NEW GOLD DREDGES

Dominion, Volume 34, Issue 81, 30 December 1940, Page 3

NEW GOLD DREDGES

To Operate On West Coast Expressing confidence that when the company’s proposed five B old 4 re s d t SeS (J|it in operation on various M es> areas they would add at least £300,000 annually to New Zealand’s gold production” Mr. IV. J- Watkins, ot Timaru, m-iua ,, ing director of Associated Gold DrvXes °(N Z.), Ltd., gave an interesting outline of the company’s proposed opera tions, in the course of an interview at Gl Mi“°Watkins said that the company either had under course of' construction, or would commence construction of in [he near future, five standardized dredges of American design, Ibis was, he said, the first attempt in New Zealand or Australia to standardize dredging. Nil plants would be identical, with all parts interchangeable. It was hoped to have two of the company’s dredges in production by the end of March next The sum of £20,000 had been spent annually by British Developments, Ltd., over a period of five years, before handing over the selected areas now having dredges erected on them in actual drilling operations, to ascertain if areas could be payably dredged. The proposed five dredging areas, said Mr. Watkins, were selected from a great range ot properties drilled, some of course being rejected. . . . £ Mr. Watkins thought it unique to find the company in the position .of haying three dredges nearing completion, without having called up its capital beyond 12/- in the pound. In spite of the rise in prices and the protracted delays in erection of the dredges, brought about by the delayed shipment of steel and machinery from overseas, the calling up of men, and the shortage of skilled workmen, the company, he said, would definitely get through inside its prospectus capital. This was the result of careful preparation and planning. The ordinary capital of the company was £295,000, of which £lBO,OOO would have been expended on completion of the five West Coast units. In treatment, Mr. Watkins said, the company hoped to accomplish new figures in the handling of gravel, and also in the low cost. FOREIGN EXCHANGES Position Of Sterling (By Telegraph.—Press Assu.—Copyright.) LONDON, December 27. The following menu closing rates on

LONDON, December 27. Gold. —£8/S/- an ounce, liue. Silver.—Standard, 23 1-Sd. an otinee; fine, 21 15-I‘jd. Cotton And Rubber Prices (By Telegraph.—Press Assn. —Copyright.) (Received December 29, 6.30 p.m.) LONDON, December 28. Friday’s closing prices for the following raw materials were as follows, those for December 20 being shown in parentheses :— Cotton: Liverpool quotation, ( good American middling, spot, 5.53 d. a lb. (8.43 d. Rubber; Para, 13d. a lb. (same); plantation smoked ribbed sheet, 12d. a lb. (same). Turpentine: In small supply and nominally about 68/6 a cwt. Commodity Markets Quiet (Received December 29, 6.30 p.m.) (By Telegraph.—Press Assn.—Copyright.) LONDON, December 28. The commodity markets have been affected by the holidays. The turnover has been mostly small, with little change in prices. The only one to show activity has been cotton, which lias advanced sharply, apparently to some degree owing to fears that: German raids might interrupt the flow of supplies.

Neon Interests May Merge

Directors of Scanlan's New Neon, Ltd., propose to merge the company’s interests .with those of Claude Neon Industries, Ltd. The terms provide for the transfer of shares iu Scanlan's New Neon, Ltd., in exchange for an allotment of shares in Claude Neou Industries. Ltd., on the basis of seven fully-paid shares of £1 each in Claude Neon Industries, for 10 fully-paid shares of £1 each in Scanlan's New Neon. As the capital of Scanlans New Neon is £70,000, the allotment would be 49,000 shares in Claude Neon Industries, making the latter company's capital £365.305. Unless holders of 90 per cent, of the shares in Scanlan's shall have ratified the agreement, by’ January IS next, the directors of the other company may refuse to proceed with the agreement.

Stock And Share Indices (By Telegraph.—Press Assn.—Copyright.) LONDON, December 27. “Financial Times” with previous quotations are (October 15. 1920, equals 100)

foreign exchanges were current today:— Par. Dec. 27. New York, dollar to £ 4.866 4.03 Montreal, dollar .. to £ 4.866 4.45 Paris, francs .... 'to £ 124.21 • Geneva, francs . ...to£ 25.225 17.35 St’holni, kroner ... to £ 23.43 16.90 Lisbon, es to £ 100 110.25 Milan, lire to £ 02 — Athens, drac to £ 375 346 Rio de J., d. to mil 4.49 —— Buenos Aires, d. to pesa 47.02 17.965 Monte Video, d. to peso 51 — Calcutta, d. to rupee ... 18 18 Shanghai, d. to dollar . — 34 Hong Kong, d- to dollar — 15 Kobe, d. to yen 24.582 1121-32 ‘Dealings, suspended.

Govt. Home Indus- Gold Kailti. trials. mines Feb. _k 109.2 . i' 95.8 190.4 Mar 1 t ... 1011.9 54.1 101.6 195.9 A pr. 1 108.6 • • 98.2 196 1 May 110.0 5L8 96.2 198.8 J11 n<. 3 • • ■ 109.6 ns.i 77.0 165.1 July 1 • • 107.1 *»*i 69 1 137.0 Aug. *■? ... 109.--’ ♦_> 15< > 8 Sept o no.:; 37.9 78.3 162.7 Oct. o 110.3 36.6 i• '' 168.6 Nov. "J. iio.o 39 7 82.7 165.5 Dec. o 112.0 41.8 86.8 175.3 Dec. J) 111.8 41.8 85.7 176.5 Dec. 20 111.9 41.4 86.7 178.4 Dec. 26 112.0 41.4 87.4 178.5 Dec. 27 112.1 41.4 87.6 178.7