MINING.

Press, Volume LXVIII, Issue 20496, 15 March 1932, Page 10

MINING.

MAHAKIPAWA RETURN. The returu from Mahakipawa Goldfields, Ltd., for the period March sth to ' Thursday, March 10th, was 70 ounces of melted gold. OKARITO DREDGING COMPANY. (press association telegram.) DUNBDIN, Mareli .'l4. . I'Jie Okarito return for the week ended Saturday was 640z lOdwt for 118 Hours'. V;ork. NECKTIES OF TWEED; . A 14EW USE FOR WOOL. Neckties manufactured of tweed,' which have lately been put on the market in Christchurch, represent one outcome of the attempt to popularise and find new uses for wool and woollen products. . These ties are at present being made in LCngland, but their manufacture in iSew Zealand is regarded as a distinct possibility. One firm in England has cul up 2-5,000 yards of fine tweed into ties to meet the increasing demand. The sale in London during the past few months lias been exceptionally good. A much longer life is predicted for tlie woollen tie, since it is made of durable material, has no lining, and can be washed. Further, woollen ties arc considered a very suitable match for the types of suit material which arc now the fashion, particularly for golfing tweeds. A ready sale for these ties is repotted by the retail shops in Chrirtchurch. EXPORT OF WOOL. RETURNS FOR EIGHT MONTHS. OS' bales of wool offered at auction in the "Dominion during February. 132,706. were sold, according to figures compiled bv Dalgety ■ and Co., Ltd. For the eight months ended February, the total offering waa 885,581,' of which 318,019 were sold, compared with an offering of 278,078 bales, and the sale of 243,134 bales during the same ; period of 1930-31. The Auckland quantities were 48,584 offered and 32.885 sold, compared with 38i046 offered and 29.453 sold in 193081. , Exports of wool during February from, all ports were 124,581 bales. ■Auckland and Opua; shipping 18.171 bales of this quantity. For the eight months ended February, 382i252 bales were-exported, as against 334,255 bales in the eight months of the previous rear, the figures for Auckland and Opua for the eight, months being •12.492 and 32.521 bales respectively. SYDNEY WOOL SALES. GOOD GENERAL COMPETITION; (UNITED PRKS3 ASSOCIATION BY. KLBCTaiC . ' TTjr.BOKAPtt—COTYRIOHT ) ' (Received Match 14th, 9.30 p.nii) ' v. SYDNEY, March ' At the wool sales the market for good fleece lines and skirtings/ was on a par with .last' week, but the demand " for burry . and dusty ' lots was irregular. There was -good general competition. 1 ■ Greasy ..morino made up to 18d. The offerings totalled 10,823 bales, of which 9389 were sold; also 532 disposed of privately. J. R. M'KENZIE'S GISBORjvJE PREMISES. Pians have been drawn and tenders invited tor the construction of new business premises in Gisborne for the well-known firm of J. It. McKenzie, Ltd., fancy goods merchants, who operate on a national scale and whose first establishment in Gisborne. took, place several years ago. The enterprise shown by the firm in taking over property in the business area and erecting substantial new premises is an indication of satisfaction with the business prospects of this, town, which will be noted favourably by all Gisborne' residents', remarks the "Poverty Bay Herald."

