MINING NEWS

Otago Daily Times, Issue 22519, 13 March 1935, Page 12

MINING NEWS

MOANATAIARI GOLCONDA The supervisor of Moanataiari Golconda Consolidated advises that for the week ended March 8 the crosscut was advanced 18ft, making a total of 356 ft from the starting point. DREDGE ERECTION The erection of the new dredge at Alexandra for the Clutha River Gold Mining Company has now commenced. Considerable quantities of material have arrived in Alexandra from England, and the contractors for the erection of the pontoons (Messrs A. and T. Burt) have a large number of men on the work. It is hoped to have the dredge greeted before the end of the year. COMPANY BALANCE SHEETS THE DOMINION RUBBER COMPANY, LIMITED.

* Loss. After the lean seasons through which the rubber industry has been passing it is gratifying to see this company snow signs of a revival. During the past year the scheme for restriction of output was instituted, and while that measure may be partly responsible for the improvement, it did not come into operation until the latter part of the year. The net profit of £5879, which is the highest since 1926, is sufficient to pay a dividend—the first for seven years—of 10 per cent, and after adding £6BB to reserve fund leave £l9l to swell the floating balance. Crop apparently continues to be abundant, the effect of two years' stoppage in tapping having evidently proved beneficial. With the restriction scheme in force the output ia reduced from 590,0001 bto 536,0001 b, which, inclusive of all charges, has cost 3.40 d per pound to produce. In an improved market the average selling price has risen to 5.29 d, leaving a profitable margin.' The extent of the ground under cultivation is not stated in the report, but if it remains at 1078 acres the past year compares with others- as follows: General

The revenue Las been increased appreciably by exchange, which has amounted to £1387. Interest contributed £238, and, assisted by other items, the gross revenue aggregates £13,479. Expenditure comes to £7600, so that its relation to revenue is equivalent to 56.38 per cent. Fixed assets are down to £48,030, chiefly as the result of the wastage allowance applied to plant and buildings. They are divided into three items, and leasehold property, the largest of the three, remains at £44,155. As no provision appears to have been made for the expiry of the lease, the period for which the lease has still to run is presumably a long one or the terms of renewal are favourable to the lessee. As- a revenue-earner, the value of the property has fluctuated considerably during recent years, but it now stands more favourably than for some time past. The buildings group is reduced to £2642, a movement which, if it may be taken as due to depreciation, would work out at something over 10 per cent. When the material of construction and the nature of the climate are considered this may not be an excessive allowance. Similarly, in the case of the plant group at £1232, the rate of depreciation works out at approximately 40 per cent. ' All deterioration in buildings and plant would thus seem to be well provided for. Liquid assets have increased from £7923 to £12,767. Cash, which ha a risen to £5483, i s the largest unit, and holds sufficient to pay the final dividend of 5 per cent and something more. The second largest'unit—New Zealand Government 3A per cent, stock —at £5020 is unaltered, but it is not stated whether this is cost, face, or market value. Rubber on hand, at £1783, doubtless owing to the restriction scheme, has nearly doubled, while sundry debtors absorb only £217, or approximately two-thirds of their amount at November, 1933, in spite of the larger sales. General stores and pre-payments, at £146 and £l2O respectively, complete the liquid assets. A concern of this nature is fortunate in having no large sums outstanding in stocks and sundry debtors. All liabilities are comprised under the sundry creditors group of £1416, •■ which continues to rise. Although this amount is amply covered by the cash after the dividend has been met, it seems large in relation to its companion items. Apart from outstanding expenditure, there appears little to be incurred in the way of indebtedness. The group may include reserves. Reserve account, which stood at £5812. has been raised to £6500 by the transfer from the net surplus. A further addition to reserves is the balance of £l9l unallotted of the net surplus, which brings the floating balance to £3Bl. Visible reserves thus aggregate £6BBI, towards which the investment of £5020 lends useful support. If a continuance of prosperous years is given, reserves will have the opportunity to grow, but, in view of the barren period through which this company has been passing in recent years, preference may be given to a generous distribution of profits. LORNEVILLE STOCK SALE (Special to Daily Times) INVERCARGILL, March 12. Heavy sheep yardings were again a feature of the Lorneville stock sale to-day, and there was also a large entry of fat cattle. The sheep market maintained a satisfactory tone, and prices for good quality heavy-weight ewes showed an improvement on last week's rates. Fat cattle sold on a dull market with practically no change in values. Fat Sheep.—Freezing ewes were firm at ruling schedule rates, and good wethers were much the same as last week, while heavy-weight ewes of good quality showed an increase of Is 6d. Prime heavy wethers made from 25s to 26s 6d; prime quality, 23s 6d to 24s 6d; light and unfinished, down to 21s 6d; extra prime heavy ewes, 17s to 19s; good quality sorts, 14s 6d to 16s, with freezing ewes us to 13s 6d. according to quality. Fat Lambs.—Prime heavy lambs realised 24s to 265; good quality sorts, 21s 9d to 22s 6d; light and unfinished, 19s 6d to 20s 6d. Fat Cattle.—Prime heavy-weight bullocks made from £8 to £9 ss; good quality, £6 15s to £7 15s; lighter, down to £4 15s; prime heavy cows, up to £5 ss; good quality, £3 los to £4 10s; medium-weights, £2 15s to £3 10s; aged, down to 255; good quality heifers, up to £5; lighter, £4 to £4 10s; unfinished sorts, down to £3. RABBIT SKIN SALE REPORT The Dunedin Stock Agents and Wool Brokers' Association (Messrs Dalgety and Co., Ltd.; Donald Reid and Co., Ltd.; Stronach, Morris, and Co., Ltd.; New Zealand Loan and Mercantile Agency Company, .Ltd.; Wright, Stephenson, and Co., Ltd.; Otasro Farmers' Co-operative Association; National Mortgage and Agency Company, Ltd.) report as follows: — At the monthly sale held yesterday the catalogues were again on the small .side, and comprised chiefly summer skins, with a small proportion of early autumns, and a sprinkling of winter skins held _ from last season. The quality was slightly better all over, and can be quoted at about a penny above realisations at February sale. Demand for all grades was firm, most of the purchases being made for overseas orders. The following is the range of prices: Small, 5d to 6|d; runners. 9d to 10Jd; light racks, 14d to 15d; prime racks, 13d to 14d: dawny autumns, loci to 16Jd; early autumns, 17id; summer broken, 7d to BJd; autumn broken, 12d to lod; winter broken, 20d to 24d; outgoing winter, bucks, 33d to 40d; hareskins. 8d to lOd; horsehair, lid to 15Ad; spring bucks, 16d to 18d; outgoing bucks, 21d to 28d.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright. 1 LONDON. March 11. (Received Mnrch 12. at 10 p.m.) The following are the official metal quotations:—

