Commerce, Mining, & Finance

Evening Star, Issue 21745, 13 June 1934, Page 6

Commerce, Mining, & Finance

THE SEARCH FOR GOLD OXENBRIDGE SKOTOVER The directors of the Oxenbridge Shotover Gold Company have received advice from tho manager that the concrete dam on the Moke Creek is practically completed. The benching to convey the pipes carrying the water to the junction of the Moke and Shotover is also completed. Tho by-pass pipes are on the claim, and a start will be made immediately with the laying of these and the putting in of tho wing dam m the Shotover to enable a paddock to be opened out. The construction of the elevator and gold saving plant is well in hand, and no time will be lost in commencing operations immediately the laying of the pipe line is finished. . OKARITO FIVE-MILE BEACH In the gazetted statement of tho affairs of the Okarito Five-mile Beach Gold Dredging Company. Ltd., to December 31 last, the following particulais are given :—Date of registration: October 29, 1928. Amount of capital subscribed: £35,000. Capital paid up in cash: £30,500. Paid-up value of scrip given to shareholders on which no cash has been paid: £4,500. Number, of shareholders at time of registration; Seven. Present number of shareholders: 468. Number of men employed : Eleven, Quantity and value of gold produced since last statement: 3,9140 z; £25,633. Total quantity and value produced since registration: 8,7340 z: £52,312. Amount expended in connection with carrying on operations since last statement: £13,188 8s 2d. Total expenditure since registration: £57,583 8s sd. Total amount of dividends declared; £21,000. Amount of cash in bank: £251 17s 4d. (Fixed deposits, £6,200.) TALISMAN DUBBO RETURN The following report for the latest four-weekly period has been received from Moturoa Oil Fields Ltd., New Plymouth Moturoa No. 4 well produced 7,945 imperial gallons of crude oil. Total production to date, 14,945 imperial gallons. Moturoa No. 2 well produced 4,900 imperial gallons of crude oil. Total production to date, 527,104 imperial gallons. . Running tubing at No. 4 and cleaning out operations at No. 2 wells are responsible for reduced production from each of these wells over the four iveeks. PADDY’S POINT COMPANY The report of the directors of the Paddy’s Point Gold Mining Company for the half-year ended April 30 states:— The payment of the dividend-last December was made possible by the return of 740 z secured on December 9 as the result of just over four weeks’ sluicing. This wash-up of 740 z was the best secured by the company during the half-year under review. , Since then operations have progressed along the roadside in the direction of the farmhouse, and have resulted in steadily

diminishing returns, tho wash-ups being 560 z, 38oz, 360 z, and 290 z. Although these returns have been small, the time taken over the paddocks has been much shorter than formerly, and with the present high price of gbld the returns, although low, have always been at least payable. After completing the paddock, which produced 290 z, the manager was convinced that it was futile to proceed further towards the farmhouse, and consequently he decided to go back and sluice the face which had been opened up by the excavation of the previous paddocks. A start was made on this about tho middle of April, and by tho end'of that month 12oz 15dwt had been won from this paddock. Since then the paddock has been completed for a total return of 570 z, which is a considerable improvement on recent returns, as tho time taken was only a week more. Operations from now on will be extended from the paddock which has just been completed towards the back of the claim.

Sonic time ago the company investigated the possibility of bringing in an additional supply of water from the Bungtowu Creek. A report on this proposal was obtained from a civil engineer, and, as a result of his investigation, it was found that the catchment area contemplated was inadequate to justify the scheme being proceeded with. The possibility of the company generating electric power from its surplus water supply, and, with the power, driving a centrifugal pump to obtain water under increased pressure, was also considered. The report received on this proposal was not favourable, and nothing is possible in this connection ' without, tho expenditure of a sum, of money beyond the company’s resources. The directors still have in view the installation of a centrifugal pump driven by, other means, the object being to obtain increased pressure to break down the clay overburden more rapidly. Experiments have been carried out with explosives with, the idea of ascertaining if the clay could be shattered and treated more rapidly with the water. The results of these experiments have not so far been altogether satisfactory. The total gold won during the half-year was 2450 z,. the melted weight of which was 2330 z 16dwt. The average price realised during the period was £7 2s-3d per ounce, based on the melted weight. Tho profit and loss account for the half-year shows that, despite the low returns, the company has made a good profit on its sluicing operations. After writing off the balance, of the engineering , expenses in, connection with the Bungtown water race, £SO from freehold property account, being tho estimated value of freehold property mined during tho ; period, _ and £193 for new pipes procured during the period, and which became necessary as operations were extended away from the penstock, a balance of £373 remains. Provision has been made for the income tax, which will be payable in February, 1936, in respect to the dividend paid on December 18. The balance remaining to the credit of profit and loss appropriation account after transferring the profit for the half-year and making the adjustments referred to is £1,502, and this has been carried forward. Thb statement of the affairs of Paddy’s Point Gold Mining Company Ltd., to December 31 last, states.— Date of registration: August 4, 1928. Capital .subscribed: £14,010. Capital actually paid up in cash: £11,500. Paidup value of scrip given to shareholders on which no cash lias been paid: £2,500. Number of shareholders at time or registration: Seven. . Present number of shareholders: 194. Number of men employed : Seven, Quantity and value of o-old produced since last statement: 5870 z ; £4,416. Total _ quantity and value produced since registration: 2,013 ounces; £11,524. Expenditure since last registration: £21,636 8s sd. Amount of dividends declared: £1,401, NOKOMAI COMPANY In connection with the option referred to in the notice issued by the Nokomai Gold Mining Company Ltd. notifying the date of the annual meeting, it will be of interest to shareholders to learn that the London mining syndicate is the : same as has recently so successfully floated the Molyneux Gold Dredging Company, the subscription lists of which were closed within an hour after their being opened. The representative who was here has also obtained an option over the Cameron freehold, and so has control with the Nokomai claims of the whole dredgeable area in the Nokomai Valley, amounting to 344 acres, and containing some 55,000,000 cubic yards. He has also obtained the partially worked areas formerly held by the Nokomai Sluicing Company in the upper reaches ■ of the Nokomai, comprising over 200 acres, with an estimated yardage of 15,000,000 cubic yards. A further acreage of 639 acres has been taken up in the Mataura Valley in the same district under prospecting license,

