REFLECTIONS ON ’CHANGE

Sun (Auckland), Volume III, Issue 747, 21 August 1929, Page 10

REFLECTIONS ON ’CHANGE

ATTEMPT TO REVIVE MINING DEFINITE MOVE MADE By NOON CALL. A movement of considerable interest to Stock Exchange circles over the week has been the definite attempt to form a company to undertake a geological survey of the Hauraki goldfields area, with a view to bringing about a revival of the industry. With the exception of those in close touch with the Waihi district, few realise exactly what the mining industri r in the three counties—Ohinemuri. Thames, and Coromandel—have meant to Auckland and the Dominion generally. The Waihi mine has yielded, over £19,000,000, and for approximately half a century has; supported a population of from 1,000 to 8,000, according to the capacity at which the mine has been worked. Even today the Waihi Mining Company has a pay-roll in Waihi of approximately 600, and distributes £12,000 a month in wages. 'When the miners’ dependents, and those who supply them with their material wants, are considered, it can be realised that the old Waihi mine still supports a population of considerably over 1,000. Other mines in the district have also shown big returns in the days when mining was in the boom. The old Thames mine yielded over £7,000,000 before it was abandoned; the Karangahake mine enriched its owners to the extent of over £4,000.000; and the Waitekauri, Komata, Maratoto, and several others, proved very profitable in their boom days.

A rough survey has shown that the whole of the area extending from Cape Colville in the north to Te Puke in the south is composed of practically the same class of country as that around the square mile of Waihi which has proved so profitable in the past. The query put by those who seek a revival for the industry is; If the country is similar in composition to that around Waihi, is it not reasonable to suggested that a careful geological survey of the district would result in the discovery of other equally profitable areas?

An Expert’s Views Speaking at a meeting of mining interests in Waihi last week, Mr. H. W. Hopkins, superintendent of the Waihi mine, said that people had become so used to the fact that the "Waihi area, comprising little more than a square mile, had produced more than £19,0000,000, that they were inclined to under-rate it. It might be claimed that the Waihi deposit was exceptional, a freak of nature, but a study of the map showed that nine miles to the west was Karangahake, which had produced over £4,000,000; a few miles to the north was the Thames, which had yielded £7,000,000. The fact was that the influences which had produced the Waihi deposit were widespread in the Hauraki district. It was up the valley of Wairongomai that one saw again the wellknown kindly country of Waihi. There was an outcrop of this propylitized country at Ivatikati, where the Eliza claim was worked, and the southernmost exposure was that at Te Puke. From the point of view of geology, there was no reason why deposits similar to those of Waihi should not occur at any point along this zone. A meeting of Waihi residents held last week decided to proceed with the arrangements necessary to the formation of a company to undertake a careful survey of the area in question. The Minister of Mines had assured the district of his sympathj’, and it was hoped to secure the services of Dr. Henderson, director of geological survey A scientific survey of the district, given Government assistance, should certainly do more than isolated attempts by private enterprise. Two men with a pick discovered \\ aihi. Wbat are the possibilities of a scientific survey? Markets on ’Change Little movement of outstanding importance has been recorded in Stock Exchange circles over the -week. The market for all the better-class securiti.es. is , ver y Arm, and a healthy volume of business lias been recorded. The total volume of business for the Dominion has been affected to a certain extent by the National Week in Christchurch, the exchange there being closed for several days. Below is a summary of sales made on Xew Zealand 'Changes over the week ended August 20, giving the approximate return on investment based on the latest dividend. In the case of Government and local body debentures, tfie return includes redemption. In the first column is the price at the time of the latest sale.

NEED FOR NEW BANK

PAR SHARES IN “A. AND N.Z.” During a comparatively short period tho total trade of Xew Zealand has increased sevenfold, and Australian trade fivefold, but the number of banks to handle this enormously increased business has been increased by only one. The remarkable development in trade in both Australia and Xew Zealand has witnessed a constantly growing demand for wider banking facilities, and for this reason the farming, industrial and commercial sections of the communities will welcome the entry of the “A. and N.Z.”—the Australian and Xew Zealand Banking Corporation, Ltd., into the banking field. Two million shares are being offered to the public at par, an event without parallel in the last 40 years. Bank shares stand unrivalled in the field of investment. Xo bank operating in both Australia and Xew Zealand is paying less than 12£ per cent, on its shares. The average rate is 14 per cent. Early application for a copy of the Prospectus of the new Bank should be made to the Organising Brokers, Dominion Brokers, Ltd., 605-606 Dilworth Buildings, Queen Street, Auckland. 5

Latest BANKS— Price. £ s. d. Return. Aust. of Commerce i n Australasia, 14 Com. of Australia.. Ditto (pref.) .. . . Eng.. Scot., & Aust. National of N.Z. .. Q £ 'i National of ’Asia . 19 New South Wales .. 52 New Zealand .. . . Union of Australia 15 1 6 4 INSURANCES— A.P.A New Zealand .. .. South British .. .. 3 76 14 LOAN AND AGENCY Goldsbrough. Mort . *> S N.Z. Farmers' Co-op (A prof.) 9 1 9 N.Z. Guar. Corp. .. North Auckland Farmers’ Ditto (A pref.) . . 0 Ditto (B pref.) .. 0 12 6 9 12 0 COALS— Grey Valley .... 0 Pukemiro rj £ Renown (pref.) .... 0 u Taupiri 1 9 6 6 15 G SHIPPING— Devonport Steam . . 1 Huddart-Parker Northern Steam 0 o Ditto (con.) .. .. € 0 S 12 TIMBER— Kauri ,, 0 IS 0 4 O 4 BREWERIES— New Zealand .. .. 4 O Staples Carlton 2 S 0 16 S MISCELLANEOUS— Beath & Co. (Is pd.) 0 g British Tobacco .... S 0 Bycroft, Ltd 1 14 Colonial Sugar.. 57 Dunlop Rubber .. .. 1 7 9 9 Electrolytic Zinc .. 1 19 9 Ditto (pref.) .. .. 0 5 Farmers' Trading .. 0 9 4 S Hayward’s Pictures 0 19 N.Z. Farmers. Fert. 1 4 N.Z. Paper Mills . . 1 0 6 N.Z. Refrigerating (con.) 0 0 10 Taranaki Oil .... . . 0 4 W hittome Stevenson 2 S 0 7 o W ilson’s Cement .. 2 4 9 4 9 5 DEBENTURES— N.Z. Breweries . . . . 1 S 6 Gonville Town Board 1940. 5 3- p.c 99 0 0 War Loan. 1930, 4i ‘99 0 0 in 0 Ditto, 1933, 51 p.c. 99 15 0 6 5 Inscribed Stock, 193S p.c 100 0 0 4 10 0 Ditto, 1933, 5i p.c. 101 7 6 5 2 2