MINING.

Press, Volume LXV, Issue 19668, 11 July 1929, Page 10

MINING.

Ellyou Goldfields Development Corporatiou, Limited, London, has exercised its option over properties in the Mandated Territory of New Guinea owned by Guinea Gold N.L., of Adelaide. According to previous announcements tho known as the Upper Bulolo, Koranga, Nami, and Edie wiil be transferred in exchange for 90,000 fuDy paid £1 shares in a new company to be registered in Sydney, with » capital of not lets than £5,000,000, incorporating almost all of the leases on the Bulolo and Edie fields. Guinea Gold's issued capital u £50,000, in £1 share*, and it has paid two dividends of Is a share. It wab a pioneer on the Bulolo field, both in the treatment of alluvial deposits on a large Bcale and m the use of aerial transport. Guinea Airways, Limited, now controls the transport section of tho business, -which apparently is not included in the sale to the Ellyou Corporation, and which has proved a hignly profitable undertaking. Guinea Gold shares touched £5 5s early in 1927 and reacted to 13s 6d, when it became uncertain whether the company would reach the dividend list. A recovery began in October last, when a dividend was declared, and this, coupied with the negotiations for a sale to the London company, has restored the scrip to approximately 455. Other properties of Guinea Gold are under option to Placer Development, Limited, which has issued encouraging reportß on the results of investigations. _ At the annual meeting of Mount Asa Mines, Ltd., last week, Mr W. Mcßae, chairman of directors, presiding, the reports and balance-sheet were adopted without discussion. Subsequently, Mr T. R. McCullocn, a director, who has just returned from the field, in a brief address, said that there had been enormous development since his last visit. There were now 600 mtn at work, 450 of them on construction, and the remainder underground. The township had an air of prosperity. Much progress might be expected during the next few months. After providing £12,631 for depreciation, Bundi Tin Dredging Co., N.L., shows a net profit of £53,084 for the year ended December 31st, compared with £17,809 for the previous year. With £31,820 brought forward, the amount available was £84,904. Two dividends of 2s each absorbed £17,000, leaving £67,904 to be carried forward. The present low price of tin, the report states, coupled with the expenditure of over £6OOO for a new bucket line for No. 2 the probable expenditure in connexion with the new Ganjbang area, and a desire to reduce the company's liabilities, affected a continuance of dividends at the rate of -a per quarter, and consequently for the second qusYter of the current year the rate was reduced to Is per share. The combined output of the two dredges in 19.8 was 934.85 tons tin oxide, recovered from 1,869,000 cubic yards, the amount realised being £131,240. The balance-sheet at December 31st shows external indebtedness of the company amounted to £20,337, of which £13,250 was shareholders' advances secured by a charge over the assets, and £6235 was sundry creditors. Deducting liquid assets of £18,689, net external indebtedness was £1647, a reduction of £37,809 on the year. Capital is £85,000. Of the assets concessions are valued at £52,232, No. 1 dredging plant at £29,269, and No. 2 plant at £45,247. Stores are down at £16,056, tin ore at £5802, sundry debtora at £2107, and cash at £10,780. A few rich specimens from the reef now being worked at the 400 ft level in the Hauraki Associated Mines, Coromandel. have been sent to the office of the secretary. Mr H. Gilfillan. Last week the fact was telegraphed that 101b of specimen stone had been obtained, and the samples sent up are a part of that parcel. The quart* is of an excellent type (states the Auckland "Star"), and a seam of coarse gold about an inch in thickness runs right through the pieces sent up. LONDON FRUIT MARKET. [THE PEESB Special Service.] WELLINGTON. July 10. The Department of Agriculture has received the following cablegram relating to the fruit market from the High Commissioner for New Zealand, London:— Apples ex a.s. Port Hunter turned out very cold. A portion of the Otago consignment was badly frozen. Not much frost was evident in the Nelson consignment, in which, however, most varieties were overmatured, particularly the coloured sorts, which show considerable waste. The market is quiet, and prices slightly weaker. The Rotoraa and Port Campbell consignment* are due on Monday. Prices: (Otago) Newton Pippin 18s to 22s a case. Stunner, Statesman, Delicious, and Scarlet Nonpariel 17a to 20e; (Nelson), Granny Smith 20s to 80s, Statesman, Rokewood, and Rome Beauty 18s to 20s, Jonathan 6s to 14s, Delicious 8s to 18s, Stunners 17s to 19s.

MAHAKIPAWA GOLDFIELDS, LTD. Under date July Bth, 1929, the mine manager reports as follows: — During the past week the south drive waa advanced 12 feet through heavy boulders and clayey wash. The boulders are not at all water-worn, and are embedded in a fine clayey gilt. The south-east drive was advanced 11 feet for the week. A 4 feet layer of coarse sand has come into the face. This bed is underlain by a 2 feet band of gravelly wash resting on a fairly hard floor. The men working this drive have been transferred to a point close to the present face of the south drive to prsopect in an easterly direction from the cavity exposed in this drive last week; it yielded a nice aample of gold and is worth following. One hundred and thirty-seven trucks of wash were hoisted and put through the boxes. All plant is running well and the water is easily held, notwithstanding the increased quantity that is coming into the mine owing to the heavy rain.

WHEAT. SEW YORK. .'Hi 5 9CLicaxo wheat quotations are: —Jnly. 1"01 cents a bushel: September. 13B| (Wtt; December. 130 i cents.— Australia P*«» Association. AUSTRALIAN POOL PROPOSED. SYPNKY .'■-'- ::■ Repr«i«r.U!ife« of the wheat-arowia* •*• sanitations hire unanimously a«;Jfa to »*v wheat-power, to .ere. to the establishment of ft pool, ntsder the provisions of tie iSarThe fm.lV in wheat prices ti hsri** * serious effect on local growers. —Australian Preis Association. ZINC. REDUCED PRODUCTION. (tjk-itio i>*rss assocauTio*—»T SLMIMC TBLXGHA-n —corrmiOHT.) BRUSSELS. July •. Tha rinc prodneart of Enfland, Germany. Belgium, France. Canada, Mexico, and Silesia met at Oatend, after which it was officially announced that ther had decided to reduce production by 10 p«r cent, to the end of the year. j„:j. _ v „ They will meet asain to dfteiae wast the smonnt of production in 1930 small be.— Australian Press Association.

AUSTRALIAN PAPER'S CAPITAL.

Shareholder, in Australian Paper facturc. Limited, ha™ pasted ■ »J*J"*»; that capital be redaced from £2.000,000 in <1 shares to £1,600.000 in 16s shares, and t\at stch rednction be effected by eancallmf 4s of the capital on 1.600.000 issmd .hares and reducing the dwuml amount 0 f the re maininr «00,000 shares to 16*. This ae £on nf. been taken to eltalnmU fr« tk« accounts assets lost in the recent fire at the Cumberland Board HiUs, Sydney, and others which hare become obsolete or **g«*™"~ The directors state that the .itd«iea« capital will not affect the earnmc POW« •» the company as a rearrangement «f th* plant has enabled the company to »amt*in its output of all grades of paper and board with a considerable saTinf m o'erhemd and S,,«PB««. Of the 1.600 000 ****** snare. 1.M1J889 are held by the iutnlwu Paper and Pulp Company, and "8.111 by the Cumberland Paper Board Mills, Limited, Sydney.