the value of which is, as yet, unknown, but which from the locality is said to be likely to be as good as at Nokomai itself. Altogether, this London mining syndicate has a total acreage of proved and unproved ground of close on 1,200 acres, with an estimated yardage of 120,000,000 cubic yards. It will probably be the largest dredging proposition in New Zealand.

Tho London syndicate, if the option is confirmed by the shareholders, proposes putting on at least two dredges, one to work what is known as the Gorge, Old Nokomai and Victoria Gully; this will be a small one, dredging no deeper than 65ft, while fhe other will be capable of going to 100 ft, and have a capacity of 3,000,000 cubic yards per annum, or 250,000yds per month. The proved values at Nokomai average Is 6d, taking gold at £4 only, but taking a price of £6 the value is just over 2s Id per cubic yard. With the large yardage treated hydrauliokly and by drag line, there is no doubt as to the These modern large capacity dredges are now up to such a pitch of efficiency that they can operate at an all-in cost of 2d to 2id, which leaves a profit (gold at £6) of Is lOd to Is lid per yard, or a total of nearly £17,000 per month. With such figures and the long life' indicated by the total available yardage, there is every reason to behove that the Nokomai Valley may develop into one of the largest dredging propositions in the Southern Hemisphere. Tho dredging of the top 120 acres of the present Nokomai holding, one-tenth of the whole area, will alone keep a dredge as described above busy for six years.

NEW CORNISH POINT MINES Mr M. Moye, manager of tho New Cornish Point Mines Ltd., at Cromwell, reports for the week ended June 9 as follows: “ For the past week the incline tunnel has been advanced 12ft, making the total distance 159 ft from No. 1 peg. This is 18ft below the datum mark at No. 1 south cross-cut, or 4ft lower than tho bottom of the channel as indicated by tho bore holes. At this point the level towards the channel has been commenced and advanced sft, making the total progress 17ft. Work has been carried i with three shifts, two men on each, with the machine drill. The country driven through consisted of fairly hard rock, timbering not being required. A small quantity of water is making at the bottom of the drive, coming from the crevices in the rock.” THAMES AND COROMANDEL A total of 960 z 4dwt of gold was won by miners under the Unemployment Board’s prospecting scheme in’ the Thames and Coromandel area during May. in the Thames borough ten parties had crushings of ore ranging from IGdwt to 16oz 17dwt, the total bullion won being G3oz 12dwt, valued at £174 6s 3d (excluding bonus). In the Thames county three parties had crushings, the bullion totalling 240 z lldwt, valued at £74 3s lOd. In the Coromandel county three parties had crushings yielding Boz Idwt of bullion, valued at £24 12s 9d. During the month £6l 18s lOd was paid out in bonuses on bullion won in April.

AIR TRANSPORT DIVIDEND Tli© directors of Holden’s Air Transport Services Ltd. have decided, as the company’s accounts continue to show satisfactory profits, to declare an interim dividend for the quarter ended March 31 at the rate of 10 per cent, per annum. The company paid a dividend of 10 per cent, for 1933, the first year of operations. DIVIDEND POSTPONED N.Z, AND RIVER PLATE LAND COMPANY In view of the difficulty in transferring funds from the Argentine to London, and the failure of a number of mortgagors to meet their obligations, the directors of the New Zealand and River Plate Land Mortgage Co. Ltd. have decided not to pay an interim dividend, but to postpone the question of distribution until the end of the year, as referred to by the chairman at the annual general meeting on January 16, METAL MARKET Press Association—By Telegraph—Copyright LONDON, June 11. The following are the official metal quotations:— Copper.—Standard, £32 18s 9d per ton; forward, £33 6s 3d. Electrolytic.—Spot, £36 ; forward. £36 10s. ' Wire bars, £36 10s. Lead.—Spot, £lO 18s 9d; forward, £ll 6s 3d. Spelter.—Spot, £l4 16s 3d; forward. £ls^ Tin.—Spot, £228 12s 6d; forward, £227 7s Cd. Silver.—Standard, 19 11-16 d per oz; fine, 21id

NEW GUINEA SHARES Press Association—By Telegraph—Copyright. LONDON, June 12. (Received June 13, at 11 a.m.) New Guinea shares are quoted at 5s s|d. ________ DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, June 12. (Received June 13, at 11 a.m.) The dollar is quoted at 5.06 and the franc at 76§.