MINING NEWS

Evening Star, Issue 22990, 22 June 1938, Page 6

MINING NEWS

SHARE QUOTATIONS Press Association— By Telegraph—Copyrigbi LONDON, June 21. (Received June 22, at 1 p.m.) Share quotations: Clutha ■ River— Buyers Is sellers Is 10$d-; Molyneux—buyers Is lid, sellers Is 4Jd. REPORTS AND RETURNS SANDHILLS OPERATIONS DISCONTINUED FOR WINTER. The secretary of the Sandhills Gold Mining Company Ltd. has received advice from the claims manager that, because of the severe frosts, he has been compelled to discontinue Operations for the winter season. It is stated that work will probably be recommenced some time towards the end of September. OKARIfT The Secretaries of the Okarito Fivemile Beach Gold Dredging Company Ltd. report a wash-up of 320 z Sdwt for 115 hours’ dredging. elegtbolytFc zikc The following production statement from the Electrolytic Zinc Company for the four weeks ended June 1 has been received, the figures in parentheses being for the four weeks ended May 4:— Zinc, tons, 5,352 (5,321), of which used at the works 90 (901; silver lead product for shipment to Port Pirie for realisation —lead, tons. 185 (210); silver, ounces, 26,900 (26,600). WEST COAST DEPARTMENT. Ore treated, tons, 13,277 (12,650); lead concentrates produced, tons, 1,111 (1,128); zinc concentrates produced, tons, 4.463 (4.698). MOUNT LYELL The Mount Lyell Mining and Railway Company Ltd. submits the following progress report for the fortnight ended June 8: North Lyell: Tons extracted, 3,385. Crown Lyell: Tons extracted, 1,477. West Lyell: Tons extracted, 28,198. Lyell Comstock: Tons extracted, 3,480. No. 9 level: North drive to 142 ft through mineralised schist; west crosscut to 26ft through heavily mineralised schist; No. 2 mullock pass rise to 46ft through ore. No. 10 level: Cutting plat in progress. Reduction works: Furnace in blast for full period; 8,116 tons refinery anodes made for current year. Concentrator: Mill operated 336 hours and treated 38.336 tons of ore, producing 2,156 tons of concentrates. Copper refinery: Tank house in operation throughout fortnight, 516 tons copper being produced for the period. Total for current year, 8,325 tons. 1

AUSTRALIAN STOCK EXCHANGES Pres* Association—By Telegraph—Gopyrum SYDNEY, June 21. A strong rise in the New York industrial index imparted new life to the local Stock Exchange to-day resulting in. business almost doubling, with advancing prices in the majority of issues. Broken Hill stocks also benefited by the stronger market.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rate* subject to alteration without notice):—

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice!—

MOVEMENTS OF GOLD PARTS PLAYED IN CRISES Heavy shipments of gold, which in recent months have flowed from country to country in keeping with change* in the political and economic outlook, reflect to a large extent the fear, and confusion which at present are playing a considerable part in preventing business recovery. According to the National City Bank of New York, this extraordinary shunting of gold from country to country and back and forth across the ocean is symptomatic of a state of mind that is destructive of normal business relations and of the employment of capital in enterprise* that give work to the people and maintain the flow of goods necessary to support and advance the standard of living. Moreover, the bank says, what has happened has demonstrated anew, the services of gold as the international standard of value and medium of payments. Repeatedly the statement vs made that, with most of the countries of the world on a managed currency; basis, gold has outlived its usefulness. But how can the currency" be “managed” without goldP - Some universally acceptable commodity there must be for the settlement of international balances, else attempts by the so-called stabilisation funds to hold the exchanges in order become nothing more or less than vast gambles in paper currencies. ', And what commodity fulfils this need better than gold P The “ tripartite agreement ” between the Governments of the United States, Great Britain, and France, and subsequently joined by the Governments of Belgium* Switzerland, and Holland, was a recognition of necessity for cooperative effort, in maintaining the stability of exchange, and this- agreement is made effective through the willingness of the contracting parties to buy and sell gold among themselves as the needs of the situation dictate In times of crisis the sure' instinct of mankind always has manifested, a preference for gold as the one commodity most likely to afford a means of preserving weath through all vicissitudes. This has been true throughout history, and it has not been less trim in the recent past.

