BASE METALS MARKET

Dominion, Volume 28, Issue 84, 3 January 1935, Page 10

BASE METALS MARKET

Little Change in Prices By Telegraph.—Press Assn.—Copyright. (Received January 2. 0.5 p.m.) Sydney, January 2. The official London (middle) quotations for Monday, as reported by tho Australian Mines and Metals Association, compare as under with those previously cabled:— , Dec. 28. Dec. 31.

per oz. 2+3-fld. 24 5-Sd. Fine 265-10 d. 26 9-16 d. •American 9 cents a lb. ‘ Bulolo Gold Dredges To work its gold-bearing ground in New Guinea at extra depth, to a limit probably betweeu 7'5 feet and 125 feet. Bulolo Gold Dredging, Ltd- contemplates the construction of at least two dredges, which would be among the deepest, dredging plants in the world. Discussing the proposals in his address at the annual meeting in Vancouver last month, the managing director (Mr. C. A. Banks), who presided, said: 'lhe development of the deep gravels on the original Bulolo area is'of the greatest importance. Three power drills are now continuously testing these gravels in order that an early decision can be made regarding the installation of further dredges, At least two new dredges wj 1 be required, and as the cost of these, w ill be substantial we must be fully satisfied on all points before decisions nre made. These dredges, which will be among the deepest digging boats in the world, will be designed in our own engineering department at San Francisco, where preliminary plans nre now under way. U lnle these deep-digging additional dredges could, no doubt, be built out of profits without materially affecting the dividends'. vein- directors may decide to sell some additional shares, rather than interfere in any way with the dividends now contemplated. Should this course be adopted, the issued capital would probably not exceed 1,000,000 shares. (Issued capital at the date of the meeting was 915.000 shares.) The Bulowat ground, Mr. Banks continued, was proving to be physically favourable for dredging, and. the recoveries were fully up to expectations. From May 31, the date of the accounts, to November 1, a total of 3,770.200 cubic yards was dredged for a recovery of 52,477 fine ounces of gold, with an estimated profit of 1,349,180 dollars, yRu gold at 35 dollars per ounce. The four dredges were now handling about Jvv,uov cußic yards per month. In reviewing the accounts, Mr. Banks said that the year’s allocation of IoO.OW dollars brought the amortisation fund to 300,000 dollars. So far. this was purely a book figure, but now that the dredge constructing programme was for the time being contemplated, it was proposed shortly to put this reserve aside in cash.

/ Per ton. Per ton. Copper— £ H. d. £ s. d. 28 2 6 28 6 3 Standard, forward 2S 10 7+ 28 14 41 •Electrolytic to .11 10 32 0 0 0 31 32 10 0 0 0 5Vi.ro hflFR S3 0 0 32 0 0 Load —- 10 13 in 7 6 0 • Fnrnvard ........ 10 7 0 10 8 9 Spelter— ■Rpot 11 15 0 11 17 0 I? nr ward ........ 12 1 3 12 13 I) Tin— 228 5 0 228 10 0 Forward 229 6 3 228 0 3