OTAGO GOLD SCHEME

New Zealand Herald, Volume LXXII, Issue 22209, 9 September 1935, Page 5

OTAGO GOLD SCHEME

DREDGING THE MOLYNEUX A HUGE UNDERTAKING VESSELS NEAR COMPLETION Within the next few weeks, provided the river rises sufficiently, there will be launched on the Molvneux River, Otago, two of the largest dredges that have ever been used in New Zealand for the winning of gold, states the Otago Daily Times. The companies owning the vessels are backed by English capital and have as their objectives the dredging of the bottom of the swiftest river in the Dominion. Six months of construction work have been completed and it is expected that dredging operations will begin early next year. The Molvneux, at all times a fickle river, lias fallen to such an extent that it is now impossible to carry out the launching ceremony until the waters have risen at least six or seven feet. The level of the river at the present time is actually as low as it was when the gates of the Kawarau dam were closed some weeks ago. Owing to the mild winter there is far from the usual quantity of snow in the back country, and what there is is kept from melting by heavy frosts. One of the dredges, at Clyde, will dredge the stretch of the Molyneux from the Clyde Bridge up to Cromwell. While actually dredging the vessel will be moored to tne shore by a steel headline, 4ii 11. in circumference —in times of Hood two such hawsers will be used—and side lines to manipulate the dredge across the river. The power for the winches will be supplied by electricity from the Roaring Meg scheme, which is at present under construction, and a 600 h.p. Diesel engine will be placed on board for emergency. The steel pontoons are 154 ft. in length, anil a forward platform to enable the dredge buckets and tumblers to be greased and cleaned while afloat, increases the overall length to 182 ft. 'J. he buckets themselves will be of special case steel, weighing 25cwt. and with a capacity of nine cubic feet. They can dredge 65ft. below the surface of the river at an angle of 45 degrees. To ensure that the dredge will be brought up in a seven-knot current when she is launched huge drags composed of 12 to 20 old dredge buckets, arranged in pairs, have been provided, and these, it is held, will take the strain from the steel lines when the dredge enters the water.

Work on the dredge at Alexandra is not as far advanced. This vessel will be tipped into the river sideways, so that it has been impossible to complete much of the overhead gear in case the dredge turned turtle when she hit the water. The Alexandra dredge, which is slightly longer than the other, will operate from the Clyde bridge to Roxburgh.

NATIONAL MOVEMENT REHABILITATING INDUSTRY With the object of helping to place the mining industry on a sound basis and opening up new avenues for employment it is intended that a national delegation from the industry shoidd wait on the Government and urge the immediate removal of the gold tax. Advantage will be taken of the presence of this delegation in Wellington to hold a meeting of members to formulate proposals for the rehabilitation of the mining industry on a national basis, including suggestions covering the complete revision of the Mining Act, 19~0, and regulations. FARMERS' CO-OPERATIVE THE NEW ZEALAND COMPANY INCREASE IN PROFIT [BY TELEGRArn —PHESS ASSOCIATION*] CHRISTCHURCH. Saturday

A not profit of £33,367 for the year ended July 31 is disclosed in the annual report and accounts of the New Zealand Farmers' Co-operative Association of Canterbury, Limited.. The profit is £5793 greater than it was last year and compares with a net loss of £92,218 in 1933. The gross profit, at £162,317, is £7540 greater than it was last year. The report states: "It is proposed to allocate out of the net profits for the year the sum of £16,897 against the deficiency shown on the balancesheet and to distribute the remainder of the net profit, amounting to £16,470, in paying the following dividends to shareholders: —4i per cent on first preference shares, 4 per cent on A preference shares and 2 per cent on B preference shares."

Recently, the preference shareholders agreed to" forgo claims to arrears or dividend and to accept a partly cumulative and partly non-cumulative dividend. The directors are now following a policv of using portion of each year's profits to pay dividends and portion to set against aceumula.tecl losses. These losses at the end of last year stood nt £2/3*/24, now to bo iotliiced to £256,827. The paid capital of the company is £550.66") as follows: First preference, £150.000; A preference, £200,000; B preference, £85,968; ordinary, £114,607. BRITISH WAR LOAN British "Wireless RUGBY, Sept. 6 War Loan, 2} per cent, is quoted today at £lO5 Is 3d, compared with £lO5 10s yesterday. BRITISH TREASURY BILLS British Wireless RUGBY, Sept. 7 The total amount applied for this week in tenders for £45.000,000 worth of Treasury bills was £75,640,000. Hie average rate per cent for bills at three months was 12s 4.34 d, against 12s 1.73 d a week ago. COTTON, RUBBER, JUTE, ETC. (Received September 8, 5.5 p.m.) LONDON, Sept. 7 (Quotations on August 31 in parentheses.) Cotton—Spot, 6.lid (6,.21 d) a lb.; October delivery, 5.66 d (5.69 d September). 1 - ® Rubber.—Para, 4Jd (4Jd) a lb.; plantation and smoked, sjd (5 11-16 d). Jule. —New crop, Septembei'-October shipments, £l6 17s 6d (£l7) a ton. Copra. September-October shipments, South Sea, sun-dried, £9 17s 6d to London and Rotterdam (£9 12s 6d) a ton; South Sea, smoked, £9 17s 6d to Marseilles and Genoa (£0 12s 6d); plantation, Rabaul, hot air dried, £lO 17s 6d to London and Rotterdam (£lO 12s 6d). Linseed 0i1.—£24 10s (£23 15s) a ton. Turpentine.—46s 9d (44s 9d) a cwt. WHOLESALE EGG PRICES Wholesale prices of eggs have been reduced by Id a dozen all round. The now rates arc as follows: —Hen, first grade, lljd a dozen; B grade, C grade, 81d; duck, 10id> 9Jd, 7id.