HIGH PRICE FOR GOLD

Taranaki Daily News, 13 June 1932, Page 9

HIGH PRICE FOR GOLD

PREMIUM FOR OKARITO,

PROFITS INCREASED BY £3600.

The highest price obtained by the Okarito Five Mile Beach Gold Dredging Company,. Limited (South Westland), during the half-year ended April 2, was £6 5s 7d an ounce. The report covering this period shows a profit of £8262, but the directors point out that it has to De remembered that that profit was partly due to the high prices.obtained for gold. The premium on gold accounted for £3600 of the amount.

A balance of £662 was brought forward from the previous half-year after writing off various amounts decided on at the annual meeting. After payment of the second interim dividend of 10 per cent. (Gd a share), the provision of a substantial reserve for depreciation, and the writing off of certain improvements of a capital nature effected during the half-year, there remained .£445 to be carried forward.

During the hplf-year some exceptionally good were obtained, the highest weekly wash-up being 183Joz. for the week ended December 19, and the lowest 44Joz. for the first week in the period. The directors havs issued the following statistics of the operations during the half-year: Total gold won during, half-year ended April 2,. 1932 (23 weekly wash-ups), 1933J0z.; average of weekly returns (23 weeks), 840 z.; average return a.week (26. weeks), 74.4 dz.; total net value of 1933J0z., £11,345; average value realied an oz., £5. 17s 4d; average actual value of ground a cubic yard, 15.7 d; average value of ground based on gold worth £4 an 0z.,.10.6d; actual digging hours total (equivalent to S 6 per cent, of the possible), 2820 hours; average digging hours a weeic, 123.9 hours. Cubic yards treated during half-year, 173,500; average a digging hour, 61.5; area dredged, 5.03 acres; average depth of ground, 21.4 ft.; gold recovery an acre, 306.80 z.; actual valu« of ground an acre, £2255; value oi ground an acre, based on gold worth £4 an oz., £1537; total expenses for the half-year, £3099; average expenses a. week, £110; expenses a cubic vara treated, 4.29 d.