COMMERCIAL

Press, Volume LXX, Issue 21255, 29 August 1934, Page 16

COMMERCIAL

(CONTINUED FROM PAGE 13) MINING BEN LEDI SLUICING CO. The company's manager, Mr D. J. Deegan, advises that the whole race of 41 miles, together with all the necessary fluming, was completed with the exception of No. 4 flume and a small amount of work on No. 11. This would take about 10 days to complete, and during this time the laying of the pipe line to the point where sluicing would commence would be proceeded with. All the large pipes were on the job, and the smaller ones were expected within the next few days. Provided these arrive on time, the construction of the pipe line should be completed in approximately two weeks. The manager is of opinion that: the race will easily carry 15 heads of water, although 10 heads will be quite sufficient for the company's purposes. The supply of water from the subsidiary streams at present is so good that only about one and a half heads will require to be taken from the intake, although eight hoe.ds are available there, leaving a reserve of more than six heads in the main stream. It is expected that active sluicing will be commenced by the middle of September. STATE EXACTIONS

In their annual report 'to shareholders the directors of Alexander Mines, Ltd., submit figures serving to indicate the extent of the taxation and other relative payments which have been made since the company came into existence. Paid in rates on mining properties, £Bl4 2s lOd; in rents on leases, £Bl2 8s Id; on pack track, £BO2 17s 8d; in income tax on dividends, £3512 12s Id (tax on dividends Nos. 8 and 9 not yet paid); in gold duty, £2802 6s sd. "Early in 1933, extra taxation was imposed on all gold mining companies," continues the report, "and it is hard to understand why such an important industry was saddled with the high duty of 12s 6d an ounce of gold produced. This is a direct tax on industry and is fundamentally unsound, and at the present time most uneconomic, when every effort should be strained to create employment. Every other gold-producing country in the world is adopting a policy of fostering the gold mining industry in order to stimulate employment and promote production of gold. Gold is the only primary product which is in keen demand, and is therefore readily saleable without much expense. All gold mining companies should protest against this gold duty tax, which absorbs so much of the assets and which are so vitally necessary for development work and ore production." OKARITO REPORT The secretaries of the company report having received advice from the dredge master to the effect that the dredge was stopped on Saturday for the purpose of carrying out the alterations to the dredge which had been in view for some time. These alterations comprised the installation of shaking tables, new gold-saving tables, and a new centrifuge 1 pump. The dredge ladder was also to be lowered so as to give it a greater effective digging depth. It was expected that it would take at least a fortnight to carry out the alterations.

NEW AREAS FOR N.Z. OPTIONS N.Z. Gold Options N.L. (Melbourne) reports having obtained options over the following areas:—4oo acres of dredging property, contiguous to the Upper Nevis area, which is now held by the company; 230 acres of dredging property at West port, South Island, New Zealand, known as Bradshaw's Creek, whore the average value of bores out down was 10U1 a cubic ya»-d, with gold at £4 5s an ounce; and a gold-mining claim two miles and a half from Reefton. The claim comprises virgin ground. The properties will be inspected by the company's representatives in New Zealand, Mr T. ,T. Shepherd and Mr John Victor. KUALA LUMPUR TIN Kuala Lumpur Tin N.L. has declared a dividend of 6d a share, payable on September 28. PLACER DEVELOPMENT CAPITAL Placer Development, Ltd., reports that a resolution for an increase of the capital of the company to 1,000,000 dollars (£200,000) by the creation of 100,000 shares of five dollars (£1) each was passed at an extraordinary meeting of shareholders at Vancouver on August 2. Shareholders registered on August 31 will have the right to subscribe for one new share at 50 dollars (£10) for every five shares held.

BELL HOOPER REPORT The report for the week ending August 24 is as follows: No. 1 Mine Area-Block B: A small area in this block was taken out, but work was discontinued, as the values were low. Block A: A panel seven feet wide was taken out for a distance of 17J feet for payable values. The balance of this block will be taken out from the north drive. Block Q: A furtheir eight feet was driven in the 2A north drive. Values become low and the bottom started to rise steeplv. Work here has now been stopped. A start was made blocking out on the north side of the west cross drive against No. 2 north drive. Payable gold only extended for five feet. The next panel to the eastward was started for payable ground. On the south side, opposite these workings, blocking out was continued for payable gold. No. 2 mine area: No. 4 north drive was advanced 21J feet for the period, total 135J feet north of the west cross drive. The bottom still remains in the level of the cap of the timber. Samples have contained no gold or only a trace. General—The gold return for the week was 17oz 17dwt 15gr. Of this, lOoz 6dwt 14gr came from Q block for a cubic yardage (truck) of 48, equalling 4.2f)2dwt a cubic yard, or 1.029dwt a square foot, cleaned up. AUCTION SALE OF SHARES Messrs Ford and Hadfield, Ltd., report having sold by public auction 1100 shares in the Ben Ledi Sluicing Company, Limited, at a satisfactory figure. . ,

