AMENDMENT TO MINING LAWS

Press, Volume LXVIII, Issue 20500, 19 March 1932, Page 12

AMENDMENT TO MINING LAWS

A petition to amend the Mining Act in the direction of affording better titles to mining properties in New Zealand is likely to be in circulation at an early date (says an Auckland message). It is well known amongst mining men that New Zealand is not proving attractive to English and other investors on account of the insecurity of titles for mining leases, and that heavy investments are being diverted to South Africa, Canada, and other countries. The complaint is that our mining titles are not sound, in that properties are liable to forfeiture without due consideration being given to the circumstances surrounding non-work-ing conditions. It is recognised that mining ground locked up merely for speculative purposes, should bo open to forfeiture, put, with concerns where capital has been sunk, better security is absolutely esential. The purport of the petition is that the Act should be amended to permit of tributing and prospecting where the holders are endeavouring to raise further capital, thus providing a field for the tributor and prospector, subject to such conditions as the warden may impose, and at the same time not endangering the original title of the claim. With a view to easing the general conditions, it is urged that tho rent should be reduced to 2s Gd per acre.

MAHAKIPAWA GOLDFIELDS, LTD

The mine manager's report for the period from' March Ist to 14th, is as follows: South Face —Advanced 33i't, making a total of 66S feet south of tho shaft crosscut. At 630 ft, the bottom appeared above the back laths on the west sido of the drive, and to avoid driving in bottom rock altogether, we turned to the south-east. At the present face, the bottom rock is scarcely showing on the east side, and we are engaged cutting up a drain to secure fall for the water Wash dirt on the east side of the drive has shown occasional colours of gold, and appears to be a line drift similar to that met adjacent to the west siding further north. No. 8 East Crosscut —Advanced 2° feet, making a total of 33ft east ot the south drive, in good grade wasn dirt. At 12ft in we are carrying along a blocking strip to the south, which has advanced 7ft. A small gutter in tho soft bottom rock about 3ft wide appeared on the east side of the s trip as we advanced south, and on the 9th instant a particularly heavy deposit of gold coated tho softer bine stones and inud of this gutter. It was considered advisable to scrape the rich contents showing into a benzine tin rather than shovel into a truck. Subsequently the benzine tin was panned off, and returned 240z gold, including one larger piece weighing 2oz sdwt. . Blocking strips are being carried along north of No. 4 East Crosscut ana wegt of No. 1 South drive off. No. < East Crosscut; both strips are in fair grade wash dirt. Return on 10th inst.—\\ash up on 10th for 72oss lOdwt alluvial gold, which produced C9oz l7dwt melted gold. EMPIRE SUGAR. DUTY ON FOREIGN PRODUCT URGED. (CJJITEP PQEBO ASSOCIATION —*1 KI.ICTXIO THIOKAPH—COFYHIOHT.) LONDON, March 17. Mr L. C. M. S. Amery (Conservative) introduced the Empire Sugar Federation deputation to Mr Neville Chamberlain (Chancellor), asking the •Government to assist Empire producers by increasing the duty on foreign sugar by a farthing a pound. The Chancellor assured the deputation of his sympathy with. Empire trade; and promised to consider the request in conjunction with the Budget. If as is generally believed in sugar trade circles, Mr Chamberlain imposes an additional farthing a lb duty on foreign sugar, Queensland growers wil benefit considerably, because they will be able to demand a higher price from the refiners. Even should the additional farthing a lb be P ass ® d to the British consumer, the latter would be paying only 2Jd a lb, which, according to the latest retail prices, is cheaper than most countries except the United States. INTERNAL LOANS. REDUCTION OF INTEREST. A STOCK EXCHANGE PROTEST. (va*g» *.SSOC(atiojj T*Lr.sß.vn r WELLINGTON, March 18. Tho Wellington Stock Exchange has sent a letter to the Prime Minister and the Minister for Finance expressing in the strongest terms its fears of the consequences should the Government reduce the return to internal lenders who have invested in Government loans, . Tho letter says that on a previous occasion the Wellington Exchange said that guch a solution of the present difficulties should only be applied as the very last resource, and out of dire necessity. It was. and still was, a necessity arising after every other source of revenue had beep drained to the utmost drop. "In the past the credit of the Dominion has stood high in the money markets, and an appeal is made to maintain that high standard, no matter how wo might be pressed and what other Dominions might do," .the letter continues. "It is submitted, with oil due respect to the members of the Commission, that tho suggestion as affecting intevest payments, if acted upon, will not make for equality of sacrifice. "The effect of reduced interest would be so far-reaching as to embarrass the Dominion for many years, and place a stigma for all timo on New Zealand. Members of the Stonk Exchange are. really alarmed at tho conseouences in the immediate and in the distant future if the sanctity of national contracts is sacrificed." EXCHANGE POLICY. SIR OTTO NIEMBVER'S VIEWS. (PRESS iSSOCIMJOJI TBI.JEOKAJI.)

WELLINGTON, March 18

The Secretary of the Treasury (M r A- D. Park) has received from Sir Otto Niemever a personal opinion expressing pomplete agreement in all essentia) points with the view recently expressed by Professor T, E, G, Gregory on New Zealand financial questions and the exchange. Sir Otto says there is a possibility pnd signs, of a change in tho tendency pf the world's prices which strongly suggests the inaavisnbility of a hasty change of exchange policy at the present moment.