MINING NEWS

Otago Daily Times, Issue 22832, 17 March 1936, Page 7

MINING NEWS

OKARITO RETURN Messrs W. A. Mitson and Co., secretanes of the Okarito Five Mile Beach Cold Dredging; Company, Ltd., report that the wash-up for the week ended baturday was 240 z 9dwt for 128 hours dredging. WAITAHU RETURN Messrs W. A. Mitson and Co., secretaries of the A\ aitahu Gold Mining Company, Ltd., advise that a further partial wash-up from No. 5 paddock, which took place on Friday last, yielded 360 z 13dwt. The previous wash-up was on Saturday, February 22. Since then the elpvator has been in operation for 27 shifts of eight hours each. This maaes a total of 186 oz 13dwt since November 29, 1935. BIG RIVER REPORT The Big River Gold Mines, Ltd. 6, report for the week ended March 12 states that repair work in the shaft was proceeding satisfactorily, and only three sets of timber remained out of position, rive centres of timber had still to be put in, which, with the guides and ladders, would complete the shaft repairs to No. 4 level chamber. Some supporting timbers would also need to be hitched in the solid ground opposite No. 4 chamber, to act as beam sets to support the main shaft timbers above that point. On No. 2 adit level some sets of timbers had been renewed, and the level would then be cleaned up from the shaft upwards to the portal, WORKSOP RETURN The following is the Worksop Extended Gold Dredging Company, Ltd.’s official return for the week ended March 12:— Yield, 340 z; hours dredged, 135; yards treated, ] 0,000. ARGO REPORT The following is the Argo Gold Dredging Company, Ltd.’s official return for the week ended Saturday;—Yield, 460 z; hours dredged, 122; yardage treated, 11,000. BLACKWATER SLUICING COMPANY A return of 20 ounces, covering intermittent operations in the last three weeks, is reported by the Blackwater Sluicing Company. BUNDI DREDGE PROFITS A profit of £2200 was earned by Bundi Tin Dredging Company, Ltd., in the year ended December 31. Current assets at the balance date amounted to £6489, and creditors were owed £3060. Directors, in their report, state that dredging-'began on the company’s gold property at Greymouth (New Zealand) on June 13, and to the end of the year 518.500 cubic yards were treated for a recovery of 22420 z llgr go d bullion, which realised £18,862. The gold recovery was equal to 2.07 gr a cubic yard, or 8.73 d (New Zealand currency), export duty to .65d a cubic yard, and working costs to 6.44 d a cubic yard, leaving a mine working profit of 1.64 d a cubic yard. The directors state that working costs since the opening out was completed have been reduced considerably. The average recovery was not equal to the values disclosed by boring, a 3 the place where the dredge was erected was a comparatively poor portion of the area. Originally it was intended to dredge to Chinaman s Flat, where values are highest, but further investigation proved such a course to be impracticable at present. The flat on which the dredge is now operating has an area of 200 acres, which should give at least a further five years’ profitable dredging* Prospecting licences have been obtained over further areas situated on New River, from which an additional 600 acres of dredging ground will be obtained. Mr G. E. Poole, tlie local director of the company, indicates that the dredge should dig at least 120,000 cubic yards a month, and even at the present rate of costa and recoveries a profit of £17.500 a year should be earned. THE MARTHA MINE The following information has been cabled to Ixmdon;- — No, 2 Level.—At a point 129 ft west of Hooper crosscut di ivmg west has been commenced on the Bell reef and a total distance of 62ft driven. Assay value over this length is 25s 3d per ton, the width of the lode being about 2ft. No. 7 Level. —Fifty-five drive west on vein: At 128 ft in the Payne crosscut the next 41ft assays 32s per ton. The width of the lode varies from Sin to 24in. No. 8 Level. —At 550 ft south from No. 2 shaft a crosscut was commenced west from the Edward lode and at 25ft in intersected quartz 4ft wide of good grade. The course of the lode i,s 232 degrees (true) and the dip 1 in li west. MATAKI RETURN (Per United Press Association) AUCKLAND, March 16. Mntaki Gold Dredging, Ltd., report that the telegraphed return for the week ended on Sunday was 30 ounces for 126 hours’ work. GILLESPIE’S BEACH RETURN (Per United Press Association) WELLINGTON. March 16. The Stock Exchange Association has been advised by Gillespie’s Beach that the wash-up was 740 z 13dwt. not 70oz 13dwt. AUSTRALIAN TREASURY BILLS (United Press Association) ,By Electric Telegraph—Copyright) MELBOURNE. March 16. (Received March 17. at 0.5 a.m.) Applications totalling only £315,000 were received for the Commonwealth Bank’s public issue of £1,000,000 li per cent. Treasury bills. The issue was made a test whether there wa s any public demand for this class of gilt-edged security.^ Following the Commonwealth Banks offer of Treasury bills, the Bank of New South Wales raised the rates of interest on fixed deposits 10s per cent, to protect deposits against the counter-attraction of Treasury bills. The other trading banks have not yet taken any action. TRADE OF GLASGOW INCREASING DOMINION IMPORTS The suggestion that trade and industry had “gone South” was refuted (the Glasgow Herald says) by Mr Harold M. Ford, commercial manager of the Clyde Navigation Trust, in an address to the Scottish branch of the Industrial Transport Association. Mr Ford compared the figures for trade between Glasgow and Australia, New eZalaud. and South Africa in 1928 and in the present year. Eight year ago, he said, approximately 95 per cent, of Australian and 86 per cent, of New Zealand trade was concentrated upon London. About 20 vessels bringing 42.000 tons of traffic —nearly all grain and flour—came to Glasgow from Australia, and about 14 vessels with 14,000 tong from New Zealand. Contrary to the lines adopted by other ports of urging Dominion-producing interests to ship direct, ho had approached the matter from a different angle—namely, that of undeveloped markets; with the result that no fewer than 100 new business contacts bad been opened up through bis office between the producers of these countries and merchants and traders in Glasgow. Last year the Clyde received no fewer than 60 vessels, of which 45 were of the large refrigerator type, from Australia, and 31 from New Zealand, representing 1,000,000 tons of shipping, as compared with 300,000 in 1928. Tim imports from (lie two countries had increased from 55,000 (ous to 170,000 lons. Speaking on the question of the relationship of ports to Empire trade as affecting transport interests, Mr lord commented upon the claims made by Southampton in its extensive advertising scheme that trade and industry had gone south from Scotland, and that Southampton was the ideal distributing centre ior Great Britain. That was a gross misrepresentation. Trade and industry had not gone south, but, as his figures showed, wore gradually being built up directly with Glasgow. Southampton was the premier passenger

