MINING NEWS.

Dominion, Volume 5, Issue 1393, 20 March 1912, Page 8

MINING NEWS.

WELLINGTON SHAKE MABKET. I The dullness in the mining market is appalling, which is scarcely surprising, as speculators here appear to have lost confidence in Auckland mining shares. It is not so much that the development in the mines has not coine up to expectations, as'the methods pursued by tiic jobbing brokers.. The overselling business has been carried to extremes, but this is only one of many bad features. It is useless expecting the Stock Exohanges to take any action, for over-selling or "bearing" the market, is by custom a legitimate procedure, and is practised on all Stock Exchanges and commodity markets. The jobbing brokers arc learning by experience that the confidence of tho public is essential to their business, and it will take a long time to recover this confidence. This is the best lesson that the mining brokers can be given. Mining has been the business prop of most brokers, but now that that prop is removed many must go under, or turn to other business. Tho very utmost waif made of the local pinching of the reef in the Talisman, but fortunately the Talisman is mainly a Wellington concern, and the Auckland brokers know very well that it never pays to "bear" Talismans. Only two sales were recorded yesterday, and both were made on 'Change at the afternoon call. Talismans sold at 48s. 6d., and Waihi Grand Junctions at 2Bs. 3d. The buying and selling quotations were as under-.—

Buyers.. Sellers. £ s. d. £ s. d. Con. Goldfields — 015 0 May Queen 0' 1 7 — Talisman 2 8 3 2 8 6 Waihi 1 19 3 1 19 C Waihi Grand Junction ... 1 8 3 18 6 Waitangi 0 13 — Worksop Dredge 2 19 0 3 4 0 Taranaki Petroleum 0 18 6 — MINE MANAGERS' REPORTS. Bremncr's Freehold,—Owing-to tho heavy rain:-; having caused a big slip at the mouth of No. 1 drive, the men had to clear the debris away. A frcsli abo swept away the tip head. Repairs have been effected and driving resumed on the No. 1 leader east crosscut. The leader in the fate still continues to carry a little gold. May Queen.—At No. 10 level (ICCCfU j'n the Bright Smile crosscut, very good country has been penetrated during the past week, and a couple of nice-looking quartz vcilis were passed through. There are indications of quartz being close at hand. The Exchange reef in the rise looks well, and picked stone has been selected from tho quartz broken. No. 4 lode at No. 6 level is producing quartz which shows gold, and is of a fair grade. Old ilauraki.—At the <C 0 feet le\el two stopes are beinj* worked on No. 2 block. The reef maintains its size and favourable

appearance. Three slopes arc being worked ill No. 3 blocks, colours of gold being seen. At the SCO feci level, the seaward face has produced 401b. of picked stone (as wired), and a further !01h. has Veen got since. Stoping, No. 2 block: Two in progress, and strong coldm-a of gold have been seen. A start has been iur.de to prepare No. 3 block for stoping. Golden Belt.—No. 2 rise at the low level is up 111 feet. At the ICQ feet mark an intermediate level w being formed, and as soon as the necessary timber** arc in position it will enable the drive and rise to be worked at the same time. In shooting out the reef, at the ICO feet mark, some etrong dabs of gold wore seen in the stone. The No. 2 winze has been stopped on account of there being too much water. \Vaihi Extended.—"Have drilled three feet into the reef south-east crosscut. Apparently a new mako of stone."

WAIHI SHARES. By Telegraph—Press Association—Copyright * London, March 18. Waihi gold mining shares are quoted at 375. 6d. (buyers), and 40s. {sellers). ' STOCK EXCHANGE. (Br Telegraph—Press Association Auckland, March 19. Business at this morning's call included Occidental, lid. Waiotahi, 3s. Bd. Talisman, £2 86. 3d., £2 8a Sd. Waihi, £1 19s. 6d. Gisborne Gas, £2 16b. 6d„ ' Business done at the 3.15 p.m. call today:—May Queen, Is. 6d.; Moanataiari, 2Jd.; Occidental Consolidated, lOjid.; N.Z. Crown, 3s. 2d.; Talisman Consolidated, £2 fe. 3d. and £2 Bs.; Waihi, £1 19s. 3d.; Waitangi Consolidated, Is. 3d.; N.Z. Cement, £1 10s. 3d. Christchurch, Maroh 19. The following sales were reported on the Stock Exchange to-day:— Bank of New Zealand, £11. WestporUStockton Coal, £s. 6d. Mason, Struthcrs, £1 4s. 6d. (three parcels). Dunedln, March 19. The following sales were mad© on the Stock Exchange to-day:— Talisman Consolidated, £2 7a. 6d., £2 7s. 9d. ____