MINING NEWS

Evening Star, Issue 23122, 23 November 1938, Page 8

MINING NEWS

SANDHILLS GOLD LIFE OF PROPERTY FIRST FEES FOR DIRECTORS. Approximately ’two and a-half years’ life lay in the property of the Sandhills Gold Mining Company Ltd. was the estimation of Mr H. T. Guthrie, chairman at the annual meeting yesterday. There was a small attendance. i The year had been quite satisfactory, said the Chairman, moving the adoption of the annual report and balance sheet. The debentures and the interest had been paid off, while a dividend of Id had been declared. The manager’s prospects had been fully confirmed, and although he did not want to be over optimistic, the Chairman said, there were prospects of striking a lead. The report and balance sheet were adopted. ’ . The retiring director, Mr J. E. Wheeler, was re-elected. When the question of directors’ remuneration was introduced, the Chairman said that since the formation of the company the directors had received no fees. A shareholder urged that since the company was now in the dividend class the work of the board should be recognised. It was decided that the board be voted £IOO in recognition of past services and £SO for the incoming year, both amounts to be divided equally. The auditors, Messrs James Brown and Co., were re-elected. DEPORTS AND RETURNS WELLINGTON ALLUVIALS FOUR WEEKS’ RECOVERY 9190 z. [Peb United Press Association.] WELLINGTON, November 23. The Stock Exchange Association has received the following report of Wellington Alluvials Ltd. for the four weeks ended November 12: —The dredge worked 440 hours, handling 208,000 cubic yards, and recovered bullion estimated to contain 919 ounces of fine gold. _ THE TIN QUOTA NO CHANGE IN FIRST QUARTER Press Association—By Telegraph—Copyright PARIS, November 22. (Received November 23, at 11.5 a.m.) The International Tin Committee decided not to change the quota _of 45 per cent, for the first quarter of 1939. MAORI GULLY , PURCHASE OF ANOTHER DREDGE Mr J. M. Bunt, chairman of directors, presided over an attendance of 30 shareholders at the annual meeting of the Maori Gully (Kokiri) Gold Dredging Company Ltd. Proposals submitted by the directors for the acquisition of the Nevis Diesel Electric Company’s dredge and tor exercising options held over areas at Waipuna, near Ikamatua, and Callaghan’s, near the Lawsons IMat claim, a few miles south of Kumara, were adopted. A commencement is to be made immediately with the dismantling of the Nevjs dredge for removal to Callaghan’s. The directors reported that the cost of exercising the options, would be £2.575. Tlie purchase price of v the Nevis dredge ami equipment in a par-tially-dismantled state, together with hardwood pontoons at the site of the Upper Nevis, would be approximately £BOO.

FEED BARLEY GOVERNMENT TO BE SOLE IMPORTER PROTECTION TO . PRODUCERS [Pem United Press Associinos.l WELLINGTON, November 22. “ For some time past considerable attention has been paid to the marketing of feed barley in New Zealand with tha object of assisting pig and poultry producers to obtain adequate supplies for feed purposes, and at the'same time encourage production within the Dominion,” said the Minister of Marketing (Mr Nash) to-day. “Up .to tha present the importation of feed barley has been regulated under a system of issuing permits to importers who operated on their own account. The experience gained in the administration of this method of control has proved that an improvement could be effected by the Government taking over the responsibility of importation. _ “It has therefore been decided, the Minister said, “to transfer this funotion to the Internal Marketing Division, which will become the sole Dominion importer of barley for stodk food purposes. As in the past, however, those merchants who have handled the distribution of feed, barley within the Dominion will continue to_ do so,_ but instead of importing their requirement* under a permit, the Internal Marketing Division will undertake this work. A number of permits have already been issued to merchants for December shipments of barley, and these will not be affected by this alteration in method, which virtually comes into operation on' January 1, 1939. The issue of permits to private importers will, therefore, bo discontinued. “ It is felt that the step which the Government is taking in this connection.” Mr Nash added. “ will enable * measure of protection to be given to producers of barley in the Dominion, and at the same time enable the pig and poultry industries to acquire their supplies of imported feed barley, under the best possible conditions.” E.S. AND A. BANK PROFIT RISES £40,000 According to a preliminary statement, the profit of the English, Scottish, and Australian Bank Ltd. tor the year ended June 30 was £280,593, against £276,127 in the preceding year. After transferring £IO,OOO to officers* provident fund there is left from the profit a sum of £270,593, equivalent to just on 9 per cent, on the paid capital of £3,000,000. A transfer of £15,000 to reserve fund has already been made, and an interim dividend of 3| per cent., less British incoma tax of 4s 3d in the £, took £82,688. From the balance of £488,884 available it is proposed to transfer £50,000 to contingencies reserve; to use £35,000 in reduction of bank premises account; and to pay a further dividend of 3J per cent., less British income tax at 3s 7d in the £, requiring £86,188. The rate of dividend for the year is unchanged at 7 per cent, taxable. Deducting tax and allowing for exchange, the return to New Zealand shareholders is a net 7 per cent. The 5 per cent, distribution for 1935-36 was tax free: DOLLAR RATES. The Associated Banks (other than tha Bank of New South Wales) to-day quoted the following dollar rates on a New Zealand currency basis. They are subject t» alteration without notice:— U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N Z.)’ SELLING—

T.T. (del) .. . 3.71 14 3.74 O.D. (dol) .. .. 3.71 1-? 3.74 1-4-unyiNG— O.D. (dol) .. 3.76 11-16 3.78 5-8