MINING NEWS

Otago Daily Times, Issue 22371, 19 September 1934, Page 12

MINING NEWS

LATEST WAIHI REPORT The following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd.: — For the period ended September 1, comprising 22 crushing days, 17,673 tons of ore were crushed for a result of 4643 fine ounces of gold and 27,348 fine ounces of silver. This includes 1717 tons mined from the Grand Junction area, which yielded 400 ounces of gold and 1300 ounces of silver, Surface.—The crosscut to the north from the School drive is now out 66 feet. No. 5 Level. —Martha lode: North crosscut at 800 feet west is now out 137 feet. North branch of Martha lode, sinking winze at 486 feet. West: the first 13 feet is ore of good grade, over three feet of reef with the south wall exposed. No. 6 Level. —North branch of Martha lode: In the rise at 151 feet west the next 43 feet is ore of good grade, about four feet wide. , „ No. 7 Level. —North branch of Martha lode, leader at 240 feet west; We have driven to the north-west on this 43 feet. The width is from two to four inches. No. 12 Level.—Edward lode: Driving south, the next 24 feet assays 16s a ton. This is on the west part of the mam section. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodgea at the Melbourne Mint, for the week ended August 31, is at the rate of approximately £8 0s 2d per standard ounce (22 carats), equal to'a premium of 100.71 per cent. Payment is made according to the assay value of the gold. The price is 2s 6d higher on the week. The, price per ounce fine is £8 14s 9d, a rise of 2s 9d on the week. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 17. Fine gold is quoted at £7 0s 5Jd per ounce. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 17. New Guinea Gold shares are quoted at 5s 9d. ______ LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 17. (Itecofvcd Sept. IS. at 10 p.m.) The following are the official metal quotations:— Ton.

BANKS OF THE DOMINIONS AN INTERESTING SURVEY, In an article headed “Dominion Banking Strength,” the London Spectator of July 20, 1934, says that banks operating in the dominions and the colonies, whether their official domicile be in England or overseas, had contributed greatty to the development of Imperial trade, and now form an essential link between the British nations in addition to financing a very large business with outside countries. Their work during the depression, says the journal, reveals an unmistakeable family likeness between British financial institutions throughout the world, which seems at least to form a basis for the control banking .plans now being carried out to unite the Empire more closely in a financial sense. Operating under less favourable conditions than their counterparts in the United Kingdom, the dominion banks have yet survived the disastrous lean years without a failure, and without even a serious suggestion of weakness. Figures are given to support _ these statements. For the sake of brevity, it has been necessary to show the Australian and New Zealand banks as a group, to combine the figures of the largest three Canadian banks, and similarly to amalgamate those of three of the most important Indian undertakings. Among the three banks whose figures are shown separately, the titles of the Standard Bank of South Africa and the Hongkong and Shanghai Banking Corporation, sufficiently explain the principal areas covered by these institutions. Barclays Bank (dominion, colonial, and overseas), the other individual bank selected, _ operates throughout British territory in Africa, and the British West Indies are among its other spheres of operation. The table indicates that excepting the Canadian banks, whose figures are given in dollars, the deposits of 17 banka rose from £012,001.538 in 1929 to £639,858,088 in 1933, the movement in Australia and New Zealand being from £352,458,333 to £357,410.683. Cash and call loan items increased from £126,101,226 to £159,303,049. the Australian and New Zealand amounts being £76.670.058 in 1929 and £76,178,983 in 1933. The deposits of the Canadian banks fell from 2.108,093,292 dollars to 1,661,054,258 dollars, and their cash and call loan items from 884.400,399 dollars to 455,265,256 dollars. Investments of the 17 banks expanded from £100,127,047 to £164,847,117, and of the Australian and New Zealand banks from £45,053,665 to £71,357.714. Loans and discounts of the 17 banks contracted from £454,512,499 to £314,068.762. and of the Australian and New Zealand banks from £304.984.683 to £289,760,790. The Canadian banks investments increased from 335,841,650 dollars to 013,855.256 dollars, their loans and discounts falling from 1,339,580,783 dollars to 819.956.283 dollars. The increase in investments, particularly in Australia and New Zealand, is attributed largely to the financing of Governments. Profits and dividends have been reduced, but the journal points out that since banking is the servant of industry, it is natural that bank profits should fall when general business declines, and the essential fact of fhe depression, as it concerns dominion banking is that stability has been fully maintained. In Canada, with its close proximity to the United States, conditions differ from those in Australia and New Zealand.

Copper, spot .. .. £27 0 3 Fall £0 0 1% Copper, forward .. .. 27 5 VA Fall 0 6 3 Electrolytic, spot .. .. SO 10 0 Rise 0 5 0 Electrolytic, forward .. SO 12 8 Fall 0 2 8 Wire bars 30 12 0 FaU 0 2 6 Lead, spot 10 5 0 No change Lead, forward .. .. 10 8 n Fall 0 1 8 Spelter, spot .. .. 12 8 9 Fall 0 2 8 Spelter, forward .. .. 12 11 3 Fall 0 2 6 Tin, spot 220 IS 0 Pall 2 12 6 Tin, forward .. .. 227 2 G Fall 0 1 3 Pig Iron, home trade 3 7 6 No change Pig Iron, export 3 2 6 No change Antimony. British 44 10 0 No change Antimony, foreign ,. 32 10 0 No change Dnlt. Molybdenite i 14 6 No change Wolfram 2 2 0 No change Oi Sllrer, standard.. .. 21»id Rise l-10d Sliver, flno 23]id Else %d