MINING NEWS.

Auckland Star, Volume LII, Issue 168, 16 July 1921, Page 5

MINING NEWS.

> THE SHAREMARKET. Buyers of P. and 0. deferred stock advanced their offers to £330 at the third call yesterday of the Exchange, but no seller' quoted. This is a rise in the buying rate of £15 within the last fortnight. Auckland Gas, paid issne, were placed at 21/6, and further transactions were recorded in X./C. inscribed stock (1935) at £83 15/. Sales also took place of Waihi Grand Junctions at 10/3. WAHII GRAND JUNCTION. LONDON, Jnly 14. On the London Stock Exchange to-day Waihi Grand Junction shares were quoted lit »/.—(A. and N.Z. Cable. I EVENING STAR. The manager wired this morning:— "Broke down Waiotahi Cambria reef, very promising, showing colours of gold." WAIHI G.M. COIITANT. THE ANNUAL MEETING. In the course of his remarks at the animal meeting of shareholders of the Waihi G.M. Company the chairman (Mr A. N. Mitchison) stated that shortage of labour durinc 1020 had hampered development work. There ivas more of the oxidised country In depth than they had hoped to find, and that class of country was unfavourable for payable veins. They hoped to pet through it by sinking, and also by rross-cnttinc in various parts of the mine. One crosscut in particular they proposed to drive on the No. 11 level in a north-westerly direction from near Salmon Pass on The Brtward lode, which they would watch with deep interest on account of the lipht it would throw on the state of the Mnrth.i I lode in depth. As far as they could sic there was nothing to vary the policy which I the board believed to be the best, ond ! which they nlso'believed was desired by the ffreat majority of shareholders, and"'hat was to sink sufficiently deep to he able to open up three levels—in all about 4Goft below the twelfth, and to explore the mine thoroughly by properly directed crosscuts the upper levels, if deemed advisable. Dealing with the ore reserves, the chairman said 110,521 tons were developed dur"B Hie yenr, and the output was IGI.'KJ-t net tons, thereby diminishing the reserves by 42.752 tons. On the Met of Deeeml>er last there were 525.828 tons of an average assay value of 31/ per ton, which could he worked in the ordinary course of minin<* I Another 254,737 tons of ore are in suspense account, bnt although of higher valne some of it will only be available when the mine has ceased to be a jroinj: concern. Owing to a smaller revenne and increased ciperlliture during the year the balance of profit above the line in the revenue account had fallen from £1,87.015 last year to £146,811 this year, a diminution of £41,104 and a further diminution was to be expected in the current year, and probably very mnrh heavier in amount. The company had started with fid dividends in respect of 1921. It had been suggested '» by shareholders—and the directors appreciated the force of the sujicestion—that dividends of so small an amount as Cd per share were not to pay an interim dividend in September, but to nay 1/ in December, provided that the position Justified such payment. As to the market values of London investments, the chairman stated that on December 21 the value was &58.000 below the flpnres at which they stood on the company's books, but had since appreciated, now standing at £44.000 less. On the other hand, in 1931 they were to get £212.500 on account of the Ilorahora works, ■which stood on the company's books at sL C aVo,,uU^ vo °u f r ""S* rangements are belas pushed on for the return of the 10/ capital. RISING SUN. Mr. John MrCombie. in his monthly report, states that the shnft is GOft below the brace The water 1., being handled qu'.te ensilv by the No. 7 pump, which is capable of lifting 6000 gallons per l, olir fro. 1 lode is descending vertically boinir •plainly visible at both ends, as "well as ■alonj; the bottom of the shaft. and it avemces ffin in thickness. Along the existing bottom of the shaft, on the western wall, there are nnite a number of small Kroes of qn «rt ? . which may join the lode as depth Is attained upon it. and thus form a larcer ore l>ody. No. .1 lode' at No. 3 level, is located about .%ft east or and distant from the east bmnch lode, and it hus an average din of Iff in every i'ft westward. If this (lip is maintained downwards it should be found very close to the other lodes when developments are liein? carried out upon them <n the Proposed N". 4 level workings. fk>i-n X north of the crossfut this loiV? is split "n into two sections by n small vein of mullock, and it Is heavily charged, with snlphur. wlik-h will necessitate the free nse of lime for ■netTtralisiriE: purposes when the ore is under treatment.