MINING

Press, Volume LXVIII, Issue 20623, 12 August 1932, Page 12

MINING

GOLDEN POINT COMPANY.

The return from tho Golden Point Company for the period ending August 6th was 103oz 7dwt melted gold, and 8$ tons concentrates, assaying 3oz 12dwt a ton (31oz lOdwt). a total of 1340z 17dwt.

A telegram was received from the mine manager oil Wednesday that the Home reef had been cut at a distance of 297 ft, and a 2ft Gin lode of oro revealed. The point of contact is 250 ft further into the hill than Donaldson's old workings on this reef, which was the main one of their operations. Tha manager also reports that the installation of the ball mill should be completed next week, and he expects to be commencing the change over on August 21st. This will take two or three days, GOLD HI'S 11 IN QUEENSLAND. The population of the new goldlield at Cracow, Queensland, is now about 250, says an enthusiastic menage in a Sydney paper. Ore from the field already crushed has totalled 10 tons 12cwt for 2770z. Small lots only could be treated, as milling charges ran from 3iß to £2l Us 6d a ton. The field shows active development, and rough buildings are being constructed and streets made. An influx of permanent residents continues. Parcels of ore from the Surprise lode on the Warrego lease and South Arm lease, representing three types of ore on the Golden Mile area, are to be broken for immediate dispatch to Melbourne as bulk tests, in order to determine the typo of mills to be installed.

AUSTRALIAN FINANCIAL

AFFAIRS.

REAL IMPROVEMENT. The J til j' re-view of Messrs H. Byron Jioore, Day, and Journeaux, the Melbourne shartbrokers. notes that since ihe introduction of the Premiers' Plan, a real improvement in Australian internal affairs has been discernible, but owing to the political unrest, principally in the State of New South Wales, its full effect has not' been reflected in a restoration of public confidence. Taking a retrospective view of Australian affairs as they existed prior to the advent of the Premiers' Plan, and in comparison with the present trend of events, there is justification for the generally expressed opinion that the worst has passed. The heavy adverse overseas trading balance has in the course of two years been converted into an actual surplus quite sufficient to cover all overseas obligations. The conversion of an internal debt of over £550,000.000 to a considerably reduced rate of interest, the reduction in Government expenditure, and the lowering of interest rates on mortgages, deposits, public body loans, and overdrafts are all factors which inspire confidence in the future. The political unrest which for over two years had retarded recovery has been displaced by stable Government with the Commonwealth and various States. The Commonwealth and trading ,'banks who have rendered magnificent service throughout the depression are. in a very strong position, and may be depended upon to give further assistance in financing the Government and legitimate industrial activities towards national rehabilitation.

Security markets have responded to the renewed confidence and the alarming drop in the prices of giltedged securities has been recovered. Production costs have been lowered and greater efficiency in industry is in evidence everywhere. Credit abroad has improved and for the first time for over two years Australian Commonwealth loans are standing at a premium on the London Stock Exchange. Definite hope exists for a favourable outcome oi, the proceedings of the Ottawa Conference on imperial trade, to be held shortly. There is also the promise of a drastic revision of war debt payments which would give considerable relief, and more than counteract the slight loss that may be sustained by any revision of .reparation* payments.

Seasonal conditions are distinctly favourable, and present indications points to a record wool clip and an exceptionally heavy wheat vield

SALES INCREASED BY ADVERTISING.

In ;i review of selling activities in the United States, the "Editor and Publisher" gives several instances of the aptitude of leading American firms in coping with the depression. The report states: "When 1930 came along the executives of the Timkenl<etroit Company were not frightened. The company spent 30 per cent, more for advertising in 1930 than in 1929, and enlarged the sales force. By dint of unrelenting effort and perfect cooperation within the organisation, sales of oil burners were increased 56 per cent, over 1929.

"Nor is that all. In 1931 the Tim-ken-Detroit Company increased its advertising again, and the salesmen hammered away harder than ever in an actual house to house canvass. The result was that during the first ten months of 1931 they sold 37 per cent, more oil burners than in the corresponding period of 1930. What a help thip was in the unomplovment problem!"

LOANS BOARD. AUTHORITY GIVEN TO RAISE £182,810. (rjt«S.«. ISSOCU.TIOB 'ULEMCAIt.) ■WELLINGTON, August 11. At a meeting of the Local Government Loans Board, twenty-six applications for loans totalling £219,008 were dealt with. Loans amounting to £182,810, were sanctioned, including £1*28,310 renewals and £54,500 new, loans. The balance (£36,198) of the amount submitted to the meeting was either declined or referred back to the local authorities for further consideration. PROTEST BY FARMERS. (MIS* tMOCHTIOX TILIOia) PAHIATUA. August 1. The Farmers' Union executive has resolved to enter a strong protest to the Government against the Local Government Loans Board allowing the Wairarapa Power Board to raise a deben-. hire loau at the maximum rate of 5J per cent., in view of the necessity for cheaper money and reduced costs. It is felt that the rate of interest is inconsistent with the restrictions imposed under the National Expenditure Act.