MINING

Hokitika Guardian, 10 June 1932, Page 4

MINING

OKARITO REPORT. The following is the , report of the directors of the Okavito Five M'ie Beach Gold Mining. Company for the tsix months' ended April- 2uc : Since tiie animal meeting!.'the- dredge ins worked,, continuously, V.tu the exception of a fortnight's /stoppage-during chef (Christinas • holidays,: when advantage was taken of this opportunity to carry mi-t an -overhaul anu >cl,ju.sL..ieut,s. i-h * ■returns obtained during the half-year a;.y.e ■m en co.isistfcn v.y good, and t,:ie directors hav e been able to fulfil, their promise of -an e-ar,y dividend- by, the payment on February 27th of a; 10 per v.drf. dividend (6d per share); During the half-year isome exceptionally • 'good i-euinis were obtained, the- .' highest weekly ' wash-up being 183.V0z- for the week ended December ldth, 'alidthe lowest 44,'0z for the first week in the period. The directors feel that they cannot give shareholders a better idea of the result-' achieved than by 'pliblf-h----iiig the following statistics ol the operations during the half-year:—"

Total gold won during" ha'f-year 'ended April 2nd, 1932 (23 -weekly - washups). 1933.J0/. ; average of weekly 1 returns (’23 weeks). 8-foz ; average reLiiin per 'week (26 weeks). 7't.4oz; tola, 1 net. value of 1933J0z, £11,345 ; average value realised per oz, £5 17s 4d ; average actual value of ground per cubic .yawl, 15.7 d : average value ol groii'ul based nil gold worth £4 per ox, to.6d ; area dredged, 5.03 acres, average (h pill ol ground, 21.4 ft. ; gold recovery p-.r acre, 306.80 z; actual value of ground per acre, £2,255 ; total expenses lor til half-year, £3099 ; average expen.-'e-' per week £119; expenses per eiflm*.' .y.irn treated, 4.29(1. A profit of .£8262 is shown for tin half-year, hut it must he remembered that tin's profit is partly due to tlm high prices obtained for gold. The highest price oblaiijwJ by the company during the hailf-y (-aijjwas £6 5s 7d per oz. and the pi-emium, oil geld accounts- accounts for £3600 of the profit. A balance of £662 Os 5d was .brought forward und'' profit and loss appropriation account after writing elf the variou* amounts -■■'■ided on at the- annual meetiim. ft will be seen from this account 'that, even after providing a substantial r<--s-rvo for depreciation and alt(>r writing off certain improvements, of a capital mature effected during the hatyear, .sufficient remains" to cover a second interim dividend of 10 per cent. (6d per share), and thS'. was declared payable on June 7t,h. After payment of this dividend a balance of £444 llr 3d remain* to the credit of th e profit and loss appropriation account.