GOLD-BEARING AREAS

New Zealand Herald, Volume LXX, Issue 21641, 6 November 1933, Page 5

GOLD-BEARING AREAS

CAPITAL FROM ENGLAND LARGE HOUSES INTERESTED "LOOKING TO DOMINIONS" "There are areas in Otago and on the West Coast which would appeal greatly to English go]jflmining engineers," said Mr. G. W. Thomson, advising engineer to Industries, Limited, on his return to Dunedin last week after a visit toJLondon. Mr. Thomson indicated that there was every likelihood of English capital being available for investment in New Zealand. "The mining houses with headquarters in London are looking to the British Dominions to provide them with scope for investment on a large scale," Baid Mr. Thomson. "They are favourably disposed toward undertaking operations within the Empire, because stable political conditions are guaranteed and the mining laws arc more or less uniform. It is believed that gold will sell at a high price for some considerable time, and the large mining houses are anxious to secure new areas for development in order to take the fullest advantage of the premium. Provided it can be shown that a mining proposition is sufficiently extensive to warrant operations on a large scale and that it will stand check testing by English engineers, the interesting of English capital is at the present time a comparatively easy matter." Mr. Thomson said that the English companies were interested mainly in new ventures which woidd lend themselves to development by dredging, and in this respect they would refuse to look at anything that would not provide at least 10,000,000 cubic yards of payable material. The bigger the scheme the better it was liked. As soon as he arrived in London he was greeted with an inquiry from mining interests with which he had been associated whether he had brought particulars from New Zealand of anything worth investigating.'

Referring to the Wetherstones cement deposits, in which, as the representative of Industries, Limited, he was particularly interested, Mr. Thomson said that at least two of the largest houses had shown interest in this huge deposit of gold-bearing material. Provided the reports on the ground offered to them were of a satisfactory nature and the titles could be guaranteed, they were prepared to send out engineers to undertake check testing of the results already obtained in opening up the area. Mr. Thomson said that the Cromwell field, at the present stage of development, would not interest the English companies, as too little work had been done yet to prove the value of the field. In addition, Cromwell Flat was not suitable for dredging.

MINING NEWS GILLESPIE'S BEACH WORK The proposal to increase the capital of the Gillespie's Beach Gold Dredging Company, Limited, South Westland, from £30,000 to £35,000 by the creation of 100,000 additional ordinary shares of Is each was approved at tho first annual meeting of shareholders held at Dunedin last week. It was stated that preliminary operations at the claim were started in October, 1932. The sawmill had cut approximately 80,000 ft. of timber for use ou tho dredge and for the building of houses. Tho dredge was finished, and tho power would be turned on about 10. Work in securing gold should commence about the second week of November. The dredgable area of tho claim was about 316 acres. Mr. A. Williamson, formerly dredgo master of tho Nevis dredge, had been appointed dredge master.

CENTRAL SHOTOVER YIELD The Central Shotover Gold Mining Company, Limited, Otago, reports a recovery of 490z. of gold. This makes a total of 1630z. won from the paddock since sluicing operations commenced. The wash-up is not yet completed, the recovery being only a partial clean-up.

BRIAN BORU RETURN Ift the last seven weeks, 4350z. of gold have been secured by the Brian Boru dredge, which is operating near Greymouth. This is an averago of 620z. weekly. Since operations began on July 4, the total return lias been 7270z. MAORI GULLY CAPITAL Shares in the Maori Gully (Kokiri) Gold Dredging Company were allotted i at a meeting of the provisional direcj tors held at Greymouth last week. ApI proximately 45 per cent of the capital | was applied for on the West Coast. Tho claim is situated near Stillwater, Westland. WETHERSTONES LISTED j The Dunedin Stock Exchange advises : listing of the Wetherstones Gold Mining , Company, Limited. The issued capital I is £65,000 in 260,000 shares of 5s each, j In a report of operations at the comI pany's claim during tho past week, tho j mine manager states that larger pebbles I are appearing in the conglomerate and J the gold content is increasing. | TRAMWAY DEBENTURES I Kelburno and Karori Tramways, Ltd., J first mortgage debentures have been ! listed on tho Wellington Stock Exchange. ! Tho series is 150 £IOO first mortgage ue- | bentures bearing interest at the rate of j 5 per cent per annum. Tho debentures are repayable in 10 years, on October 1, 1943, with the right reserved to the company of earlier redemption. LONDON HIDES SALES (Received November 5. 5.5 p.m.) LONDON. Nov. » At the London hides sales tho market was dull. Quotations are:—Meatworks, dry-salted Queensland: 35-451b., 30-401b., 25-oslb. and 20-301b., all 6d. New South Wales, all 63d. Wet-salted —Queensland: 50-6011)., 4 3-Sd; 40-5011)., 4 3-Bd. New South Wales: 4 7-8 d and 4 7-Bd. Victorian abattoirs: 4id and ijd.

OHINEWAI HORSE SALE G. W. Vercoe and Company. Limited, report having held tho second spring horse sale. at Ohinewai on Friday. An entry of approximately 50 horses was offered, and the prices realised were OQtial to those obtained at the firm's other horde sales. Competition for good farm horsos was keen, the top price being £32, realised for a bay mare sold on account of Mr. W. F. Saunders, of Bruntwood. to Mr. G. Smith, of Huntly. A bay gelding sold on account of Mr. Saunders was purchased by Mr. TS. J. Foote, of Ohinewai, for £3O, and another bay gelding sold on account of Mr. L. Picot, of Te_ Akau, also realised £3O, the purchaser being Mr. F. Begbio, of Te Kauwhata. Other medium draught horses realised from £22 10s to £26, and lighter draughts made to £2O.