METAL PRICES FIXED

Evening Star, Issue 23371, 14 September 1939, Page 9

METAL PRICES FIXED

COPPER, LEAD, SPELTER, AND ZING AFFECTED Press Association—By Telegraph—Copyright LONDON, September 13. (Received September 14, at noon.) The Metal Exchange has fixed the following maximum prices:— Refined copper, unwrought, £49 10s (in warehouse). Pig lead, foreign, ex ship, £l6 12s 6d; ex warehouse, £l7 ss. (Duty for buyers’ account.) Empire lead, ex ship, £l7, ex warehouse, £l7 12s 6d. Foreign spelter, ex ship, £ls. (Duty for buyers’ account.) Empire zinc, ex ship, £l7 ss. The new rates compare with the last spot quotations available as follows:

»%»% jfm A »% A jf p»%»% »y# a »*« however, have yet to be attached, and a further delay will occur on that account. Collectively these delays deprived the company of much dredging time, with a corresponding reduction in recoveries. During the year the directors decided to temporarily abandon dredging northward on account of rising ground ahead and lack of tailing stacking facilities. The dredge is now proteeding southward, towards ground which is expected to yield improved values and which should offer better dredging for some years to come, before it returns to the northern section of the company’s area. At present the dredge is earning a profit on ground of a very low value as it proceeds southward. BALANCE SHEET ITEMS. 1938. 1939. Gold won, ess ... 1,867 1,482 Value (less tax) ... £13,702 £12,262 Net profit £3,964 £1,426 Dividend p.c. ... 8 1-3 * OPERATION STATISTICS. During the year the dredge worked 4,788 hours of a possible 7,488 hours, the percentage of time lost amounting to 63.9. The area dredged was 13} acres, of an average depth of 27ft. Average cubic yards an hour were 122, pvhile the average net value a fine ounce realised (after deducting gold tax) was £8 5s 6d. The average value of a cubic yard treated was 5.42 d. MINES AND METALS REPORTS AND RETURNS Alexander. The mine report for the week ended September 7 of Alexander Mines Ltd. states: —No. C level: The drive south of rise advanced 11 feet, making a total of 48 feet south of rise, where the reef cut out. Arrangements are now being made to sink a winze on this block of ore. Stoping on the north end of this block shows little improvement. Stoping; Above this the intermediate level has been carried out on three faces. Average width, four feet. Filling the fourth stope north of winze is in progress. During the week 50 tons of ore were sent to the battery. Mount Lyell. The progress report of the Mount Lyell Mining and Railway Company Ltd. for the fortnight ended August 30. 1939, is as follows: North Mount Lyell: Tons extracted, 2,730. Crown Lyell; Tons extracted, 1,831. AVest Lyell: Tons extracted, 29,404; new oro transfer pass, construction work in progress. Lyell Comstock: Tons extracted, 3,278. No. 9 level. No. 3 south drive extended 24ft to 42ft through ore. No. 2 north drive extended to 12ft through low-grade ore. No. 2 crosscut extended 6ft to 47ft through fair grade ore. No. 10 level, main shaft extended 4ft to 674 ft (67ft below No. 10 level) through propbyry. Reduction works: Furnace in blast for the full period—ll,B4o tons refinery anodes made for current year. Concentrator: The mill operated for 336 hours and treated 39,256 tons of ore, producing 2,052 tons concentrates. Copper refinery: The tank house was in operation throughout the fortnight, 519 tons cathode copper being produced for period. The total for the current year is 11,839 tons. AUCKLAND TRANSPORT BOARD LOAN REQUIREMENTS RAISED Advice lias been received from the secretary of the Auckland Transport Tloard (Air C. R. Gribble) that the board’s present requirements under the Transport Consolidated Redemption Loan, 1938, have now been raised. Air Gribble expressed his pleasure at the response to the loan, stating that over £255,000 had been subscribed in Jess than three months.

New rate. Aug. 31. £ s. d. £ s. d. Copper .. 49 10 0 44 16 3 Lead ... .. 16 12 6 16 11 3 Spelter .. 15 0 0 , 15 2 6