Commerce, Mining, & Finance

Evening Star, Issue 21718, 12 May 1934, Page 10

Commerce, Mining, & Finance

NEW GUINEA GOLD “FIELDS ARE MERELY SCRATCHED " Experiences of mining engineer “ The mining fields of New Guinea and Papua have hpen merely scratched and they have a big-future lor t 'e ne. thirty years, as all ’the difficulties ot transportation and labour have bee., compassed/' said Mr W. H. Gordon, a mining engineer, in an interview with a ‘ Star ’ leporter this morning. With Mr R. 6. Bums, Mr Gordon is making his first visit to Dunedin on business connected with the Quartz Mountain past seven years Mr Gordon has been mining on these fields, hirst he wds 'in the mandated territory ot Edie Creek and Bulolo, names tanions in the romances of, the modern quest for gold and later he has been on Misima Island, Papua. An Australian by birth, he has been an engineer at Kalgoorlie in Western Australia, and at Waihi in New Zealand. He vas among the first 100 miners on the New Guinea fields, on which over 800 whites are now, working. In the past imir years Mr Gordon has been developing mines at Misima, making only nynig visits—flying in both senses—to Edie Creek. , . Three dredges arc at present working on the river at Bulolo, and a fourth is about to start, said Mr Gordon. The dredges were producing aboiu 60,000 ounces, of gold monthly. The dredges were of the very latest design, being of the bucket typo. Most of the capital for Bulolo came from Sydney and California. The native labour' was under white supervision, several American engineers being there. Bulolo £1 shares, were now valued on the market at £B. ■ , The New Guinea Trust on Edie Creek was a company with a capital of £5,250,000. The claims were sluicing ones, and one was also being treated by amalgamation and cyamdisation. The company was now. engaged on a big development scheme'for the future. On the same area Daydawn and South were reef raining, and treating by amalgamation and cyanidisation, and were making big discoveries. This company, whose £1 shares _ were quoted at 355, had been paying dividends for the last three years. These fields, said Mr Gordon, were situated on a tableland, broken with deep valleys, B,oooft above sea level, in a heavily timbered mountainous country. The district was of 400 square miles. All plant and labour had been taken to the fields by Junker aeroplanes, which made the run from Lae in forty minutes. The whole of the mining plant had been transported by air across the mountains without a mishap. The heaviest load carried on any flight was five tons. Misima is a small island, twenty-five miles by nine miles, with mountains rising from coast. At present four mining companies are operating on the island, said Mr Gordon. The Pratton group had taken over the Mount Sisa holdings. Eniuna, 'situated about four and a-half miles from the coast, and, one ami a-half miles from the Quartz Mountain, was producing gold and paying a monthly dividend of 2s. The methods of treatment used were amalgamation and cyanidisation. The native labour was superior to that on Bulolo or Edie Creek. The Eniuna mine had already produced £300,000 worth of gold. , The lodes on Misima Island were the largest in New Guinea, being from 25ft to 130 ft wide. Some of the lodes, said the engineer, were really of dyke formation. The New Misima Gold Mining Company at Eniuna had ore m sight for twenty _ years’ working. The Quartz Mountain areas had, been developed for the last four years, and enormous tonnages were ready for treatment. Portion of the plant had been bought already. Life in New Guinea had been transformed for white men. A big hotel had been built at Wau. Daily deliveries of food were made by aeroplanes to the white residents scattered over the tops of the mountains. The freight was 4d a lb, and delivery was 2d. a lb. On the Papuan side the island of Misima did not have to rely on aeroplanes. The Burns Philp boat maintained a regular three-weekly service, and all supplies were picked up from the store at the seaport by the motor lorries operated, by the mines. Good roads ran into all the mines.

Native labour was plentiful, and white supervision had produced line workmen. The, rates of wages and keep amounted to IQs weekly. The “natives were given 4s in money, and 6s was allowed for their “kai kai.” The Papuan boys, said Mr Gordon, became quite expert in mining and looking after the different portions of the plants. The natives on Misinia, were quiet and subdued, having taken quickly to the whites and their ways. [They were kept strictly under Government supervision. The climate in the mountains was pot at all trying for the whites. Fever ,was experienced only in the swamp iareas coast. The mining districts were clear of fever. The greatest variation between Summer and winder temperature was 15deg, indicating [that the-climate was most equable. At jiight,, however, blankets had to ' be jised. The' whites performed no labour, either in the mines or in their homes. All domestic duties were • done by the

