MINING NEWS

Wanganui Chronicle, Volume 77, Issue 211, 6 September 1934, Page 9

MINING NEWS

MOLYNEUX DEEP LEAD OPTION. INVERCARGILL, Sept. 3. At a meeting of Molyneux Deep Lead, Ltd., Mr. R. I. Meredith, of Invercargill, was appointed chairman of directors. The meeting recommended the directors to deal with options over all claims and running rights held by the company. The directors resolved to offer under option all claims and mining righits to an overseas mining company. They also decided to secure expert opinion on the bset method of operating the No. 1 area. GILLESPIE’S BEACH. The report of the directors to be presented to the annual meeting of shareholders of Gillespie’s Beach Gold Dredging Company. Ltd., states that dredging commenced on January 19. For the first six months operation's were retarded on account of t-he dredge having to work through growing timber. The dredge is now in ground practically clear of growing timber, and extending over the greater portion of t.ho claim. A large motor has been installed at the port pump, aa extra water is required on boxes when putting through a good yardage During the six months to June 30 steady returns were maintained, the total gold won amounting to 1014.40 z. which realised £7872 6s 2d. The sum of £63 4s 3d was paid to the Government as export tax. The company has pegged off an additional area of 130 acres, and if this proves to be of goad value it will have a proposition to place before shareholders respecting the advisability of placing another dredge on the claim. If this eventuates it could be floated as a separate company, of which the present shareholders would be the vendors, and thus would not retard any dividends forthcoming from the company. As there is ample electric power, a second dredge could be placed upon the claim at a reasonable cost. The directors feel confident that much better returns will be forthcoming. Net income is shown at £7272 18s lid and the profit was £4142 18s lid. The credit balance in the profit and loss account is £2138 15s 4d. Liabilities are; —Nominal capital, 700,000 shares of Is each, £35,000; sundry creditors, £686. short of requirements, and quality was only fair. A keen demand prevailed through, and last week's advanced prices were sustained. A few shorn wethers were penned, and sold well. Hoggets were not plentiful, and met with a brisk sale at late rates. There was a larger entry of spring lambs, which sold readily at unchanged prices. Wethers, prime, 26s to 33s 6d, unfinished. 22s to 265, horn 28s to 29s 6d, ewes, prime, 26s to 29. s Gd, unfinished 23s to 265, hoggets, prime, J9s to 27s ud, unfinished 15s to 19s. Spring Jambs 21s to 33s 3d, light lambs 15s to 20s. The pig sale was the brightest for a considerable period. An average yarding contained many well-finished heavy baconers, for which excellent prices were realised. Bidding was brisk right up to the end of the safe, and both porkers and baconers firmed by at least 2s. Store pigs also made a. dt ided improvement. Baconers 55s to Sis. porkers 28s to 525, large stores 23s to 345.