COMMERCIAL

Poverty Bay Herald, Volume LXII, Issue 18760, 17 July 1935, Page 16

COMMERCIAL

MINING NEWS ADDISON'S FLAT AREA Supplementing the annual report ot the Addison's Flat Gold Mining Company, limited, in Westport, Mr. U. M. l-ovvell said that, although the company had been quite successful in its operations so far, having paid 30i per cent, iu dividends in the past year, it had become apparent that there was a greater amount of cement in the area than was originally thought. It was possible to work the cement by explosives, but this was an uneconomical method. The cement had greater, values than tree ground, but the cost of recovery was considerably greater. He was confident a machine could be made to treat the cement. When such a machine was available, millions of tons of cement in the district could be treated. Iu the meantime_it was intended to remove the plant to Callaghau's Lead. Finances should be verj buoyant, as the ground was very rich, and* there was work ahead for the next 20 years.

START AT OXENBRIDGE The Oxenbridge Company (Otngo) expects to start elevating operations next week. Ttie manager lias advised that the Shotover River is at a level suitable for working and that ute pipe-line has been thoroughly tested. BANK OF NEW ZEALAND LONDON TIMES' COMMENT The results of the Bank of New Zealand for the 12 months ended March 3J must on the whole be considered favorable, and inasmuch as the newly-formed Reserve Bank of New Zealand has been in operation since August 1 last, the figures may provide some reassurance as to tbe effect of the new reserve bank on the working of the commercial banks, states the London Times in commenting on the bank's report. The year was marked by welcome signs of recovery in economic conditions in the Dominion, ary.l the reaction of the recovery in" tbe banking position has been seen m a rising tendency in overdrafts and larger recoveries of debts previously written off.

DAIRY ADVANCE Th< Okitu Co-operative Dairy Company, Limited, has decided to advance 10(1 per lb on June butt erf at. In making this statement, to-day, the secretary, Mr. H. P. Hamilton," stated that the directors agreed to this payment Under their usual" policy of making the monthly disbursements on the highest possible scale. The company has had a successful season and in a short time when realisations are definitely known a substantial additional payment will be made.

GOLD MINING RETURNS Big River Cold Mining reports for week ended July 11 as follow:—No. 4 south drive advanced 7ft., country good : nothing of value. No. 4 north drive advanced 9ft; stone cut out. South stope. stone 6ft wule, of good quality. North stope, stone 2ft 6in., length 20ft. Rise stope, stone patchy; widest 2ft. North winze, sunk sft., full face of stone. Shaft, timbered and filling another 6ft. Sent to battery, 59 tons. The Mataki dredge return for the week ended July 14 was 420 z. for 1334 hours' work, says a Press Association message from Auckland.