Yandoit Gold Mining Co.
Background
History
The Yandoit Gold Mining Company has had erected on its property a dwelling for the manager of the mine. There is an acute shortage of dwellings for miners. The mining industry has created a great amount employment and good returns are being obtained. [1]
YANDOIT GOLDMINE - Sir,- On February 25 shareholders of the Yandoit G. M. Co. will be asked by the board to find more money to carry on operations. It will be interesting to learn what inducement the directors will hold out. As it is a "deep-lead' mine they cannot bring out the good old standby " the gold is going strongly underfoot."
When the present management took charge the mine operations were at a standstill owing to lack of development. Money was found for a policy of development. Then extraction and development were carried on together. Payable values were reported weekly, but inststead of the expected profit being forthcoming each half-yearly meeting reported a loss.
The history of this field has not been a happy one from the shareholders' point of view. The Junction to the north and the Williams freehold to the south, each extracted a large area of gravel. Only one dividend (3d. ) was paid. It stands to reason that the Yandoit company sandwiched between these two, could not expect a different result. At the time they were working " deep-lead " mining was at its zenith. Experienced management and skilled miners were available in plenty.
Supplies were much cheaper and wages much lower. The result was a loss of the capital subscribed. This is also the history of the Yandoit mines. The South Yandoit, after glowing promises and re- ported payable values, failed and closed down, and the plant was sold. Although producing gold, it proved unprofitable. There is still a large area of gravel to ex- tract but the shareholders wisely cut their losses. -Yours &c CFE , Merricks[2]
Site
Innovations
Community Involvement
Works Produced
Workplace Relations
The People
Legacies
See also
Recommended Reading
References
- ↑ The Argus, 6 August 1936
- ↑ The Argus, 15 February 1938
- ↑ https://www.facebook.com/photo.php?fbid=550664818307758&set=oa.559975057375452&type=3&theater, accessed 04 May 2016.
Further Reading
External Links
Photo at https://www.facebook.com/photo.php?fbid=550664818307758&set=oa.559975057375452&type=3&theater
--C.K.Gervasoni 16:38, 14 September 2012 (EST)