COMMERCIAL

Greymouth Evening Star, 15 November 1934, Page 8

COMMERCIAL

ADDINGTON MARKET. ! ' I HEAVY ENTRIES —EASIER PRICES [per press association.] CHRISTCHURCH, November 14. There was an overflow entry of fat sheep at Addington market today, and prices eased. Fat cattle were also more numerous and values were down to a slight extent. Store sheep: A small entry of adult wethers and shorn wether hoggets. A good sale, wethers made to 17/1, and hoggets to 17/6. A pen of old ewes with an even number of lambs, sold at 13/9. Fat sheep: An overflow entry, approximately 8000 head. All classes were down in value; unfinished wethers by 2/6, good medium weight wethers by 1/- to 1/6, and ewes by 2/-. More than 25 per 'cent of the entry was passed. Extra prime heavy wethers to 24/1, prime heavy 21/- to 23/-, medium weight prime 18/6 to 20/6, ordinary 17/3 to 18/3, light to 17/-, extra prime heavy ewes to 22/4, prime heavy 17/- to 19/6, medium weight prime 15/- to 16/9, ordinary 13/- to 14/9, light and aged to 12/6. Fat cattle: The entry of 475 head was heavier than the trade wanted. Good steers were from par to 10/- a head down, and secondary to inferior to 15/-. Best beef made from 27/- to 29/-, heavy from 22/6 to 24/6, good medium weight 25/- to 26/6, and ordinary from 19/- to 22/1. Extra prime heavy steers £l2 to £l3/17/6, prime heavy £lO/15/- to £ll/15/-, medium weight prime £9 to £lO/15/-, ordinary £6/5/- to £B/10/-, light to £6, ex-prime heifers to £9/17/6, prime £6 to £B/5/-, ordinary £4/15/to £5/15/-, light £3/5/- to £4/10/-, extra prime cows to £9, prime £5 10/- to £7, ordinary £4 to £5/5/light and aged £3 to £3/15/-. Fat pigs: A heavy entry of mixed quality met with an erratic demand. Choppers £2 to £3/13/6, baconers 43/6 to £3/7/6, average price per lb sd. to 5Jd. Porkers 32/- to 41/6, average price per lb 5d to 6d.

SYDNEY WOOL SALES SYDNEY, November 14. At to-day’s •wool sales 11,253 bales were offered. There were 10,520 sold, while 846 bales were privately sold. There was good general competition. Prices were on a pai’ with those earlier in the week. Greasy merino made to 17i pence. GOLD AND EXCHANGE. LONDON, November 14. Gold 139/3J, dollar 4993, franc 75g. STOCKS AND SHARES. DUNEDIN, November 15. Sales: New Zealand Breweries 49/6. Reported: New Zealand Drug 81/-, Wilson’s Cement 34/6, Woolworth’s (Sydney) 75/-; after call, Reserve Bank £6/12/-. CHRISTCHURCH, November 15. Sales: National Bank of N.Z. 71/6, 72/-, Reserve Bank £6 12/- (4), Goldsborough Mort. 31/1, N.Z. Refrig (10) paid (10/-) (2), Christchurch Gas 34/9, Bell-Hooper sd, Gillespie’s Beach 1/8, Lawson’s Flat 3d., Mount Lyell 17/- (two), 17/.- (three), 17/2, Worksop Extd. 3/3. Reported: Mercantile Mutual Insurance 25/-. Dalgety and Co. (cum div) £9 2/6, N.Z. Newspapers (late sales 14th) 33/3. AUCKLAND, November 15.

Sales: Worksop 3/3; Grand Junction 4/9; Guarantee 5/6; Farmers’ Freezing 20/-; Waihi 38/-; Bank of New Zealand 49/9; Broken Hill 51/-; New Zealand Insurance 70/-; Woolworth’s 75/3. STOCKS AND SHARES. WELLINGTON, November 15, Sales: Westport Coal cum div. 19/6 (2). RUGBY, November 14. Following the announcement that the Treasury had decided to increase the amount of the annual redemptions of 3 per cent. Treasury bonds from 10 to 40 per cent., there was a fresh burst of strength in British Government stocks to-day. The total issue in 1932 of these Treasury bonds was £llO millions, and the prospectuses provided for annual drawings of not less than 10 per cent. It is understood, however, that a reduction could be accelerated. Gilt edged securities opened buoyantly and quickly established fresh high records. War loan 31 per cent, after going to 107 J. dropped to 107 1-8. Consols 21 per cents, were quoted at 90. Other Government stocks and local loans changed hands freely at higher prices. India stocks continue strong, notably 21 per cent, at 71. The lists in connection with a new issue of £500,000 three per cent. Wakefield Corporation stock, at £9B/15/-, were closed within five minutes.

