MINING NEWS

New Zealand Herald, Volume LXX, Issue 21596, 14 September 1933, Page 5

MINING NEWS

AUSTRALIAN, PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at tne Melbourne Mint for the week ended September 1, was at the rate pf approximately £7 7s 9d a standard ounce (22 carats), equal to a premium of 89.73 per cent. Payment is made according to the assay value of the gold. The price was 2s 8d higher on the week. The price an ounce fine was £8 Is 2d, a rise of 2s lOd on the week. This is the highest price ever paid. • .. , The Commonwealth Bank's price for sovereigns at head office, Sydney, has been advanced Is to 37s each. WILUNA PROSPECTS A cabled report received in Australia of a meeting of shareholders of Wiluna Gold Corporation, Limited (Western Australia), held in Londoi? last week, staged it was resolved unanimously to increase the capital to £1,600,000, by creating 250,000 new shares of £1 each, to be offered to shareholders at 40s; each, in the proportion of one for five shares held. The chairman of directors, Mr. F. H. Hamilton, who presided, said he considered a stage had been reached when they should commence to receive a distribution from the Australian company, Wiluna Gold Mines, Limited, which would place the English company in a position to pay a dividend to its own shareholders. Debenture liabilities of both companies ought to be extinguished before such distributions commenced. Now that the existing mine was established on a substantial profitearning basis, exploration and development of "the northern leases would proceed as rapidly as possible. With the completion of the new capital scheme and a- continuation pf operations and profits on the present basis, it was, reasonable to expect that dividends would not be long delayed. IMPROVED TIN POSITION Cabled advice received by Alluvial Tin (Australia), Limited, intimated, that the total visible supplies of tin on August 31 (excluding the Straits carryover) amounted to 32,854 tons, consumption during the month waa 11,772 tons, and supplies received 7190 tons. Deliveries for consumption during August were the highest, and stocks the lowest, sinoe 'March,, 1830*