, Issue 23599, 29 August 1938, Page 3

COMPANY NEWS

MILBURN LIME AND CEMENT

(United Press Association)

DUNEDIN, August 28. The directors of the Milburn Lime and Cement Co., at a meeting held on Friday, decided to recommend at the annual meeting the payment of a dividend of 5 per cent, for six months ended July 31, making 83 per cent, for a year.

GOLDEN SANDS LTD. ' ANNUAL REPORT The annual report of Golden Sands Limited states: —The following is a summary of the year’s operations (last year’s operations being given in parentheses): —Shifts worked 686 (694), gold produced 6640 z 18dwt (6930 z 15dwt); average a shift .9680 z (loz). The proceeds of the gold won were £4923 12/6. The net proceeds realized show an average of £7 8/2 an ounce, which is 1/- an ounce above last year’s value. The net profit of £2218 13/4 is £478 below that of the preceding year, resulting from the increased cost of labour and materials. During the year, £7OO, being final dividend for the previous year, was paid, also interim dividend of twopence a share, representing 16 2-3 per cent. Shifting of the plant to the new site has already commenced. This will entail an interruption in production of several months, involve expenditure in labour and the installation of additional pipe line and further mining compensations, the total estimated to cost about £l5OO. As a result of prudent policy adopted in previous years, the company has sufficient funds to meet this expenditure comfortably, and also £125 since incurred in prospecting. It is anticipated that production will be resumed towards the end of October. In view of the expenses the directors consider it inadvisable to increase the dividend for the financial year beyond the 16 2-3 per cent, already paid. Since the end of the financial eyar, 183 oz 6dwt of gold has been produced. After adding the carry forward from last year and deducting interim dividend paid, there is available, £1645 6/1.

DUNLOP PERDRIAU WELLINGTON, August 28. The board of the Dunlop Perdriau Rubber Company announces that the net profit for the year ended June 30 last, subject to final audit, amounts to £414,596. The profit was struck after making appropriate provision to cover the lower market price of raw rubber as at June 30. The board will recommend to shareholders payments of a final dividend of 5 per cent, for the half year on curri preference shares, making 10 per cent, for the year, and a final dividend on ordinary shares of 3| per cent., making seven per cent, for the year. If approved, the dividends will be pajd on September 30.

MINING

GILLESPIE’S BEACH

DUNEDIN, August 27.

The Gillespie’s Beach return was 58oz 13dwt for 123 hours, during which 15,582 yards were treated.