MINING NEWS.

Dominion, Volume 4, Issue 1177, 12 July 1911, Page 10

MINING NEWS.

WELLINGTON SHARK MARKET. The market, u weak, and the weakness h believed to he due to trouble on the AucltJnml hjichaiiKc. One of the members of tlut T.schangc, who is believed to have heavily oversold various classes of mining shares, is unaJjle to give delivery, owing to he market having gone against him, ami the committee of the Exchange has been obliged to take action. What the outcome of the trouble will be is difficult to sav but there is this much certain: That oui'tc a number of the brokers are. jobbing in mining scrip, and thu private spec-ulntor has no chance against the iobbcr. The tactics of the jobbers so fnr have been to oversell nnd smash the market. The private speculator, who buvs share* bolWin" that the condition? warrant a "ri--(. "VooTi discovers that the jobbers liy ovcrseliiii" have knocked down the price's. Until'tliTi jobbing ceases, the private speculator who venture.? into mining is little better off than a milch raw. There are quite a. number of brokers doing a straight commission business and they seem pov.crlc-a to put a, stop to the market, manipulation

The matter is in the hands of the pnbHc, iMUI, if private specii] itor? keop out of tlje market and let the jobber? have it all to themselves, there wi.l soon lie an end ot the jolit.ni-'. Tile sales recorded ycslcrdav were a* uudrr:- ' Tairu.-i Minus. 2:-.. 6d.. 2s. 55d., 2s. 6d., 2s. £d. (second call): 2=. sd. (third call). Waitangi, 2s. lid., ?.?. ild. (second call). Tho buying and selling quotations were as under:— Buyers. Sdlorn. £ a d. £ a. d. Maclcvatcr - 19 0 Kuranui Caledonian .... 0 15 0 15 May Queen 0 2 8 0 2 9 New Sylvia 0 3 9 0 3 11 Saxon " 0 2 ■! 0 2 6 Tairua Minos 0 2 5 C 2 6 Talisman 2 U 3 2 10 9 Yfaihi 3 3 0 3 3 6 Waihi Grand Junction ... 1 6 6 17 0 Waiiangi 0 2 10 0 3 0 Waihi-l'acroa 0 12 0 - STOCK EXCHANGE. ' • . (By Telccraph.—Press Association.! Auckland, July 11. Business done on 'Change this morning: May Queen, 2-. 7d., 2s. Bd. Jtcanataisri, 6d. Magnet, 2}d. Now Sylvia, 35. lCd. Victoria, Is. Id. Waitansri, 2.=. lid. Zeehan (con.!. 2d. Crown, 3s. 5d., 3s. 4d., options lCd., ?'d. Tairtia Mines, 25. 6d., 2s. Sd. V.'aihi, £3 4s. £d., £i 3s. 6d. Grand Junction, £1 75., £1 6=. 9d. Mountain King, 3Jd. South British Insurance, £3 15s. Northern Steam, 15s. 9d. Taupiri Coal, £1 23. Tho following business was done at the 3.15 p.m. call to-day:— Good Hope, Id. May Quten, 2s. 7d. Moanataiari. 6d. Saxon, 2s.- Sd. Victoria, Is. Id. Tairua Mines, 2s. sd. Handsworth, ljd. Waihi Grand Junction, £1 6=. 9d. Waihi, £3 3s. 6d. National Bank, £6 Is. South British, £3 15s. Dunedln, July U. Duncdin Stock 'Exchange sales — Tairua Mines. 2e. 6d. Sales reported: New Sylvia. 35. Old. Waihi Grand , Junction, £l' 7s. N.Z. Paper Mills, £1 Is. 4!d. May Queen, 2s. 7d. KUJIOUKED "FIND" AT DEVIL'S CREEK. ißy Telcjraph-Press Association.! Rcafton, July H. The sensation of the hour :s the news concerning stone from Billett's and Eierworth's find at Devil's Creek, near Reefton, magnificent specimeus being obtained. They are expected to go Wot. to ICOoz.' per ton. The ■'Inangahua. Times" reports that an arrangement has been made with a (Sreymouth syndicate for cash and shares. Rumour states, that the price ran to several thousands, and energetic steps arc being taken to develop the mine at once. Tho Inglewood iuine3 have appointed Mr. \\. Annoar mine manager, and intend to take energetic steps to develop this property, which was paying when abandoned. Tho shaft is to be sunK deeper. DKEDGINO. (By Telesraph-Prcss Association.! Reefton, July 11. Pactolus: 230z. for 120 hours.