LONDON WOOL MARKET

Evening Post, Volume CXII, Issue 138, 8 December 1931, Page 10

LONDON WOOL MARKET

LAST ,SALE RATES RULING

(Received- Bth December, 12.30. p.m.) LONDON, 7th December.

Offerings at the London wool sales today, were 10,660 bales, including 3532 New Zealand. About 7860 bales were sold. There was good general competition, although,there wenj; some withdrawals of 6lip"esf.'.'- '■:'■.'\ "'-': '.",'-.■ ,':"

Prices, except for scoured merinos, were ■unchanged from those of the last sales' closing rates." ' ■ • The present series of sales will close on 17fh December.

Realisations were: New Zealand, scoureds, "Glenmore," 18d to 16% d; greasy merino, "Richmond Brook," lid to 10% d; greasy halfbred,' -. "Macdonald Downs," m/id to lOttd. ,

Bradford repp'rf;?;merinos and fine cross; bred" tops as steady, but medium crossbreds are slightly easier.

'•■■'■ GOLDEN DAWN G.M. CO

The secretary of the Golden Down Gold Mining Co. reports that the directors have decided to issue, the balance of 15,115 reserve ■shares; and offering them' first to shareholders at par. The first clean-up, itijder Vthe circumstances, cannot be until the end of January, and this means pay, ment of a full month's' wages beyond what was anticipated. There are still moneys to be called up on the last issued shares, but these can only be called up at 6d per month, and that will not bring the money in in time. The. issuing of-the shares will put the company in a good position, and will enable any profits to be distributed in dividends among the shareholders at an earlier date, than would otherwise be done.

"Mr. Adams has just returned from the mine, and informs me that everything is going on satisfactorily in the miue. The reefs are wider than anticipated, and the ore is looking very well. In order to test the quality of the ore, the new mine manager, Mr. Binney, took samples when he started operations, and these gave au average value for the first 8 of £7 14s 9d, and eliminating one assay over £20, an average of £5 10s 4d. The (second 10 gave an average of £6 7s, and eliminating one assay over £20, of £4 11s Gd. These values were based upon a gold value of £4 per ounce and a silver value of 6d per ounce. With gold and silver at the much higher price obtainable to-day, the values would, of course, be very much increased. Prior estimates of 'ore in sight, 8000 tons, are now reported to be nearer £14,0C0 tons. This, of. course, is independent of the partly-developed ore referred to in the report shown in the prospectus."