TRANSVAAL GOLD

New Zealand Herald, Volume LXXIII, Issue 22372, 19 March 1936, Page 7

TRANSVAAL GOLD

AN EXPANDING OUTPUT INTENSIVE DEVELOPMENT BENEFIT TO SOUTH AFRICA The output of gold in tho Transvaal lias shown an increase in eVtery month since February, 1935, compared with production in tho corresponding month in the previous year. During 1935 a total of 10,776,684 fine owas produced, compared with 10,48G,3930z. in 1934. The output for January, 1936, totalled 924,0810z., against 890,8750z. in January, 1935, and 906,4960z. in December, 1935 (a shorter working month). For purposes of declaration the price of gold for January was fixed at £7 0s 6d an ounce, which gives a total value for the month of £6/191,669, against £6,280,069 in January, 1935 and £6,390,797 for December (tho price in both months being £7 Is). Barclays Bank Review states that the rise in the price of gold in many countries, following the depreciation of their currencies, and the subsequent departure of the Union of South Africa from the gold standard in December, 1932,. provided a considerable stimulus to goldmining in the Transvaal and has led to intensive development in the industry. The output in 1932 reached the record figure of 11,553,564 fine ox., but tho volume of production in the next two years underwent a decline as a result of the policy adopted of extracting ore of a lower average grade, with a view to prolonging the life of the mines. The small increase in output in 1935 over 1934 was achieved at the cost of treating over 44,000,000 tons of ore, compared with about 40,000,000 tons in the preceding year. The expansion in goldmining activity has been of considerable benefit to the Union of South Africa with good effect on tho volume of employment in the industry. BRITISH EXCHEQUER THE LATEST RETURNS RECEIPTS AND EXPENDITURE (Received March 18, 6.5 p.m.) British Wireless RUGBY, March 17 The Exchequer returns, with only just over two more weeks before the end of the financial year, show that the total ordinary revenue, excluding selfbalancing items, amounts to £709,719,376, compared with £681,358,585 at the corresponding date in 1935 and with the Budget estimate of £734,470,000. Receipts from estate duties at £83,320,000 already exceed the Budget estimate by more than £3,000,000. The total ordinary expenditure, exclusive of selfbalancing items, is £710,063,292, against £675,930,952 a year ago and the estimate for the financial year of £755,058,000. MATAKI DREDGING WORK DURING YEAR GOLD TAX CRITICISED "The best way to aid and stimulate mining in New Zealand would be to abolish the gold tax," said Mr. C. O. Mahony, chairman of directors of Mataki Gold Dredging, Limited, Murchison, speaking at the fourth annual meeting of shareholders held in Auckland yesterday morning. In criticising the burden of the tax, Mr. Mahony referred to statements made by the Minister of Mines, the Hon. P. C. Webb, during his tour of the Thames district.

JNIr. Mahony said it -would seem that the Minister of Mines thought it was fair to take arbitrarily the capital of existing companies by means.of the gold tax as a donation toward the capital of companies intending to prospect for low-grade ores. That was, he said, to aid people who thought they would find gold by sinking expensive shafts. In his opinion this was quite wrong.

Rumours which had been circulated adverse to the condition of the company's dredging plant were denied by the chairman, and also by Mr. G. J. P. Stitt, the managing director, and Mr. T. B. Gilloolv, dredgemaster. Mr. Gillool.v stated in a report that the dredge had worked during the past year for 50 weeks, at an average of 150 hours a week. It had established a record in working for two and a-half years without missing one week's return. The machine had stood up to the work well and was in good repair. It was mentioned by Mr. Mahony that the life of the claim would bo at least eight to 10 years. The report and balance-sheet, published in the Herald on February were adopted. Two directors, Messrs. R. H. Montgomery and H. Curd, who retired by rotation, were re-elected. PRICES OF METALS TIN AND COPPER EASIER (Received March 18. 8.45 p.m.) LONDON, March 17 Following are to-day's quotations on the London metal market compared with those of March 1G: —

MARKET FOR HIDES SUPPLY FROM ABYSSINIA Apparently the war in Abyssinia lias made little difference to the supply of hides from that country. W. Weddcl and Company, Limited, London, report that, in spito of hostilities, largo parcels of hides continue to find their way down to the coast, where they are being sold at steady prices for European destinations. The firm states there is a steadier tone in the world hide market following recent weakness. One important factor which is likely to give strength to the market is the known shortage of hides at all sources of supply and especially heavy classes. The largo quantities of light hides available in North America have been very much reduced and the United States Government finds it not too difficult to dispose of the unsold drought hides in cold store. These are put up for sale by tender in lots of about 100,000 at a tin\e. Also, the stocks of raw material in hide exchange warehouses arc gradually diminishing. The whole position should become a good deal healthier when all these unsold stocks have been cleared. WHOLESALE EGG PRICES "Wholesale egg prices are unchanged, as follows: —Hen, first grade, Is 7Jd a dozen; B grade, Is 4}cl; C grade, Hid; duck, Is 6Jd, Is s£d, Is lid.

March 17 March 16 Per ton Per ton £ 8 d £ 8 d Copper, stan., spot .. 35 10 4i 36 1 104 Copper, stan., 3 mos. 6 10J 30 9 4J Copper, electrolytic . . 40 2 6 40 5 0 to to 40 10 0 40 15 0 Copper, elec.. wire bars 40 10 0 40 15 0 Lead, soft, spot 1G 18 9 16 16 3 Lead, soft, forward . . 17 1 3 16 18 9 Spelter, spot 35 18 9 15 17 6 Spelter, forward Tin, stan., spot 16 2 6 16 2 6 215 15 0 216 ]0 0 Tin, stan,, 3 mos. 205 7 6 206 12 6 Lead, soft, spot 1G 18 9 16 16 3