Commerce, Mining, Finance

Evening Star, Issue 21706, 28 April 1934, Page 12

Commerce, Mining, Finance

THE SEARCH FOR GOLD TUAPEKA MINING NEWS ' [From Our Lawrence Correspondent.] *' At the last sitting of the Lawrence Warden’s Court, the following applications for mining privileges were granted;—Trustees, Executors, and Agency Co. (Dunedin); Prospecting licenses (four) over 400 acres private land at Clydevale. Douglas Wilson (Caversham) : Prospecting licenses (four) over ten miles of the Molyneux River, below Clydebank ferry. Thomas M'Leod: Extended alluvial claim over three acres, block 1., Waitahumv West. Arthur Corbett Kec: Prospecting license over thirty-three acres, blocks 11. and 111., Ranbloburn. Andrew Donaldson: Prospecting license over 100 acres on Run 170, Beaumont survey district. Roy Hancock and Arthur • Ashton: Extended alluvial claim over two acres in Block 19, Tuapeka East district.' The Wetherstones Gold Mining Company: Prospecting license oyer twelve acres in section 175, Block 19, Tuapeka East. _ Richard Jonn _ Cotton: Prospecting license _ over sixty-four acres Crown lands in Block 4 ; Wai- , pori survey district. The following applications for prospecting licenses were recommended for the consent of the Minister of .Mines;—Charles W. Stewart .(Dunedin); 100 acres, block 9, Banger survey district; Island Block Development Limited (Auckland), thirty-two acres, hlock 2, Beiiger survey district; .Norman E. Mitchell, twenty acres, block 1, Wairuna survey district. The following applications were adjourned till the court sittings on May 21:—Richard John Cotton, tunnel prospecting license over forty acres Crown lands, block 4, Waipori district; James Bell, special alluvial claim over twenty acres Crown lands in block 9, Beaumont survey district, and also extended alluvial claim of two acres in same block and district. Duncan M‘Donald's applications to surrender an extended alluvial claim and water race at Bungtown were accepted, as was also Robert Livingston’s application to withdraw license over forty acres Crown lands in block 8, Rock and Pillar survey district. An extension of six months’ time was granted for the hearing of the applications of MTver and Williamson, R. M. Walker, and Stanley Maokay for extended alluvial claims on part of the Greenfield Settlement in tne occupation of Chas. F. Lucas. There is at the present time a decidedly improved outlook in the condition of _ things in the Weatherstones Gold Mining Company’s property. The main bottom struck in the deep ground in: the inclined tunnel carries gold rich in quantity, and the quality is described as .‘ f a very fine sample,” corresponding to that recovered by Industries Ltd. when undertaking the exploratory work in 'the Golden Crescent tunnel preparatory to the flotation of the Wetherstones Gold Mining Company Ltd. This is set out very strikingly, taking up a full page, in a pamphlet on ‘ The Gold of Wetherstones,’ which accompanied «£he company’s prospectus. ‘ It shows the gold to be flaky, shotty, and nuggety, very little of tlie “fine as dust” being discernible. A drive in the deep granite, off the inclined tunnel, and heading towards the Golden® Crescent tunnel, is now in progress. It .will follow the schist rock and give an indication .of the value of the intervening country. An application by Harold Paterson for a special alluvial claim /of fiftythree acres of Crown lands in block 9, Beaumont survey district, came up for hearing at the last Warden's Court sitting, to the granting of which an objection was lodged by James Bell, who had an application before the court for a special alluvial claim of twenty acres over part of the area included in Paterson’s application. It came out in evidence that when the pegging off was done by Paterson he actually held a prospecting license over • the ground, but had failed to take advantage of his privilege in prospecting before the. expiry of his license. It was held' by Bell’s counsel that when Paterson repegged the ground was not _ then Crown lands • open for mining, and under the circumstances, as Paterson had failed to live up to his privileges under, the non-expired prospecting license, his application for a special alluvial claim over the same ground could not prevail. The warden, after hearing counsel’s argument, reserved his decision.

The new Gabriel’s Gully Sluicing' Company, having had the necessary alterations - made to the recently-ac-quired “ Lightning Crdsher,” resumed work therewith during the week in pulverising an area of the conglomerate to ascertain if such will prove' a I profitable undertaking. The machine, which operates on the strike-hammer principle, 'is. now working most satisfactorily,' with the adjustments to the feeder ending the trouble formerly experienced, . It will certainly be very gratifying if the results of the pulverising in freeing the gold content from the conglomerate comes fully up to expectations, as it would give a fresh and prolonged lease of life to the mining. industry at Blue Spur, so long renowned for the immensity of its gold production. There is still a very large area of what might bo called “ overhead conglomerate ” awaiting up-to-date methods of treatment, and its treatment successfully lies in large measure with the experimental work now being_ undertaken by the lightning crushing plant.

Steady progress is being made with the erection of the plant that is to play an important part in the development of the claim formerly in the possession of Messrs Sell and Mason at Chinaman’s Flat, in the Beaumont neighbourhood. It will be recollected that a few months ago the claim passed into the hands of an Invercargill mining syndicate, identified with the King Solomon mine at Waikaia.’ The syndicate ,is out to thoroughly and systematically test the possibilities of Chinaman’s Flat. Messrs Bell and Mason still retain a substantial interest in the property, which is regarded by local mining men “ as something out of the ordinary.” The Sailors’ Gully Sluicing Company, carrying on operations' at Waitahuna Gully, has declared a dividend of Is per share. The capital of the company is £8,400, and the declared dividend represents the circulation of £420. A dividend from a mining claim in these days of economic depression is viewed by the recipient with as much favour as is an extra fid or 9d per lb by the wool-grower on his wool clip when sold at auction.

