MINING.

Press, Volume LXVII, Issue 20330, 1 September 1931, Page 12

MINING.

NEW PROJECTS. A number of new mining projects are now being investigated, and . even in these hard times capital is being secured for tho development of claims that promise a reasonable degree of success. Areas that havo been taken up and -which it is intended to prospect, are situated in Southland and Central Otago. Others in which investigational work has been proceeding for some time, are in the Marlborough and West Coast provinces. A good deal of Christchurch capital is employed in various companies that have not yet reached the dividend paying point. Some of them have been securing returns that should bring them near: this stage. Others have just commenced operations, uud others again aro engaged in tho construction of plant. Tho King Solomon (Southland), Mahakipawa (Marlborough), and Okarito (South Westland) concerns are in active operation, and returns have been secured in each case, which, if maintained should shortly inako them dividend-paying. The Golden Point (Otago) has commenced crushing, and tho Golden Dawn (an Auckland project), and the Bell Hill (West Coast) aro having their plants erected. Other projects have not reached such an advanced stage. The Stock Exchango activities indicate that there is a wido interest in mining stocks, and it only needs one or two of the firstmentioned concerns to get to the dividend stage to stimulate further interest in tho industry.

MT. ISA'S ORE SUPPLIES

Mr J. M. Callow, designing and constructing engineer for Mount Isa Mines, Ltd., said last week; "If.there is another Mount Isa in tho State Queensland will be on Easy-street." Ito added that tho mill was dealing with 1200 tons of oro daily, and ho expects this to be increased to 1500 tons within a .few months. At the present rate of productif>n..;tho ore body would last at least 60 years.

BANK MERGER.

ISSUE OF NEW SHARES

(UNITED ntKBS ASSOCIATION -BY ELECTIUC TEtiEaitArii—coPZßiaJrr.)

(Received September Ist, 12.46 a.m.)

SIDNEY, August 31

II was aunoiiuced to-nighfc that the Australian Bank of Commerco, Limited, was merging with tho Bank of New South Wales. Tho latter will issue ;i further 64,000 shares of £2O sterling each for the purposes of the merger. As the paid-up capital of the Australian Bank of Commerce is £2,205,000 in shares at £1 each, the shareholders in that bank will receive two shares in tho Bank of New South "Wales for each 69 shares in the Australian Bank of Commerce.

RAILWAY RETURNS.

TRAFFIC SHOWS GENERAL

DECREASE.

The figures for truffle on Iho railway in tlxe Canterbury and West Coast district for the month ending August 15 th show a fairly substantial decrease 'as compared with the corresponding period of 1930, as far as both passengers and goods are concerned, and the decrease in the total outward revenue for the period is £14,326. Tho figures and comparison are as follows: N 1930. 1931. Passengers ... 95,676 83,257 'Ticket holders ... . 5,853 5,103 Cattlo ... ... 2,373 2,165 Sheep • •• 22,409 J Tons. Tons. Other goods ... 95,839 77,880 . , £ Revenue. £ : Passengers • ... 11,467 11,746 Parcels, luggage ... 2,134 2,123 Goods ... • - 56,847. 46,402 'Miscellaneous ... 3,016 2,160 Totals ... 76,461 02,431 The West Coast.' The total tonnage hauled from the 'West Coast to Canterbury during the •whole of. . August vfras 44,412 tons, «s ;cc>mparcd with 60,119 during the ccr'responding period in 1930.

TO BE WOUND UP.

(l-BESS ASSOCIATION TELEOIUJI.)

AUCKLAND, August 31

Tho Reliance Loan, Mortgage, and Discount Corporation, at a meeting of shareholders to-day, decided unanimously to go into voluntary, liquidation.

It, was agreed that tho company's position was duo to tho economic conditions. The company has a nominal capital of £160,000, and lias been in existence for six years. DAIRY PRODUCE. LONDON QUOTATIONS. The New Zealand Dairy Produce Board has received the following market report from its London office, dated August 28th:— Butter—New Zealand, salted 110s to 114 a (last woek, 114s to 116s), unsalted 112s to 110s (112s to 116s); 110s to. 114s equals approximately 11 Jd f.0.b.; flrst whey 102s (lOCs), second whey 100s (104s); Australian, suited 106s to 109s (110s to 112s), unsalted 108s to 112s (109s to 112s); South Africa, 100s; Argentine,' unsalted, 100s to 110s; Danish, 115s f.0.b., 123s to 124s spot (128s, 130s to 1345); Dutch, unsalted, 118s to 120s (120s to 1265) ; Esthonian, 108s to 110s (112s to 114s); Latvian, salted. 106s to 110s (110s to 113s), unsalted 108s to 110s; Siberian, 92s to 94s (93s to 945); TJkranian, salted, 02s to 04s; Polish, salted 90s to 94s (94s to 90s), unsalted 92s to 96s (94s to 100s). Market slow. Retail prices: New Zealand Is 2d, Danish Is 3d. Cheese- —New Zealand, white 61s to 63s (last week, 62s to 635), coloured 63b to 645, exceptional Gss (64s to 655); 61s to 65s equals approximately 6d f.0.b.; Australian, white 60s (61s), coloured 62s (62s to 635); Canadian, white and coloured,. 66s to 70s (66s to 725); new season's, white 62s to 63s (625), coloured 64s to 65s (635), c.i.f. 60s (61s 6d); English, finest farmers', 75s to 80s (70s to 755). Market quiet. New Zealand retail price, Bd.