MINING NEWS

New Zealand Herald, Volume LXIX, Issue 21292, 20 September 1932, Page 5

MINING NEWS

MAHAKIPAWA WASH-UP 1* -v\ -yr ■ ,'. t •' * ; • RETURN OF 320 Z. LAST WEEK Mahakipawa Goldfields, Limited (Marlborough) reports a wash-up of 320z. of alluvial gold for last week. OKARITO DREDGING WASH-UP OF OVER 340 Z. The Okarito Five Mile Beach Gold Dredging Company, Limited (South Westland), reports a, wash-up of 340z. 12clwt. for 114 hours' dredging. . _ . .. . QUEENSLAND YIELD LARGE INCREASE IN AUGUST s. The Queensland gold yield for August was 1036 fine ounces, valued at £4358, compared with 610oz. and £2591 for the same month last year. The eight months' total is £78210z., valued at £33,221, compared with 6000oz. and £25,487. NEW GUINEA GOLDFIELDS AUGUST PRODUCTION 21620 Z. - The report of . New Guinea Goldfields, Limited, shows that the alluvial operating profit for July was £6819, Australian currency. The production for August was 21620z. bullion. Work is still proceeding through the low-grade ground which was reported last month. AUSTRALIAN PRICE OF GOLD SLIGHT REDUCTION RECORDED The price fixed by the Commonwealth Bank for gold, including jewellery, lodged ar the Melbourne Mint, for the week ended September 9, was at the rate of approximately £6 13s lOd a standard ounce (22 carat), equal to a premium of 71.88 per cent. Payment' is made according to th<\ assay value of the gold. The price is 9d an ounce lower than that ruling during the previous week. The price an ounce fine is £7 6s, being lOd an ounce lower. The Commonwealth Bank's price for sovereigns, at head office, remains at 33s 6d. LIQUIDATION CONFIRMED THE MOANATAIARI COMPANY The decision of shareholders of th« Caledonia-Kuranui-Moanataiari • Consolidated Gold Mining Company, Limited, to go into voluntary liquidation was confirmed at a special meeting yesterday. Mr. A. C. Wilkin was appointed the liquidator* NOKOMAI DREDGING ERECTION OF EXCAVATOR The erection of the dragline excavator tower on the Nokomai Gold Mining Company's claim (Central Otago) is proceeding rapidly. All the heavy girders used in the construction have been safely transported from Bluff to the scene of operations, and a . gang is now engaged in repairing the water-races before the final work is put in hand. It is expected that. the power, plant will be installed by the end of October or the beginning of November, and it is hoped -that it will be Eossible to give the excavator a try out y the end of November or in the first week of December. MOUNT ISA PRODUCTION DETAILS OF AUGUST OUTPUT The output of Mount Isa Mines, Limited (Queensland), for August compares with that of July, in parentheses, as follows:—Ore mined t 51,223 (45,754) tons; milled, 50,035 (45,940) tons; assaying, lead, per cent, 10.7 (10.0); silver, oz., 4.8 (6.2); lead concentrates, produced, 8868 ( 8223) tons; assaying, lead, per . cent, 47.3 (42.6); silver, oz., 17.5 (20.8); silver, lead bullion produced, 3771 (3455) tons. REPORTS OF MANAGERS Golconda (Thames). —During the week good progress has heej\ made in extending the crosscut, A break was met with and we are now following along the hangingwall side of it. The country is of the best description, being of a nice mild nature, interlaced with mineral scums. WAIRAfcAPA FARMERS DIFFICULT TRADING YEAR NO PREFERENCE DIVIDEND The accounts of the Wairarapa Farmers' Co-operative, Association, Limited, disclose a loss of £16,188 for the year to July 31. The position of the profit and loss appropriation account is as follows: —Debit forward from last year, £47,762; add directors' fees voted by annual meeting, £450; add loss for past year, £16.188; total, £64,400; less reserve account transferred, £3394; balance, £61,006. The directors recommend that the amount £61,006 be carried forward to the debit of next year's accounts, and 'they regret that the company is unable to make any payment this year to preference shareholders on account of dividend or arrears. The report states that the general fall in prices and the lessened public spending power resulted in a further fall in the volume of sales for the year. Greatly reduced turnover of wool and livestock also caused losses in those departments, while it had been impossible to collect interest on many advance accounts. Expenses for the year were substantially reduced, although many items were beyond the company's control. A substantial reserve was created last' year for doubtful debts. Nevertheless, in view of the lower prices of livestock, the board had thought it advisable to make still further provision.

DOLLAR EXCHANGE DOMINION RATES REVISED COMPARISON OF QUOTATIONS Current dollar exchanges as: quoted by the New Zealand banks are as under, compared with previous quotations: U.S. Dollars to £1 Sept. 5 Sept. 7 Sept. 12 Sept. 19 Buying .. 3.57 3.58 3.58 3.57 Selling . . 3.37 3.33 3.36 3.37 Canadian Dollars to £1 Buying .. 3.97 3.92 3.94 3.94 Selling .. 3.77 3.72 3.74 3-.4 . The rates quoted are for the conversion of dollars into English currency or English currency into dollars. Ejgchange charged or allowed on drafts or biUa drawn in dollars in the same way a# tf drawn in English currency. . •. *