PRICE OF SILVER. (UKITED PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON, March 13. : Silver (pence per ouni'e) is quoted as follows: Mcli. 12th. Mch. lltli. d. d. Spot .. 18 3-16 181-16 Forward ' 18 o-lfi 18£ FOREIGN EXCHANGES. IBBITISIi OFFICIAL WIRELESS.) (Received March 14th, 5.5 p.m.) RUGBY, March 12. The following are the current rates of exchange, compared with those of March Uth and par:— Par. Mch.ll. Mch. 12. Peris, fr. to £1 .. 124.21 92 9-16 92g Kevv York, dol. to £1 4.866 3.64J 3.63* Montreal, dol. to .-£1 4.866 4.07 4.t)8 Brussels, belgas to £l 85 26.05 26 Geneva, fr to £1 .. 25.226 18 25-32 ISii Amsterdam, fl. to £1 12.107 9.025 0.02J Milan, lire to £1 .. 93.43 70J 70j Berlin reifhmarken to £1 .. .. 20.48 15.25 15 9-32 Stockholm, kr. to £1 18.159 18.10 18.10 Copenhagen, kr. to £1 18.159 18.15 18.15 Oslo, kr. to £1 .. 18.159 18 7-16 18 7-16 Vienna, schgs. to £1 34.535 32 S3 (nom.) (nom.) Prague, te to £1 .. 164.26 122J 122J Helsingfors, marks to £1 .. ■■ 93.25 215 217£ Madrid, pesetas to £1 ... 24.225 m , 47i Lipbon, escudos to £1 .. .. 4.50 1093 110 Athens, drach to £1 875 287J 287J Bucharest, lei to £1 816.6 615 610 Rio de Janeiro, pence to milreis 4,988 4 1-16 4 1-16 Buenos Aires, pence to dol. .. .. 47.577 332 3fi| Montevideo, pence to dol. ... ..51 _ 30J 30J (nom.) (nom.) Bombay, pence to rupee .. ..16 X 8 5-32 18 5-32 Shanghai, pence to tael .. ■ . .. -241 . 31 11-16 21 25-32 Honrr Kong, pence to dol. .. .. 2t 16 3-16 15 31-32 Yokohama, pence to ven .. .. 34.85 201 20J - FARMERS' SALEYARDS. The Farmers' -Saleyards, ■' 87 St. Asaph stieet, held a sale of second-hand motor-cars last week. The following prices were realised:—Siddelcy Deasy, £5; Overland tourer, £6; Ford tourer, £l2; Dodge tourer, £2O; Rugby roadster, £l9 10s; Studebaker tourer, £18; Buick tourer, £3l; Dodge, £27; Crosslev, £BS; Buick sedan, £SO; Stephens sedan, £45; Buiok S-seater, £l2 10s; Ford van, £10; dg., £6 10s; Perry roadster, £8 10s; Baby Austin, £32 10s; Indian motor-cycle, £7 10a. —1

GREY VALLEY COLLIERIES.

