RISE IN GOLD

Greymouth Evening Star, 6 January 1934, Page 12

RISE IN GOLD

INCREASE IN “PAY ORE.”

In a review of gold mining in 1931 the “New Zealand Herald” states:— Fairly wide fluctuations occurred in. the price of gold during the year, but on the whole a high average was maintained. The price in January opened at £6/3/9 a line ounce. At March 31 it had receded to £ 6/0/7J, rising again to £6/2/4?. on June 30. During the last few months record levels were] reached, the first being attained on September 18, when £6/11/9 was quoted, compared with the previous highest level, £6/10/8, touched on November 30, 1932. By September 20 the price had advanced to £6/13/9, which remained a record until the highest price ever recorded was reached on October 3 at £6/14/8. The present price is £6 6/4. As a result of these movements .shares fluctuated' in sympathy, with the exception of one or two instances governed by mine developments. Strong support came from London for Blackwaters and Waihis, and at stages supplies on this market were exhausted without satisfying the demands. Accordingly, values rose strongly, Blackwaters reaching. their peak in the Auckland market about the end of August at 35/9. In southern markets they went higher and were taken up to 38/3. Waihis also had a marked run at the same time and rose to 28/4 early in September, after which they shaded to 25/3, ex-divi-dend of 1/-, in November before a final rise on London buying to their highest level at 30/2. At the close they eased back to 29/6. Grand Junctions moved in sympathy. Both Okaritos and Alexanders were affected by developments in mining operations. The’ latter, owing to the .temporary loss of the reef and the discovery of a new body of ore, fluctuated in spectacular fashion from 17/back to 10/- and up to 20/6, closing around 17/3. Okaritos, after maintaining strong levels throughout the year, were influenced at the close by the development of bad ground, the shares easing from their peak of 12/4 to 8/-. A comparison of the prices of the reading issues during the last three years is made in the following table: Dec., Dec., Dec.. 1931. 1932. 1933.

A number of revived companies and some of the newer flotations also came into prominence by the payment of dividends, which gave shares a more speculative interest and resulted in sharp rises. Of the old-established companies, both Waihi concerns, contrary to expectation in some quarters, made no increase in dividends., Blackwater increased its final distribution, thus making the amount paid for 1932 greater than the previous year, while both King Solomon and Okarito substantially increased their amounts. Alexander made a less frequent distribution than in 1932.

During the last three yeprs the following amounts have been distributed in dividends by the leading com-

AUSTRALIANS’ GOOD YEAR.

CANBERRA, January 6

Figures prepared by the Commonwealth Statistician’s department show that Australia’s gold production during 1933 reached a total value of £6,151,000 in Australian money. This is a remarkable improvement upon, the 1929 figure of £1,814,457.

s. d. s. d. £ s. d. Alexander 9 0 1 0 0 15 0 Blackwater 4 1 1 (> 1 6 Wailil 10 Ad 0 19 0 1 9 6 Walhi Junction 3 0 0 4 ('.olden Dawn .. 7 2% 0 4 10 0 Ad Okarito 11 0 0 8 0 8 0 King Solomon 1 11% 0 - 6 0 3 **

parties:—1931. 1932. 1933. £ £ £ Alexander 22,500 11,2,50 fBlackwater i 18,749 31,250 *12,500 Golden Dawn —— — King Solomon — 3,250 6,500 Okarito — 7,000 10,500 tWaihl 99,181 99,181 ♦49,590 fWaihi Junction . 6,906 6.906 6,906 tDlvidends paid in sterling. *Intenm distributions only at previous rate.