NEW GUINEA GOLD SHARES. (United Press Association.) (By Electric Telegraph—Copyright.; LONDON, March 11. New Guinea Gold shares are quoted at Is 93 d. BRADFORD TOPS MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 11. At Bradford there is more inquiry for merino tops, and there is a moderate amount of new business. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) i LONDON, March 11. Exchange on New York is quoted at 4.76 dollars to the £ and on Paris at 71 15-16 francs to the i. LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 11. Wheat cargoes are steady, and rates are maintained. The Parcels trading is slow. Futures: London —April, 20s 3jd; June, 21s IJd. •• Liverpool—March, 4s 7*d; May, 4s lOgd; July, 5s Id; October, 5s 3Jd. CHICAGO WHEAT QUOTATIONS (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, March 11. Chicago wheat.—May, 93J cents per bushel; July, 89; September, 88J; New York (cash), 112|. SYDNEY WOOL SALES (United Press Association.) (By Electric- Telegraph—Copyright.) SYDNEY, March 12. (Received March 12, at 10 p.m.) At the wool sales 9518 bales were offered and 8997 sold, while 2647 were privately disposed of. There was keen and widespread competition from Yorkshire and Japan, with better support from the Continent. Greasy merino made 16|d, while crossbred made the record price of 15Jd.

Paid-up capital: £50,000. Nov. General Gross Net Divi30. Reserves. Profit. Profit. dend, £ £ £ p.c. 1018 .. 5,525 16,228 •169 — 1920 .. 4,102 21,630 931 5 1922 518 12,287 32 — 1924 .. 1,122 14,710 2,953 10 1928 .. 7,659 41,338 16,470 30 1928 .. 8,523 17,135 855 — 1930 .. 6,614 9,777 *2,352 — 1931 .. 5,500 . 746 •2,327 — 1932 .. 5,297 229 ♦1,468 — 1933 .. 6,002 6,550 293 — 1934 .. 6.881 13,479 5,879 10

Return General I sxpensc Crop. per acre. Uxpenses. per lb. lb. lb. £ d. 1017-18 . . 237,050 447 15,740 15.93 1919-20 . . 313,208 447 19,565 14.99 1921-22 . . 345,027 493 12,003 8.35 1922-23 . . 203,775 298 12,287 11.18 1925-2G . . 488,187 488 24,325 11.96 1927-28 . . 423,537 423 35,537 8.S0 1929-80 . . 470,852 437 12,429 6.33 1932-33 . . 590,000 547 6,257 2.55 1933-34 . . 536,000 493 7,600 3.40

Ton. Copper, spot .. .. £2S 6 3 Itise £0 4 iU, Copper, forward .. •■ 28 13 Hi Itise 0 4 i\i Electrolytic, spot .. .. Electrolytic, forward .. 31 5 31 15 31 15 0 0 0 No change Illse 0 5 0 Rise 0 5. 0 Lead, forward .. .. 10 8 10 13 9 9 Itise 0 13 Rise 0 13 Spelter, 6pot .. .. 11 10 0 No change Spelter, forward .. .. 11 15 0 No change Tin. forward .. .. Pig Iron, borne trade Pig Iron, export 21T 2 212 12 3 7 3 a 6 6 a 8 Fall 0 12 6 Fall 17 8 No change No change Antimony, British Antimony, foreign .. 82 10 111 15 0 0 No change No change 1 15 1 19 Oz. 6 0 No change No change Silver, standard .. .. 27 3-10d FaU 1-lCd 29%d FaU 1-lGd