GOLD DREDGING PROFITS

Wanganui Chronicle, Volume 87, Issue 62, 16 March 1943, Page 6

GOLD DREDGING PROFITS

A loss of £1947 was incurred last year by the Clutha River Gold Dredging Company (London), which has been operating on the Clutha River (Ohapi). The report states that the dredge operated very satisfactorily for eight and a-half months. A very large area of the river-bed was worked, but the values were considerably lower than in past years. It was decided, therefore, to reconstruct the dredge to enable it to work flat areas on either side of the river. These areas, comprising 525 acres, had been tested and approximately 54,000,000 yards were proved at a value of over fid a cubic yard. It had been necesasry to move the dredge downstream for the reconstruction work, which was now proceeding. However, owing to shortage of labour, the work was not likely to be completed before several months. Gold produced up to the time the dredge ceased work totalled 14470 z. and realised, after payment of royalty and New Zealand gold taxes, £8846. A net profit of £3333 was realised in the previous year and £796 in 1939-40. Accounts of the Round Hill Gold Mining Company (Auckland), which operates a sluicing claim at Riverton (Southland), for the year ended December 31, show a net profit of £7736, compared with £BOlO in the previous year and £12.571 in 1940. Gold won for the year was 1688 oz. which realised £14.500, also a small amount of platinum, 150 z.. valued at £135. The year’s dividend is 6 per cent., compared with 5 per cent, in the previous year.