MINING.

Press, Volume LXVII, Issue 20411, 4 December 1931, Page 12

MINING.

OKARITO DREDGING CO. ANNUAL REPORT. LTIIE PRESS Special Service.] DUN ED IN, December 3. The report of the directors of the Okarito Five Mile Beacli Gold Dredging Company, which will bo presented to tho annual meeting this month, i s as follows: Dredging commenced on June 16th, 1931, and the first few weeks were occupied in opening up the working face. Tlio gold won from the commencement of dredging operations to the end of the financial year, Octofrfcr 3ill, totalled 1030oz, an average of 6802 13dwt per week. The net price realised was £i 11 d 7s 7d, fin average of £4'ss lOd per oz. As .1 result of the departure from the gold standard in the Old Country gold increased in value and the directors thereupon made immediate arrangements for the company's gold to be shipped to the United States On November 3rd, 1931, advice was received that the first shipment of 61oz 7dwt had realised £5 7 s (3d per oz net A further parcel of 2480z was shipped on October 29th, 1931, but the account sales have not yet oome to hand. The profit and loss account for tho period ended October 3rd shows a profit of £2171 lis 2d and the directors recommend that this be treated as follows : £ s. d. ' Amount to bo written off preliminary expenses and cost of debenture issue 509 If) 9 Transfer to reserve account 1000 0 0 Balance to be carried forward 062 0 5

Shareholders are reminded that tho debenture stockholders have tho right of conversion of debenturo stock to ordinary shares (at the par value of os per share) up to January 31st, 1932. The returns so far won by the dredge encourage the belief that the company's finances will permit of"the payment of an interim dividend early in the new year. It is of interest to note that for the four weeks ended November 7th gold won totalled 271 ounces 34dwt for' 480$ dredging hours, an average of 11.31 dwt per hour. 1< or the week ended November 14th 880/, 18dwt were won for 124 dredging hours, an average of 14.34dwt- per hour.

GOLDEN PROGRESS COMPANY. [TBS PRESS Special Service.] DUNEDIN, December 3. There was a strong demand for Golden Progress shares on the Stock Exchange this morning, buyers offering £1 12s (jd, with no seller under £1 los. It is rumoured that very rich ore has been struck in this mine, and it is not being put through the stamper, but is being bagged and stored. The success this mine is meeting should give quartz mining in Otago, which has been somewhat neglected of recent years, a strong fillip. Some years ago there were thousands of men employed in quartz mining in Otago. and if such a position were reverted to. it would go a long way towards solving the unemployment problem. The Golden Progress mine is situated near Oturehua, in Central Otago.

GOLDSBROUGH, MORT AND CO. Goldsbrotigh, Morfc and Company advise that the ordinary general meeting of members has been fixed for noon on Friday, December 18th.The transfer books close on Deoeraber 7th. The directors announce that in view of the disturbed political and financial outlook they have decided to await the figures of the full year ending March 3ist next before making a recommendation as to the dividend for the current year. SHEEPSKINS. CHRISTCHURCH SALE.

FOREIGN EXCHANGES. csßiriM orricuL biiiiih.) (Received November 3rd, 5.5 p.m.) RUGBY, December 2. The following are the current rates of exchange, compared, with those of December

Pyne, Gould, GuinnesB, Ltd., held their weekly sale of sheepskins yesterday. The following was the range >f prices:— d. A. Dead or damaged pelti — to i Sound — to li Dead or damaged crossbred . . i! to 23 Sound crossbred 28 to ua Dead or damaged lialfbred 3,1 to 4j Sound halfbred ,, to 5} Dead or damaged, J-bred •>4 to 34 Sound three-quarterbred .. 2% to 4* Doad or damaged hoggets to :si Sound hoggets ,. 3i to 4J Dead or damaged lambs 1 to 2 Sound lambs .2 J to 3 Dead or damaged merino to S J Merino 3 to 41 Butchers' Abattoir Skins— Pelts ,, 5 to 10 Lambs 5 to 12 H. Matson and Co. report having held their weekly skin sale yesterday, when total entry of J 500 skins was offered to the usual bench of buyers. Values were easier than tboso ruling last week. Prices aro as follows:— Pelts— d. d. sound 1% Dead ' , • (t I Hogget— Halfbred , ( ii . 3 and crossbred ,, Dead and faulty „, li Halfbred— Sound . to 5$ Tcad and faulty ., 31 to 4 Three-quarterbred— Sound . . .. . 21 to, 4 J Crossbred—• Round .. , . 3 to 82 Dead and faulty .. . 2i to 3 • Merino . . • 3S to 4 Black 2} — Sound lambs .. Greenskins— Lambs . . . ■ , 5 to 10 Pelts .. 6 to 7 Crossbred . . — to 3/7 Three-quarterbred 3/6 to 4/4 Halfbred 3/9 to 4/7

1st and par: — Par. Dec. 1. Dec. *2. Paris, fr. to £1 131.21 J3 861 ?\ew York, dol. to £1 4.866 ■»$ Montreal, dol. to X' 1 4.866 3.82J Brussels, belgas to £1 35 23J 213 Geneva, fr. to XI .. 25.226 16 15-16 17 7-16 Amsterdam, fl. to £1 12.107 "3 8 13-32 Milan, lire to £1 .. 93.43 66 BorJin, reichmarlsen to £1 20.43 3S5 141 Stockholm, kr. to £'1 18.153 17 18 Copenhagen, kr. to £1 18.153 — 38 Oslo, kr. to £1 18.159 — '3 Vienna, Hchgs. to £1 31.5S5 03 Prague, kr. to .fl .. 1GI.25I m 115 Helsingfors, ni'irks to £l 93.25 132 194 Madrid, . pesetas to £1 24.225 331 40J Lisbon, escudos to £1 4.50 103J Athens, drach to £1 375 255 Bucharest, lei to £1, 816.6 565 575 llio do Janeiro,"pence to inilreis - - '4.988 4[ a Buenos Ay res, pence to. dol.... 47.577 404 w Montevideo, pence to dol. 51 31J 814 Bombay, penes to ' rupee 1G 18 3-32 18 3-32 Shanghai, ponce to tael 24 t 22 6-16 225 Iiou<? Kong, pence to dol. 21 1C| 16 3-16 Yukohama, pence to yen .... „* S4.85 36 S3