MAHAKIPAWA GOLD.

Auckland Star, Volume LXII, Issue 86, 13 April 1931, Page 4

MAHAKIPAWA GOLD.

WORTH £4 10/ AN OUNCE. The March output of the Mahakipawa Gold Mining Company and future outputs will be sold direct to the Melbourne mint, thus obtaining the benefit of exchange rata and better prices obtainable in Australia, which should bring the cornpan v up to £4 10/ per ounce. From the secretary's statement the company has £2247 in hand, and has reduced the debentures to £1000. The quantity of gold won since the date of registration of the company in October, 1923, to December 31 1930, was 440 ounces; the quantity won since the mining operations were resumed on January 5, 1931, to March 31, 1931, was 298 ounces.

A letter received by the company from the Bank of New Zealand said that at present the company had only received credit on the basis of £3 17/10% per standard ounce, but as soon as mint outturns came to hand from Melbourne the company would be credited further with whatever premium was payable by the Commonwealth Bank of Australia, less exchange. According to March 27 returns the last shipment would return the bank's customers approximated £4 13/9 an ounce, premium being £30 10/ per cent, less 2.5/ per cent, the cost of shipment to London.-It would be understood, the letter added, that the premium would vanaccording to the ruling rate of telegraph transfer Australia on London. The chairman explained that that would mean an additional £84 would be received on the last quantity of gold sold by the company.