COMMERCIAL

Poverty Bay Herald, Volume LXII, Issue 18763, 20 July 1935, Page 7

COMMERCIAL

BANK ACCOUNTS NATIONAL OF NEW ZEALAND LONDON, .Tune 29. Changes, resulting from the establishment of the Reserve Bank of New Zealand are reflected in the accounts of the National Bank of New Zealand, Limited, for the year ended March 31. Total assets have been reduced from £22,166,932 to £18,730,841. The note circulation has fallen by £959,462 to £161,762 and deposits by over £2,C00.0C0 to about. £13,500.C00. The item New Zealand Treasury bills and a special loan to the Government, which stood in last year’s balancesheet at £6.503,171, has disappeared. On the other hand, investments in British Government .securities have risen from £978.674 to £1,713.499, while “cash at bankers and money at call" has increased- from £733,090 to £1,945,958. Owing to the impossibility of employing profitably in New Zealand the large amount of money which the New Zealand Government had formerly borrowed, the directors decided to transfer some of the funds for employment in London. This is the explanation of the fact that the board has transferred £500,000 from the currency reserve to exchange and contingency account to cover the cost of transferring capital from New Zealand to London.

WAIHI CRUSHING- RETURN Tlie iollowing information has been cabled to the London office of the Martha Gold Mining Company (Waihi), Limited : For the period ended July 6, comprising 22 crushing days, 18,934 tons of ore were crushed for a result of 4666 line ounces of gold and 33.234 line ounces of silver. This includes 1840 tons mined from the Grand Junction area, which yielded 565 ounces of gold and 1381 ounces of silves, also 904 tons of residues from the old Waihi mill site, yielding 130 ounces of gold and 2049 ounces of silver.

No. 2 Level.—Lode situated at 10ft. in Hooper crosscut : Driving west the next, 31ft., assays 26s 9d a ton and the next 36ft. 13s 3d a ton. The. width of the lode varied from lft.. to 3ft. No. 7 Level.—Martha lode, north branch : Driving west the next 47ft. is ore of good grade hut too small for stuping. No. 10 Level.—Ulster lode, sinking winze: The next 25ft. assays 23s 3d a ton. The width of the lode is about 3ft. No. 12 Level.—Edward lode: Driving south the next 35ft. assays 2s 3d a ton. Ulster lode: Driving west the next 43ft. . assays 13s 9d a ton. The width of tile lode varies from 3ft. to sft.