Commerce, Mining, & Finance

Evening Star, Issue 21523, 22 September 1933, Page 7

Commerce, Mining, & Finance

THE SEARCH FOR GOLD BELL-HOOPER COMPANY The report on the Bell-Hooper mine for the week ending September 10 states: — The main face drive was advanced 22ft on a rising bottom, showing fair iTold prospects. No. 2 cross drive east advanced 24ft, and a little gold is seen on the bottom. No. 2 cross drive west was advanced 10ft, showing fairly good gpld. No. 1 cross drive east advanced 14ft, and shows much improved prospects of gold. The No. 3 stope drive going out west nearest to the main face was advanced 24ft, showing good gold for that distance. Only development and prospecting work is yet in hand, and a total ot 12oz Idwt of gold was washed up tor the week. REPORT OF DIRECTORS. In a circular, dated September IS, and signed by the of directors of the Bell-Hooper Cromwell 1' hit Gold Ltd., it is stated that two of the directors Messrs Alan G. Familton, chairman, and J. Penny, visited the mine on August 27, and left again on August 30 In company with the mine manager they made a thorough, inspection of all the underground workings, taking dish prospects from the top, middle, aucl floor of the wash from the mam face, and Nos. 1 and 2 cross-cuts, going east and west. One of these prospects, taken from the floor of bio. 2 cross-cut east, j gave the high return of 6dwt, whilst those from both the cross-cuts going west gave good returns. In other places gold could quite easily be seen lying on the bottom or the wash, the top or roof of the wash gave only a few colours, but when blocking-out to a height of oft, quite payable averages should be maintained. Owing to insufficient development work having been done when Mr Antridge took charge, he could not keep on blocking-out until enough faces were opened up, and by bis reports published through the Press, some _ of this wash proved to be disappointing in values. However, he has steadily pushed on with the development work, and the wash, as stated above, has improved with a slight dip showing in the main face. One of the other reasons why blocking-out from the west boundary line could not be undertaken was on account of the ventilation system. The main face has now been driven on past the shaft partly sunk by Messrs Bell and Hooper, and the manager intends to put in a cross-drive to connect with this shaft, when he will have enough ventilation to commence blocking-out. The directors were impressed with the systematic manner in which the mine is being developed, and in a few weeks’ time the mam face wall reach the hack or north boundary, and a shaft will be sunk to enable all the timber and supplies to be lowered, and so save money and time. At the present time all the gold recovered is from the development work off the main face, and the cross-cuts, and, wheh it is known that the development work has only been going on for a period of five months, the directors can safely claim -that not many - mines' can recover enough gold to more that/ pay half- the Expenses , from development work alone. The directors would like to take this opportunity to dispel many of the rumours being circulated that they are withholding anything from the shareholders, but consider that important features should take place within five to sis weeks. Plans of the mine showing the workings, and the geophysical plan showing the deep lead which runs through the entire length of the claim can be inspected at the secretary’s office by shareholders.

BULOLO DREDGING Mr Frol. G. Dunn, New Zealand attorney for Clutha Development Ltd., advises' of the receipt of the following production report of the Bnlolo dredges for August;— For the month of August the total gross production amounted to 12,1340 z of ‘ bullion, containing 8,0450 z of fine gold from 488,900 cubic' yards. Estimated working profit, 6,4330 z fine gold. The production is equivalent to £60,337 10s and working profit to £48,247 10s on the basis of £7 10s (Australia) per fine ounce of gold. _ '.Dredge No. 3. will probably be in commission about the’ middle of October, when it will dig flotation for about one month before reaching payable gravel. GOLDEN POINT Golden Point Gold and Scbeelito Company, after discussion of financial reconstruction of the company, adopted resolutions providing for writing-down of present paid-up capital of £32,000 to' £16,000; the issuing, as part of the additional capital required,- of £3,000 worth of uncalled capital carrying a right to a fixed cumulative preferential dividend at the. rate of 8 per cent.; and the eventual fixing of the capital at £29,000 in lieu of the present paidup capital of £32,000 and nominal capital of £35,000. It was also resolved that the qualification of a director should be reduced from 5,000 one shilling shares to 2,000. NEW CORNISH POINT COMPANY STATUTORY MEETING HELD. The statutory meeting of the New Cornish Point Mines Ltd., was held on Wednesday evening, Mr John Penny presiding. The Chairman said that there was nothing to present in the way of formal reports apart from that already made public. He had been in Cromwell a week or two ago, and on the Cornish' Point property, and he was confident that the company had a very good claim. He had spoken to old miners and others, and all of them were confident of its quality. In particular, however, the company had cause to be gratified by Dr E. Marsden’s reports bn the geophysical survey of the area. The knowledge provided by these would be invaluable to the company in starting'its work, and would save it many hundreds of pounds.- These reports, with those of the engineer, gave very good prospects. Replying to a question, Mr J. ARoche said he was satisfied that the company’s engineer was working on the right lines. The extra work of survey would take two or three weeks, and there was a prospect of a satisfactory showing- by Christmas. It was decided that there should be seven directors, and the following were elected Messrs John Penny, W 7 Cim-

ningham, J. A. Roche, J. L. Stewart Wright, D. Hunter, J. R. Templin, and W. H. Nicholls.