ADDISON’S FLAT. WESTPORT, November 14. The Addison’s Flat sluicing claim return for 36 shifts was 270 z. 2dwt. STAFFORD GOLD DREDGING. For 10 days to October 31 Stafford Gold Dredging Company treated 7490 cubic yards for 66 ounces smelted gold, with approximately 28 ounces in the slag residues. BARRYTOWN GOLD DREDGING. In a circular to shareholders, the directors of Barrytown Gold Dredging, Ltd., a Sydney-controlled company, stated that the property will be equipped with a bucket dredge with a capacity of at least 200,000 cubic yards a month, and they anticipate that pro_duction will begin by the end of 1935 oi’ early in 1936. The selected area contains 22,000,000 cubic yards, estimated .to average lOd a cubic yard with gold at £6 an ounce fine. The all-in monthly costs should not exceed £1750, and the average monthly yield should be about £B5OO. It is stated that by taking gold at £6 an ounce, ample provision for payment of royalty and income tax is allowed. Capital is £128,750, in 125,000 ordinary shares of £1 each, and 75,000 deferred shares of 1/- each, all of which have been subscribed.

BELL-KILGOUR GOLD. The Secretary of the Bell-Kilgour Gold Mining Company, Ltd. (Mr F. R. Thompson) advises receipt of report from the manager, dated November 10, reading as follows:—Blocking out for 14ft at the south stope workings gave irregular valu.es of gold. At 57 feet in the No. 2 south branch, drove a crosscut west for 12ft, where values became low, and then started another crosscut at the 27ft peg, where Bft of driving returned a little coarse gold. Completed taking out east pillar dur-

ing the period and fair values, were won. Blocking out at 5A for 12ft returned fair gold and lift at 5C ran into low-grade wash. At Murray’s claim took the cut in for 15ft through the old tailings. This work is far enough advanced to start two shifts this coming week. 150 yards of wash treated yielded 13ozs 12dwts 16grs of gold. BELL HOOPER CROMWELL. Report for the week ending November 9:—No. 2 Mine Area: Block Q, north-west of No. 3a North Drive: 152 square feet of bottom was cleaned up for good gold. East of No. 3a North Drive: 28 square feet of bottom was cleaned up for fair gold. Values are not high, and the ground generally appears to be patchy. Work on this face has been suspended for the time being, so that the west section can be worked continuously. This latter is necessary owing to the weight which is coming on to the timber. No. 4 North Drive: -Drive east on south side of deep gutter: This drive will be called No. 1 East Drive. This drive was advanced 13ft —total, 13 feet from the No. 4 north drive. Good to fair gold was obtained for the distance driven. The following are the details of the values obtained by sluice box tests up to 10/11/34: —Opening out for the point rails: Panel 9ft sin x sft, area 47.5 sq. ft —2ozs 14dwts 12grs—10.8 dwts per cubic yard £r I.l4dwts per square foot. Drive from sft to 13ft east. Area 35.5 sq. ft. gave 2ozs Sdwts 14grs—--I.36dwts per square foot or s.4dwts per cubic yard. These figures can be considered as very satisfactory, but it must be remembered that the area excavated is small and that quick changes in value frequently occur. The. return for the week was 55ozs 6dwts Sgrs.

WORKSOP EXTENDED. The first annual general meeting of Worksop Extended Gold Dredging Co. Ltd., will be held in Christchurch, on Tuesday, November 27. The directors in a brief summary of the progress of the Company during the year ending September- 30, state: Dredge.—On October 4, 1933, a contract was let to Mr W. G. McKay for the construction for the Company of a modern sluice box dredge, and this was completed and taken over by the Company on August 6 last. The directors are very pleased with the performance of the Diesel engines providing power for the dredge. Finances.—At the time of finalising the contract for the construction of the dredge it was realised that the Company would be short of about £lOOO to complete the payments to the contractor. Mr McKay advised the directors that rather than see extra capital raised, he would be prepared to forego his final payments until the Company was able to pay him from the proceeds of gold won. The directors wish to acknowledge the helpful attitude of Mr McKay in this matter. The actual shortage after purchasing huts, tools, spare parts, and spare ropes etc., was found to be nearly £2OOO, but despite this the directors are pleased to lie able to report being in a position to declare a dividend of. 10 per cent, within three months of. taking over the dredge. Balance Sheet.—Reference to the balance sheet discloses a nett profit of £432 19/10, and the directors recommend that this amount be carried forward.

Depreciation of claim. —The Directors recommend that a sum of £2OOO be set. aside out of profits and invested each year to provide for a general reserve fund, and also to provide for the repayment of capital to the shareholders, when the Company’s ground will be worked out.

The dredgemaster reports on the operations of the dredge since starting, and ending September 30: The contractor started dredging on July 25, 1934, the Company taking over on August 6, 1934. Shortly after starting the dredge met poor ground, and working conditions were bad. After working back again to the creek a lay-by was left, and shallow ground also assisted in the dredge opening out rapidly. As the face got wider, and gave the dredge better efficiency, so the returns improved. The last two washings in the month were. 54 and 52 ounces respectively. Up to September 30, 1934, the dredge recovered 281 ounces ISdwts. of gold in eight washings. Average weekly return 35 ounces 4dwts. 18grs. Since the above report was written the dredge has recovered to date 352 ounces lldwts., at an average of 70 ounces lOdwts. per week.