MINING

Hokitika Guardian, 22 March 1933, Page 6

MINING

OKARITO RETURN,

DUNEDIN, March 20,

The Okarito Five Mile Beach Gold Dredging Company, Ltd., reports that the wash-up for the week ended March 18 was 80oz lodwt for Ho-

nours’ dredging. The installation of the new float line was completed during the week, and increased pressure on the dredge, due to the larger pipes, has given a marked increase in power.

MAH AKI PAW A RETURN

Advice has been received from the mine manager that the wash up for the week produced 25 ounces alluvial gold.

MATAKI DREDGE

The first annual report of Mataki Gold Dredging, Limited, for the year ended December 31, states that adverse weather conditions and unfor-

seen difficulties had delayed the construction programme at the claim at Murchison, but it was, expected that the dredge would be completed about the end of April and work would be started in May.

The total amount spent on construction, including costs of dismantling an'd transport to . Murchison from Southland, was £10,500. A heavier type of-bucket had‘been substituted at an added . cost of £SOO to £6OO. The special survey of the company’s dredging claims had been completed and approved, and satisfactory ar-

rangements had been made for acquiring further area as required. During the latter part of tho. year it was found that calls were not coming in fast enough to meet the company’s

commitments for machinery arriving before, required. Arrangements were, made with the- bank to advance a. sum up to £ISOO in anticipation, of capital moneys, a debenture over the company’s assets supported by a personal guarantee from the directors, being given as security.

Nominal capital of the company is £33,000 the capital fund standing at £20,944. The balance-sheet, shows £853 owing to the bank.