port, but had no meat produce, egg, or fruit market, the recognised British markets being London, Glasgow, Liverpool and Manchester. Marketing ports and distribution must go hand in hand, and surely no one would suggest for a moment that all the now trade and direct shipping to Glasgow; Liverpool, and Manchester, with its dependent economies in costs, should be transferred to Southampton, n passenger port without a market, 500 miles away. FOREIGN EXCHANGES (British Official Wireless) (United Press Association) rßy Eleotr.r Telegraph—Copyright) RUGBY, March 14.

ON NEW ZEALAND CURRENCY BASIS The Bank ot New South Wales. Uunedlir quoted the tollowlng rates for purchases and sales of foreign exchange yesterday:— London— Buying. Selling,

All rales subject (o alteration without notice DOLLAR RATES The Associated Banks (other than the Bank of New South Wales), quoted the following dollar rates yesterday on a N T ew Zealand currency basis. They are subject to alteration without notice. U.S.A, Canada (per £1 (per £1 N.Z.) N.Z.i Selling— dols. dole T.T 3.982 3.99 O.D 3.99 g 3.99 J Buving— O.D 4.032 4.03 J Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report:— Eggs: Poultry farmers’, to Is 9d; storekeepers’, Is Bd. Butter, to 9d per lb. Honey: Bulk, 3Jd to 4d per lb. Poultry: Hens, light Is to Is 3d, heavy Is 6d to is 9d; roosters, is to Is 6d; cockerels, le (id to 3s each; ducks, Is Gd to 2s; geese, to 4s each. Turkeys: Hens, 8d per lb; gobblers, 9d per lb. Pigs: Prime baeoners, to sjd per lb; porkers, 5Ad per lb. Fat: Nominally, 14e to 19s per cwt. French beans, to 3d per lb. Scarlet runners, to 2Jd per lb. Hothouse tomatoes to Gd per lb. Potatoes: Oaraarus, to 5s per cwt. Vegetable marrows, to 4s per cwt. Pickling onions, to 6s per cwt. Chaff; Prime old oaten sheaf, to £5 Ids per ton. bags extra, ’ex store. Onions; New season’s Canterbury, 5s lid per cu t. Partridge pons, to 5s 6d per bushel, sacks extra. Feed barley, 3s 10d per bushel, sacks extra. Whole fowl wheat, to 5s 6d per bushel, sacks extra. Kibbled maize, 7s per bushel. Oats: New Gartons, 3s to 3s 3it per bushel, sacks extra. Oyster grit, 6s per 1001 b. Straw: Oaten, £3 15s; wheaten, £3 10s per ton. Stocks held of lucerne meal, meatmeals. Free use of fowl crates on application. March 16, 1936.

