MINING NEWS

New Zealand Herald, Volume LXIX, Issue 21305, 5 October 1932, Page 7

MINING NEWS

mahakipawa yield 175 OUNCES IN SEPTEMBER Mahakipawa Goldfields, Limited (Marlborough), reports a return of 1750z. for September. NEW AUSTRALIAN FIELDS GOVERNMENT ENCOURAGEMENT Steps to encourage the - exploitation of The Granites gold field in Central Australia have been taken by the Federal Government. Advice has been received at Canberra that there are at present 45 men on the field. QUEENSLAND FLOTATION SHARES OVERSUBSCRIBED

To acquire two leases, one adjoining the Golden Plateau .and the other the "White Hope at Cracow" a new Queensland field, Whitehopo South, no liability, has been formed and the shares heavily oversubscribed. The capital of the new company is £IOO,OOO, in. 400,000 shares of 5a each. Of these 100,000 were offered to the public. The vendors have applied for 100.000 shares and. are also to receive 100.000 fully paid shares as consideration for tho options on the leases,. Hie remaining 300,000 shares will be held in reserve. AUSTRALIAN PRICE OF GOLD fURTHER INCREASE OCCURS Tho price fixed by the Commonwealth Hank for gold, including jewellery, lodged at tho Melbourne Mint, for the week ended September 25, was at the rate flf aproximately £6 15s a standard ounce (22 carat), "equal to a premium-of 73.37 per cent. Payment is made according to tho assay value of the gold. 'I he price is 5d an onnco higher than that ruling during the previous week. The price an ounce fine is £7 7s 3d, being 5d an ounce higher. Tho Commonwealth Bank's price for sovereigns remains unaltered, at 33s 6d.

BROKEN HILL SOUTH INCREASE IN NET PROFIT An increase in net profit o£ £66,950 to £117,226 is disclosed in the accounts of Broken Hill South, Limited, for the vcar ended Juno 30. In the previous year (ho company's not profit was £50,276, compared with £282,268 in 1930. The net profit from the mining section was £10,371, after allowing £33,000 for plant depreciation and £2300 for taxation, and contrasts with a loss of £65,422 in the previous year. This result was due to surpluses accruing from realisation of the substantial tonnage of unrealised metal taken in at a low valuation at June 30, 1931. Profit from the investment section, ai £106,855, compares with £115.698 last year, the decline being due to provision of £17,700 for income taxes, against £SOOO in tho previous year. With £124.841 brought forward arid £9657 of unexpended plant and development appropriation there 'is £251,724 available. Tho dividend of 10 per cent, as announced in the Herald on June 15, absorbed £BO,OOO, and an appropriation of £35,000 was made for plant and development, leaving a credit balance of £136,71;14 l