MINING

Otago Daily Times, Issue 21987, 23 June 1933, Page 6

MINING

DREDGING IN MOLYNBUX. FORMATION OF LONDON COMPANY. On May 4 a London journal published the following:— We are informed that underwriting is in progress in connection with an issue at par of 100,000 shares of £1 each of New Zealand Gold Dredging Corporation, which has been formed, inter alia, to acquire and work concessions from the New Zealand Government of over 19 miles of the Molyneux River. The properties, which comprise the whole of the Molyneux River from the junction of the Clutha and Kawarau Rivers at Cromwell to Alexandra, a distance of some 19 miles, are reached by rail from Dunedin, 137 miles, and the main road and Government railway run alongside the whole property, thus ensuring excellent transport conditions for all plant, machinery, and stores. NEW CROMWELL COMPANY. The Ao-tea-roa Gold Prospecting Company, Ltd., has purchased the freehold of sections 37, 38, 42, 43, 44, and 45 on the Cromwell Flat from the Sarita Development Company, Ltd. The total area comprises over 93 acres, and adjoins the area now being mined successfully by Bell Hooper Cromwell Gold, Ltd., is adjacent to the claim of Bell-Kilgour Gold Mining Company, Ltd. The Ao-tea-roa Company is proceeding to form a company to prospect, develop, and mine the area, and the secretary reports that £25,000 capital has already been subscribed for this purpose. It is intended to call the new project Gromwell Consolidated Goldfields, Ltd. LONDON METAL MARKET (United Press Association.) tßy Electric Telegraph—Copyright.) LONDON, Juno 21. (Received June 22. at 8.45 p.m.l The following are the official quotations:—

BUTTER PRICES IN CHRISTCHURCH Wholesale and retail prices of butter in Christchurch were advanced by Id per lb for both standard brands and private wrapper and second brands as from yesterday morning. The new prices will be Is and Hid per lb respectively. Prices ruling in other centres are as follows: — Auckland, Is and Hid; Wellington, Hid and lid; Dunedin, Is and Hid. ENORMOUS PROFITS The full report of the “ Sofina ’’ (Societe Financiere de Transports et d'Enterpnees Industrielles), the Belgian electricity holding company, whose ordinary shares of £813,008 are capitalised in the market at £16,500,000, shows net profits after £151,412 for amortisations, against £299,160 —of £091,502, compared with £781,465 for 1931. Exchange i B taken this year at 123 francs to the £, against 136 francs to the £ in the 1931-accounts. The dividend on the ordinary shares this year was 80 per cent., against 100 per cent., which works out at 8 francs gross (Is 4d) per sub-share of 10 francs, quoted in London at 33s lid. The balance sheet totals £21,267,140, of which £4.986,485 is in cash. HOTEL BUSINESS FALLING OFF IN LONDON. The prospect of a big influx of delegates and other officials to London to attend the Economic Conference encouraged a good deal of activity in the leading London hotel shares. It might be as well to point out (stated the Daily Mail) that while leading hotel directors were looking forward with confidence to a really busy summer, they xvere cautious enough to hold the view that one good season will not in itself be sufficient to bring a return of prosperity to the hotel industry. The hotel business suffered from an acute falling off in the number of visitors and tourists from abroad due to adverse world conditions, but hopes were expressed that, should the conference prove a success, better times may eventually come' along. Meanxvhile, one example of the decline in the tourist traffic of one well-known West End hotel is particularly striking. In April, 1931, nearly 500 visitors arrived at this hotel from the United States. In the same month last year the number dropped to less than half that .amount, while for April of this year there were barely 90 ‘arrivals. DANISH RECIPROCITY LESSON FOR NEW ZEALAND. A recent cablegram from London stated that British manufacturers of parchment paper had protested against dumping by Germany on the New Zealand market. In the latest survey of the butter market Joseph Nathan and Co., Ltd., stated: —“ A striking example of reciprocity has occurred in the new trade agreement between Great Britain and Denmark. The Danes have agreed that all butter sent to England will be wrapped in British-mnde parchment paper. This is a contrast to the action of some New Zealand factories, who have purchased foreign, including some German paper, in spite of the fact that Germany recently imposed on New Zealand casern a duty of £SO per ton. The Danes have always been alive to the fact that Great Britain is their best market, and have always been willing to co-operate. Surely it is up to New Zealand to do likewise.”

Ton. Copper, epot . £38 2 G . Fall £1 1 1054 Copper, forward .. . .. 38 8 8 Fall 1 2 6 Electrolytic, epot .. . .. to 0 0 FaU 0 10 0 Electrolytic, forward . ,. 41 0 0 Fall 0 10 0 Wire bare ... 41 0 0 Fall 0 10 0 Lead, epot .. .. . 8 9 Fall 0 1 3 Lead, forward .. . ,. 13 11 S No change Spelter, tpot .. .. . 2 8 No change Spelter, forward .. . ,. 16 15 0 Rise 0 2 6 Tin. epot 0 Fall 4 12 6 Tin. forward 7 8 Fall 4 0 0 Oa. Sllrer. standard .. . .. 10 1-lGd Fall %d Sliver. One 0-18d Fall m