MINING

Hokitika Guardian, 24 October 1933, Page 3

MINING

| GILLESPIES BEACH DREDGE COY. At a meeting of .the directors on October 17, a resolution >vas moved that the capital of the company be increased by £.5000,, by the issue ol 10,000 shares of one shilling each; the shares ,to be offered ,at par to all shareholders in proportion to the number of shares held by them on October 17, 1933, and that in the event of all shares not being taken up by shareholders they shall be offered to the public at current market price. .The above Will be a recommenuhtion to shareholders at the annual meeting on October 31. - RIMU DREPCE The following report relating to the Ilium dredge is contained in the Mines Statement lor the year, just ended:— The company V all-steel '.electricallyoperated dredge worked for,a total or 6,778.27 hours, or 91.1 per cent, of the possible digging period, Durigg this time 50me'2',780,017 cubic yards of gravel was treated, the yield being 14,5240 z of gold worth, £92, : 079, an average of 7.95 d per cubic yard of gravels treated. No additions or improvements wer.e made to the dredge: outside a few minor guards and reinforcements. Operations throughout the year were practically continuous, there being no long, shutdowns for repair? or breakages. There is such a small margin between gravel values and working costs that steps are being .taken to quicken the bucket-line speed so. as to treat the amount of ground treated, and .t is hoped, by. this means, to bring the volume of gravel treated during 1933 up to, or in excess of, 3,000,000 cubic yards. The total yield of. gold since the- commencement of" operations amounts to 133,1060 z, val- i ned at £566,943. /The operations of the new dredge has satisfied expectations 1 in every way. There were ..45 men I employed on an average for. the year. .1