MINING.

Press, Volume LXVIII, Issue 20490, 8 March 1932, Page 10

MINING.

GOLDEN DAWN GOLD MINES, LTD. Messrs Laurenson and Lewis are in receipt of a telegram giving the result of the clean-up at the Golden Dawn Mine for the period ending February 29th, as follows: "Period worked, 13 days; tons-treated, 380; for a return of £1231,. smelted gold. The gold is valued at £4 per ounce." The first bar of. bullion obtained from the clean-up to January. 30th realised approximately £ G 5s per ounce net cash Auckland. MAHAKIPAWA GOLDFIELDS, LTD. The mine manager's report i'or the month of February is as follows: South Face —Advanced 40ft, making a total of 625 ft south of the shait cross-cut. The wash dirt is very stony and gold values were confined to two small cross gutters. The tirst guttei was followed west for 12ft, and then values ceased. The second one, nearer the lace, has been followed by No. 8 east cross-cut for 12ft and is continuing. No. 1 South Drive from No. 7 East Cross-cut—Advanced 28ft, making a total of 40ft south. Good grade values followed lor 18ft. In the last 10ft dipping west and values are low. No. 2 South from No. 7 East Crosscut—Advanced 18ft, making a total of txjft, south. The bottom rock lias been hard and at the face is dipping to the south. Values low. East Cross-cut to find East Siding— No. 7 east cross-cut has been extended 33ft in low-grade wash, covered with a 3ft layer ol' sand. Blocking round No. 4 east cross-cut has been confined to strips, so as to locate Nos. 4 and 8 boreholes underground. Both boreholes were found, and the wash dirt around No. 8 borehole being of good grade. The borehole had penetrated to the bottom rock. Gold Return—The return of gold from 425 cubic yards of wash sent to the sluice box was 66 ounces retorted gold. . . PRICE OF GOLD. Gold mining companies have some difficulty in determining the most payable buying centre to which to dispatch their bullion—London, San Francisco, or , Melbourne. At least two South Island companies are regularly sending their gold to San Francisco, with, it is understood, most satisfactory results. Other companies which have tested tlio London and Melbourne markets have discovered that the London market is much more favourable, or has been up to the present. The Golden Point Company dispatched a bar to London, which was sold on February 28th, when the price of fine gold was cabled as at £5 18s sd, and the bar netted the company £6 3s 4d an ounce. The next month's return was sent to Melbourne, and went into the Melbourne Mint on February 21st, when gold was quoted in London at £ 6 per fine ounce. The value, according to advice the company received yesterday, was £5 18s net, the bar yielding £584 15s 7d. There was no variation in the exchange rate between the receipt of tho two parcels, and.it would appear that, taking tho price of fine gold on the two dates mentioned, the London return was better by 5s 4d an ounce, plus Is sd, tho proportion of the Is 7d higher price fine gold was. worth when the liar was received I by the Melbourne Mint. The exchange on the Melbourne return was 14i per cent. A lowering of this rate would bring the relative prices to more of an '.equivalent, but in the meantime it would appear that London is. the better destination, particularly, as is generally believed, the exchange on London is likely to advance. OKARITO DREDGING COMPANY. (FHESa ASSOCIATION TELEGJUM ) , DUNEDIN, March 7. The Okarito Five Mile Beach Gold Dredging Company, Ltd., reports that the wasli-up for the week ended March sth yielded 1220z I2dwt for a total dredging time of 122J hours STATE ADVANCES. THE 1931 OPERATIONS. The February "Abstract of Statistics" showing the operations of the State Advances Department during.the Iwelve months ended December 31st, 1931 and 1930, is given below No. loans Amounts authorised. advanced. 1930. 1931. 1930. 1931. To settlers .. 2,073 1,032 3,273,720 914,610 To -workers .. 2,022 403 2,033,290 419,786 To local authorities 8 2 5,220 2,601) The heavy decrease in the activities of the Department is reflected in the above figures, and, illustrates in con-, junction with the building-industry statistics the extent to which spendingpewer for construction purposes has t'f-en reduced under the prevailing economic influences. The slackening in private enterprise may be better observed by the following. comparison of advances made for the erection of now dwellings during the two years under review. In 1931 a total of 465. loans was authorised for residential purposes, lor an aggregate amount of £296,775, and an average advance of £638. The corresponding figures for 1930 were: Loans, 2520; total amount, £1,932,075 *, average advance, £767. Thus decreases of 81.5 per cent., 84.6 per cent., and 16.8 per cent, were recorded for the respective items. PRICE OF SILVER. IBRITISB OFFICIAL WlMitiESa.) (Received March 7th, 5.5 p.m.) RUGBY, March 5. - Silver (pence per ounce) is quoted as follows: March 5. March 4. <3- d. kp°t ... ]9 3-16 I9j Forward ... 19 5-16 19 7-16