HUGE GOLD DREDGE

New Zealand Herald, Volume LXXV, Issue 23143, 15 September 1938, Page 9

HUGE GOLD DREDGE

LARGEST IN WORLD PROGRESS AT KANIERI OPERATION IN SIX WEEKS [BY TELEGRAPH —OWN CORRESPONDENT] CHUISTCHUnCH, Wednesday Within six weeks the largest gold dredge in the world is expected to be operating at Kanieri, on the West Coast ot' the South Island. Since construction was commenced a dredge has boon designed somewhat larger in California, but until it commences operations the, Kanieri dredge will hold the record for size. At Arahura, some miles north of Hokitika, a sister ship is being constructed, which will probably begin work toward the end of the year. , The Kanieri ship marks a new era in gold dredges, it is of all-steel construction, with 18 cubic feet buckets, and is designed to dig 85ft. below the water level, in addition to carrying a face 30ft. above water level. The total weight of the structure is over 3000 tons. The whole erection, as with the sister dredge at Arahura, has been undertaken by the Afldington workshops of the Railway Department. The claim comprises an area of GOO acres, varying from 50ft." to 85ft. in depth, and if the whole of it is worked the dredge should have a working life of more than 20 years. Power, which has boon a difficulty on the coast for mining'for some time, has been guaranteed- for the commencement of operations.

An export with, a close knowledge of the West Coast mining fields expressed the opinion that if -Kanieri turned out the success expected, there would' be seven or eight similar-sized dredges constructed on the coast. This was conditional, however, on the removal of the gold export tax, to which overseas mining interests had given indications of their strong objection.

BUSINESS TRANSACTIONS

LARGER NOTE CIRCULATION FALL IN BANKS' FUNDS Business figures for July showed evidence of the seasonal recession associated with the period of. the year, according to the latest review published by the Abstract of Statistics. Bank debits, although showing a slight increase over the average for June, were operating on a much lower level than during the early months of the year. Bank deposits and advances were lower than for some months, while net banknote circulation —although showing a small decrease over recent months—continued at a very high level of £9.669,982. The net note circulation had maintained a level of over £9.000.000 since October, 1937. Bank advances during the month averaged £54.977,527 and, although they showed a decrease from the average of rccenr months, they were nevertheless 14.4 per cent higher than the figure for July, 1937.

Not overseas funds of Now Zealand banks showed a further recession, th<» close of the export season and the contintted high level of imports .being no doubt the -major contributing factors to the decrease. On the last day of July the net overseas funds totalled £23,336,230, against £34,914,005 on the same date a year previously. A decrease of 10.4 per cent was recorded in the period from June 27 to the end of July.

LONDON WOOL PROSPECTS FIFTH SERIES OF SALES OVER 38,000 DOMINION BALES

The fifth series of London wool sales for the year is scheduled to open on September 20, continuing until September 30. According to trade reports, the prospects are very uncertain. A message from London states that the total catalogue is 94,000 bales and includes 38,100 bales of New Zealand wool and 46,950 bales of Australian.

Dalget.v and Company, Limited, has been advised by its London office under date of September 13 that values are expected to be lower as compared with those at the close of the last series, as follows:—Merino, good,' 5 |K>r cent lower; average,, 7$ per cent lower; inferior and faulty, 7\ to 10 per cent lower; crossbred, par to 5 per cent lower.

The company also announces that the list of arrivals closed on September 12. The following vessels in which the firm is interested arrived in time: —Maimoa, Fordsdale, Matnroa. Akaroa. Raranga and ftangitild. Dalgctv's will sell on September 20, 21, 23, 28 and 30.

EXCHEQUER RETURN

BRITISH EXPENDITURE British Wireless RUGBY, Sept. 13 The latest weekly Exchequer return shows that the total ordinary revenue amounts to £275,332,403, as against £277,480,323 a year ago. The total expenditure, less self-balanc-ing items, is £419,852.623, against £364,604,495.

MINING NEWS

YIELDS OF COMPANIES Talisman Dubbo (Knrangahake).—A second parcel of 100 tons of low-grade ore for sweetening the' mill was treated for a return of £OB. Barry town (West Coast). —Return for August. 7710z. smelted gold from 174.000.vds in 417 hours.

White's Electric (West Const). —The dredge has been working through shallow ground and for this reason there was no wash-up last week.

RABBITSKIN VALUES ERRATIC SALE AT DUNEDIN [by TKf.EGRAPrt—-own COHUKSI'O.VDKNT] DUNEDIN, Wednesday At the rabbitskin sale yesterday medium catalogues were offered .and. as was to be expected after the 'uncertainty of the international situation during the week-end. tho market was erratic and, taken all over, showed little change on 'the'last sale. In some cases low quality lots were Id to 2d dearer, while first and second winter bucks and does brought 2d more than last sale. Th« Quantities of these Rood grades is, of course, declining rapidly now. Late, winters and springs were firm / for the first two catalogues, but declined about 2d as the sale progressed, an indication that difficulty Is still being experienced in arranging for disposal of tiie offerings. v Quotations, —Small, 3d to 3 n ;d; runners, i)V4(I to 13d; summers. to mitumhs, 22lid to 2.V/*d; incomings. 27d In second ' winter broken,- 2Ujd to o.V'd; first, winter broken, 25d to 2f)Vid: second winter black, ISd to QUI; first winter binck, .'Kid to 32t1; first winter fawn. fifid jo Odd; milky, l'J'jd to IHd; first milky, to 2'Jd; winter bucks, 3sd to !\M; second winter bncks. 03d to 73d; first winter bucks, VGVid to 70Vid; winter does. 31% d to 30% d; second winter, does, 30d to -ltd; first winter does. 13d to 47d; outgoing winter bucks, <tOUd to -t7d; Outgoing winter does, to : spring bucks, 27*-£ d to :M%d;' spring docs, 21d to 20"; d; hareskins, Kid to I8d; borsohair, lCld to 3Sd; first ferrets, 3s to 3s (id.

FARMERS' TRADING CALL The fifth call of 2s ft share is being made by tho directors of the Farmers' Trading Company, Limited, on the 22,359 shares" allotted, on March 17, 24, 31 and April 7. and. 14. Payment is due oa or before September 28.