DAMMING THE KAWARAU.

Press, Volume LIX, Issue 17691, 17 February 1923, Page 10

DAMMING THE KAWARAU.

"RICHEST RIVER IN THE WORLD." (SPICTAL TO "THE P8E33.") IDUNIEDIN, February 16. Mr E. J. lies, engineer for the Kawarau Dam Syndicate, was interviewed by a "Free Press" representative at Balclutha this week concerning the project of the syndicate to dam the Kawarau river at its outlet from Lak« Wnkatipu. He stated thnt the Kawurau river, when worked by electric dredges, had already proved itself as the richest -river in the world, and in the liole3 and pockets of its boulder-strewn bottomi might be found riches beyond tho dreams of avarice. That was tha golden prospect the promoters had in view, and the means to get at the gold were like all great idea*, exceedingly simple. It wns ridiculous to suppose that they would dream of holding back tho waters of tho lake td cause damago at Queenstown or anywhere else. All the shutting of the sluice gates in, winter would do would be to cause tho waters of the lake to rise from tho lowest winter level to the ordinary summer level. Mr lies further stated that the plan of the syndicate was to ' divide the thirty-two mile length of river-bed between tho outlet and Cromwell, where tho Clutlm joins the Kawarau, into quarter-mile sections for quick working by different parties, and in that way they hoped to "clean up" the whole area in a few seasons. The river-bea consisted of a hard pan, in-some places liko coarse cement, and it would take some working. The nature of this pan and the numerous •'boulders prevented the river T bed from being dredged, and the only way to properly work it was to lay it bare. T NAURU ISLAND » PHOSPHATES. IMPROVED SHIPPING FACILITIES. SYDNEY, February 16. Mr Harold Pope, Australian Commissioner of tho Board of British Phosphate Commissioners, has renounced that phosphates will be delivered in Eastern Australia at 49s 3d a ton, which is 3s dearer than tho pre-war rate, "but as tho Commissioners are paying a 6s increase in freights, the rate is actually 3s cheaper. Mr PopJ added that when a cantilever wasfpstalled at Nauru it would revolutionise loading, and make for cheaper handling and reduced freights, by reason of increased sailings. Ifc would also make loading independent of thev weather. Mr Pope, in ai review of the industry during tlie- past twenty years, said that the output had jumped from 20,000 to 265,000 tons. . LONDON BANKERS. ANOTHER AMALGAMATION. (BT CABLE—PMSS ASSOCIATION —COSTRIOHT.) }, (AUSTBALUH AND N.Z. CABLE ASSOOATTOK.) ] LONDON, February 15. The banking house of Glyn, Mills, Carrie nud Co. has amalgamated with \ Holt and Co., army agents, London.. .' [This is the second important banking 'amalgamation .reported from London during the last fortnight. A recent message announced that Lloyd's Bank, Ltd., with the sanction of the Treasury and the Army Council, had acquired the business of Cox and Company, army,, agents. Up till about six months ago there were three firms acting aa army agents in London —Cox and Company, Holt and Company, and Sir C. R. McBart., and Co. The last-men-tioned firm failed for a very large sum, and its agencies were taken over by the other two. Although there is no question of the stability of Gox's and Holt's, the former has been doing business since 1768, it is, not improbable that the McGiigor failure has influenced the amalgamations. The banking firm of Glyn, Mills, Currie and Co. was established in Lombard street in 1753. It has a capital of £1,000,000 in fully-paid stock and a reserve fund of £500,000. ' The deposits, etc, amount to about £26,000,000.1 \ PACIFIC COPRA TRADE. SYDNEY, February 16. In connexion with the decline in Australian trade with the Pacific Islands, it is announced that 25,000 tons of copra {produced annually at Rabaul will be sold henceforth f.0.h., Rabaul, thus enabling direct shipment to ba made to America and Europe instead of through Sydney, as. previously. Since tho war, copra, which was previously shipped from ,- the r Solomon* Islands through Sydney, is also going direct to America and Europe. IMPERIAL EXHIBITION. A DUNEDIN PROJECT. (PRESS ASSOCIATION TELEGRAMS.) DUNEDIN, February 16. A public meeting approved of a proposal to hold an Imperial Exhibition inDunedin in 1925. It was resolved also, in View of Duncdin's commitment to hold an industrial exhibition in 1924, to ask the delegates to th© Christchurch conference to advocate deferung holding any industrial exhibition till after the proposed Imperial Exhibition. DUTCH EAST INDIES. LOAN FROM AMERICA. (»T CABLZ—PBESS ASSOCIATION— COFTEIGHT.) (AUSTRALIAN AND N.Z. CABLX ASSOCIATION.) NEW YOEK, February 15. The New York Guaranty Company has offered 25,000,000 dollars, for a period of thirty years, at 5$ per cent, in gold bonds, to the Dutch East Indies, dated March Ist, at 88. CHRISTCHURCH WOOL SALE. Catalogues for the next Christchurch wool sale, to be held on March Ist, close at midnight on the 22nd inst. Specifications and instructions must bo in the hands of the brokers before the wool reaches the stores. BRADFORD TOPS MARKET. (Received February 16th. 12.5 a.m.) LONDON, February 15. The Bradford wool market is steady. There is a little more enquiry but business is still limited. Sixty-fours Bid to 62d, sixties 54d to Sod. fifty-sixes 37jd, fifties 27jd, fortyeights 21 Id, forty-sixes 18Jd, forties 16J<L