MINING NEWS

Evening Post, Volume CXVI, Issue 105, 31 October 1933, Page 12

MINING NEWS

REPORTS AND RETURNS

United Press Association—By Electric Telegraph—Copj right. (Received October 31, 11 a.m.) , LONDON, October 30. Bulolo" Gold Dredge shares sold 83s 5%d. The price quoted for thesa shares on October 23 was 78s l%d. PROGRESS. Progress Mine, Coromandel, reports 301b of picked stone secured from the southern face of No. 2 leader at No. 1 level. The reef at this point is from Bin to Bin wide and encased in nice andesite country. GOLDEN DAWN. Golden Dawn, Owharoa, reports that on No. 3 level drive north on No. 3 reef west branch driven 21ft, total 127 ft, from north end of north block of stopes. Reef averages lOin wide. Winze on No. 3 reef at Flat Sheet unk 15ft, total 32ft. Reef averages 2ft wide. On intermediate level drive north on No. 1 reef from the north end of Cinnabar block driven 10ft, total 10ft. Reef averages 12in wide and ore is of very fair value. On No. 3 level stoping carried on in three shifts on No. 3 reef in three blocks with machines, and in one block on Migazine reef. Underhand stoping is being carried on on No. 1 reef north of the winze, and on the hangingwall branch south of the winze. Reefs average 20in, 12in, and 16in wide. On No. 2 level stoping is being carried on in one block on No. 1 reef with a machine working three shifts. Reef averages 2ft wide. COROMANDEL ACTIVITIES. The certifying officer, Mr. S. Smith, and the mining supervisor, Mr. H. Crawford, according to the "Heralc'V Thames correspondent, has stated that several very good crushings had been put through at the Four-in-Hand and Hauraki batteries by subsidised prospectors, and the return should show a large increase in the amount of gold won. Preliminary operations had commenced by a gold mining company on a site close to Coromandel. RENOWN~COLLIERIES Mr. W. F. Brooke Taylor, chairman, Renown Collieries, Ltd., in moving the adoption of the annual report and balance-sheet of the company, said the directors regretted to report a trading loss for the year of £3349. Full allowance had been made for royalties, £2939, 'and very satisfactory arrangements had since been made with the royalty holders in settlement of their claim. Plant and machinery had been maintained in first-class condition, and the output was increased during the last three months by 400 to 500 tons without unusual stoppage of capital expenditure. No wages were overdue. The bank overdraft was £13,853, and the company was .indebted to the shareholders who had guaranteed this account under, a joint and several guarantee. Mr. Taylor referred to an arrangement made with Pukemiro Collieries for joint selling, but ft was terminated by mutual arrangement. An arrangement had been entered into with Wilton Collieries for amalgamation, but, owing to circumstances over which the directors had. no control, it was found necessary to terminate the negotiations. Mr. Taylor added that it was.the intention of the directors to issue debentures to enable the guarantee held by the bank to be satisfied, and to supply sufficient working capital. The project- would assure to shareholders control of their own asset. , '.--...' WILTON COLLIERIES. A circular has' been issued to shareholders of Wilton Collieries, Ltd.,,,- asking them to subscribe £20,000 in ' preference capital to enable the company to continue operations. The circular reports that negotiations with Renown Collieries. Ltd., for amalgamation had failed,, and that the two companies are again operating as separate entities. Proposals had been advanced on behalf of older-established Waikato colliery companies for purchase of Wilton colliery and Renown colliery. The circular states that the price offered'by these companies would not have provided any margin to cover shareholders' capital, while the proposals were so hedged with restrictions as to make acceptance practically impossible. The directors of Wilton Collieries express their confidence that with additional capital the company can carry on. They propose to issue 25,000' £1 preference shares bearing a cumulative preference dividend of 6 per cent. It is announced that each of the directors has promised to subscribe for 500 of the shares arid that no allotment will be made unJess a total of 20,000 shares is applied for! TALLOW AND HEMP. *' The Department of Agriculture, has received the following cablegram, dated London, October 28, from the High Commissioner for New Zealand, London:— Tallow: Better demand "at auction; 750 casks offered of which 469 were sold. Present spot quotations are:—Mutton, fine 24s to 24s 6d, fair to good 21s 6d to 23s 6d, dark to dull 19s to 20s; beef, sweet and/or mixed 22s 6d to 245, fair to good 20s 6d to 225, dark to dull 18s to 19s 6d; mixed, ,fair to good 20s 6d to 21s 6d, dark to dull 18s to 19s 6d; gut, etc., 17s 6d to 19s 6d. Hemp: Manila—Market steady and fair trade inquiry for lower grades on the basis of £14 10s "X" grade for NovemberJanuary shipment. . Sisal: Market quiet and tendency easier at the close. Sellers No. 1 grade for Nov-ember-January shipment, £17. New Zealand: Market quiet' and unchanged. No first-hand sales reported. FRUIT AND VEGETABLES. Market Gardeners, Ltd., Wellington, announce values of/ fruit and vegetables sold at yesterday's sales as follows:— Fruit.—Lemons, firsts, cured; 10s to 14s per case; tree ripened, 5s to 7s; apples, Delicious/7s 6d to 10s; Stunners, 6s. 7d to 10s; P. Barry pears, 8s 6d to 12s; passion fruit, seconds, 8s 6d to 11s 6d; gooseberries, 6%d per lb; Poorman oranges, 7s 6d per case. Vegetables.—Cabbage, 3s to 4s 3d per ca.se; swedes, 4s 9d to ss; spinach, Is 6d to 2s; cauliflowers, 4s lOd to 5s 6d; lettuce, 2s to 3s 7d; french beans, Is 6d per lb; green peas, 2%d to 3d; new potatoes, l%d to, 2dj rhubarb, 4s to 10s 4d per dozen bunches; leeks, 8s to 9s; new season's carrots, 6s 6d to 7s; new season's parsnips, 6s; asparagus, 4s 6d to 8s; cauliflower, 7s 6d per sack; brown Spanish onions, 8s to 10s; silver skin onions, 9s to 10s per crate; South Island potatoes, £4 to £5 10s per ton. LONDON APPLE MARKET. . The High Commissioner has advised the Department of Agriculture, dated London, October 28, as follows:— "Stocks of New Zealand apples now cleared. Market remains depressed with somewhat lower prices." LONDON EGG PRICES. The High Commissioner for New Zealand reports, London, October 2, as follows:—"Eggs: Market firm. English, national pack, small supply, 17s to 22s (per long hundred); English, ordinary pack, 17s to 10s; Danish, 12s 6d to 16s; Australian, 11s 3d to 12s 9d; New Zealand, 141b to 181b per long hundred, 11s to 13s 3d" The wholesale price of eggs was reduced in Wellington today by .Id per dozen, making the price lid per'dozen, first grade.