MINING NEWS

Wanganui Chronicle, Volume 77, Issue 151, 28 June 1934, Page 9

MINING NEWS

WEST COAST ACTIVITIES. Altogether there were 24 companies ■engaged on the West Coast either winning gold or which have raised capital to construct plants or are constructing them, and with the exception of the two companies mentioned and the Alexander, all have come into existence since the present ‘‘boom” commenced two yeans ago. The Christchurch Press has compiled particulars of the capital of New Zealand-owned companies as follows:—Sluicing, 13, capita], £225,500; dredging, 7, capital, £182,000; quartz, 3, capital, £124,000; driving, 1, capital, £BOOO. With the Blackwater capital of £250,000 and that of Rimu Company and several small private concerns, an estimate of £1,000,000 invested in Coast mining is conservativeThe capital of these two companies is largely held abroad —that of Blackwater in England and of Rimu almost exclusively in America. Both of them have been in operation for some years and both are regularly paying dividends. A proportion of the capital of the purely local companies is represented by vendors’ paid-up interests, but in most cases a percentage of these interests is a repayment for prospecting and developmental costs, so that in the aggregate the total of New Zealand cash invested approximates £500,(700. Sailors’ Gully. Sailors’ Gully Sluicing Company, Ltd., has worked for many years a claim in the Waitahuna Gully. The company has a nominal capital of £B4OO. It. has now paid 70 dividends since 1896, when it was registered. The dividend now paid is one of Is a share. In November, 1933, it took 6290 z. of gold from one paddock, and was able to pay out a dividend of 3s a share., with a substantial arpount left for reserve.