*■* £ S. d. Bank of New South Wales 31 10 0 Comm. Bank of Sydney ... 20 13 0 Bank of New Zealand 2 3 6 Colonial Sugar 46 17 6 Mercantile Mutual Insurance 1 10 0 Associated News 1 0 6 Huddart, Parker ... ... 2 5 6 Burns, Philp ... 2 9 9 British Tobacco ... 2 6 6 Tooths ... 2 14 0 Aust, Iron and Steel (pref.) 1 7 9 Dunlop Perdriau 1 0 64 Hume Pipe ... ... ... ... 0 19 14 Felt and Textiles 1 10 9 Newbold Brick 1 11 0 Gordon and Gotch ... ... 2 10 6 Victoria Nyanza ... ... ... 0 15 0 United Provisions 0 6 1 Goldsbrougli, Mort 1 7 9 Henry Jones 2 7 6 W. Atkins 1 2 0 W. Adams 0 15 6 Meggitts 1 11 0 Warburton Franki 1 0 3 Traders’ Finance 1 1 3 Electrolytic Zinc 1 17 0 Electrolytic Zinc (pref.) ... 2 2 6 Mount Morgan ... 0 8 10 Mount Lyell ... 1 5 0 Broken Hill Pty. ... ... 2 19 0 North Broken Hill 2 0 0 llawang 0 8 3 Placer Development 3 16 0 _ 1 2 6 Taranaki Oil 0 13 4 MELBOURNE. June 21. £ s. d. National Bank (£5 paid) ... 5 11 0 National Bank (£10 paid) 13 5 0 Carlton Brewery 3 4 9 G. J. Coles 4 2 0 Drug Houses i o 0 Australian Glass 4 12 9 Dunlop Perdriau 1 0 7 Goldsbrougli, Mort 1 7 6 Felt and Textiles 1 10 1 Herald and Times ' 2 18 0 Mount Lyell ••• 1 5 6 Broken Hill Pty 2 19 3 Broken Hill Pty. (new issue) 1 16 0 North Broken Hill ‘ .... ••• 2 0 9 Eolith Broken Hill 1 B 7 Zinc Corporation ... Emperor 3 0 13 12 0 4 Loloma 1 7

London— Buying. Selling. £100 stir. N.Z. ... T.T. £124 £124 10/ O.D. £12310/ £124 8/9 Australia— £A to £100 N.Z T.T. £101 £100 10/ Fiji— £F to £100 N.Z. - T.T. £90 7/6 £89 New York— Dollars to £1 N.Z T.T. 4.0054 3.9709 Montreal— Dollars to £1 O.D. 4.0154 3.9749 N.Z T.T. 4.0487 4.0162 O.D. 4.0597 4,0902 Belgium— Bplsas to £1 N.Z T.T. 23.667 23.357 O.D. 23.742 23.363 Czechoslovakia— Korunas to £1 N.Z T.T. — 113.71 O.D: - 113.76 Denmark— Kroner to £1 ' N.Z T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £1 N.Z T.T. 185.49 179.69 O.D. 185.89 179.79 Franc*— Francs to £1 N.Z. ... ... T.T. — 141.20 O.D. — 141.2* Germany— Reichmarks to £1 T;T. — N.Z. 9.809 O.D. — 9.814 Greece— Drachmae to £1 N.Z. T.T. — 429.5* O.D. - 429.8* Holland— Florins to £1 N.Z T.T. 7.290 7.140 Italy— L-P to £1 O.D. 7.330 7144 N.Z T.T. - 75.56 JavaO.D. — 75.61 Florins to £1 N.Z T.T. 7.279 /.129 O.D. 7.319 7.133 Norway— Kroner to £1 N.Z T.T. 16.182 15.892 O.D 16.242. ■ 15.896 Noumea- \ Francs to £1 N.Z. T.T. ■ — 140.95 O.D. — 140 99 Papeete— Francs to £1 N.Z T.T. — 14.000 O.D. - 14.004 Sweden— Kroner to £1 N.Z T.T. 15.785 16.490 O.D 15.845 15 496 Switzerland — Francs to £1 N.Z T.T. 17.516 17 £48 Hongkoug— O.D. 17.618 17.253 N.Z. pence to 1 dollar . ... T.T. 18 9-04 18 33-64 O.D 18 7-64 18 33-64 India and Ceylon N.Z pence to 1 rupee ... . . T.T. 21.61-64 22.15-64 Japan — O.D. 21.59-64 22.15-6* -N.Z. pence to I T.T. - 17 9-18 yen O.D. - 17 9-18 Manila— N.Z. pence to I T.T. -2911-18 30 3-16 peso ... .. ;O.D. 29 19-32 30 :5-16 Singapore—. : N.Z. pence to 1 ■' v '. : • ' '• 34 47-6* dollar T.T. 34 1-4 O.D. 34 8-32 34 47-64

U.S.A. CANADA (Per £1 N.Z.) (Per £1 N.Z.)] SELLING— T.T. (dol) ... 3.97 1-8 4.01 i-'i. O.D. (dol) ... 3.97 9-16 4.01 15-16' BUYING— O.D. (dol) ... 4.01 7-16. 4.05 15-18: