MINING

Hokitika Guardian, 10 June 1932, Page 3

MINING

OKARITO REPORT. T,he following is the , report of the dilators of ’ the Okavito Five Aide Beach Gold -Mining. Company for the six months’ ended April- 2nd— Since the annual meeting;'the- dredge has worked,, continuously, Av.tn the exception of a fortnight's stoppage-. during .he.jiG.hri.stmas holiday's, when advantage wa-s taken of this opportunity to carry :ex an ovc I‘iiaii 1 aim ,adjust.neats. ill .returns obtained during the half-year a;. v.c- oeeii ciiasi-st-cin-.y good, and tne directors hav e been able to fulfil their piiimise of an e-ai.y dividend by. the payment on February 27th of a. 10 per

cent, dividend (6d per share). During the half-year some exceptionally - 'good i,run-its were obtained, the ■■highest weekly wash-up being 183.V0/, 1 or. the week ended December ldth, : alnl : the lowest- 44i0/, for the first week in the period. The directors feel that they calin’dt give shareholders a better idea ~f the result'- achieved than by pulbi-fl-ing the following statistics ol the operations .during the half-year:— Total gold won during ha'f-yenr 'ended April 2nd, 1932 (23 -weekly-wash-ups). 1933.J0/. ; average of weekly returns (23 weeks). 31oy. ; average return per 'week (26 weeks), 71.40 z ; tola, net value of 1.933.V0/., £11,845; average value realised per "oz, £5 17s 4(1 ; average aetual value of ground per cubic yarJ, 15.7 d; average value of gi-oa"d based oil gold worth £4 per o/., 10.6 d ; area dredged, 5.03 acres, average d. plli ol ground, 21.4 ft; gold recovery p-r acre, 306.80 z; actual value id’ ground per aero, £2,255 ; total expenses Tor lb lialf-year, £3099 ; average expellee- per week £119; expenses per culm: yarn treated, 4.29(1.

A prolit of ,£8262 is shown for Hr half-ve-ar. hut it must he remembered that this profit is partly dm* to the high prices obtained for gold. The higlie. 1 price, obtained hv the company during the ha) I .f-yeaj'jjwas £6 5s 7d per oz. and the premium, on goal accounts-/accounts for £3600 of the profit. A balance of £662 Os 5(1 was brought forward uml " profit and loss appropriation ..ace-nun I after writing off the various amounts d.-ided on al the annual meeting'. fl will he .seen from this account 'that, even -after providing a substantial i' |J - s'M'vo for depreciation and after writing off certain improvements, of a capital nature -effected during the ha Iyear, sufficient remains" to cover a second interim dividend of 10 per cent. (6d per .share), and (li-iS was declared pavalV.e on June 7t,li. Alter pa,vinca.. of this -dividend a balance of £444 lit ■3d remains to the credit ol th e profi. and loss appropriation account.