Paris— Par Mar. 13. Mar. 14. Francs to £1 124.21 74 57-61 74 57-6i Brussels — Belgas to £1 30 29.30 29.29 Oslo— Kroner to £1 18.180 19.904 19.904 Stockholm— Kroner to £1 18.130 19.394 19.394 Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.29 12.274 Montreal— Dollars to £1 4.86 2-3 4.983 4.971 New York— Dollars to £1 4.86 2-3 4.96 11-1C 1 4.97 3-16 Yokohama— Pence to yen 24.582 13 31-32 13 31-32 Hongkong— Pence to dollar 24.58 152 152 Bombay — Pence to rupee 181 184 Batavia— Florins to £1 12*10 7.231 7.234 SI ManLire to £1 82.46 621 62 5-16 Amsterdam— Guilder to £1 12.107 7.265 7.261 Prague— Kroner to £1 1041 1191 1191 GenevaFrancs to £1 25.224 15.133 15.134 Vienna — Schillings to £1 84.861 261 261 Helsingfors— Marks to £1 193.23 227 227 Madrid— Pesetas to £1 25.221 36 5-32 36 5-32 Belgrade— Dinars to £1 25.224 217 217 Athens— Drachma to £1 875 517 517 Lisbon— Escudos to £1 110 110 no Bucharest— Lei to £ 1 831.6 669 669 Rio de Janeiro— Pence to mllreis 5.890 41 41 Buenos Aires— Pence to pesos 41.22 36 38 Shanghai— Pence to tael 14 9-16 141 Montevideo— Pence to pesos _ 391 391 Warsaw — Zlotys to £1 - 26.25 26.25

£1 N.Z. to eiou Stg. .. .. T.T 124 124/10/O.D 123/10/124/8/9 Australia— £ A to £100 N.Z. T.T 101 100/10/0.1) 101 100/10/PH!— £ IT to £100 N.Z. T.T. 00/7/6 ,89 on 90/7/fl 89 m*w York— Dollars to fi N.Z. T.T 4.02% 3.984 O.D ‘4.031 3.998 Monti eal— Dollars to £ N.Z. T.T 4.02J 3.99 O.D. 4.033 3.991 France— Francs to £ N.Z. r.r. 60.72 59.89 O.D. 61.17 59.93 v< urjea— _ Francs to £ N.Z. T.T 62.52 58.52 O.D 62.97 58.58 Papeete— Francs to £ N.Z. T.T 62.52 58.67 O D 62.97 58.73 Belgium— Bclgas to £ N.Z. r.T. — 23.397 O.D 0 _ 23.408 (termany— KelclismurKs to £ N.Z it — 9.797 1 O.D. — 9.802 Italy— Lire to £ N.Z. T.T. — — O.D. — — •Switzerland — Francs to £ N.Z T.T. 12.333 12.063 O.D. 12.438 12.068 Holland— Florins to fi N.Z. T.T. 5.039 5.789 O.D. 5.099 5.793 lava — Florins to fi N.Z. T.T. 5.913 5.753 O.D 5.973 5.757 Japan— N Z Fence to 1 T«c .. .. T.T. — 17 9-16 O.D. — 17 35-64 Shanghai— Is 7. Pence to t Dollar .. .. T.T. 17 15-64 18 39-64 O.D. IT 3-64 IS 10-32 India and Ceylon— N.Z, Fence lo 1 Rupee .. .. T.T. 22 9-64 22 57-64 O.D. 22 3-64 22% Hongkong— N.Z. Fence to 1 Dollar .. .. T.T. 18 57-64 20 41-64 O.D 18 51-64 20 39-64 Singapore— N.Z. Pence to 1 Dollar .. .. T.l 34 25-64 35 29-64 OD 84 13-64 35 7-16 Sweden— Kroner to £ N.Z. T.T 15.785 13.490 O.D 15.845 15.500 Norway— Kroner to £ N.Z. T.T. 16.183 15.893 O.D. 16.243 15.903 Denmark— Kroner to £ N.Z. T.T, 18.203 17.893 O.D 18.263 17.903 Austria— Schillings to £ N.Z T.T, — 20.73 O.D — 20.75 Czechoslovakia— Crowns to £ N.Z. T.T. — 94.90 O.D. —- 94.05