MINING

Press, Volume LXX, Issue 21247, 20 August 1934, Page 13

MINING

WESTERN AUSTRALIAN j MINES ; TWO RECORD OUTPUTS LAST j MONTH | | (L'sli£L> AsSOtIA : IIOS #7 EUICIKIO , TL'.r.KCiRArH —COFTIUGUT.) (Received August, 19, 9.50 p.m.) PERTH, August IS. j The production of gold in Western , Australia is increasing. Two big mines I had record outputs last month. BRIAN BORU \PUES3 /.SSOCIiTIOK TELEGRAM.} GREYMOUTH, August 19. The Brian Boru return for the week was 21J.0Z for 122 hours. MAHAKIPAWA RETURN j The return from the Mahakipawa ! mine last week was Gloz for four and ' a half days, HULL HOOPER The return for the week ended August 17, was 12oz sdwt. MORTGAGES AISID INVESTMENTS THE LOWER INTEREST RATES 1 The; steady increase in the- volume of money for investment and the resultant lowering of interest rates ha? had a marked effect, on the investment , market during the last 12 months, comments the annual review of Pyne, , Gould, Guinness, Ltd. The problem of finding suitable and profitable means of investment confronts all. The trend of the market shows that there has been a steady rise in the value of all Government stocks, local body debentures, and bank shares. These and other "gilt-edged" securities can only be acquired at prices that give a return ! of barely 3| per cent. With the ten- j doncy of a further lowering of the i rales of interest, the problem of in- j vestment will become still more acute j and present-day values should be fully | maintained. A cheap and plentiful supply of money is conducive to specu- | lation. This is shown in the great ' number of gold mining ventures that ; have been placed on the market in j Australia, South Africa, and New Zea- ; land; many of these, we venture to say.. , will never reach a paying stage. Until \ there is a definite sign of world conditions improving and becoming more settled, we think the investor would be wise to play "safety first' 1 and be content with a low rate of interest. Farm IVZortfrnses Unless new legislation comes into force 1o interfere further with the "sanctity of contract'' beyond the proposed two-year extension of the pre- j sent act, the question of interest on; over-mortgaged farm securities. of which there are so many, must surc.lv ! depend largely on the goodwill of the 1 mortgagee. How many loans on over- ! mortgaged farms have ;;vc rr>.«fxl 3 per! cent, per annum interest over the last 1 four years'.' We vrril»!« say, very j f»-w. Fortunate!.", dm the I:s.-» year ' the jmproviid prr-es for his products has enabled the s'-r< T' larmer tn pay hi. ! liileie i in full h> mo.'! instance*. but i Hie same cannot, be said of the dairy ' farmer, or for many of (he whoa! j growers, whose crops suffered from unfavourable weather conditions. In om-experience, Ihetirsl mortgagee has worked sympathetically with the fairs or throughout those trying times, and has been ever ready to make concessions; to-day lie is equally willing tc meet the position m an effort to enable the mortgagor to reinstate his j financial position. i A sound first, mortgage is of the I highest type of investment. In spite ' of legislation (hat has so often been : levied against mortgages, we are con- [ tident that, mortgage investments will come back into favour, and justly so The difficulty we see is to fix a basis of value of farm and pastoral lands for mortgage purposes. We have pointed out on previous occasions thai the productive value of a farm is the true basis, because with the present ! experience the mortgagee must be I satisfied that his security is capable of i earning the mortgage interest, or if I necessary, redeeming the principal when due. Needless to say. we are in hearty sympathy with the farmer, and sincerely trust that cheaper money will help to lighten his burden. SYDNEY On the Sydney Stock Exchange on Saturday sales were:— i £ s. d. | Commonwealth 4 p.c. Bonds, 1957 .. . . 103 2 C Bank of New South Wales 30 17 (1 Australian Gas "A" .. 713 0 Tooth's Brewery .. .. 2 5 0 Anthony Hordern .. 014 (i Associated Newspapers .. 13 0 i Broken Hill Proprietary .. 2 8 0 ! Colonial Sugar .. 66 10 0 jJames Stedman .. ,0 Ifj <; Wilcox, MolTlln .. .. 012 8 WAR LOAN STOCK ;ia<nisit wuisxcss ) RUGBY, August 17. British o;. per cent. War Loan stock ■ is quoted as follows; ; C s. d. | August 15 .. 104 8 It August 15 .. 104 G 3 August 1-1 .. 104 10 0 August 13 .. 104 10 0 August 10 .. 104 10 0 August. 3 ~ .. 104 7 t5