GOLDMINING

Grey River Argus, 8 June 1943, Page 2

GOLDMINING

ASSOCIATED GOLD DREDGES’ REPORT. The Receiver’s report for the year ending March 31 states that the gold recoveries during the year totalled 8.376 ounces of a gross value of £85,951, from which war tax, Customs duty, ’insurances, and other charges amounted to £17,065, leaving net bullion proceeds to £66,886. The profit on dredging operations prior to meeting administration, legal, and receivership expenses was £30,522, to which" must be added profit on sale of surplus plant and equipment amounting to £1,925, and other small amounts from interest and rents received. Net profit for the year was £23,153, which had been transferred to appropriation account, leaving the credit balance in this account at £28,750. Both Marsden and Red-Jacks dredges operated on a profitable basis throughout the year but it was only over the Last few months that the Atarau dredge had shown satisfatcory recoveries. The bank overdraft had been reduced from £54,759 at March 31, 1942, to £ll,OOO as at March 31, 1943, and dredge contract creditors, whose accounts were £46,713 in 1942, were reduced to £19,763 as at March 31, 1943 The report of the chairman of directors states that since March 31 recoveries had been on an increasing scale, and further reductions had been made in the company’s liabilities. To-day the bank overdraft of the dredge contract creditors had been reduced to £14,888.