MINING NEWS.

Press, Volume XLVIII, Issue 7878, 1 June 1891, Page 3

MINING NEWS.

(Br TsLEQRAPH.) (VROM OUB CORRESPONDENT.) REEFTON, May 31. During the beginning of the past week the business on *' Change " was very limited, owing to the Queen's Birthday holiday, which was kept up the following day by the Reefton and Grey Valley Coursing Club, whose meet at the Ikamatua plains concluded on Tuesday. The Cup match between the Resfton and Westport Football Club 3, in which the former were victorious, also occupied some attention, so that altogether business in Reefton was only considered of secondary importance as compared with sport and other pleasures, and it was only during the end of the week that attention was directed towards legitimate mining business, of which a fair amount was done up to a late hour on Saturday in various cheap lines, but the greatest attention was absorbed by the Cumberland, Big River, and Golden Lead.

In the first and last-named Companies stock changed hands at a considerable advance on former rates. In other stocks not much change has taken place, but several lately neglected ventures are now again coming into notice and find buyers at small rates, as yet merely as speculation, but as work has been and will be started in several, principally in the district of Big River and Merrijig3, some of these will probably soon come to be considered as investment stocks. With respect to these two districts some confusion sometimes arises, owing to the fact that in each there is a mine named after the locality. When this is borne in mind no misapprehension need occur, otherwise mistakes might be made. . Cumberland—Amalgam for the month is 1408oz, which retorted 4S9oz gold from 535 tons of stone. A dividend (the third) of ls per 24,000 th share was declared, and made payable on Thursday, 4th June. The Big River Company's mill will run another week before the general cleaning up takes place, and a shilling dividend here also is almost certain.

The Golden Lead crushing plant is expected to be out of hand in eight or ten days, when the mill will start at once on a large parcel of excellent stone, which during the week showed a large percentage of loose gold, so that the stuff had to be bagged. The Progress amalgam for the month is 1038oz, but it will not be known till tomorrow if a dividend will be declared.

The Fiery Crosa cleaning up was taken in hand on Saturday, but up to the present returns are not. yet to hand, but as the weekly yield has been good it is highly probable that a dividend will be the result.

The returns from the Globe and the Keep-it-Dark show an improvement on late previous yields, and it is confidently expected that these improvements will continue and become permanent. Taking the whole field, as at present, it stands more markedly ahead in mining matters here than at any other period, and the stability of the Inangahua mines rests on a sounder basis than ever before.

Reefton battery returns :—Cumberland, 7700z amalgam from 125 tons; Big River, 3510z amalgam from 75 tons; Progress, 3500z amalgam for the week, including boxes ; Globe, 2950z amalgam ; No. 2 Dark, 1630z amalgam from 85 Cons, plates only; Wealth, 107oz amalgam from. 90 tons; Keep-it-Dark, 106oz amalgam from 80 tons, plates only; Fiery Cross and Alpine not yet in.

Stock Exchange Report.—The battery returns to hand up to the present make a total of 23430z of amalgam contributed by the' Big River, Progress, Globe, Dark, No. 2 Dark, and Cumberland, and those ef the Fiery Cross;and Alpine are expected to be heavy. The yields from the Cumberland and Big River are exceptionally good, and must go a long way to still further establishing the high character of the quartz now being mined in the Inangahua district. Crushing at the Hercules is likely to be resumed next week, and at the Golden Lead battery works operations are so well advanced as to justify the expectation of the stampers being pub in motion for the first tims in this new locality within say the next three weeks. At the Venus mine stone is being taken out preparatory to crushing. . • The share market has been moderately brisk during week, and transactions have been fairly 1 well distributed over a number of line 3, representing pretty well every part of the field, with very fair rises in value in several.

Buyers of Alexandras still offer low rates, and Big River are firm at a slight improvement on former quotations, a condition certainly well justified by the high average being maintained at the battery. A complete cleaning up takes place on Saturday next. Blue Sky have nob changed hands much, but the ground cannot fail to attract notice. Cumberland saw business at more advanced rate 3, and touched 14s 6tl, the highest figure for these shares yet. Excellent stone is being sent to the mill. The quantity reduced this week is rather less than usual, some interference with the dam having rendered, a temporary stoppage necessary in the earlier part of the week. Durham have been dealt in up to. 15,., and Dudley are quoted at a modest figure. Exchange, with nothing new reported, keep firmer at about formor rates. Fiery Cross are quoted at from 8s to 8s 3d, and the return, which is not yet to hand, is sure to be a handsome one, and leave ample margin for a substantial dividend, which may also be said of the Cumberland. Golden Treasure are a shade easier, and Golden Lead advanced to and sold at 7s 9d, crushing starts soon with the latter. Low rates offer for Gallants, and Globe remain at a stationary position with early improvement expected. Happy Valley had business in good sized parcels at. usual price, something handy to 6d. Sellers of Hercules ask 2s lid to-day and crushing will do . much to bring shares in better notice. In the Inkerman lower workings good progress towards getting a crosscut for the reef started ia being made. The Dark yield ia better than usual, a complete cleaning up did not take place to-day. Lord Edward ranged from 2s 6d to 23 9d all week, with limitsd'basiness, but the general appearance of matters out Big River way should lead to some investment in well situated ground like thisi Buyers of Merrijigs remain unsupplied at the prices offering, and shares are being looked for. No. 2 Dark sold at 5s 4d. The complete cleaning up was not made to-day, and good accounts continue from the mine. Pandora are under slight notice, and sellers of Snccess ask an advance. Scotia sold at lOd, and firm at that; and Russell offered to-day at ls Id. Buyers and sellers of Drake keep apart, but the resumption of active work on stone may lead to business directly. Interests in Tyne lease are wanted. The positions of the Alpine, Wealth, and Welcome in the share market remain .unchanged, with the likelihood of fresh developments causing enquiry at any moment.

Midday prices—Buyers (sellers not given) —Alexandria, 4d ; Tyne, 2d. Sellers (buyers not given)— Captain Cook, 4d; Dudley, 3d ; Globe, 15s 6d ; Inglewood, Is; Dark, 13s; Kapai, 4d; Treasure, 3s Id; Prima Donna, 4d; Russell, ls 4d ; Alpine, 19s ; Wealth, 3s od; Big River, 13s to 13s 3d; Blue Sky, 6d to 7d ; Cumberland, 14s to 14s 6d; Durham, lOd to lid ; Exchange, lid to Is Id; Fiery Cross, 8s to 8a 3d; Gallant, 4d to 6d ; Happy Valley, 5d to 6d; Hercules, 2s 9d to 2s lid ; Lord Edward, 2s 6d to 2s 9d ; Merrijigs, ls 8d to ls lid ; No. 2 Dark, 5s 3d to Sa 6d ; Success, 6d to 7d; Scotia, 8d to ls; Drake, ls 2d to Is 6d; Pandora, 2d to 4d. Sales—Golden Lead. 7s 9d.