FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20574, 16 June 1932, Page 10

FINANCE AND COMMERCE.

J

MINING. KAWARAU COMPANY. ANNUAL REPORT. (THIS PRESS Special Service.] DUNEDIX, June 15. The report of the directors of the Kawarau Gold Mining Company, Ltd., for the period from March 31st, 1933, to May 16th, 1932, says that since the previous report was issued the Amalgamated Kawarau Gold Mining Company, Ltd., had been registered, but it was not until April of this year that the actual assignments of the company's mining privileges were executed in favour of the new company. The Kawarau Gold Slining Company, Ltd., i* to receive in fully-paid shares in the capital of the Amalgamated Kawarau Gold Mining Company, Ltd., oneninth of the nominal value of the shares allotted to claim holders. When the fally-paid chares in the new company are received they will be distributed amongst shareholders of the Kawarau Gold Mining Company in proportion to their holdings. Shareholders will thus become shareholders in tho Amalgamated Kawarau Gold Mining Compauy, Ltd., and tho Kawarau Gold Mining Company, Ltd., will then have distributed all its assets. There is therefor# no object in deferring the liquidation of Kawarau Gold Mining Company, Ltd., and an extraordinary general meetng of members has been called for the purpose of putting the company into voluntary liquidation. The balance-sheet shows the nominal capital to be £14,955 Bs. On the assets side is shown £336 10s in the bank. The book value of the assets acquired by the Amalgamated Company in consideration of fully-paid shares to be allotted is £20,518 6s 9d. The profit and loss account shows a balance of £4007 12b 3d. MAHAKIPAWA GOLDFIELDS, LTD. The mine manager's report for the week ending Jane 18th is as follows: North Face—Advanced 8 feet, making a total of 75 feet north of shaft crosscut. There is now 18 inches of bottom rock showing, and the wash is bine, containing softish large stones. I Samples taken on the west side range from 2 to 10 grains gold, whilst on the east aids there were find colours. We appear to be getting this face into ■ tho right channel, and if values continue, will arrange to work this end on two shifts. No. 8 .East Crosscut—Progress 14 feet, making a total progress of $4 leet. east of the south drive. The bottom rock » hard, and rising fairly rapidly. Hard black cement, wash 12inch thick, covering bottom, rock withoet gold values. Occasionally gold has been found in prospects taken 2 feet above the bottom rock. Am of the opinion fbat we are approaching the east siding in this direction. At _t>/ foefc east have started an arch drive north. Progress 8 feet v fair' grade, value. only. Bottom rock appears to be dipping north. . Blocking south from No. 6 west . crosscut terminated on meeting tho west siding—values poor grade. We are now taking a second strip west 'of the fin* strip to see if there is an opening leading south —values good gradeBlocking south of No. 8 East Cross- * <-ut and No. 7 East Crosscut are in fair grade wash dirt. Heturn on .Tone 10th produced 320z lldirt alluvial gold. WAIHI RETURN. The following information has been cabled to the London office of the Waihi Geldnrining Company:— , For the period ended May 28th, comprising 23} crashing days, 18,643 tons of ore were crushed for a xesult of 5251 fineonneea of gold and 53,664 fine ounces of silver. This includes 1569 tons from the Grand Junction area -which yielded 591, flue ounces of gold and 3342 fineounces of silver. No. 4 Level—Surprise lode: Driving has been commenced west from No. 2 shaft crosscut. The first 128 ft is low grade, and the next 36ft assays 30s 6d a ton. The lode is about 4ft wide. No •- Level—A crosscut north-west waa commenced from the north section of the Empire lode, and at 54ft. intersected a reef 7ft wide. The first 2ft assays 36s 3d a tdn, and the last sft StSd a ton. The course is 63deg, and tho dip one in four north. No. 10 Level—West section of the Edward lode: We are sinking a winze at s!Bft south of No. 2 shaft, and the first 70ft assays 72s 9d a ton. The lode is about 3ft wide. , No. 11 Level—Empire lode, north section: In the crosscut at 50ft east the next 10ft assays 10s 6d a ton. DAIRY FACTORY MANAGERS' ASSOCIATION. fraass association tiliobav.) PAL24EBSTON NORTH, June 15. The Dairy Factory Managers' Association, at its annual meeting to-day, elected the following executive: — Messrs P. G. H. Petersen, N. G. Wadsen (Auckland), J. L. .Taylor, P. Pedereen (Taranaki), J. M. McDonald (Manawatn), B. W. Fobs. (WairarapaHawke's Bay), and J. Middleton (South Island). Mr A. M. Stirling, of Morrinsville, was made a life member. SOUTHDOWN BREEDERS' SOCIETY. (MSSM ASSOCIATION TSLXOXAII.) PALMEESTON NOBTH, June 15. At the annual meeting of the Southdown Sheepbreeders' Society, the following were elected to the council:— Messrs H. JT. Andrew, J. Brooks, H. Burnil, J. Knight, and M. H. Gimblett. BED POLL SOCIETY. 'J>ttSb ASSOCIATION TXLSUAAU.) PALMERSTON NORTH, June 15. The New Zealand Red Poll Society, at its annual meeting, elected the following officers:—President, Mr J. W. Harding; viee-presidents, Messrs J. Donf ■ • flSSms sod W. Leaakj executive, Messrs w <V Anderson, G. B. Forster-Pratt, G. ' * J. W. Harding, and L. J. ft-If. treasurer, Mr L.

