COMMERCIAL.

Sun (Christchurch), Volume I, Issue 100, 3 June 1914, Page 8

COMMERCIAL.

RIVER PLATE SHIPMENTS; . By Cable. —Press Association.'—Copyright. (Received June 3, 10.10 a.m.) LONDON, June 2. River Plate shipments are: —Mutton, 147,000 carcases; lamb, 42,500 carcases; frozen beef, 73,000 quarters; chilled 354,500 quarters. "™ HOME QUOTATIONS. Silver. —Bar silver is quoted at 2/1 13-16 d. •Waihi shares, 43/9 to 46/3. MELBOURNE CITY LOAN. (Received June 3, 9.10 a.m;) MELBOURNE, June 3. The--City Council has sanctioned the flotation of a loan : of £300,000 with in-, terest at 41 per centum, of 20 years' currency. ROSS GOLDFIELDS. The ordinary general meeting of shareholders in the Ross Goldfields Reconstructed, Ltd., takes* place on June 25 at Auckland, when the following report will be considered: —

The directors submit to shareholders their report and balance-sheet for the half-year ending December 31, 1913. Finances.—Since the annual meeting of the company, which was held on Sieptember 24 last, 9d per share has been called up, making a total of 7/3 per share called since the company was reconstructed. It was indicated in the last annual report that the company had approached the Government for a loan under "The Mining Act, 1908." The Government granted a loan of £7OOO at 4| per cent., taking a first charge On all the company's assets except uncalled capital. The condition on which this loan was granted is that advances under it would be in the nature of £ for £ contribution against moneys expended by the company in mining operations. Up to the present instalments amounting to £3385 7/6 have been drawn on account of the loan.

The Mine.—The accompanying report from the Mine Superintendent gives full details of the work carried out since his report which Was laid before shareholders at the meeting in September last. He has also outlined some of the difficulties that the management has had to contend with since the directors took office. There were numerous and seemingly reliable reports in the possession of the company, and Government reports indicating that rich areas of washdirt had been left, many years ago by the Oassius and Boss United Companies; these companies having been forced to abandon this rich ground on account of the excessive water met with. There seems to have been no doubt that the ground worked by the Cassius Company was very ri<jh, but the company's development and prospecting work has shown that the high-grade washdirt on the Cassius level was removed before that company was forced to abandon -its , claim i through Water troubles. Having proved that this was the case; this company deemed i|i! advisable to', leave the immediate yicinity of ;the„ pld workings iiaaid dethe layer <?f waslidirt located at sixth level. * Shareholders will see from the Mine Superintendent's -.report that work in this direction has been accompanied with more encouraging results. It is also reasonable to assume that more patches of the rich- washdirt, such as existed in the Cassius claims, may be met with as the company's work proceeds. The Mine Superintendent's report indicates that the wash at present cut up at the sixth level promises to provide a period of payable operations, and that the latest wash that has been opened up contains better values. Should these average values be maintained, this,?will permit the company to extend its development work on the lines indicated in the Superintendent's report. The condition of the plant and its working during the past period is fully covered in the Mine Superintendent's report, and calls for no further comment from the directors.^ General. —The directors have visited the mine at various times and conferred with the Mine Superintendent, and they are satisfied that the work is being carried on in an efficient manner, and as economical as is consistent with safety. In accordance with the Articles of Association, two of the directors, Messrs G. F. Davis and H. M. Smyth, retire. These directors are eligible and offer themselves for re-election. The company's articles of association require that any person offering himself for election as director give seven days' clear notice. The annual general meeting of the company will be held in Auckland, as before. Mr H. Bicknell, F.1.A.N.Z., the retiring auditor, offers himself for re-elec-tion.

GEO. F. DAVIS, May 28, 1914. Chairman,