MINING.

Press, Volume LXIX, Issue 20788, 23 February 1933, Page 10

MINING.

MOUNT DAVID COMPANY. The secretary of the Mount David Sluicing' Company, Ltd., advises having received a telegram from the claim reporting a wash-up of 28 ounces for 11 days' work. WAIHI VALUES. The Waihi Company's mine development report cabled to London at the week-end includes tlie following. "No. 3 level, north branch of Martha lode: We have driven to the west a further 20 feet in good grade ore, the width varying from 2ft to 4ft. At 53ft point we have crosscut to the southThe first 2ft assays 92s -yd a ton. Next «3ift is country rock. Iho next ljit is high-grade ore, tho next 2ft country rock, and the last 2rt oGs 9d a ton. The course of the last 2ft is 90 degrees eastward. We have driven a furthei 10ft in ore assaying 90s 3d a ton The lode is 4Jft wide." Commenting on the above, the YVaihi correspondent of the "New Zealand Herald" reports under Saturday's date the following statement by the superintendent at Waihi, Mr H. W. Hopkins: "The small reef opened up at No. o level on tho north or footwall side of the Martha lode at about 300 ft west of the line of No. 2 shaft is interesting as showing that investigation of this section of the company's property cannot be considered as yob complete. "So far the reef' has been investigated only at No. 3 level. It has a ra&rkcd dip towards the north and will probably prove to be a dropper from the Martha lode, similar to the north branches of the Martha worked in the eastern end of the property. To date a total of 62ft has been driven westward from the crosscut and 6oft eastward, and the values have been consistently good. "Arrangements are now in hand for crosscutting to.the reef at Nos. 2, 4, and 5 levels." LONG TRAIL AND RED TRAIL GOLD MINE. For tho week ending February 11, tfyo following work was completed:— Long trail, No. 3 level; No. 3 leader— The tunnel was advanced to 137 ft, making 12ft for the week. The lode is increasing in a splendid channel of country. No. 2 leader—The leader was stripped for a distance of 20ft and the ore is high grade. Red trail—The crosscut was advanced to 90ft making 38ft for the week. Tho Red trail fault was intersected at 89ft, .and the tunnel has been turned south to cut the reef. TALISMAN, DUBBO, LTD. | The mine manager's report for the week ending February 18 is as under:— Tho drive at No. 1 Talisman level has been extended 9ft for the week. The lode is sfill disturbed and. broken, the formation being 3ft wide. The hanging wall portion is about Ift wide; being of high grade or,e, and fine goltj is seen-Tvhen broken. SYDNEY. WOOL SALES. STRONG COMPETITION. (Received 'February. "22, 9.51 p.m.) SYDNEY, February 22. ■ At the wool sales 9921 bales were , offered. Of these 8512' were sold and 439 disposed of privately. There was 'strong, and - general competition, with wider buying by Japan. The market was unchanged. Greasy merino sold to 21|d.

SHRINKAGE OF TRADE. REDUCTION OF 60 PER CENT. That three-fifths of the .world's trade has already been destroyed since 1929, and that'the destruction is continuing ]is the conclusion drawn by tho general manager of the Bank of Nova Scotia and chairman of .the Canadian Hankers' - Association (Mr J. A. McLeod), from a study of the statistical situation of the trade of the world recently made by the bank. The investigation related particularly to the export trade o>f Argentina, Australia, Belgium, Brazil, Britisn India, Canada, Czechoslovakia, Den■mark, France, Germany, Italy, Japan, ;the Netherlands, New Zealand, Norway, • Poland, Sweden, Switzerland, Great Britain, and the. United States. These countries are responsible for per cent, of tho world's export trade, j and it is considered that what has happened to ■ them collectively may be taken as closely representing what has happened to the trade of the whole world. Mr McLeod found that exports, : calculated in terms of gold values, reached, their maximum m tjie l z : months which ended •_ with the first stock market crash •in the United States in September, 1929. From that time, though the fortunes of individual countries have differed, the trade ot the world aB a whole has continuously declined. In the 12 months ended September, 1929, the aggregate gold value of all merchandise exports of the 20 countries mentioned was 24,500,000,0UU dollars (normally £5,041,152,263). In the 12 months ended September, 1932, the value of the export trade of these countries was 9,900,000,090 dollars (normally £2,037,037,037). The merchandise' exports had thus declined m value by 14,600,000,000 dollars (normally £3,004,115,226), or by almost W per cent. Mr McLeod does not think that there is any'justification for supposing that the remaining two-fifths of the trade of these countries is safe from the shrinking process. We are trying to finance the huge total of the world's international financial obligations, of which war debts form a small pfirt only, wit<i only two-fifths* of the merchandise trade which served the purpose tour! years ago. In the order in which the shrinkage of export trade has occurred since September; 1929, the continents rank as follows, Europe, 55 per cent.; Australia ana New Zealand 60 per cent.; South America, per cent.; Asm, oper cent.; North America, • 67 per cent. In some or the European countries, notably Aor way, Germany, and Denmark, the reduction was not as great as the average ot 55 per cent, for Europe, but it was greater in *Great Britain,, the pel centage being 63. The most severe declines were >—Canada, 65 per cent.: Unitfed States, 67* per cent.: and tfritish India, 68 per cent. Mr McLeod says that it is agreed among those competent to speak on the subject .that t" e shrinkage is dtie mainly to three motors —the persistence of war debt ohhgattfons; the maintenance of. n| g ll tariff rates , and drastic exchange regulations throughout the world, and the continued stoppage of the flow of capital, in the form of new long-term investments, from the creditor countries to young and growing debtor countiies.