ALEXANDER MINES, LTD. The statement of accounts for the year ended May 31, 1934, has been issued. The report states that on February 27 the miners struck work, and operations were not resumed until early in July, principally by non-union labour. A circular accompanies the report setting out the history of the dispute and the efforts made by the company to come to terms. The mine report states, inter alia, that the ore reserves total 1650 tons. During the year development drives totalled 700 feet, crosscuts 83 feet, and rises 40 feet. During the year four additional slime tables were erected for saving fine concentrates. These proved very successful saving 15 tons of fines, valued at £l4O. The top slimes table saved 15 tons, valued at £325, and the Wilfley tables 56 tons, valued at £ISOO, the total save from concentrates being £1965,. with gold at standard rates. Owing to the hardness of the ore and country rock in the lower workings of the mine it was decided to install rock drilling machines. A hydro-power plant is under erection for the puipose of generating compressed air at the mine for working these machines underground. The major portion of this plant has been erected, and will be completed shortly, and the machines put into operation. When these are in commission it will cheapen the cost of producing or? and render progress in the various development faces speedier. Directly the machines are in operation it is intended to pursue a policy of active developmental and prospecting operations primarily with the object of augmenting ore reserves. Since February 27, in consequence of a sudden and unexpected demand made by the Inangahua Miners' Union, a strike of the men in the company's employ occurred, and operations have been at a standstill. Early in July, operations in the mine were resumed. In November last it was decided to install a four-panel Edwards roasting furnace at the mine for the treatment I of concentrates being produced from I milling operations. This furnace has been completed, and is now waiting the erection of a small cyanide plant to treat these concentrates in a separate unit as distinct from the cyanide plant now in operation at the battery. When this furnace is in commission it, should enable the concentrates which are being produced from the battery to be treated successfully and at a much lower cost than by transporting them by packhorse and railway to Greymouth, and then shipment to Port Kembla, Australia, for treatment there. The battery crushed for the nine 1 months ended February last (when the strike commenced) 2959 tons of ore, from which 2006 tons of sand were saved and treated at the cyanide plant, and which is equal to 67 per cent, of the tonnage crushed. The gold produced was sold in London, and the output for the period realised £17,461 9s Bd, plus £3934 18s 3d, making a total of £21.396 7s lid. The present price of gold in London is 138s a fine ounce During the year two dividends, Nos. 8 and 9, of Is a share each, representing a total of £7500, were distributed to the shareholders. Sincere regret is expressed at the loss of Mr James McKay, who died in June last, and who had held a seat ot the board since July, 1927. Mr F W. Manton, of Messrs Ellis and Manton, Wellington, who was a former director of the company in its earlier history, was elected to fill the vacancy. During the year Mr A. F. O'Donnell resigned his seat, to which Mr G. Lambert, of Christchurch, was elected. The profit and loss account shows expenditure in mine working at £7297 17s; general £5993 14s (of which £3290 12s is income tax and £1897 19s gold duty), and management and office expenses £609 10s, a total of £13.901. Amounts written off mining property, equipment, and development are £3031 lis. Revenue shows the gold returns from bullion at £18,146, and from concentrates at £3934 18s, a total of £22.081 4 S 10d, the net profit being £5148 lis. The balance brought forward from last year was £1969 10s, a total of £7llß. Two dividends were paid, involving the distribution of £7500. leaving a debit balance of £3Bl 18s to be carried forward. The authorised capital of the company is £75,000, less uncalled £14,950, leaving £60,050. The bank debit on May 31 was £3650 16s. GOVERNMENT MONEY HELP FOR AUSTRALIAN FARMERS Direct assistance from the public funds to Australian primary producers during the Commonwealth Government's financial year ended June 30 amounted to £9,000,000, made up as follows: To £ Wheat growers .. 5,130,000 Fertiliser subsidy .. 500,000 Apples and pears .. 250,000 Wine bounty .. .. 560,000 Cotton bounty .. .. 320,000 Other branches primary industry .. 270,000 Sales tax concessions .. 1,640,000 Primary duty remissions 330,000 £9,000,000 LORNEYILLE STOCK SALE (PHBS3 ASSOCIATIOK TBUEOUAM.) INVERCARGILL, August 28. Thoro were big increases in all sectionis at the Lornovillo stock bolb to-day. In tlio fat sheep section there was a large yarding of good quality slieep. about twothirds of which were ewes. The sale opened on a basis similar to that of last week, but as there was an over-supply for local requirements tho market eased about Is in tlio luttcr part of the sale. Extra prime heavy weathers realised up to 30s 3d; prime quality 20s to 27s 6d; medium 24s (3d to 25s 6d; lighter down to 20s. Prime heavy ewes up to 20s 3d; prime quality 18s Gd to 19s 6d; medium Jo's Gd to 17s 6d; light and unfinished down to 3 2s. The considerable number of fat cattle yarded was of inferior quality. The sale opened brightly, but prices declined after tlio first race had been disposed of. Prime quality bullocks realised up to £8 7s Gd; medium from £G 10s to £7 10s; lighter down to £5 15s. Prime quality heifers up to £6 15s; medium £5 to £0 ss; inferior down to £4 ss. Prime heavy cows up to £0 ss; good quality £1 15s to £5 15s, aud rough and unfinished down to £3. RANGIORA MARKET There was a largo atlenrtanco at tho weekly market yesterday and business was fairly brisk at the stock yards. Thoro were heavy entries of cattle and pigs. Yveaners, which were especially plentiful, were easier by 2s to 3s, the range, of prices being: Good weaiHTS lis to 13s Gd, slips 12s to 14s, stores 15s to 17s. One pen of porkers made 31s Gd. Fat ewes made 12s 7d to 17s, and two and four-tooth merino wethers 15s Gd. Thero was an entry of about GO head of cattle. Best springers to fourth calvers made £3 to £4, one extra good making £6 ss; backward and low-conditioned springers £2 to £3. store cows 20s to 355. yearling heifers 3bs Gd Skins—Crossbred sheepskins 2s Gd to 3s Gd, three-quarterhred skins 3s Gd to ss, halfbred skins r,s to Gs lid. One double fleeco made 7s. Calfskins Is Gd to 2s Gd; crutehiugs 4.1 to Gd. Poultry—Best roosters 5s to 7s a pair, light roosters 3s to Is fid. light, hens 2s Gd to 3s Gd, heavy hens 5s Gd, ducks 3s to ss, geese 4s Gil to ss, turkey hens 10s to 12s Gd, gobblers J7s Gd to 20s. ail at a pair. Produce—Potatoes Is 6d to Gs a sad;, wheat 10s to 13s, oats 8s Gd to 13s, till a sack; pig meal 4s Gd a half-sack, 9s a sack; oatsheaf chaff Is Gd to 2s Gd, onions 2s a sugar bag, leeks 3d a bundle, spinach 3d a bundle, carrots Is a tin, parsnips Is Gd a sugar bag, Is a tin. ASHBURTON STOCK SALE Although there was a small yarding at (he Ashhurton kaleyards yesterday, prices showed ! a rising tendency of about 2s 6d a head

