MINING

Press, Volume LXX, Issue 21324, 17 November 1934, Page 13

MINING

NOKOMAI COMPANY SALE TO BRITISH CONCERN APPROVED (PBBSS ASSOCIATION fELEOBAJC.) DUNEDIN, November 16. An extraordinary general meeting of shareholders in t)he Nokomai Gold Mining Company was held to-night to receive the report from the directors of the terms of the sale of the company's assets to the Nokomai Gold Dredging Company, London, and to I confirm the sale. The chairman (Mr F. Y. Milnes) explained that the offer of the London Company was £67,008. The proposal submitted to the board of directors was ns follows: —£15,000 to be paid in cash by the Nokomai Gold Dredging Company (London) within seven days, Ihe New Zealand Company to take 5*?J,000 fully paid up shares (paid to 2s), issued by the new company. £2OOB had already been paid. A resolution was carried confirming the directors' action in completing the sale of the assets to the London company. In answer to a question, it was stated that the capital of the English company was £450,000, and that it was understood that two dredges were to be placed on the property. A motion was carried authorising the directors to hold 500,000 vendors' fully paid-up shares for such time as, in their discretion, they consider necessary. GOLDFIELDS RETURN (PRESS ASSOfIATIO* TEL.EOEAM.J DUNEDIN, November 16. The secretary of the Goldfields Dredging Company, Limited, reports that the return for the week ended November 16 was 30oz 3dwts for 111 hours' dredging. BELL-KILGOUR (PKES9 ASSOCIATION TELEGKAM.) DUNEDIN, November 16. The Bell-Kilgour return for the last week was soz. WORKSOP EXTENDED The Worksop Extended return for the week was 740z for 127 hours. The material dredged was 10,350 yards. TALISMAN DUBHO Talisman Dubbo return was, from 52 tons of ore crushed, £282 actual return. GOLDEN DAWN REEF A telegram from the secretary of the Golden Dawn Company states: — "Intersected new reef in virgin country west of cross-cut running 12 to 16 inches, assaying 30s to 74s a ton." NEW CORNISH POINT REPORT The mine manager reports as follows on November 12:— For the last fortnight the level cast has been advanced icr a further distance of 80 feet, making the total distance 305 feet from the commencing point in the south level. The country driven through consisted of a coarse stoney gravel, it being of a more solid nature than usual, but had to be timbered. The bottom is below the floor of the level, and the usual quantity of water is making in the face. The values in the wash were of a low grade. KING SOLOMON RETURN The return at King Solomon mine this week was 70oz 7dwt. WORKSOP EXTENDED (PRESS ASSOCIATIOH TELEGRAM.) GREYMOUTH, November 16. The Worksop Extended dredge return this week was 74 ounces. ROYAL MAIL COMPANY DEFICIT UP TO £11,300,000 (?BOM OUR ow* CORBESrONDKXT.) LONDON, October 9. As a result of further provisions and revaluations in the 1933 accounts of the Royal Mail Steam Packet Company, the company's deficiency account has been increased from £9,011,362 to £11,303,114. Provision has been made for liability under a guarantee to bankers of an associated company, amounting to £495,001, and a transfer of £1,449,999 to deficiency account has I been made in respect of the value of an investment in a major subsidiary which the directors are now satisfied is of no value, and in reduction of the balance-sheet value of the investment in another majoi subsidiary to £300,000, to correspond .vith the receipts anticipated in the subsidiary's voluntary liquidation. Tne White Star guarantee accounts for a further £325,000, and the R M S.P. directors state that there is every prospect of the full amount of this guarantee of £5,000,000 capital and dividends thereon, being a claim on the parent company. Any such claim, it is pointed out, would rank after the R.M.S.P. debenture stocks. It is again emphasised in the report that the deficiency account at present represents only ascertained losses, and does not cover the whole losses which may arise mainly in connexion with investments and guarantees. REILLY'S REPORT Reilly's Central Produce Market, Dunedin, reports by telegraph:—Full supplies tomatoes continuing to arrive. Prices range, choice Is 2d to Is sd, seconds Is to Is Id, rough and inferior 9d to lid; asparagus, increased quantities available, realising 4s 6d to ss; gooseberries, over-supply, ljd to 2d; peas increased quantities available, locals making 4d to sd, others from 3d to 4d; strawberries, choice realising Is 3d to Is 9d, others 9d to Is; cherries, from Is to Is 9d; lettuce, choice, 2s 6d to 3s; cabbage, Is 6d; cauliflowers, wanted, realising 8s to 9s; spring carrots, keen demand, Is 9d to 2s 6d dozen; apples, Delicious 7s to 9s, Sturmers 7s to Bs, Lord Wolseleys 6s, Rome Beauty 7s, Winter Cole pears 8s 6d. , —6