The number of unemployed relief gold miners at work in the Tuapeka County under the control of the council’s special committee is 140. The greater number find employment in the Teviot and Benger . districts, chiefly along the banks and beaches of the Molyneux River. ■ NEVIS DIESEL ELECTRIC DREDGING The secretary of the Nevis Diesel Electric Dredging Company advises that the wash-up for the week ended April 26 amounted to 6oz sdwt from 135 J hours’ dredging. AUSTRALIAN PRICE The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended April 14 is at the rate of approximately £7 12s 7d per standard oz (22 carats), equal to a premium of 95.97 per cent. Payment is made according to‘the assay value of the gold. The price is 7d higher on the week. The price per oz fine is £8 6s fid. a rise of 8d on the week. THE HERCULES MINE The Hercules Gold Mining Company (N.L.), Bendigo, has declared a dividend of Is, amounting to £3,000. Since operations began on tfie reef at the deep levels in- July, 1932, the dividend record' of the company amounts to £120,000, or £2 a share. Another instalment of £SOO has been added, to the reserve fund, increasing it to £II,OOO. After making provision for the dividend there remains a credit of £3,600. The management states that prospects continue to be, satisfactory. KING SOLOMON RETURN The wash-up at the King Solomon, mine for five days’ work this week amounted to 790 z 14dwt. NEW ZEALAND CROWN MINES ' The report of the directors of the New Zealand Crown Mines Company shows that for the year ended December 31, 1933, the total revenue, after deducting income tax ou dividends-re-ceived, amounted to £3,520; expenses in London and New Zealand, includin| directors’ fees, salaries, and office rent, printing, stationery, auditors’ charges, etc., totalled £497, leaving a net profit for the year of £3,023. Out of this the directors recommend the payment, on March 29, 1934, of a dividend of 3d per share, equal to 12£ per cent., less income tax (£893), leaving a balance of £3,130. The directors are of the opinion that as the company has now arrived at a dividend-paying stage it is desirable that the balance of the profits should be utilised in eliminating the old amount standing to the debit of profit and loss account, which was not dealt with at the time of the reorganisation of the company’s capital. In order that this debit to profit and loss should com-' pletely disappear from the accounts a sum of £1,250 has also been taken for that purpose from the investment reserve. This transfer, is rendered possible by tho substantial increase in the value of tho company’s investments, which is now considerably in excess of the value at which they figure in the company’s books. BELL-KILGOUR COMPANY The secretary of the Bell-Kilgour Gold Mining Company Ltd. advises that the wash-up for five days ended April 27 amounted to 18oz 14dwt 13gr from development work.

- AUSTRALIAN STOCK EXCHANGES ■ i Pcest Aasociation—By Telejrsiph—Copyright. SYDNEY, April 27. On the Stock Exchange there were heavy dealings in local gold mines and tin ventures. Placer Development touched a new high record of £24, later receding to £23 15s. Bulolo Gold Dredging shares also went ahead, due to London buying. There was a lull in Commonwealth bonds, but the customary activity'in general investments, which were generally steady. Sales were;—

Bank of New South Wales, £33 7s fid; Commercial Bank of Sydney, £18; Bank of Adelaide. £5 19s; Colonial Sugar (London delivery), £66 7s fid; Associated News, 24s fid (pref.), 24s 3d; Adelaide Steam, 25s 3d; Howard Smith, 13s lOd; British Tobacco, 37s 9d; Tooth’s, 44s 9d; Toohcy’s, 28s fid; Dunlop Perdriau, 18s 9d; Goldsbrough, Mori, 345; Farmers, 19s; David J ones, 41s; Anthony Hordern (pref.)., 265; Standard Cement, 17s 7id; Australian Iron and Steel (pref.), 22s 4jd; Newcastle Gas (A), 13s; Automatic Totes, 19s 9d; Hume Pipe, 14s 3d; Broken Hill Proprietary. 47s 7Jd; South Broken Hill, 735; North Broken Hill, 93s fid; Bulolo Gold, £8; Bulolo Deposits. 2s 4d; Placer Devclopment,£23 15s; Larut, 13s 3d; Mount Morgan. 20s lOJd; Mount Lyell, 23s 7£d; Commonwealth bonds (fours) —1938 £lO6. 1941 £lO7 ss, ,1950 £lO7 17s fid, 1957 £IOB 15s, 1959 £lO7. MELBOURNE, April 27. Commercial Bank of Australia, 17s 4d; National Bank (£5 paid), £6 10s; British Tobacco, 37s 7Jd; Electrolytic Zinc (pref.), 34s fid; ■ Gordon and Gotch, 39s fid; Tongkah Harbour, 19s. CHICAGO WHEAT MARKET Press Association—By Telegraph—Copyright. NEW YORK, April 26. Chicago wheat: May and July, each 73% cents per bushel; September, 76J; New York, cash, 87J. METAL MARKET Press Association—By Telegraph-Copyright. LONDON, April 27. The following are the .official metal quotations:— Copper.—Standard, £33 4s 4Jd; forward, £33 9s 4Jd. Electrolytic.—Spot, £36 ss; forward, £36 15s. Wire bars, £36 15s. Lead.—Spot, £ll 10s; forward, £ll los. Spelter.—Spot, £l4 18s 9d; forward. £ls 2s 6cl. Tin.—Spot, £240 7s 6d; forward, £237 17s 6d.' Pig Iron. —Home trade, £3 7s 6d; export, £3 2s fid. Antipiony.—British, £39 10s; forward, £25 ss. Silver!—Standard, 18|d per oz; fine. 20id. Molybdenite, £1 16s. Wolfram, £1 15s.