amour,- I In- fas, .-!»< t. Th.-i-e was s°?* quality linos oflVrrd ami i ' OIUIIt -' utu ' u t .,.,, 1 i! keen. Tho attendance of buyer? i^ a!r , , JV . The top o£ III" sal.■ u its ■>» „„ cetved for a pen ol m\ Im «-iln j - ■ { account of Lung's Kslatv (Kvlc). J j l ® best jirit'e was >'"l im' l:lM . \viitfal If!mVj folil mi account of Mi ss '•■ ' n^ s sou (LngiHhor). Fat owes lnniK" "1' t ■1(1. Mr J. Cairns (Wakanui) villus fcIX tlrs price. ,/jd Fut I'M'i'S hold from 1-s J"'' „ u> medium sorts up to I!>s J"<l ;il "' - ;!s , ORu id Fat wetlicrs sold from ~3* 1" n * and fat bopg ts from 17s J Oil to •. There was a small yarding of rrrr td Fifty mixed m»x t!irce<jnar<f)'l're« r l £r . sold at 1 Sss ami mixed sc.*; bred ho;:/;-ofs at l."s Id. Cuttle—l'ai- t'Ov .s. f-"Id tVoin Vl7s to (id, hi'ifoi's X-i 11',i Od lo I ill to i'o.