TRADE AND FINANCE

Evening Post, Volume CXV, Issue 32, 8 February 1933, Page 10

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAY

KAFFIR BOOM

"-GOLD FLUCTUATES

DECLINE IN FUNDS

"Evening Post," Bth February.

It is necessary to go back for many years to find the London mining market so busy as now, but Kaffir booms have been known o! old, and it has also been remarked in times of old that, in a period of depression, the speculator turns to gold mining. Two features in the South African mining situation are the maintenance of the Band gold returns and the claim that the lost line of reef-has been discovered. The Eand formation was known, to exist from Springs to Eandfontein, roughly one hundred miles.. Its ■ continuation either way was believed to have been interrupted by a fault,' but the quest for the displaced reef has been vigorously carried on,- latterly under the, direction of a geophysicist, Dr. E. Krahmann,. a German. It is stated that Eand mine-owners have backed him heavily financially in his prospecting operations, . It is now. hoped—but this must be regarded as pure hope—that the Eand gold output, now about 48 millions; a year, will be doubled within five years .by the extended operations implied .by the geophysical investigations. - In -1928 South Africa's mineral production was 66 millions, but the diamond degression has reduced it by over ten millions. The gold output, however, has not receded.

BUSHED SATURDAY, ERRATIC

MONDAY.

/British:.Ofßfclal .Wireless.)

; . ;.\ ■ ' RUGBY, : 6th February. Considerable excitement still prevails in ■the South African mining section on the Stock Exchange, and this morning further | ehari> advances were again registered. This1 followed heavy dealings on Saturday morning; when a widening of the demand was reported. After the closing of the Stock Exchange on Saturday the street market carried ~on business until 2 p.m. Many, years have, passed since such activity prevailed in the mining markets. ■ To-day ..(Monday) a 'sharp increase in sterling rates sent down the price of gold, and Kafiirs were somewhat erratic, mostly finishing weaker on the day as the result of profit taking. After closing conditionswere .quieter than recently in the street? British funds declined about Is 8d on the day, with War Loan, 3% per cent., at 99 3-Bths. ■ [Gold was quoted by.cable yesterday at 119sj_9d per qz, to-day at 120s 2d per oz.]