MINING REPORT
GILLESPIE’S BEACH GOLD DREDGING CO.. LTD.
The eighth annual report of the Gillespie’s Beach Gold Dredging Co. Ltd. states that during the year the dredge treated 712,071 cubic yards yielding 15230 z, of gold, which realized £14,749/16/5 after paying realization expenses, £195/19/9. The amount deducted from the market price of gold under the gold tax regulations totalled £lBB3/9/1, equivalent to £l/4/8 an ounce of gold won. The net profit for the financial year amounted to £3596/5/2. One dividend of one .penny a share, equal to 8 1-3 per cent., has been paid. Values throughout the year have, been consistently poor, but with a tendency to improve as the dredge works southward. During the year one bore was sunk to twice the depth the dredge is capable of dredging, without locating payable values below present limits. Three others were sunk on previously dredged ground, locating values left undredged which may prove profitable at a later date if taken in conjunction with adjoining virgin ground. Another three were sunk on the seaward side of the present cut, and were of low grade. MINING_RETURNS GREY RIVER (United Press Association) WELLINGTON, September 12. The Grey River return for the week ended September 11 was 132 J hours for 99,356 cubic yards and 455 ounces. COLOMBO TEA AUCTION (United Press Association) DUNEDIN, September 12. Mr L. M. Wright has received the following cable report on the Colombo tea auction of September 10. “At Tuesday’s sale 2,250,0001 b were submitted to the buyers, a double quantity being offered owing to the tea trade holiday last week. Common and medium grades were keenly competed for, prices advancing about Id. Fine teas were irregular. A total of 1,250,0001 b has been catalogued for auction next week.”
DIVIDEND OF FIVE PER CENT. DECLARED
(United Press Association)
TIMARU, September 12. The Canterbury Farmers’ Co-opera-tive Association made a profit of £28,307 during the year ended July 31. The directors have declared a dividend of 5 per cent, on all classes of preference shares and 5 per cent, on ordinary paid-up capital. The sum of £18,370 was transferred to reserve and £4289 was carried forward.
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https://paperspast.natlib.govt.nz/newspapers/ST19400913.2.4.3
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Southland Times, Issue 24230, 13 September 1940, Page 2
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355MINING REPORT Southland Times, Issue 24230, 13 September 1940, Page 2
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