COMMERCIAL

Greymouth Evening Star, 7 August 1936, Page 8

COMMERCIAL

STUD SHEEP SALES.

[BY CABLE —PBJESB ASSN. —COPYRIGHT.]

MELBOURNE, August 6.

Corriedales again surpassed merinoes at. the conclusion of the stud sheep.sales toMay for the highest price and the highest average. A two-year-•old Corriedale stud ram brought 170 guineas. The highest merino brought 140 guineas. The Southdowns offered on behalf of James Stewart-, Rakaia, were unsold. Little interest was shown in SouthdoAA'ns. The champion Ryeland ewe brought SO guineas. GOLD AND EXCHANGE. LONDON, August 6. Gold 138/6, dollar New York 502, franc 7$ 7/32.

STOCKS AND SHARES

AUCKLAND, August 7.

Sales: Emperor 14/6; Gas 24/3: Newspapers 40/-; Broken Hill 72/-; Sugar £43. CHRISTCHURCH, August 7.

Sales: National Bank A/asia (£5 pd.) £6/18/-, Bank of New' Zealand 40/-, N.Z. Refrig. (10/- pd.) 9/8, Aust. Glass 91/3, Beath and Co. 24/6, Broken Hill Propty. (15/- pd.) 52/6, Colonial Sugar £42/17/6, Electro. Zinc (pref, cum. div.) 42/9, Govt, four per cent. Inscr. 1937-40 £lOl/7/6, Mount Lyell 27/9; reported; King Solomon (late sale 6th) 1/-. DUNEDIN. August 7. Sales Reported: Crystal 43/6, Steck (1937-40) After. call: Mount Lyell 27/8, Gillespies 1/2.

BLACKWATER MINES

REEFTON, August 6.

The Blackw’ater Mines return for July was as follows: —Ore crushed, 4100 tons, yielding 1686 line ounces gold, value at 138/6 an ounce, £11,674; ivorking expenses, £6,429, leaving a working profit of £5,245; development, £740; capital, £552.

BULLER VALLEY DAIRY CO

The meeting of the Buller Valley Dairy Company decided yesterday to declare a dividend of 5 per cent on share capital, and to pay a bonus of 2i?d per lb on butter-fat for the year, and 2d per lb on all pork supplied during the year. These payments totalling £7OOO. will be made about August 20.

ALEXANDER MINES

Report for month of July:—No. 5 North Rise: Rising continued to 46 feet above No. 5 level and a connection made with the bottom of the winze sunk from No. 4 Intermediate. The rise followed stone of varying width from 3 to 5 feet. This connection made, shows continuous ore from No. 5 Level to No. 4 Intermediate, a distance of 81 feet. No. 5 Level North: The position of face is now 243 feet north of main crosscut. At 227 feet in the reef narrowed down to a few inches in width, the face now showing roof track only. A crosscut was put out easterly and a few feet in the stone was again encountered, but more work requires to be carried out before its size and value is known. Stoping: Stoping has been carried on in the Intermediate backs and also in the leading stope above No. 5 level. In the Intermediate backs the lode varies from 2 to 9 feet in width of clean ore. The leading stope above No. 5 shows reef of an average width of 3 feet 6 inches and has the appearance of widening in the next stope. Note.—Since the above report was written, advice had been received from the mine that the reef just refound in No. 5 level has been proved for 4ft 6in in width, -with only one wall in hand. More work requires to be done to prove the full width and values.

LAWSON’S FLAT COMPANY.

ANNUAL MEETING.

CHRISTCHURCH, August 7. The annual meeting of the Lawson’s Flat Sluicing Company was held last, evening, in the Stock Exchange buildings, and was presided over by Mr. E. H. S. Hamilton (chairman of directors). In moving the adoption of the report and balance-sheet, already published, the chairman said that during the year 591 ounces of gold were recovered compared with 838 ounces in the previous year. Conditions during the financial year were very unsatisfactory indeed, and from one cause and another, time was lost totalling about live months. As a result of the enquiries into the troubles. Westland Power, Ltd., had made some alterations to their equipment at the. mine, and had written off the debt of about £2185 due by the company. In recent months. Westland Power. Ltd., had installed a steam plant to supplement their hydro-electric plant, and it was anticipated that most of the fluctuations which had troubled the company in the past would be overcome. On the company’s part, the balance of the deposit with Westland Power, Ltd., i amounting to about £1266, had been written off, and it had installed certain additional equipment designed to protect the plant from the effect of fluctuations in power. The company’s plant and mine were in very good order and condition, and he (he chairman) would emphasise the statement in the report that it was the opinion of the mine manager and the board that, given a steady supply of power and water, the mine could be operated at a satisfactory profit. In conclusion, he would say that, although results had fallen far short of the expectations of the mining engineer upon whose report the company was formed, it was still the opinion of the directors that : it was possible to develop the mine in- 1 to a producer of regular dividends. Mr. A. McKellar seconded the mo- i lion for the adoption of the report, ' and endorsed the chairman’s remarks concerning the troubles experienced with insufficient water and power, which the directors thought had now i been overcome. <

In reply to questions, the chairman said that the mine had recommenced operating on Saturday night after repairs had been effected to the motor. When sluicing was proceeding uninterruptedly the average monthly return was 84oz as against 670 z the preceding year. At the time of the last annual meeting the profit on full’ time working were from £3O to £4O a week, and based on this profit he had estimated that all the liabilities would be paid off in six months. The recent addition of a steam plant to the power should remove the cause of the stoppages experienced in the past, and the directors looked forward to a profitable year.

The motion for the adoption of the report was carried. Messrs. W. R. Carey and B. Falck, retiring directors, were re-elected, and Mr. R. de G. Robilliard was re-ap-pointed auditor.