CREDIT OF N.Z.

Star (Christchurch), Volume LXVI, Issue 20360, 18 July 1934, Page 9

CREDIT OF N.Z.

Efforts Should Result in Firm Establishment. NATIONAL BANK COMMENT. (Received July IS. 11.30 a.m.) LONDON. Julv 17. At a meeting of the National Bank of New Zealand, Sir Austin Harris, presiding, said he did not doubt that as a result of the new loan New Zealand's credit would be established on a 3* per cent basis. New Zealand had striven manfully tc, meet her difficulties, but could not expect any return to complete normality until some of the world’s problems oi price levels and trade restrictions had been solved. Bankers were geing through a lean time, but he was confident that New Zealand conditions would quickly respond to any favourable turn in world affairs, and large liquid resources would enable the bank tc take full advantage when the time came. , ,

Sir James Grose said that, taking the Dominion as a whole, some confidence was beginning to appear, though lean times had not yet passed. A gradual, if slow, improvement could be expected. Loan Conversion. LONDON, July 17. Cash applications for the New Zealand loan have closed. It is understood that they were fairly heavy.

MINING. Reports and Returns. The four-weekly production statement of Electrolytic Zinc Company is as follows: , _ , Four weeks ended May 30. June 27. Zinc, tons 4,150 4,147 Of which used at ~ • works 50 Silver-lead product for shipment to Port Pirle for realisation— Lead, tons 130 100 Silver, oz 13.*00 15,300 Hew Cornish Point Mines. The New Cornish Point mine manager reported as follows for the week ended July 14:— , The driving; of the main level was suspended temporarily this week, owing to tire quantity of water coming through the roof of the drive off the rock bottom, washing the gravel into the level and considerably hindering the progress of the work. At a point 10ft back from the face a diversion crosscut 20ft in length was driven and penetrated the channel on the river side of the level. This crosscut holed through to the gutter one foot above the floor of the level and from this hole the bulk of the water is now coming through. When the crosscut holed through to the channel an additional quantity of water was met with, but with continuous pumping it has since lessened and is now back to the normal incoming quantity of 200 gallons per minute. The objective of this work of draining the channel at another point to divert the water from the face of the level has been achieved. It has considerably reduced the water coming in in the face and has enabled the continuation of thfe level to be resumed. The level is not far enough in the channel yet to take prospects. Bell Hooper Cromwell Gold, Ltd. The Bell Hooper report for the week ended July 13 is as follows: Block S.—A start was made blocking out in this block with an Sft panel. Good gold has been obtained and further work is justified. Solid ground 27ft thick has been left between this working place and the west cross drive from No. 2 tunnel, which will later on be mined from that side. It is anticipated that fair to good gold will be obtained from S block ns work proceeds southwards along the No. 3 north drive. No. 2 Mine Area West Drixe from No. 2 Tunnel.—Th« timbering of the intersection between this drive and No. 3 north drive has been completed and an advance of lSJft was made for the period. The total distance of th*e face from No. 2 tunnel is 3111 ft. The west drive has been turned 7deg to the north to give a greater width of ground between it and the old mine workings to the south. A good dish sample was obtained from the face just at the end of the period. The bottom is still above the level of the rails. A start will be made on July 16 with the No 4 north drive from the west cross drive. The starting point will be approximately 150 ft west of No. 2 tunnel and the direction will be to the northeast parallel with tlva eastern boundary between Blocks 40 and 41 Sarita. As the west cross drive at 150 ft west is practicully on the south bank of the channel in which our present workings are situated, this drive (No. 4 north) should give early information about the course of the channel in this area and valuable information as to the distance the No. 2 tunnel will have to be driven to intersect the wash. A trial run of the No. 2 washing plant was made during the period, giving satisfactory results. Bell-Xilgour Gold Company. The secretary of the Beil-Kilgour Gold Alining Company, Ltd., advises receipt of report fr-om the manager, dated July 14. which reads as follows: Drove 14 feet on boundary, north-east block, for irregular values. Blocking cut between sc. and 4 for varying values. South-east block taking cut pillar for good gold. Blocking cut at 6 for fair values. Treated 146 yards of wash, which yielded 31oz 2dwt 4gr. Mount Morgan Production. Alount Morgan, Ltd., production for the two weeks ended June 27 is shown below, together with that for the previous four-weekly period:— June 13. June 27. Ore quarried, tons .. 13,426 6.787 Concentrator treated, tons 13,000 6.570 Assaying— Gold, dwt, per ton.. 5.48 7.65 Copper, p.c .35 .60 Concentrates produced. tons 573 356 Estimated contents— Gold, oz 2,161 1,757 Copper, tons 3 8 3 6 Latest return covers two weeks only, to complete the company's financial year. Charleston Sluicing. Per Press Association. WESTPORT, July 18. The Charleston Sluicing Company's return for the fortnight ending July 14 was 270 z Gdwt. EXPORT OF BACON. For some years past the Canterbury Agricultural and Pastoral Association has given substantial prizes for porkers and baconers judged on the London market on their suitability tor the export trade, and in several instances the exhibits have been classed as ideal for the London trade. In view of this fact the association is endeavouring to widen the interest in its competition, and in this connection is soliciting the support of the recently formed New Zealand Pig Marketing Association.