RESERVE BANK

Evening Star, Issue 23444, 8 December 1939, Page 9

RESERVE BANK

STATE DEPOSITS INCREASE RECESSION IN STERLING FUNDS [Per United Press Association.] WELLINGTON, December 7. The following is a statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Decomber 4:— LIABILITIES. Last week. This week. £ £ 1. General Reserve Fund 1,500,000 1,500,000 2. Bank, notes ... 17,434,838 17,510,501 3. Demand liabilities (a) State ... 1,935,006 2,426,476 (b) Banks ... 13,431,363 12,810,622 (o) Others ... 187,867 97,301 4. Time deposits _ 5. Liabilities in currencies other than New Zealand currencies 17,783 15,430 6. Other liabilities 862,597 . 853,538 Total £35,209,454 £35,213,668 ASSETS. 7. Reserve—(a) Gold 2,801,839 2,801,839 lb) Sterling exchange ... 6,624,585 5,961,673 (c) Gold exchange 8. Subsidiary coin 197,911 195,062 9. Discounts—. (a) Commercial and agricultural bills ~ (b) Treasury and local body bills <— 10. Advances—(a) To State or State undertakings— 3 (1) Primary Products Marketing Department 5,531,963 '5.511,271 (2) For other purposes ... 16,675,000 17,290,000 (b) .To other public authorities '(c) Other ... 11. Investments ... 3,238,021 3,376,375 12. Bank buildings 13. Other assets ... 90,135 77,448

Total £35,209,454 £35i213,668 Proportion of reserva (No, 7 less No.-5) to notes and other demand liabilities 28.477 p.c. J 26.634 p.c. Sterling exchange is expressed in New Zealand currency. MINING PATO GOLD DrOGIKG Cabled advice has been received that the directors of Pato Consolidated Gold Dredging Limited have declared an interim dividend No. 2 of 10 cents (Canadian) each fully-paid share, payable December 20, to shareholders registered in the books of the company at close of business on December 2. HEW WELCOME MINES The mine report of the New Welcome Gold Mining Company Ltd. for November is as follows:—The crosscut has been extended 68ft for the month, making the total completed distance 801 ft. The country penetrated has been hard sandstone, with harrow belts of blue slate and quartz stringers. Throughout this distance the -ground has been very wet. The ventilation is very satisfactory, ■ ; , ALEXANDER MINES The Alexander Mines Ltd. report for November is as follows:—No. 6 level: Driving south from the top of the last rise was carried on for 24ft, of which 20ft was on reef averaging 2ft in width. Stoping has been carried out above this drive, the ore body being broken and disturbed, with no apparent indication at present of the ore coming down to the main level below.,ln the stope south of the mail level workings the quartz is laying fairly flat and showing free gold. The average width is 3ft Sfin. Stoping: Above No. 5 intermediate level stoping has been carried out on three faces north of the winze and one face south of the winze. The average width of quartz in all faces worked during the month was 4ft, A large amount of filling was done north of the winze by driving into the walls of the stopes. During the month 397 tons were sent to the battery. The following is the gold return for November:—Battery department; 401 tons of ore were crushed, yielding 105 oz 15dwt of melted gold. Cyanide department: 258 tons of sands were treated for 390 zof bullion. Total estimated value: £1,040. In addition, 7 tons of concentrates were saved, valued at £270. (Note; In estimating the above values gold has been taken at £8 per fine oz.)

MOUNT LYELL PROGRESS REPORT The Mount Lyell Mining and Railway Company Ltd.’s progress report for the fortnight ended November 22 is as follows:—North Lyell: Tons extracted, 2,100. Crown Lyell: Tons extracted, 39,605. Construction work is in progress on the new ore transfer pass. Lyell Comstock: Tons extracted, 3,241. No 9 level: No. 2 crosscut extended 3ft to 82ft through low-grade ore. No. 10 level: No. 2 rise extended 17ft to 70ft through quartzitic ore; main shaft sunk 3ft to 700 ft (93ft below No. 10 level) through porphyry and conglomerate. At the reduction works the furnace was in blast for the full period—--1,033 tons refinery anodes have been made for the current year. Concentrator; The mill operated 334 hours and treated 45,591 tons ore, producing 2,037 tons concentrates. Copper refinery : The tank bouse in operation throughout fortnight; 476 tons cathode copper produced for period. The total for the current year is 1,751 tons. BLACKWATER MINES Blackwatcr Mines Ltd for November report having crushed 4,581 tons, yielding 2,090 fine ounces of gold from

all sources, including dean up of old mill. The value of this, taking gold at, £8 8s a fine ounce, was-£17,555 sterling. Working expenses wore £9,041, not including ordinary or war gold duty. Development expenditure was £839 and capital expenditure was £545.