Mr H. A. Barrett was elected auditor.

It was decided that £l5O a year be set aside for directors’ fees.

MAHAKIPAWA REPORT The mine manager of Mahakipawa Goldfields Ltd., reported for the week ended September 12 that in former No. south drive, off No. 11 east crosscut, advanced 6ft, total 86ft, south of No. 11 east crosscut. No values were present in the wash, which continued stony, but the bottom rock again rising. No. 11 east crosscut advanced 6ft. Fair grade values seen in wash, the bottom rock rising slightly. Blocking off No. 1 drive off No. 11 east crosscut in fair grade wash. No. 3 east crosscut off north drive now out 33ft. Very low grade wash passed through resting on spur of bottom rock, which necessitates timbering arch drive. Prospecting drive at 6Gft north of shaft crosscut started to prospect area between north drive and shaft and advanced 12ft. The bottom dipped away very quickly, and is now 4ft fiin below that of the north drive. Have obtained very good prospects from the bottom of the wash in this hole. MONTEITH'S PHfENIX BREWERY The secretary of Monteith’s Phoenix Brewery Ltd. (Reefton) advised the Dunedin Stock Exchange this morning that the company is paying a dividend of 6 per cent, for the year ended March 31 last. This dividend is being paid out to shareholders to-morrow, and represents the distribution of £7BO, free of income tax. BRADFORD MARKET Press Association—By Telegraph- Copyright. LONDON, September 21. (Received September 22, at 11 a.m.) Bradford reports that the sales in London confirm the earlier prices for tops, which remain firm. Buyers at present are not increasing their commitments. Quotations: 70’s, 36d; 64’s, 333 d; 60’s, 323 d; 56’s, 22*d; 50’s, loid; 46’s, Hid; 40’s, IOJd. DAIRY PRODUCE

Messrs Dalgety and Co. Ltd. have received the following cable from London, dated September 21; —The butter and cheese markets arc firm. Quotations: Danish butter, 118 s to 120 s; New Zealand finest butter, 105 s to 110 s; Australian finest unsalted butter, 108 s to 110 s; Australian salted butter, 107 s to 109 s; Australian g.a.q., 104 sto lOGs. Australian cheese—White not quoted, coloured not quoted; New Zealand cheese —white -54 sto 555, coloured 54s to 555; Canadian—white 54s to 58s, coloured 54s to 58s; c.i.f., not quoted. THE SHIPPING INDUSTRY ... EFFECT OF THE DEPRESSION The shipping industry has reflected the rapid acceleration of the economic crisis, according to the report for 193233 of the Chamber of Shipping of the United Kingdom, The report states that tx’amp freights fell on the average 7 per cent, in the year, compared with 1931, and in spite of slight local and seasonal recoveries they were on the average 20 per cent, below pre-war rates. There was a further decline also in passenger traffic, although the development of short cruises helped to keep, ships in commission and staff employed. Since the slump in freights in 1920, it is stated, shipowners’ running costs have remained at a level well above those of pre-war times. Port dues, although reduced at some ports, remained at 60 per cent, above pre-war levels at other ports, notably at railway ports. Stringent economies and great sacrifices have failed to bridge the gulf between receipts and payments.

BRIGHTER OUTLOOK VIEWS FROM THREE ANGLES The economics department of Canterbury College, in its bulletin prepared for the Canterbury Chamber of Commerce, analyses trade and banking figures, and comes to the conclusion that general trade improvement _ has marched independently of the World Economic Conference. It is pointed out that in the bulletin issued in June last the better tone of the London market for metals and for New Zealand produce was mentioned. The metal market has since maintained its firmness, and meat prices have advanced slightly. Wool prices have advanced by at least 20 per cent., and butter prices by more than 10 per cent. This increased strength has continued, in spite of the indefinite results of the World Economic Conference, which might have tended to weaken commodity prices. “ The short view in all the markets in which New Zealand is interested is less unsatisfactory than it has been for some time. Any long view, however, must still take into account the continuance of those obstacles to a revival of prosperity which it was hoped the Economic Conference would surmount.” PRICE OF FINE GOLD Press Association—By Telegraph—Copyright LONDON, September 21. (Received September 22, at 11 a.m.) The latest quotation for gold is £6 12s 9d per oz. GODK ISLANDS FRUIT REGULATIONS GAZETTED [Per United Press Association.] WELLINGTON, September 21. According to a ‘ Gazette ’ notice issued to-night additions are made to Cook Islands fruit regulations with a vieiv to securing the eradication of diseases from citrus trees and preventing the spread of any disease.

