QUEST FOR GOLD

Sun (Auckland), Volume II, Issue 395, 2 July 1928, Page 12

QUEST FOR GOLD

AUSTRALIAN COMMISSION’S FINDING NEARLY £2,000,000 INVESTED IN NEW ZEALAND In Australia the output of gold has fallen from £14,000,000 in 1906 to £2.000,000 in 1926. An even greater decline has been registered in New Zealand. Hopes are held out for the restoration of the industry in Australia. In New Zealand, however, gold prospecting propositions are viewed with less and less favour annually. An investigation of the industry in Australia was recently made by a Development and Migration Commission and. in its report, the Commission expressed confidence that the industry could be restored to its old position. Gold mining across the Tasman has ceased to be profitable largely on account of the high costs of production. These costs have made it necessary to mine ores of higher grade, and mining has become a speculative gamble instead of a business. Subsidy Recommended The Australian Commission recommended the establishment of a Commonwealth fund of £250,000, to be used largely for relief from the effects of customs duties on machinery for new construction. This, it was contended, would J allow lower grade ore to be worked with I better prospects of success. Present rates of wages are not regarded as excessive when compared with those paid in other Australian industries, but the Commission considered plants should be operated as nearly as possible to 360 days a year by arranging shifts on a roster system whereby no man would work more than the statutory hours a week. Position in New Zealand At the moment, although the output of payable ore in New Zealand is practically nil, there are well over 50 gold mining or dredging companies registered in the Dominion. On the Auckland Stock Exchange alone, 32 companies, representing issued capital amounting to £1,703,671, are listed. For the most part, however, the shares are available at well below par, w r hile many have no sale at all. Gold mining has come to be regarded in New Zealand as a. wild cat speculation not worthy of the attention of the genuine investor. In no country, however, does the State offer such liberal and varied assistance to miners and prospectors as in New Zealand. State Aid to Mining During and since the war State aid to mining has been given in various forms, including financial aid to prospecting, loans on mining operations, schools of mines, subsidised roads to minefields, and Government water races. During the year ended March 31, 1927, a total of £9,098 was expended in subsidies for prospecting, and 155 persons were employed in connection therewith. About the same sum was spent the year before. In addition to the amount of Government money which has been sunk in mining propositions in this country, hundreds of thousands of pounds sterling of the investing public’s has been lost in wild-cat propositions that have ceturned nothing for the money so invested. Thus it is not to be wondered that difficulty is experienced in interesting the public in any new prospecting scheme, and that even the Government is beginning to look askance at requests for assistance.

LONDON MARKETS FROZEN MEAT VALUES (United P.A. — By Telegraph — Copyright) (Australian P.A. — United Service) LONDON, Saturday. Sheep.—Canterbury, light, 7 3-3 d; medium, 7d; heavy, 7|d; North Island, light, 7d; medium, 6 7-<Sd; Xew Zealand, ewes, o 3-Bd. Lambs.—Canterbury, light, 10J; medium, 93d; seconds, 93d; other selecteds, light, medium, 93d; North Island, firsts, light, 9 7-8 d; medium, 94d; Patagonian, seconds, 9 l-Bd. Frozen Beef.—Australian hinds, 53d. Chilled Beef.—Argentine fores, 4 3-Sd; hinds, 7|d; Uruguay fores, 4 l-8d; hinds, 7d; others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) a 2k° tton ‘ — Jul Y delivery, T1.89d (11.25 d) Rubber—Para, lljd (lid) a lb; plantationd and smoked, 9jd (9Jd). Jute.—July-August shipment, £34 15s (June-July £33 13s) a ton. Hemp.—August shipments, £3O 5s ( J r-^V Au ? u st, £3l 10s) a ton. „ C 9P ra ’ —July-August shipments, £26 7s 6d (June-July, £26 7s 6d) a ton. Linseed Oil—£29 15s (£29 10s) a ton. Turpentine— 44s 9d (45s 6d) a cwt. P. AND O. SHARES. £?39 10s. °' deferred stock is quoted at LONDON MEAT MARKET OFFICIAL RESUME of lT ?he r 4 1 ! ' e £ un , e 29 ’ the London office Board cabl 'd Z ,?i an , a „ Me - at Producers’ sSSJh T)' th ® following- resume of fi’p , ie d delivered prices, averaged for the week ended at that date:— New Zealand Wethers and Maidens and mS y quality, s r elecl ed brands. 561 b 57 ' b t 0 641b ’ 7d; 6611 > —brands. 561 b and under, d l\j»J ,b^ to J 4 V’ 7id: 651 b to 721 b, 6gd. 58d Zealand Ewes—64ib and under, lit ?j e V cl ? eaia '’J d Lambs.—Canterbury quaU „'is er ’ 103 d; 371 b to 421 - Jd, 4olb to oOlb, 9Sd; seconds. DM: selected brands 361 b and under. lOJd; 371 b to 421 b, first quality, 361 b and IV, to 421b * 9 &d; second quality. oOlb to 321 b average, lOd New Zealand Beef.—Ox’fores, 4d; hinds, 6d; cow fores, 3£d; hinds, sd. hind? en 7Sd 6 Chilled Beef -° x 4gd; ct^ ro F en^, ork -—Porkers. 601 b to 801 b. Tld; Sllb to 991 b, 63d; 1001 b to 1201 b, 63d; baconers, 1211 b to ISOlb. 7?.d. * •Ji ,a I nb m i\ l 'ket slightly easier, Homekilled supplies heavier. Mutton market weaker. Beef market firm, with good demand.

New Zealand Pigs.—Baconers Stocks exhausted. Porkers: In poor demand owing to hot weather.