COMMERCIAL

Greymouth Evening Star, 10 November 1928, Page 7

COMMERCIAL

NEW GOLD DREDGE. (Per Press Ass jclation.) DUNEDIN, November 8. A large, modern gold dredge is at present being constructed by the Dunedin engineering firm of Sparrow and Sons to the. order of the Golden Terraco Extended Gold Dredging Company, It will operate on the company’s claim in the Shotover river, where a miniature township is already springing up. The enterprise is expected to bring about a mining revival in Wakatipu, for the new dredge is the most up-to-date and massive yet built in Australia or New Zealand. The dredge will be operated by electricity obtained from a local power scheme, (developing 500 h.p., which will more than suffice fox* all requirements. High pressure pipes are to be used, and a pressure of 6501 b. to the square inch will be attained, the power being conveyed a distance of about ten miles. The buckets are made of Manganese steel, and one of them alone weighs a ton with pins sin. in diameter. One of the tumblers weighs 10 tons, and the lower tumbler, circular in shape, is 7?.- tons in weight. These are coming "from the firm' of Messrs Hodfield, Sheffield. The pontoons are 40ft. wide and Oft. deep, and are fitted with watertight bulkhead compartments. In order to provide for an abundance of water for washing purposes, the pumps which are of the latest British make, are in duplicate. The whole of the operating gear will be worked from a pilot house by means of a system of levers. The pilot will .therefore be able to command a view of the claim, and will also have it in his power to stop, start, or shift the dredge simply by working a lever.

SOUTH BRITISH INSURANCE CO. For the year 1927-28 a less satisfactory underwriting surplus was shown by'the South British Insurance Company, Ltd., than during the previous term. A comparison of the figures for the year compares with those for 192520 and 1926-27 as follows:—

Adding to the surplus income from interest and rents of £126,150, the Board had available £213,126. The sum 0f'£75,000 in allotted to the reserve fund, and £5OO to the sinking funds of leaseholds. Dividends for the year aggregate 2s 5d a share, and absorb £124,657, leaving £l2, 969 to be added to the balance brought forward of £180,342, making the total to be carried to the new account amount to £193,311. Capital is unaltered at £1,031,640, reserve is £625,000, reserve for unexpired risks £524,000, reserve for losses outstanding £174,548, investment fluctuation fund £101,053, and sinking funds of leaseholds £19,117. Bills payable ami sundry open accounts aggregate £240,360. Of assets of £2,973,508, premises, loans on mortgage, Government and other securities aggregate £2,540,000, Cash stands at £152,605, branch and agency balances £224,800, and sundry debtors, etc., £46,100. SALE. OF LIVE STOCK. At Ilari TTari Saleyards on Monday, November 19, Dalgety and Co., Ltd., will offer for sale 40 two-year and yearling steers and 20 head o£ mixed cattle. / BUTTER AND CHEESE Copy of cablegram received by Dalgety and Company, Limited, from their London Office, dated November 10:— Butter—Market steady at present prices. N.Z. Finest 172/- to 176/- (174/to 180/-). Cheese—Market steadier. N.Z. white 106/- to 108/- (107/- to 108/-). N.Z. Coloured 104/- to 106/- (105/- to 106/-).

&O clliu. 1926. £ 1927. £ 1928. £ Net premiums .. . 939,5331,046,753 J 1)38,047 Losses . 521,003 617,562 628,559 Expenses . 318,359 311,805 322,513 Surplus . 100,171 117,386 86,976