MINING

Press, Volume LXIX, Issue 20988, 17 October 1933, Page 11

MINING

MINING HOUSE CONCESSIONS, LIMITED The statutory meeting of the shareholders in the Mining House Concessions, Limited, which was to have been held in Christchurch yesterday, lapsed for want of a quorum, lhe position of the company and its policy were, however, outlined to those present by the chairman of directors (Mr E. Hunter). The company, he said, was a holding and development company, which worked under an agreement with the Mining House (N.Z.), Ltd., to develop any mining propositions taken up after investigation by the latter company. To date more than 200 propositions had been submitted to The Mining House, Limited, and of these only seven had been accepted by The Mining House Concessions, Limited, for further development and prospecting. On these propositions a limited expenditure had been sanctioned by the directors and the claims were now bein/? thoroughly prospected by the engineers on the consulting staff of The Mining House, Limited. Should the claims not measure up to expectations they would be abandoned, for it was a fundamental principle of the company to present to the public only such propositions as had borne the most thorough investigation by means of all the up-to-date scientific methods available. The abandonment of a proposition after a certain amount of money had been spent on it must, therefore, be looked upon by shareholders as a usual occurrence in the day's work. One successful flotation more than compensated for these minor losses. As a consideration for services rendered in the flotation of Skippers, Limited, The Mining House Concession. Limited, had received 50,000 fully paid shares of Is each, and was also entitled to a royalty of 11 per cent, on the gold won. The chairman then gave details of the propositions at present being investigated by the company, some of which were nearing the stage when a flotation would be justifiable, he said. Referring to the financial statement he said that the preliminary expenses had been kept well within the estimate of the prospectus. Apart from application and allotment no calls had been struck, and at September 30 there was a cash balance of more than £ISOO. AUSTRALIAN INVESTIGATIONS

The following cable was received early in the month by Australian Gold Development from Mr T. Victor, its representative in New Zealand, states the* "Sydney Morning Herald":— 'Cromwell properties not suitable Coins. Clutha River Bucket Dredging probably suitable for small company." PRICE OF COLD The price fixed by the Commonwealth Bank for gold lodged at the Mint from September 25 to September 29 was at the rate of £8 3s SUI an ounce fine, compared with the previous price of £3 3s lfMd an ounce. Payment is made according to assay value 14 days after the gold is lodged at the Mint. The price of sovereigns in Sydney on October 3 was :U!s 4d.

BRIAN BORi; DREDGE (ritF.SS ASSOCIA.TIOS Tr.LKfIKAM.) GREYMOUTH. October IG. The Brian Born dredge's weekly return is 740z lOdwt for 112 hours' working. OKARITO RETCRN (i'HE:'-3 Ah.MjI'IAIIOS" IK.I. Ij "J: AM ) DUNKOIN. October 10. The Okarito return Inst week was 3Go.'. lklwt for 114 hours. CLAIM CHANGES OWNERSHIP The New Gabriel's Gully Gold Mining Company, Ltd., has now taken over from the Gabriel's Gully Sluicing Company, Ltd., an area of approximately 140 acres at Gabriel's Gully. The intention of the company is to install a crushing plant to deal with the conglomerate for (he purpose of extracting all the gold content in one operation. Pending the installation of a new plant for the working of the claim, sluicing operations are continued, and payable returns are being obtained.

XEVIS DIESEL ELECTRIC The following report to shareholders lias been issued by the Nevis Diesel Electric Dredging Company, Ltd.:— The dredge master (Mr D. Caithness) and the chairman of directors (Mr D. S. Mackenzie) have made an inspection of all the races, buildings, claim, and dredge, and report as follows: "It is evident that the water rights will provide power for the greater part of the season. Drummond's race, four miles and a half long, is in very good order. Naturally, it requires considerable reconditioning, but this will be completed by the time the dredge is ready. The contractors for the dredge overhaul -vent in, and final arrangements were made concerning the dredge. The Diesel engines have arrived in New Zealand, and the foundations are now being put in. This work will not take long, and will be completed by the time the roads are good enough to carry the heavy loads. The steel for the dredge reconstruction has arrived at Port Chalmers, and Messrs Stevenson and Cook are pushing on with the work in their foundry. Six men are at work on Drummond's race, and in two weeks sufficient water will be turned in 1o provide electric power for the dredge contractors for welding.

PRICE OF SILVER

(bkitish ofmci/l vriar.LEss.) RUGBY, October 15. Silver (pence an uonce) is quoted: Oct. 11. Oct. 14. Spot .. 18 5-16 18 3-16 Forward .. 38 7-16 IC[ ADDRESS, TO PIG FARMERS A meeting of farmers interested in the bacon and pork industry was held at Bromley. The meeting was organised by Mr 11. Mcintosh, chairman of the dairy committee of the provincial executive of the Farmers' Union, who, in an address, explained methods in vogue in other parts of the world, notably Denmark. 'He urged pig farmers to produce the right kind of pig, and to try co-operative marketing to ensure the best return for their produce. A vote of thanks and appreciation was passed to Mr Mcintosh.