AUSTRALIA’S BORROWING

Sun (Auckland), Volume I, Issue 233, 21 December 1927, Page 12

AUSTRALIA’S BORROWING

RELIEF AT REDUCTION By Cable.—Press Association.—Copyright LONDON, Tuesday. It is expected that the underwriters will be saddled with a fair proportion of the New South Wales £7,000,000 loan. It comprised 5i per cent. 1947-57 stock issued at 99*. There is still a feeling in the city that borrowing by Australia must be closely watched, says the “Financial News.” The recent reforms by the Loan Council and the provision of sinking funds contained no guarantee that the money borrowed would be spent more effectively. “It is a relief to learn that drastic reductions in expenditure were made at Monday’s meeting of the Loan Council in Canberra,” the journal remarks. “The task of making Australia’s credit secure is being tackled none too soon, as the continuous increase in her debts cannot be viewed with equanimity.”— A. and N.Z. MINING NEWS KURANUI. The manager reports for the week ending December 17:—The drive on the leader in the footwall of the main reef has been advanced 6ft for the week, making a total of 93ft from the crosscut. The leader has opened out again after passing through the broken country mentioned in last report, and we are now in a much better class of country. The quartz broken is very heavily mineralised and shows some nice blend and silica and should make gold at any time. The crosscut has been driven a further 20ft for the week, which makes a total of 60ft from the starting point. OHINEMURI. —The mine manager reports: The north drive on the Camoola reef is along 732 ft from the main crosscut. The present face is composed of high-grade ore for its full width, in which there exists a band of telluride. It is the best one yet seen in this section. In the south section a drive north was commenced and extended 26ft in sulphide ore of good grade. This drive is at a point 2,611 ft from the north face. The object of this work is to prove the continuation of the chute opened up in the south section, and, as the reef is intact f< 2 r JS hei ? ht of . over 400 ft, the extension of this chute is of outstanding importance. The installation of the new aircompressing plant is nearly completed and will be ready for operation when the construction of the transmission line is out of hand.

ALBURN!A.—The manager reports as follows: The drive north on the dropner was advanced from 90ft to 104 ft The leader, which is a well-defined body of ore, is an average width of 18in. It is encased in a good class of country rock and a fair number of mineral seams are now showing. Going south.on the “Sons of Freedom” reef we extended the drive from 70ft to 84ft; at this point we met with the winze which has perfectly ventilated the mine. I am pleased to say we are now in a position to drive to any point we wish to and prospect the various parts we wish. I may also say that this will reduce our consumption of electricity considerably.” COMPANY REGISTRATIONS

Yesterday one private company was registered in Auckland: —Sunbeams, Limited, theatre proprietors. Capitol, £I,OOO, in £1 shares. Subscribers: Robert Archer Cleland, 999 shares; Alexander Robert Wilson, 1 share.