MAORI GULLY REPORT

Evening Post, Volume CXXIII, Issue 131, 4 June 1937, Page 12

MAORI GULLY REPORT

Directors of Maori Gully Gold Dredging Company report for the year ended March 1 that the yield of retorted gold was 15430z 12dwt, of a total value of £11,534 16s, compared with the previous year's figures of 19130z 14dwt, valued at £14,233. The net working profit for the year after allowing for income tax was £3564 6s Id. The amount brought forward from the previous year's profit and loss account, after writing oft' preliminary expenses and brokerage, was £957 9s sd, and this amount added to the current year's working profit of £3564 6s Id makes a total of £4521 15s 6d to tpe dealt with. Out of this amount a dividend (the third) of Id per share, absorbing £2000, was paid in July last, making a total return to shareholders of 25 per cent, in the two years the company has been operating. The balance left from last year was £2507 17s Bd. Of this amount the directors decided to write £2500 off mining rights account, leaving £7 17s 8d to be carried forward to credit of profit and loss appropriation account. Acquisition of another area for dredging has been engaging the attention of the directors, but no decision will be arrived at until after the annual meeting.

NEW WELCOME GOLD MINE.

A new company, under the title of New Welcome. Gold Mining Co., Ltd., has been floated to provide capital to reopen the old Welcome Mine which was the largest and richest mine worked in the Boatman's Field in the early history of quartz mining in the Reelton district.

It is intended to drive a tunnel to intersect the Welcome "West" lode, which is a parallel lode to the rich Welcome "East" reef. The last crushing from this "west" reef averaged 2 oz 12dwts gold per ton, equivalent to over £19 per ton of ore, basing values on today's price of gold in New Zealand currency. This new company has just gone to allotment, and the secretary reports that the bulk of the shares has been taken up by West Coast investors. Preparatory to the actual driving of the tunnel, the company proposes to install a small air-compressing plant for the purpose of driving machine drills. When actual driving commences, this will enable progress to be much speedier than by the old hand-steel method. NOKOMAI PLANT. Nokomai, Southland, reports that both the gravel pumps and elevator have started working. The elevator is now down to the 70ft level, and is expected to reach bottom shortly. The gravel pumps are taking all the solids the elevator is putting through, and the plant is working well.