THE SEARCH FOR GOLD.

Press, Volume LXVIII, Issue 20625, 15 August 1932, Page 10

THE SEARCH FOR GOLD.

YIELD FROM KAWARAU RIVER. DIFFICULTIES OF MINERS. [THE PRESS Special Service.] DUNEDIN, August 14. The absence of definite information regarding the amount of gold won by the numerous prospecting parties on the Kawarau river during the past few weeks has prevented the compilation ot an estimate of the total' amount of gold secured since the closing of the dam. A number of rumours, none of which lias gained much credence, have been circulated with reference to the discovery of almost fabulous quantities ot gold by some of tho syndicates working on the river-bed. Although many of the miners have made good strikes, in the majority of cases a few pennyweights per day has been the average value of the gold won, but no definite figures regarding the amount secured by any of tho syndicates have been made available. The Junction Hydraulic Elevating Syndicate, whicli was rumoured to have struck a rich paddock, has, it is understood, actually secured well over 100 ounces, but the ever-present danger of the paddock being flooded by tho Shoto\er, thus destroying months of work; and the difficulties created by frozen pipes and shortage of water supplies, combine to make the syndicate's tenure of tho claim most precarious. These conditions are typical of a great many claims on the river, but the work of prospecting and sluicing is going on steadily. There are many stretches of the river which have not yet been touched, and it is impossible to estimate what the.yield might be if thorough and systematic prospecting were carried cut. The greatest drawback to successful work on many sections is that the ground is still in the grip of frost, and unworkable. Although a great deal of disappointment has been caused by such conditions, they have had the beneficial effect of keeping'the river a\ a■ very low level, with the result that the Kawarau Company has received permission to keep the dam closed for another week.

Fairly good yields have been reported from the Molyneux "river, where a large number of men are working in the vicinity of Fourteen Mile, and it has been estimated that tin this stretch of the river over 1000 ounces of gold have been won since the closing of the gales. Apart from a few isolated returns, however, the miners and prospectors have been somewhat reticent regarding success or otherwise of their operations, with the result that it is impossible at present to compute the value of the, gold won since the closing of the dam.

COMMERCIAL BANK.

ANNUAL MEETING. The annual meeting of the Commercial Bank of Australia was held at Melbourne on August 4th. The report and balance-sheet were showed net profits £199,670 for the year ended Juno 30th, which, with £65,335 brought forward, made £'265,005. ! From this £IO,OOO was appropriated in reduction of bank premises; £.42,347 in payment of interim dividend on preference Shares, and a similar amount in payment of tlio fiual, dividepd on such sharesj making 4 per cent, per annum; £IOO,OOO on ordinary shares (twelve months' dividend) at 5 per cent, per annum; and £ 70,311 13s 10d was carried forward to noxt year. The sum of £2so> 000 was transferred from the reserve fund out of profits previously'credited thereto, to an exchange adjustment reserve.

During the period under review the bank's deposits increased by £912,548, and advances by £151,317 for the year. During the same period gross profits decreased £184,980, and net profits 779, after making full provision for bad and doubtful debts, fluctuation in investments, and other contingencies, including provision for taxes. The balancesheet figures show an increase of £794,000 to £30,135,981, coin, call money, debentures, and other cash items having increased by £578;884. Total shareholders' funds'of the bank also-'increased during the year, and now amount to £6,580,008.

The bank conducts business at 535 branches and agencies in Australia, New" Zealand, and London.

SOVIET'S NEW OIL CHIEF. BUYING PROPERTY ABROAD. The Soviet oil exporting department is to buy and own real estate abroad, a right hitherto withheld from all Soviet commercial departments, according to tha London. "Daily Mail" of June 30th. Comrade Riabovol, one of the new '"discoveries" of Stalin, ■ the Moscow dictator, has been made commander-in-chief in the Soviet war against the world's oil interests. Tito London headquarters of the organisation are to remain at Mborgato HaJI, Moorgate, E.C., and the business is to be carried on, as hitherto, by Russian Oil Products, Ltd: A new chief, who is expected shortly, will direct operations in the British Isles, Australia, South Africa, and British West Africa, and the staff and finance of 11.0.P. are to be reorganised. DAIRY PRODUCE. LONDON QUOTATIONS.

The "Sew Zealand Dairy Produce Board has received the following market report from its London office, dated August 12th: — Butter —New Zealand, salted to 110s (August 12th) (104s to 107s last week), unsalted 106b to 110s (106s to 108s); Australian, salted 100s to 103s, exceptional 104s (99s to 102s), unsalted 104s to 108s (103s ta 108s). Market firm. New Zealand retail price unchanged. Is Id. Argentine. uusalted 86s to 88s, exceptional 00 (86s to 90s!; Danish, 98s f.d.b., 114s to ,115s spot (935, 110s to 112s); Esthonian, 88s to 90s (90s to 925); Latvian, BSs to 90s (88s to 90s); Sir borian. 85s to 86s (86s to 87s) ; Lithuanian, 86s to 88s (88s to 90s). Market slow: Danish retail price Is 2d. Cheese—--New Zealand, white 595. to 60s (57s Gd to 58s), coloured, 55s to 57s (55s to 565) ; Canadian, white and coloured 58s to t!os (57s to 595); c.i.f. 59s (56s 6d); Enp;lislv. finest farmers. 92s to 98s c (92s to 965): Market firm. New Zealand retail price Bd.

PROPERTY SALE. Ford and Hadfiold, Ltd., UeaT Estate Agents and Auctioneers, 131-133 Worcester street, report having eolii <>n account of Mrs Close a two-storey rcsidcnliul property situated Gloucester street,. CVy, to a client.—6