DREDGING FOR TIN.

New Zealand Herald, Volume LXVI, Issue 20172, 5 February 1929, Page 7

DREDGING FOR TIN.

WAIHI COMPANY'S VENTURE. CLAIM ACQUIRED IN SIAM. DEVELOPMENT OF INDUSTRY. [CY TELEGRAPH. —OWN CORRESPONDENT. ] WAIHI, Monday. That the dredging of tin ore that will average one shilling per cubic yard is very profitable on large areas is the considered opinion of Mr. E. G. Banks, superintendent of tho Waihi Gold Mining Company, who recently returned from the Malay States after investigating a number of tin mining propositions on behalf of the company. On Mr. Bank's recommendation the company, acting in conjunction with a Malay company, has acquired a dredging claim some hundreds of acres in extent.

The property the company will work is situated on the island of Puket, on the west coast of Siam, about six miles from tho Tongkah Harbour. Before recommending its acquisition to the board of directors in London, Mr. Banks had the area bored and check-bored to ascertain the probable tin measures contained on it.

On his return to the East last year Mr. Banks found that in spite of a heavy fall in the price of tin tho industry was in a flourishing condition. The search for new properties and the bringing to a productive stage of known areas was proceeding steadily. Ho is convinced that the prospects ot' the tin industry in the Malay States and Siam are good. The increased production last year has not resulted in a very great increase in the world's stocks of tin, duo to the fact that consumption has been rising steadily.

Mr. Banks, after exhaustive investigation, is of the opinion that tin will yield satisfactory profits with tho price at £2OO per ton. In his (Mr. Banks') opinion more .attention will be given in the future to lode tin than has been the case in the past.

Touching on the winning of alluvial tin, Mr. Banks said tho tendency during the past few yeaTs has been to build larger dredges 1 to handle greater quantities of gravel and at greater depths. The modern dredge costs anything from £50,000 to £BO,OOO, the cost depending on its capacity and the depth to which it can dig. Many recently constructed dredges are working at depths exceeding 70ft. and two nearing completion are designed to dig to a depth of 120 ft. and handle monthly a minimum of 150,000 cubic yards. The tin concentrates are smelted in tho Federated Malay States. A very large percentage of the labour is performed by Chinese coolies, who are paid at the rate of 2s 4d (English money) a day. MEAT COMPANY'S LOSSES. REPORT BY LIQUIDATOR. The report of tho liquidator of the Otaihapo Farmers' Meat and Produce Company, Limited, of Taihape, which is to be presented to a meeting of shareholders this week, states that all the company's plant and machinery have been sold, and the buildings have been disposed of for .removal. Arrangements have been made to sell the main block of land at £42 an acre, and the only assets remaining undisposed are two cottages at Winiata, which are under mortgage to the guarantors. The liquidator, Mr. J. D. Price, adds: " A considerable sum of money has been collected for arrears of calls, ~ including a fair proportion of unmortgaged capital. There are still other amounts which will probably como in. Tho proceeds of realisation of the mortgaged assets, and any further proceeds to come from those Remaining undisposed of will not be sufficient to clear the amount duo to tho guarantors." •. The last balance-sheet issued by the company, which was formed in 1914, showed "paid-up capital, £68,558. Outside liabilities were: Bank of New Zealand, £13,539; His Majesty tho King, £4000; debentures (unsecured), £1776. Sundry creditors, £4Bl. The assets were valued on the 19/7 balance-sheet at £63,977. These included buildings, £37,415; machinery and plant, £17.767; freehold land and cotta'ges, £1127; motor-cars, £95. According to the liquidator's statement, this list, totalling £56.404, has realised to date £5025, an amount'which does not include the latest sale of land. The buildings realised £1478, and the plant, £2325. COROMANDEL SHEEP FAIRS. [hy telegraph.—own correspondent.] I COROMANDEL, ■ Monday.. Daleety and Co.. Ltd.. held a sheeD fair here to-dav when about 2100 were yarded. There was a paucity of outside buyers, but nearly all the sheep penned were quitted. The following prices were realised: —Woolly lambs, to 24s sd; shorn lambs. 16s to 20s 9d: culls. 14s 6d to 15s Gd: large framed. freßh. full-mouthed ewes. 26s 3d to 2Ss 3d: goodframed ewes, 19s to 25s Gd; two four and six-tooth ewes, poor, 29s 6d to 30s: email and backward, 14s to 18s 9d: prime fat wethers, 335; two-tooth wethers, 25s to 27a: two and four-tooth wethers, 28s to 29s 4d: four and six-tooth wethers, 25s 4d to 28s lid; mixed age wethers. 28s 6d: fresh. fullmouthed Romney stud rams, li guineas to 2J guineas; other rams. 12s. to .255. ' ■ The Farmers' Auctioneering Company s annual C'oromandel sheep.fair was held last week. There was a full yarding, the number advertised. 6000, coming forward. Tho quality of the sheep generally was favourably commented upon. There was a keen demand for all classes, particularly for young breeding ewes. The greater portion of the purchases were made by buyers from outside districts. The sale was in every sense a very satisfactory one. Prices realised were:—Good-framed two-tooth breeding ewes, 32s 6d to 363 sd; other two-tooth ewes, 24s to 28s Gd; good-framed four and sixtooth ewes, 27s Gd to 35s Id; sound-mouthed ewes, 21s Gd to 21s Cd; aged ewes, 25s 6d to 18s 9d; good mixed woolly lambs, 21s to 23s 6d: smaller woolly lambs, lGs to 19s; good-framed mixed shorn lambs, 20s 3d to •2,' is 6d; smaller shorn lambs, 16s Gd to 18s 9d; good wether lambs, 17s 2d to 20s 6d; good ewe lambs, 19s lo 23s 3d; good-framed four and six-tooth forward-conditioned wethers, 29s Gd to 31s Gd; smaller four-tooth wethers, 27s to 28s 3d: good-framed twotooth wethers, 27s to '-9s Gd; smaller twotooth wethers, 22s Gd to 24s 6d; one-shear Romney rams, 3}gns. to 7gns.; aged Romney rams, llsns. to 2jgns. WHITIANGA QUOTATIONS. [I)V TELEGRAM. —OWN CORRESPONDENT.] COROMANDEL, Monday. The Farmers' Auctioneering Company held a sheep sale tit Whitianga. where there was a (rood yarding of all classes. All sold at satisfactory prices. Buyers were present from Waikato and Ilauraki Plains. Following prices were realised:—Good-framed twotooth owes, 329 9d to 33s 9d; other ewes, to 27s 9d; four and six-tooth breeding ewes, 26s (id to 27s 9d; sound-mouth ewes, 22s Gd to 255; failing-mouth owes, 183 Gd to 21s; four and six-tooth wethers, 27s to 31s Gd: twotooth "wathors. 25s 3d to 27s 7d; mixed woolly lambs. 21s 7d to 23s Gd: shorn lambs, ISs to 20s; cull lambs, 14s Gd to 16s 2d.