OCR Text |
Show AUSTRALIAN GOLD MINES ARE FAILING STEADILY Th progressive decline of gold mining in Australia which became notable six years ago is sharply accentuated In the latest reports from mines that account for 91 per cent of the gold outturn of the commonwealth. The gold production for tho current year will be between $32,000,-000 $32,000,-000 and $33,000,000. This Is a falling ofi" from the previous year of between 10 to 12 per cenu Tho decrease in dividends from Australia's gold mines In 190S. ns compared with 1907 will be not less than $1,600,000. In tho mineral production of Australia gold represents 94 per cent. The East Coolgardlc field yields 56 per cent of the commonwealth's gold. In that region the lack of water has been a factor 'against mining for a. year The gold content of ores in all parts of Australia shows a noteworthy decline in tho current year. Gold mining has been abandoned In an area of 17S5 acres thl3 year because of failure of mines. In copper mining only a few Australian properties arc making dividends. The high cost of fuel, scarcity of water and high rates for mineral traffic militate 1 against a number of copper mines that I paid fairly well during the short stago of high-prlee.il copper In 190G-7. But when copper gets below 16 cents, few Australian Austra-lian mines can make expenses. Wall Street Summary. |