NEW GUINEA SHARES Press Association—By Telegraph—Copyright. LONDON, May 11. (Received May 12, at 11 a.m.) New Guinea shares are quoted at 6s lid. - NEW COMPANIES REGISTERED The ‘ New Zealand Mercantile Gazette ’ records the registration of the following companies:— M'Kinlay’s Footwear Company Ltd. —Registered as a private company April 19. Capital: £1,725 into 1,725 shares of £1 each. Subscribers: Uunodin—William M'Kinlay I.2UU, N. D. M'Kinlay KJO, H. O. M'Kinlay 350, M. M'Kinlay 75. Objects: To carry on all or any of the businesses of makers, manufacturers, repairers, importers, and exporters, and wholesale and retail dealers of'and' in boots, shoes, and all kinds of footwear and leather goods. , Hendry (W. C.) Ltd.—Registered as a private company, April 21. Capital: £I,OOO into 1,000 shares of £1 cadi. Subscribers; Dunedin—W. C. Hendry 990, A. Hendry ’lO. Objects; To carry on the business ot bilkers, pastrycooks, confectioners, and manufacturers of and dealers in bread, cake, biscuits, confectionery of ail descriptions and other provisions. Miller (P.) and Sons Ltd.—Registered as a private company April 23. Capital: £5,000 into 5,000 shares of £1 each. Subscribers: Clydevalc—M. K. Miller 4,999, A. 1. Miller 1. Objects: To carry on the business of a general storekeeper and merchant and * incidental. B.eaumont (L.) Ltd.—Registered as a private company April 24. Capital: £I,OOO into I.OUU shares of £1 each. Subscribers; Dunedin—L. H. N. Beaumont 999, C. R. Beaumont 1. Objects; To carry on the business or businesses of auctioneers, brokers, general agents, appraisers, indeutors, importers, exporters, and dealers in and ot wool, hides, and skins, and shipping and tourist, agents. ~ Portobello Gold No Liability.—Reristered April 30. Capital: £7,500 into 7,500 shares of £1 each; ot these 5,000 are ordinary, shares and 2.500 founders’ shares. Subscribers: Wellington—L. V. Ellis 2,200 founders. E. Giikison 1 ovd.. J. H. G. Robertson 1 ord K L. Merchant 1 ord.; Dunedin —A P’ Bremner 100 ord., J. H. Stewart 100 ord., G. A. Holmes 100 oru. Objects: To purchase, apply for, obtain, and take on lease or otherwise acquire lands, hereditaments, and property or any interest therein or in gold mines, mining privileges, and general incidental Sound Fjlm Productions (1934)> Ltd. —Registered April 30. Capital : £2.500 into 2,500 shares of £1 each. Subscribers; Dunedin —J. A. M'Donald, G. J. Barton, J. Trengrove, J - D. 1. Pearson, J.. G. Butler, O. J. Cooke. E. Kerr, one share each. Objedts: lo acquire from Sound Films Production iN.Z.) Ltd., the whole of its property, undertaking, and assets .to carry on business ot producers, manufacturers, distributors, vendors, and exhibitors or motion pictures of all kinds and general incidental.

SWAN BREWERY COMPANY The Swan Brewery Company will pay the usual preference dividend and also an ordinary dividend of 2s and a bonus of 6d on May 30.—Wellington Press Association. METAL MARKET Press Association—By Telegraph—Copyright. LONDON, May 10. The following are the official metal quotations:— . Copper: Standard, £32 18s 9d per ton: forward, £33 4s 4Jd. Electrolytic: Spot, £36; forward, £36 ss. Wire bars, £36 ss. Lead; Spot, £lO 18s 9d; forward, £ll ss. Spelter: Spot, £l4 los; forward, £ls 2s 6d. , , ' Tin; Spot, £236 11s 3d; forward, £232 17s 6d. , ' „ ’ Pig iron: Home trade, £3 7s 6d; export, £3 2s 6d. Antimony : British, £42 10s ; foreign, £25 l6s. Silver: Standard, 19 3-16 d per oz; fine, 20 11-16 d. Molybdenite, £1 16s per unit. Wolfram, £2 Is 3d. AHAURA GOLD. Applications arc coming in for shares in the Upper Ahaura Gold Dredging Co.. Ltd., which is to dredge for gold on the Ahaura River, on the West Coast. The main northsouth lead crosses the river, and on the boring to dale excellent dividends are assured. Applications for shares, or a prospectus, may bo made to the Issuing House of N.Z. Ltd., Whilcombe and Tombcs Buildings. Dunedin, or to any members of any of the N.Z. Stock Exchanges.—l2/5/34.

native boys, who became very efficient cooks. “We have no strikes and no labour troubles in New Guinea,” said Mr Gordon. “ Under white supervision the natives become the equal of the Australian miners. There are -no difficulties of mining. The fields have been scratched only, and they have a big future -for the next thirty years.”

