MINING

Hokitika Guardian, 18 December 1931, Page 3

MINING

ALEXANDRA MINES GOLD SALES The following official statement is supplied by the secretary (Mr T. 1.1. Lee, of Beefton) of the result of the first parcel of gold sold by Alexandra Mines Ltd., in London. After England departed from the gold standard the price of gold in London advanced very materially, consequently tin's company decided to send its gold there for disposal. The c-onip my’s gold production for the month of September, amounting to 248 line ounces from 315 tons, was sold in London, and ;realised £I7OO. This parcel of gold was valued at £IO3B before shipment, consequently £062 has been realised oil the sale of gold and premium on exchange for remitting proceeds from London to New Zealand. The return represents to the company altogether an overall price of 135 17s Id per fine onuce. Additional parcels have been sent- forward for sale, comprising 348 o-'-i from 284 tons, be’ng October return, and 6240 z from 457 tons, being November return.

PRICE OF COLD. At the annual meeting of the Paddy’s Point Gold Alining Company in Dunedin on Monday the secretary reported that he had received information regarding the price of gold. The Melbourne Mint was paying a premium of 70s, gold being worth £7 4s--5d per oz .The exchange rate, however, reduced this figure to £6 6s 3d for fine gold. Paddy’s Point gold was about 95s fine, so that it would be worth roughly £6 per ounce. On the English or American markets the price quoted was £6 6s-2d per ounce, ind, as the exchange rate was in favour of New Zealand, this figurt was equivalent to £6 18s 4d per ounce here. Paddy’s Point gold on this market would be worth about £6 10s per ounce. . & , . ; . OKARITO DREDGE. The following report for the four-' weekly period ended December stli 1931 has been received: — Total gold mon, 3410 z 14 dwt, total hours worked. 398:1; total non-work-ing hours, 177(j (of which 121. V were lost, currying out alterations to the main pipe line); total yardage treated, 24,600 cubic yards, an average of 61.7 cubic yards per hour; average value of ground (on basis of gold worth ; £4' per ounce), 13.3 pence pei cubic yard.