MINING NEWS.

Press, Volume XLVIII, Issue 7872, 25 May 1891, Page 3

MINING NEWS.

(Br Tsuae&AEH.)

[from otts ook&espondent.] REEFTON, May 24. The general progrca* in all ojteratrv* nines has been very satisfactory, and an all-round gradual impression ia noticeable. The existing fine weather has afforded i splendid opportunity for'advancing all outside works. In this respect full advontagi has been taken by the Golden Lead in completing the erection of the crushing plant, which will be ready in about a weekii time. The Merrijigß Company the other day ■ concluded the purchase for JB2OO of a 14 horse-power engine, with all the requisite gear for a crushing plant, which, with the forty-five head of stampers, Berdan, Ac., already possessed by the Company, will, when erected, give them a complete turnout.

The ordinary half-yearly meeting-of share* holders in the Golden Treasure Company was held the other day, when the Direotort were authorised to entertain and accept any offer for th« purchasoof the nuneat or about £6000, the figure being the minimum. The routine business of the meeting was adjourned for a week. Mr G. B. Shepherd, an influential shareholder in the Company, was absent, having some time previously proceeded to the North Island on business connected with this and other Companies in this field. He returned to Reefton this afternoon, after a successful tour.

At a meeting of shareholders of the Success licensed holding, held last night, it was decided to register under the Companies Act, with Mr Walter Irving as Secretary. Mr T. Fenton, who had been instructed to float the Company, announced that all the shares were subscribed, and that applications had been received in exaest of the number, 24,000.

After the Big River returns came ia tfafa evening there was considerable activity in the market, and the price of 'this stock ran up from 10s, midday quotationa, to 13e 3d, with a still advancing tendency wheat business closed. The Lord Edwards wen also affected to the extent of Is small parcels being disposed of at 5s 6cL Neither Cumberland nor Golden Leads wero to be had at the prices offered. Some business was also done during the evening in other lines and quotation prices, but brokers generally complain of the want of disposition to sell. Battery returns of amalgam, top pkt*a only, for the week ending 23rd inst. are *a follows:—Big River, 500Jos from 130 tone j Fiery Cross, 3660z from 90 tons; Alpine. 2830z from 205 tons; Cumberland, aSOoi from 150 tons; Progress, 2250z for thwwroefc; No. 2 South Dork, 183oz from 90 tons; Globe, lOloz from 190 tons; Keep-itwjDark, 70oz from 66 tons.

REEFTON, May' 23. The following is the Stock Exchange , ro» port:—"To-day's amalgam returns from*tbe different batteries in operation give Uμ excellent total of 1975 ounces, in each «qb« representing the top plates only, the producing mines being the Fiery Cross, Alpine, Cumberland, Progress, No. 2 Dark, Globe, Keep-it-Dark and Big River. The whole oi the returns show highly payable averages, with the exception of the Globe, in which, although an improvement is noticeable, the usual yield per ton has not yet been reached. Analteration for the better is, however, daily expected. No very sharp rises in 'Whw have taken place during the week, bat steady business has been done "in (several lines, whilst a tendency towards invest" ment in well-situated leases in'good localities ia observable. The resumption oi crushing at Big River brings a comparatively new country into notice again, and ere long several of the dormant companion there will have , work in hand. The Merriiigs Company, already the owners of a 15----head battery, completed arrangement* thif week for the supply of an engine and boiler, which should give- this company a complete and effective plant, and enable them to follow close after the Golden Lead, in connection with which latter Company's affair* a little more life and stir is noticeable, with a firmer enquiry for shares than for some time past. Alexandra sold at '3d, and Big River kept at between lla and 11* 6d eSI the-week, with business slightly over the first figure. The result of the first crushing from the now level being so satisfactory should bring this stock forward a bit. Blue Sky had brisk business on Saturday night, but not to last, and shares eased back. Continuing the tunnel, Cumberland image at about usual rates and steady at that. Crushing continues good, and the mine shows a fine body of stone. . Durham, 1 ad* joining, have been in request, and many transactions have been recorded. The Dudley lease adjoining is about being put ill to shape of a company, and occupies a most likely position. Exchange are saleable at Is, and must have a sharp rise if stone ie struck where it is expected. Fiery Cross have not been operated on much here, but shares remain firm. The quartz from thi» mine now being treated shows the best yield during the whole of the Company*! crushing at the present time. Golden Treasure sold at up to 3e 6d, and Golden Lead had a further rise to 6s 6d, and share* rather h»rd to get. Hercules have had steady buyers all the week, small lots offering at 3s. Inkerman sold at up to 9s, with a certainty of still better inquiries when work in the new level advances. Lord Edward re* ceded to business at 2a 6d, and Merrijig* J have been in better demand again. No. 3 Dark occupy their usual well eat po>i« tion, and the mine and battery continue to give the usual good results. Seller* of nima Donna, a lease in the Big Rivet locality, ask 4d; and Success have been sold at 6d. Buyers of Scotia offer lid today, without sellers, and Drake are not obtainable at the price offered. Operations at the Russell mine are providing a good depth of stone, and Iβ 4d is offered to-aay, without business. Quartz from this mine yields well, and the erection of a battery is but a matter of time. Nothing new from the Welcome mine haa been reported, and business is limited. The same may be said for Wealth, buyers of the latter offering 3a to-day. Midday quotations:—Buyers (sellers not given) Goldeto Lead 6s 6d, Scotia lid, Russell Is 4d, Wealth 3s; sellers (buyers not given) Globe 16s 3d, Prima Donna 4d, Success Bd, Welcome (new issue) 2s 6d, Big River Hβ to 11s 6d, Alexandria 3d to 4d, Blue Sky 6d to 7d, Cumberland 9s 6d to 103, Durham 10d to lid, Dudley 3d to 4d, Exchange lid to Is Id, Fiery Cross 7e 3d to Bs, Golden Treasure, 3s 3d to 3s 6d, Happy Valley 5d >to 6d, Hercules 2s 10d to 3s, Lord Edward 2s 6d to 2a Bd, Merrijigs Iβ 2d to Is 44, No, 2 Dark 6s 2d to 6e 6d, Drake la 2d to 1* 6d, Alpine 17s to 19a.