GRAND JUNCTION

Evening Post, Volume CXXV, Issue 144, 21 June 1938, Page 12

GRAND JUNCTION

FOREIGN EXCHANGES

PRICES OF BASE METALS

"THE MINE IS FINISHED"

I (From "The Post's" Representative.) I LONDON, June 1. | "The mine is finished. Our views are that we should dispose of our phyI sical assets to the Martha Gold Mining [Company (Waihi), Ltd., and we are now going into the question of what we can accept to realise. We should require cash," said Mr. W. P. Gauvain, chairman of the Waihi Grand Junction Gold Mining Company, Ltd., at the annual general meeting yesterday. I In his annual report, Mr. Gauvain i told the shareholders that "so far as a continuation of mining operations is concerned, I can only say that in our opinion any further expenditure on development work in your properly is unwarranted. We are therefore limited to the disposal of the physical assets. It is unquestionable that our operations in New Zealand are now practically finished, and the problem we have to face is whether we should go into liquidation or whether we should become an investment company. Our financial position is sound. A dividend of 4d per share, free of income tax, will be paid, leaving £6314 to be carried forward. Negotiations were m progress for the sale of some 3000 tons of suspense ore Df low grade to the Martha Company. »™ suggested that the Martha Company should take oyer everything, including leases, and it was hoped that i figwe satisfactory to both parties, lould be reached before long. Comnenting on the suggestions of sharemlders, Mr. Gauvain said that me resent was not the best time to dispose f some of the shares held by toe cornany. Government holdings, high in rice could be disposed of now. Other hares such as Puket which were almost at par, would be better held. Colonel R G. Milligan, representative iNew Zealand, said no recommendaton could be given to spend money on evelopment work in toe mine. All lines come to an end," he said, and lis one has had a fairly long run" eplying to a question as to what were fe prospects for the staff Colonel Milgan said that during the past six Tenths several membe £ H ha n l|° ne h ad ie Martha Company, and others naa iken positions elsewhere.

Closing direct rates as quoted by the Bank of New South Wales, Wellington, todav for buying and selling foreign currencies based on New Zealand currency, were as follows: — Buying. Selling. £ s. d. £ s. d.

The £1 is £1 in New Zealand currency. The rates are subject to alteraquoted by the Bank of New South Wales the New Zealand pound, compared . with its original par value, is equivalent to approximately 16s Id ini London £lOs Id in Australia, 16s 4Jd in U.S.A., 16s 6d in Canada, £1 2s 9d in France, 16s 44d in Italy, 9s 7*d in Germany, lis 9id in Java, £1 8s Id in Japan.

(By Telegraph—Press Asen.— Copyright.) c (Received June 21, 12.30 p.m.) J: LONDON, June 20. f The official London (middle) quota- r tions as reported by the Australian f Mines and Metals Association, com- s pare with those previously cabled as follows:- Junel? _ June2oi Per ton. Per ton. { £ s . d. £ s. d. } 33 18 11 34 14 4J S Ditto, forward 34 3 14 34 19 4ft Electrolytic .38 .» to 39 5 0 39 15 0 Wire Bars ... 39 5 0 39 15 0 .. 13 9 4| 13 18 li | Inward'::.. 13 9 4 13 18 IS , Spelter— _ ' Forward .... 12 13. li — | Tin — ! c DOt 178 12 6 181 15 0 FMward i... 179 17 6 182 12 6 BIG RIVER DIVIDEND. Big River Gold Mines, Ltd., has declared a dividend (No. 2) of Id per share (free of income tax), payable on July 4 This dividend represents a distribution of £2500 to shareholders, which makes a total of £5000 paid in i dividends. ARGO RETURN. Argo Gold Dredging Company's return for the week ending June 18 was 107oz for 130 hours and 14,500 yards. GOLD DREDGING RETURNS. (By Telegraph—Press Association.) TIMARU, June 20. Goldflelds Dredging Company advises a wash-up of lloz sdwt for 126 hours' dredging. DUNEDIN, June 20. Clutha River dredge return was 187oz for 112 hours. AUCKLAND, June 20. Mataki dredge return for the week ended June 19 was 28oz for 130 hours work and 8900 cubic yards. DREDGING SHARES IN LONDON. (By Telegraph—Press Aggn.—Copyright.) (Received June 21,12.30 p.m.) LONDON, June 20. Share Quotations.—Clutha River, buyers, Is 7Jd, sellers Is lOjd; Molyneux River, buyers, Is ljd, sellers Is 4Jd.

L ondon-£N.Z. to £ •*. o m M „ 81 100 O.D. 123 10 0 124 8 9 101 0 0 100 10 0 ! Kit-'". t? T f?id o"b: 90 T 6 I New York-Dols. to £ 3?g05 t , I *"- Z - X aD. 4.0250 3.9845 1: , JIontreal-Dols. to £N.|. 2 4 01gg ; * O.'d'. 4.0612 4.0208 * Belgtum-Belgas to 6 23355 t Z - * O.D. 23.740 23.366 . Czechoslovakia—Korunas £ ! to £N.Z- 1 T.T. - U3.T1 , ) Denmark-Kroner to £ 17 g93 • N - Z - 1 O.D. 18.263 17.899 ; ) FInl.nd T M.rk. to fl 5 < ) *"- Z - 1 O.D. 185.T5 179.65 < France—Franca to £ _ m n ! N ' z - 1 S5: - 1«- 87 ! Germany—Relchsmarks to gJ3 5 £N - Z - J o:5: - »: 818 i . Greece-Drachmae to £ _ 4M 54 G N - z - 1 o.a — 429 > 8 ' 1 0 Holland-Florins to £ 150 ' „ Is - Z ' * O.D. 7.340 7.1oi ' Italy-Lire to _ „«. „ O.'d! — 75.77 Java—Florins to £>>.Z. 7 v , 9 1 O.'d'. 7.139 7.133 Norway-Kroner to £ 15 g92 N ' Z - * o.D: 16.242 15.898 Noumea-Francs to £ _ 13fl gg * z - x O.a — I 4002 Papeete-Francs to £ _ m03 , N - z - a o.'d. - 1400r 6 Sweden-Kroner to £ . 13 490 *- Z> * O.D. 15.845 15.49G Switzerland-Francs to 11 £ *- z - 1 55: um u-™ Chefoo-N.Z. pence to 1 _ 12 3 __ 64 :s. dollar *■£• _ 12 17-32 d " H ri K *Sto A P t"t! 18 3-8 13% 6 t0 l d ° Uar '• O.D. 1811-32 18% 1 India and Ceylon—N.Z. ,, ., 9 Pence to 1 rupee T.T.: 21 61-6 e 4 4 -8 1-M 0 Japan-N.Z. pence to 1 _ U 33-64 J™ •••- O.D: — 1733-64 0 M«nltt-N.Z. P cnce %* 29 11-16 30 3-16 ° peS0 o.'S: 29 19-32 30 3-16 Shanehal-N.Z. pence to 16 1 dollar S.D. - IU 5 - 16 • Si ru P onar N ' Z :.!! M T.T° 3419-64 34 25-32 j l dollftr O.D. 34 13-64 34 25-32