IRON AND STEEL PRODUCTS.

ADDITIONAL DUTY.

BRITISH COMMITTEE CONSIDERS

EXTENSION

(bbitish official wireless.)

(Eeceivcd June 15th, 5.5 p.m.)

RUGBY, June 14,

The Import Duties Advisory Committee has given notice that it has under consideration the question of recommending a temporary additional duty on iron and steel products to be continued for a further limited period.

WHEAT IMPORTS.

A JOINT PROTEST

The members for Oauiaru, A\ aitaki, Timaru, aud Temuka have sent the following telegram to the Prime Minister (Rt. Hon. G." W. Forbes) regarding the suggested importations of wheat into the Dominion: "This is a joint wire' from the members for Oamaru, Waitaki, Timaru, and Temuka —Macpherson, Bitehener, Clyde Garr, and Burnett-—who all earnest,ly represent to. you the grave consequences of allowing importation of Australian wheat into this Dominion. We most sincerely request that the fullest information be obtained regarding the amount of wheat that is still available, both mill-; ii'g arid, fowl wheat, before the question of importation is entertained; and that importations necessary shall bear duty to prevent a very serious break in market. Growers who have suffered, drought and flood will be most seriously prejudiced if they have to compete' against free importations. Projecting. sowing will be also seriously affected."

TRADE WITH THE

EAST.

SHIPPING FACILITIES

[THE PRESS Special Service.]

DUNEDIN, June 15

Negotiations that are in progress with a view to opening up direct trade with the East, were outlined in a. communication which came before the Manufacturers' Association last..night. The secretary of the Department ot Industries and Commerce wrote enclosing- a copy of a circular'which, he. had sent to, various firms in New Zealand: . " interested • in the question of. trading with the East. It stated' that; the; Department had been in communi-, cation with Zealandagent of Kai%|t a to?inducinig shipping services. So-as to afford New Zealand exporters direct shipment to. China. Following upon those representations, lie had now been advisad; that the Osaka Shosen Kaislia was willing to. consider a call at Hong Kong and (or) Shanghai by a steamer leaving here early next month, .providing, sufficient . cargo was offering. The owners were- prepared to consider the question of direct calls, cargo was forthcoming. That shouldencourage the '.firflis interested to make determined efforts "in that direction,and he trusted* that: consideration would be given to the possibilities _ot firms extending their trade with Hong Kong and China. The contents of the circular wei-e noted, and it was decided to leave it to the various export firms to take the matter up.

FARMERS'

STRONGER FINANCIAL POSITION.

A net profit of £4090 is disclosed inthe 18th annual report of the Farmers' Co-operative Organisation Society of Now Zealand, Limited, of Taranalci. This amount is struck after allowing for, bad debts, and providing £3491 for depreciation on plant and- property, and £1442 for income-tax. >

In view of the adverse conditions pre-', vailing the directors consider the very satisfactory. . The profit increases; the balance in the appropriation account! to '£9so2'. In recommending that £7000'; should be transferred to reserve, increase ing that fund to £IO,OOO, and that the; balance, £2502, should be, carried for--ward, the directors-state that while they' fully realise a dividend could, be" paid,' they consider shareholders generally will, endprse'their, action in cQnsolidatiag the; society's finances, thus enabling it to 1 render the greatest possible assistance, to its clients in the present difficultperiod. The company is now feeling the benefits of reorganisation made in 1926. After proposals had been carried out in that year there remained a deficit in the aecounts of £37,179. This was made good by the end of 1929, iand visible reserves and undivided profits now amount to £14,412, a consolidation since 1926 of £51,591. In addition, substantial provision has been made to meet losses arising out of the present financial crisis. .

WESTPORT COAL COMPANY.

NEW SHARE VALUE.

Advice that the resolution regarding the reduction of the Westport Coal Company's capital by 10s a share has now been carried into effect, and that the shares now stand at the nominal value of 10s each, has been received by the Stock Exchange Association of New Zealand.

Previously the authorised capital ■of the, company was £500,000, paid to £450,000 in £1 shares. As a result of reduced business in the .coal trade the : company found its capital'in , excess of requirements and has brought about the reduction to £250,000 by a refund of ,£.225,000 .to .shareholders by the: transfer of New Zealand Government 4i' per, cent, stock,., maturing...on December loth, 1936. -Sums of less than £lO wero paid- in cash.

KAIKOURA DAIRY COMPANY.

At the monthly meeting of directors ot the Kaikoura Co-operative Dairy Co., it ivat decided to pay out 10jd per lb fpr butterfat lor tbe month of Hay. Cream is still coming in, and the output of batter is well in «xo«is ot that pungfaotured yea*

" Argentine breeders thinlc nothing of buying bulls from England "which cost them £SOOO or £6OOO each," said Captain J. _M. Cameron, of the steamer Ma-, hana, in conversation at Wanganui, when referring to the New Zealand beef trade. He said he considered that if New Zealand wished to improve its quality of beef it would have to import a good strain of beef cattle from Britain and work up a herd from the imported stock.