MINING.

Star (Christchurch), Volume LXVI, Issue 20540, 15 February 1935, Page 9

MINING.

Reports and Returns From Operations. MAHAKIPAWA. Advice has been received from the Mahakipawa mine manager that he has now holed through to the Golden Gate workings, enabling an Inspection of the old workings to be made right up to the King Solomon shaft. Australian* Production. The quantity of gold produced In Australia last year waa as follows:Ox. (Om). Western Australia .. 651,337 Queensland 112,621 Victoria 70.196 New South Wales .... 36,123 Tasmania 4.789 South Australia 6,000 Northern Territory .. 1,919 Buratha Gold, SstA. Euratha Gold. Ltd.—February S: Ore raised, No. 1 shaft, 23 tens; Nos. 4 and 5 shafts, 41 tons. Assays: No. 1 shaft, east stops, back to stops, 181 n wide. 36dwt; 24in wide, 20dwt; 15in wide, 48dwt; 12in wide. 30dwt; 181 n wide, 58dwt; 14in wide, 28dwt. No. 4 shaft, back to stope, 12in wide 40dwt, 13in wide, west stope. back to atope. 12in wide.. 40 dwt; 13in wide, 48dwt; Sin wide. C4dwt; 1 tin wide, 48dwt. Treatment plant is running full time, and to save pny unnecessary loss of water It has been doelded to defer the clean-up for about a fortnight. of Hep# Oold Vlsm. The Dawn of Hope report states: The low level to intersect the reef 1* now out 60ft; progress for the week. Bft. We hgve Intersected a well-defined leader showing strong colours and dabs of gold, the ore from which is being saved for treatment. J consider this a very satisfactory development, as we have yet about 80ft to drive to reach our main ore body. White's Electric Co. The statutory meeting of shareholders of White's Electric Gold Dredging ( ompany (Barrytown). Ltd., was held In Christchurch yesterday. The statutory report stated that the total number of shares allotted was 333.425, all being contributing shares allotted to applicants for cash. The total amount of cash received by the company for shares issued was £4523 18s 2d. Receipts and payments of the company since incorporation until January 31 were as follows: Receipts—Amount received on 55,200 shares paid to 3d, £690: on 191.273 share* paid to 41d. £3386 8s 2d; on 3900 shares paid to £6. £97 10s: on 3000 shares paid to is, £150; on 80,050 shares, nil; total, £4523 18s 2d. Payments—Amount paid ■ vendors. £1250; printing, legal, stationery, sundry expenses, etc., £ll2 16s 10d; preliminary expenses. £1615 Ida Sd; balance cash at hand ard at bank. £1545 10s lOd; total. £4523 18s 2d. The report stated that it was estimated that a further pay&ment of £6OO would be expended in the preliminary expenses account. The provisional directors were Messrs I. Woolf. T. W. Perry. A. R. Perry. L. D. Richards (nil of Christchurch), P. F. Thorpy (Greymouth). Opitoaml Developments. The report of the directors of Opitonul Developments. Ltd., to be submitted to the annual meeting of shareholders at Christchurch next Monday, states that a very considerable amount of development done at the mines proved beyond doubt that there was a very considerable volume of ore easily accessible, and of an average value of from 6dwt to Bdwt of gold a ton. With the funds availaable for development work, it was not possible to open up the workings below water level, as this would have involved very heavy expenditure on pumps, etc., and the whole of the actual development and reporting was confined to above water level. After this development work was done several leading engineers inspected, and very favourably reported on the property; they were unanimous that the proposition was a very large and valuable one. though probably beyond the means of capital that would be available In New Zealand. With this in mind, the directors completed negotiations for an option with London interests, giving a short-term option on the basis of a payment to the company of £IOO a month for the option. The option will shortly expire, though engineers representing the London group are at present inspecting the property. No doubt a preliminary report from these engineers will be to hand within the next few days, and it may he probable that they will require additional time for a further examination of the property, and they may recommend that they make further additional expenditure, possibly by way of draining the present under-water levels, before finally deciding to exercise their option. The directors feel that it is not opportune at the moment to disclose the figure at which the option was given. Messrs T. W. Perry and I. Woolf retire from the directorate by rotation, and. being eligible, offer themselves for re-election. The auditor, Mr H. Blcknell. also retires and offers himself for reelection. The balance-sheet shows on the liabilities side, paid-up capital at £4151 17s 6d, and calls paid in advance £75. Assets include property account at cost, plus amount expended on development work £3698, preliminary expenses and brokerage £252, and appropriation account £169. PRICE OF GOLD. February 15. 10.36 a.m.) LONDON. February 14. Gold is quoted at 142 s 5d a fine ounce. Recent quotations have been:—

(Received Fehruary 15. 1.30 p.m.) RUGBY. February 1* Silver is quoted at 24 fd an ounce (spot) and 24|fl (forward). HARDWARE TRADE. Steady business has characterised the wholesale hardware trade in the laat few weeks, orders being very satisfactory. Prices, mostly for British products, are as follows: Galvanised Corrugated Iron—Orb: 2« gauge, 29s per cwt basin; 24 gauge, 29s per cwt: second grade, 27« Gd per cwt. Iron Bars—Ordinary, 24s 6d; shoeing, 25s 6d per cwt basis.' Standards—Cut and punched to order, £ls 10s per ton. Wire Nails—2*n per cwt basis. Fencing Wire—Canadian, plain; No. 8, ISs; No. 9. 18n Gd; No. 10. 19s; No. 12. 20s 6d; No. 14, 235: No. IS, 2Cn Gd. England, plain: No. 8. 2«s 6d: No. 9. 21s; No. 10, 225; No. 12. 23s Gd. Canadian, barbed, 245; English. 28s. I .in seed Oil—Genuine English, in fivegallon drums; Raw 4a 4d. boiled 4s 7d. White Lead—Genuine English, 63s 9d per cwt. in cwt packages. Cement—Colonial, 6a 9d per bag. REAL ESTATE. Messrs Ford and Hadfleld. Ltd., real estate agents, 131-132. Worcester Street, report having sold on account of Mr Jarden his five-roomed bungalow, together with 31 perches of land, situated Opawa Road South, to a client. 6 W. E. Simcs and Co., estate agents, 14 4. Hereford Street, report that lettings are brisk this month, having let and leased twenty -eight houses. They also report having leased a suite In the Majestic Theatre buildings and a suite of offices in Hereford Court end a smell fsrm in Riccarton. 6. TIMBER TRADE. Imports and exports of timber (in value) during the month of December are reported by the State Forestry Department as follows: Imports (from)—Australia. ti 1.271;.271; Japan, £2128: Canada. £1218: U.S.A.. £867: United Kingdom, £33. Exports (to) Australia, £40,098; I United Kingdom. £1100; Pacific Islands, *£529,

Per ounce. a. d. February 13 February 5 January 10 141 4| SILVER QUOTATIONS.