AUSTRALIAN STOCK EXCHANGES Pres: Association —By Telegraph—Copyright. SYDNEY, September 21. On the Stock Exchange to-day there was marked activity ’ in all classes of shares, there being an exceptionally large turnover, and company shares in some cases made sharp gains. Banks were firmer, and gold and tin ventures were all freely traded at enhanced rates. Bonds made headway. The following sales were made: — Bank of New South Wales, £33 7s 6d; Commercial Bank of Sydney, £lB 7s 6d; Union Bank, £lO 15s; National Bank (£5 paid), £6 17s 6d; Queensland National Bank, £5 12s 6d; Colonial Sugar, £59 17s 6d; Australian Provincial Assurance, 12s Id; Associated News, ISs 1-id (New Zealand delivery, 18s lsd),; prof., 19s 3d; Howard Smith, 12s; Australian Gas A, £7 ss; Gordon and Gotch, 36s 3d; Berlei, 27s 3d; ditto (emit.), 13s sd; British Tobacco, 37s 4sd; Dunlop Perdriau, 18s 10Jd ; Goldsbrough, Mort, 30s ; Tooth’s, 39s 9d; Toohey’s, 23s 7jd; Anthony Hordern, 11s; ditto (prof., New Zealand delivery), 19s lOjd; David Jones, 32s Del; Farmers, 14s 7d; General Industries, 9s 7d (pref. 17s Cd); Mark Foy, 14s 3d; Standard Cement, 16s; Automatic Totes, 15s IJd; Hoyts (B pref.), 7s 3d; Meggitts, 20s 6d; ditto (cont.), 4s 9d; Electrolytic Zinc, 245; 'Nestles (pref.), 33a Od, Victoria Nyanzn, 13s; Henry Jones, 38s; Wilcox, Moffiin, 9s 4d; Wunderlich. 21s 9d; J. M'Grath, 28s 4Jd; Lustre Hosiery, 16s; Australian Iron and Steel (pref.), 16s 9d; Goodyear (pref.), 28s; Drug Houses of Australia, 19s 4sd; Bnlolo Gold, 98s 3d; Bnlolo Deposits, Is lOd; Placer Development, £l4s 8d; Broken Hill Proprietary, 40s ;• South Broken Hill, 675; North Broken Hill, 88s 3d; Zinc Corporation, 38s 6d; Kuala Kampar, 9s Id. MELBOURNE, September 21. Adelaide Steam, 255; British Tobacco, 37s 9d ; Goldsbrough, Mort, 30s 3d; Mount Lyell, 22s Del; Howard Smith, 12s. METAL MARKET Press Association—By Telegraph—Copyright LONDON, September 20. The following are the official quotations : Copper.—Standard, £34 12s Od per ton; forward, £34 15s 7RI. Electrolytic.—Spot, £37 ss; forward, £3B ss. Wire bars, £3B ss. Lead.—Spot, £ll 16s 3d; forward, £l2 2s 6d. Spelter.—Spot, £l6 16s 3d; forward, £l7. Tin.—Spot, £216 11s 3d; forward, £216 11s 3d. Pig From—Home trade, £3 2s fid; export, £2 12s 6d. Antimony.—British, £39 10s; foreign. £23. Molvhdenito, £2 Is per'unit. Wolfram, 17s Del. Silver.—Standard. 18s 7-16 d per oz; fine, 19|d. AUSTRALIAN MARKETS Press Association—By Telegraph—Copyright. SYDNEY, September 21. The wheat trade is dull. Bagged, on sidings, is quoted at 2s sd, and bulk at 2s 4d, equal to about 3s, ex trucks, Sydney. Flour, £lO. Bran and pollard, £5 10s. Potatoes: Tasmanian, £5 10s; Victorian, £4 10s. Onions: Victorian Brown Spanish, £4. Oaten hay, £7 ss. Maize; Yellow, 4s 2d; white, 4s. ADELAIDE, September 21. Wheat: Growers’ lots. 2s 10id. Flour: Bakers’ lots. £8 I.os. Bran and pollard. £5 2.s fid. Onts- Algerian, 2s Id. MELBOURNE, September 22. ’(Received September 22, at 11 a.m.' Wheat is easier. Parcels arc nominal at 3s Id. Shippers, 3s, on truck at Williamstown. Flour is quiet at £8 ss. Bran and pollard are steady, and in short supply at £5. Oats are firm. Milling, 2s 3d; feed, 2s 2d. Maize is weaker, nominally 4s to 4s od. Potatoes are plentiful, occasionally to £3 ss. MYERS EMPORIUM Press Association —By Telegraph—Copyright SYDNEY, September 21. Myers Emporium Ltd., Melbourne, discloses a profit of £206,275 for the year, compared with £154,295 for the previous year. They have declared a half-yearly dividend at the rate of 6 per cent, per annum, and the interim dividend was at the same rate. THE DOLLAR Press Association—By Telegraph—Copyright LONDON, September 21. (Received September 22, at 11 a.m.) The dollar is quoted at 4.75. DUNLOP PERDRIAU COMPANY Press Association —By Telegraph—Copyright. SYDNEY, September 21. The Dunlop Perdriau Rubber Company’s profits for the year increased by £34,579, and were £241,919. The preference dividend is on the basis of 10 per cent., and the ordinary 4 per cent.