MINING NEWS.

New Zealand Herald, Volume LXIX, Issue 21086, 21 January 1932, Page 5

MINING NEWS.

AUSTRALIAN- GOLD BOUNTY. POSSIBILITY OF REDUCTION. The suspension of the Commonwealth bounty of 10s an ounce now pan! on gold production is expected. Some Ministers, it is understood, take the view that the bounty can 110 longer be justified, in view of an increase of nearly per cent, in the world price for gold. When Parliament assented-to the payment of (lie bounty the price of gold was i.4 os n fine ounce, whereas it has now usen to £6 5s a fine ounce. The bounty was originally £1 an ounce. On (he 1930-31 production figures the annual cost of the bounty to the Commonwealth would be about £BOO.OOO. It is contended by some thaf, as conditions in the industry have improved .to such an extent, the" payment of this sum is unnecessary, and that the money should be used for other and more urgent requirements REPORTS OF MANAGERS. Golden Dawn (Ohinemuri). —In the stopes on No. 1 reef above No. 5 level four machines have been working two shifts breaking ore and filling for the stopes. Tfte reef averages 3ft. wide and looks very well, and by assay is of good value. In the stopes on No. 3 reef above No. 3 level throe machines have been working »two shifts breaking ore and filling for the stopes. The reef hero also averages 3ft,. wide, and also looks well. All the ore broken in both reefs is being sent to the battery. The crosscut east from No. 2 level has been extended 13ft., a total of 72ft. For the last 4ft. of driving wo passed through three small branches carrying very fair value. The main lode should bo at hand at any time.