ANNUAL REPORT. The seventh annual report and balance-sheet of the directors of Grey Valley Collieries, Ltd., for the year ended September 30th, 1931, for pre-; sentation to the annual general meet; ing of shareholders, to be held in Christchurch on March 22nd, has been issued, as follows: — The balance transferred from tlie profit and loss to the appropriation account (both shown herewith) is £7U(JIi 10s which, together with the credit balance of £591 17s 6d brought forward from the previous year, makes a total credit of £8498 7s 6d. Your directors have made full provision for depredaction and taxation, these amounts totalling £5500. It is recommended the remaining balance of £299S 7s 6d be dealt with as follows: £ s. d. Transfer to general reserve 2115 9 4 Carrying forward to next year's accounts ... • 882 18 2 £2998 7 6 Your directors further recommend that the total amount of £9115 9s 4d in the general reserve account be transferred to the disaster loss account, reducing the debit balance therein to £6OOO. Output—Owing to the adverse trade conditions, which operated throughout tlie Dominion during the period under review, the demand for coal was not as brisk as in previous years. The total quantity produced and disposed of was 99.944 tons. Plant and Equipment—The plant and emjipment have been maintained in good order and condition, and.added to during the year. A newßelliss.and Morcom air compressor with British Thomson-Houston electric motor and equipment, co-sting £2OOO. were installed, and are working very satisfactorily. ' , ! Three l)irer:Ui'\; —Messrs Robert B. Bell. Hector Morpeth, and Allan Smith retire from tlie Board in ac-; cordance with the articles -of Association, but are eligible rnd offer themselves for re-olectiou. Mr J. M. A. Tlott resigned from the Board during the vcar. and Mr J. R. Templin, of Christchurch. was appointed to filj the vacancy. , Auditors —The ' auditors. ' Messrs Stewart Bec-Vett and Company, also retire, and offer themselves for re-elec-tion. C. CITRTS DAVIS. Chairman. Balance-Sheet. LIABILITIES. £ ». A. Nominal capital—--150,000 shares of £1 each- 3 50,000 0 0 Less unallotted— .. 50,000 shares of £1 each 60,000 0 t) 100,000 .El 00,000 0 0 7i per cent, first mortgage debentures .. .. 6;000 0 0 Provision for taxation . . 1,500 O 0 Bills payable . . 1,500 0 0 Dividend declared but Dot paid . . . . 3.000 0 u Sundry creditors 4,321 13 H Bad debts reserve . . 113 15 0 (ieneral reserve . . 9,1.15 9 4 Balance appropriation account . . . . B'B2 18 2 i1C6,453 16 2 ASSETS. <• v i L'easc* . • . - 6,432 7 10 Development .. .",5.500 0 0 General buildinys and ac- : coraroodation. for • cm- . ployees £22,74,8 1* Id; Less depreciation £1.418 J.s Id • . . .. 21,330 0 0 liaihvay siding and road con- ; structiori £12,193 0s 0d; '* * : . less depreciation XT-fa ' 12s .i 11,420 17 0 l'lant, tools, and equipment £28,831 lis; less "depreciation £1809.6g lid 27,023 4 1, Disaster loss account 15,115. 0 4 Sttr.es and coal on. band ... . 15, $ Sundry-debtors . " . 1,496.<1 .8 Insurance, etc., prepaid ' . . 587 0 : 0 OfHeo furniture ... . 214.16 i! Cash ait Bank of K.Z.— Christchurch £669 ss; ; - Greymouth, £2,74 Is 3d: cash in hqnd: . Christ: church £3 Gs, Greymouth ' i £25 10s Id .. .. 972 2 4. £126,488 16 2 PROFIT AND LOSS ACCOUNT. £ s. d. Dr.— . . •> To rents, rates, taxes,- insurance,, salaries 4,822 11 4 To stationery, stamps, exchange, travelling ex- • penses, general expenses, law : costs, directors' feeß . . • 2,50" 9 11. To debenture interest —paid and accrued .. , 450 0 0 Interest—Banlc of X.Z, . 801- 13 4 ' - ; 8.681 14 7 To balance to appropriation 1 account .. .. 7,906 10 0 £16,588 4 7 £ s. (J. 0 r —— * By mining account 15,997 9 lp Bv transfer fees £1 17s 6d. "miscellaneous receipts £96 15b 9d, interest on investments £492 Is 6d 590 14 9 £16,588 4 7 At the annual meeting last year a final dividend of 3 per cent, was declared, the payment being left to the discretion of the directors. The economic conditions subsequently, and the curtailment of railway orders, and the importation of Australian coal, which was encouraged by the abnormal exchange rate, caused. tlie directors to decide on a policy of conserving the cash resources of tlie company, and it was decided to further postpone the payment of the dividend until a later date. This position in regard to this dividend is unchanged. An interim dividend of 3 per cent, was paid the preceding May. .... A comparison of principal items m the years 1930 and 1931, is as follows:

1930. 1931. L rS,af~ General reserve .. 7,000 9,115 Debentures ..... 6,000 6,000 Taxation provision 3,77b. 1,000 Sundry creditors 'l.-wi Assets— _ * f leases ••• °' oßlj M" Development ... 35,500 35,500 Sn buildings.- 22,205 21,330 Plant, tools, equip- . ment, etc. ... 20,<88 2,,022 ,C-foi*pc JlUtl CO«1J on hand • ; 7,529 6,353 \ 934 £ gffiter, loss acc.' 15,115 15,110 Debtors ••• 490 I' 49° 1 ' 49 ° PRUDENTIAL BUILDING SOCIETY. annual meeting held. The annual meeting of shareholders of the prudential Building and Investment Society of Canterbury was held last evening, Mr A. Manhire, chairman of directors, presiding. There was a small attendance. The retiring directors, Messrß W.- Thomson and W. R. Heney, were re-elected. The auditors, Messrs Anderson and Browne, vATe reappo* ntet *' t The chairman, in moving the adoption of Ih . annual report (already published), said Iw although the Society was getting its slisre of the hard times, the directors were thflir best to protect the -interests of the shareholders. They had been forced: fo • 5„« individual cases' on their merits and meet people reasonably. The Society, •Old Mr Manhire, could not put a man out •f lie was a trier. As soon an conditions l»(>.rned to normal it was hoped to restore [he of the ballot to "C" shareh°Tliaß report and balance-sheet were adopted. Votes of thanks to the staff, directors, and chairman were passed by acclamation.