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Evening Star, Issue 22689, 1 July 1937, Page 9

BIG GOLD MIKING VENTURE TO OPERATE NEAR QUEENSTOWN PROFITS ESTIMATED AT £34,430 ANNUALLY Morobo Alluvials N.L. and New Morobo Gold N.L., both of which were interested in New Guinea ventures, have acquired a joint option over a large alluvial gold area near Queenstown. In the event of the option being exercised a company with a nominal capital of £125,000 in 250,000 shares of 10s each -is likely to be formed to work the area (states the Melbourne ‘ Argus ’). The area, which is estimated to contain upward of 50,000,000 cubic yards, is confined to a valley through which the Moonlight Hirer Nows. The water supply for sluicing is said to be abundant. The overburden varies from 100 ft to 180 ft in height, and consists of loose free gravel of a light nature, free of clay.

Owing to the deposit being a terrace and situated high above the present river channel, it is claimed that it will be possible to sluice away the whole of the overburden by gravitation, which should result in low costs. To complete the water plan, together with the installation of at least three working units, not less than £45,000 should be necessary. On a capital of £125,000 net profit is estimated at £34,430 a year. These figures are based on the treatment of 108,800 cubic yards of material a month, averaging 2Jgr gold a ton, at a working cost of 2d a cubic yard, and less New Zealand gold tax of 7$ per cent. The life of the property on this basis would be approximately 42 years, with a total net profit of about £1,500,000. Should the option bo exercised, a new company with a nominal capital of £125,000 will bo formed, and will aco.uire the assets of the Morobo Alluvials and New Morobe companies, which together include about £13,500 cash, Morobe Allu'vials has a three-fourths interest, and New Morobe a-quarter interest in the venture. Shareholders in Morobe Alluvials will be allotted one 10s contributing share in the new company, paid to os, for each share held: and holders of New Morobe shares will receive 20 contributing shares, paid to 5s each, for each share hold. Mr F. Carter, alluvial mining engineer, is proceeding immediately to New Zealand to check the yardage and values in the property. Should his report bo favourable the new working company will be formed. ADDINGTON STOCK SALE PRICES WELL MAINTAINED [Pen United Press Association.] CHRISTCHURCH, June-30. Entries were of normal size at today’s Addington market, and, considering that export buyers had ceased operations for the season, the sale was a good one. The store sheep entry was mixed, comprising for the most part wether hoggets. These sold at an advance of Is, making to 20s 6d. Old ewes also sold better,. and wethers improved slightly, making up to 265.' Fat Lambs.—Only 200 were forward, and these sold at recent export rates to the local trade. Exporters were not operating. Fat Sheep.—There were 5,000 penned, including some good lines of wethers from distant parts of the province. It was an irre'gular sale over the earlier stages, but there was a finning up of up to Is 6d a head in the final stages for good sheep. Export ewes were cheaper. Exceptionally good wethers made to 45s lOd; good, 32s to 365; prime medium-weight, 28s to 31s; and ordinary, down to 265. Prime ewes sold to 33s Id; good, 25s to 28s; prime medium-weights, 23s to 255; and inferior, down to 16s. Fat Cattle,—There were 500 yarded, a few less than last week. The mar ket was firm in the earlier stages, with practically no change in values, but it weakened towards the close, although not to a quotable extent. Heavy prime steers made from £l4 10s to £l7 12s 6d; prime heavy; £l2 10s to £l4; prime medium-weights, £lO 15s to £l2 ss; and light, down to £9 ss. Best heifers sold to £l3 12s 6d; good, £8 to £10; medium, £6 to £7 10s; best cows to £l3 12s 6d; good, £7 5s to £9 ss; medium, £5 10s to £7; light, down to, £4 10s. Vealers.—There was a medium-sized entry, last week’s rates being maintained, Prime heavy runners sold to £7 Is; heavy runners, £4 12s 6d to £5; medium, £3 10s to £4 10a; prime vealers, £3 10s to £4 10s; medium, 60s to £3 ss; small calves, 25s to 37s 6d. Store Cattle.—Only mixed pens of cows were forward, no station lines being entered. Cows made to £3 18s 6d; young steers, £4 Is; and calves, 345. Dairy Cattle.—A small entry of indifferent sorts, and there was a weakening of up to 20s a head. Good second and third ealvers made from £7 10s to £10; medium, £5 to £7: spring ealvers, £3 15s to £5; good young heifers to £8; medium, £4 10a to £6 10s; inferior to £4 ss. Fat Pigs.—There was a keen sale in the fat pig section, both porkers and baconers advancing by 2s to 3s a head. Choppers sold at 48s 6d to £4 18s 6d; porkers, 26s 6d to 55s 6d (average price per lb, 6d to 62d); baconers, 53s 6d to £4 19s 6d (average price per lb, 6d to 6Jd), Store Pigs.—There was a keen sale, weaners in particular meeting with a strong demand. Small weaners brought 9s to 13s; good, 14s to 15s; slips, 15s 6d to 17s; small stores, 17s Cd to 19s 6d; medium stores, 20s to 245; large stores, 25s to 27s 6d. HIGHGATES LTD. CHAIN STORE FLOTATION In the first week after subscriptions were invited for Highgates Ltd., the new Australian chain credit stores flotation, 227 definite shareholders responded. This is claimed as a company record by Mr E. C. Bruce Midlane, managing director, in a cable received by the Auckland Stock Exchange this morning.