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, May 11, On the Stock Exchange bona values soared to new record prices in anticipation of the new Commonwealth internal Loan, winch is expected to yield not much above 3 per cent. Ordinary industrial shares were fairly active and gold shares mostly firmer. Later sales were:—Bank of Adelaide, £5 16s; Colonial Sugar (London delivery), £64 IDs; ‘ Associated News,’ 24s 6d; ‘Associated iNews ’ (pref.), 24s 8d; Howard, Smith, 14s 3d; Burns, Philp, 575; Burns, Philp (South Seas), 25s 3d; Australian Gas (A), £8 3s; British Tobacco, 37s 7Jd ; Tooths, 44s 6d; Australian Glass, 60s; Dunlop Perdriau, 18s 7jd; Dunlop Perdriau (pref.), 35s 3d ; Wilcox, Moftlin, 13s 4d ; Goldsbrough, Mort., 345; Farmers, 21s; David Jones, 41s; Anthony Horden, 16s Nestles (pref.), 365; .General Industries, 11s 9d; General Industries (pref.), 23s 6d; Drug Houses of Australia, 18s; Newcastle Gas (A and B>, 13s 3d; Smith Broken Hill, 735; Broken Hill Proprietary, 48s; Kuala Kampar, 17s; Rawang, 9s 2d; Larut, 15s •6d ; Placer Development, £24 15s. Commonwealth bonds (fours)—l93B, £lO6 17s 6d ; 194-1, £IOB 10s; 1947, £lO3 10s; 1950, £109; 1953, £lO9 17s Gd; 1955, £lO9 17s 6d; 1957, £llO 12s 6d; 1959, £lO9 2s 6d; 1961, £lO9 7s 6d. MELBOURNE, Mav 11. __ Commercial Bank of Australia, 17s Id; Commercial Bank of Australia (pref.), £9 16s; Gordon and Gotch (pref.), 355; Goldsbrough, Mort., 33s 9d; ‘ Herald ’ and ‘ Times,’ 525.

THE SEARCH FOR GOLD MOUNT ISA MINES Mount Isa Mines Ltd. report on operations for the week ended April 28' as follows:—Ore milled, 10,935 tons; silver-lead bullion produced, 890 tons; bullion railed to Townsville, 900 tons. BELL-KILGOUR RETURN The secretary of the Bell-Kilgour Gold Mining Company Ltd. advises that the wash-up for the week ended May 11 amounted to 9oa sdwt 20gr from development work. KING SOLOMON RETURN The return from the King Solomon mine for the week amounted to 88oz sdwt. SKIPPERS LTD. An announcement was made to-day that Skippers Ltd. have made the final call of 3d per share on the contributing issue. All the shares are now paid up to Is. GUARDING GOLD FRANCE’S UNDERGROUND FORTRESS The statement that the South African “ gold bar ” theft mystery still remains unsolved brings to mind the one place in the world where gold does not go astray—France. When the Bank of France issued its latest figures, the _ reserves still stood at hundreds of millions of pounds sterling, and no | mischance is likely to befall these reserves. Neither the biggest aerial bomb, nor the most ingenious gang of crooks could penetrate the veritable underground fortress in Paris—a vault covering two and a-half acres at a depth of 80ft above which is an underground lake which can be used, if necessary to flood the vault. So huge and so secure is this enclosure, that in times of emergency the staff of 2,000 could shut itself in and remain quite hidden from and oblivious of the outside world. They have their own kitchens and stores, light and heat can be generated, and pure fresh air can be manufactured. The first door to the treasure chamber weighs eight tons; the second fourteen tons, and is lßft thick—solid steel and concrete. When unlocked a trolley slowly pushes it back down the passage until an aperture appears. Should the keys of these doors ever be lost it is estimated that it would take two months, working day and night, to blast a way in. France’s gold, therefore, would appear to be—in the words of the wellknown phrase—“ as safe as the Bank of England.”