MINING NEWS.

Dominion, Volume 5, Issue 1509, 3 August 1912, Page 13

MINING NEWS.

WELLINGTON SHAKE MARKET. A fair amount of business was done yesterday, tho transactions recorded being as under :— Consolidated Goldholds, 13a, 6d, (first call), New Sylvia, Is., Is. (first call); Is. Old. (second call). Talisman, 41s. (first call); 41s. 6d. (second call). Waitangl, Is. lid., 2s.'oJd., 2s. OJd„ 2s. o}d„ Is. 7d. (111-st call); Is. 7d„ Is. Bd. occond call). The buying and selling quotations wero as under:— Buyers. (Sellers. £ s, d. £ s. d. Kurauut Caledonian — 0 14 New Itf|» River 412 6 - New Sylvia 0 10 0 12 Ross Reconstructed 0 5 7 0 5 9 Talisman 2 16 2 19 W'aihi Grand Junction ... — 119 Waitangi 0 18 — WAITANGI. The following telegram was received on Friday afternoon from Mr. Stansfiold by the local Wellington directors, In response to a telegram from them to him:—"Work not stopped, but considerably retarded by strong How of water. So far new developments favourable, but cannot express opinion without further information." DLACKWATER MINES. Tho report of the Blackwatcr Mince, Ltd., for 1911 states that the revenue of the company during the year may be summarised as follows:—The sum of £93,059 was realised from gold. This amount, together with £477 for rent and sundry i'ece'pls In Aeiy Zealand and £135 received for interest, makes a total gross revenue for the year of £93,672. Expenditure in New Zealand and London on mining, milling, and' general expenses amounted to, £48,578. Tho sum of £1994 has been written-off for depreciation of plant, machinery, buildings, etc., £1000 for gold reserve, £10,000 for development and prospecting, £2370 for in-come-tax, and rates paid (New Zealand) amounted to £3035, leaving a balance carried to balance-sheet of £26,744, To this the balance brought forward from 1910, amounting to £19,409, has to bo added, making a sum of £46,154, which has been appropriated a 6 follows:—Dividends INos. 4 and 5), £37,493.- The balance carried forward amounts to £8655. During the year 44.038 tons of ore were crushed, yielding £97,982, or £2 4s. 5.99 d. per ton. Tho workmg costs wero £48,314, or £1 Is. 11.31(1. per ton, leaving a gross working profit of £49,667, or £1 2s. 6.66 d. per ton. Good progress has continued to be made with the development, and emilpmont of the mine, which continues to open un in a satisfactory manner. The main shaft was sunk (luring the year a further (V-stance of 3191 ft. to a total of 984 ft., or 69! ft. below the No. 6 level. Tho ore reserves- at the end of Die year were estimated on a conservative basis at 70,979 tons, of an averago value of W.2dwt.. over 26in., and In addition. 29,390 toni of possible ore, valued at 10,C63d\vi... over 26in.; giving a "probable" and "possible" total of 100,369 tons, of an average value of 10.16dwt. The developments carried out. during the vear conGi'sted of a total of 5768 ft. of driving, rising, cross-cutting and winzing. of which 2324 ft. was the footage driven. 1982 ft. being on reef, of which 12<tSft. was or payable ESl'fc nlld av;ra.ged 13.5dwt. over 24in., and 697 ft. unpayable, averaging 2.25dwt. over 18m. A working ontion was acquired over the Prohibition area, adjoining tho company's properly on ' tile line of reef. A considerable amount of work was done on tho proncrtv, with the object of.nrovjng Hie extension of the reef into the Prohibition area, but the results were unsatisfactory, on<l the ground pbnndoned in conswnenco. Front the month of October last mining operntions have been snriou=tv hrunrorert owing to labour troubles, which continued until the month of May of t.bis v»ar. and then culminated in a strike. The questions in flimute nvo rtill untitled, but n. crvnicroTire with tho men has been convened, which, it. is hoped, may lead to a satisfactory settlement.

CONSOLIDATED GOLDFIELDS The report of the Consolidated Goldfields I of New Zealand, Ltd., for 1911, states that during tho year the revenue of tho company may be Eiimmiirised as follows:—Gold won from tho Wealth of Nations mine ruid J received on account of the Golden Flccce property amounted to £53.C54. Dividends on investment®, £1-1,629, and rent, interest, and sundry receipts in Now Zealand amounted to £2203, making a total of £69,866. Tho expenditure in New Zealand ni:d London on mining and milling and general administration expenses amounted to £27,WO, leaving a groes profit of £42.438. This sum, added to tlio balance of £45,92£ from tho preceding year, gives a total of ££8,364, out of which the sum of £20,134 has been written off development and for dcpreciatwn of Plant, machinory, and investments. £1231 for income-tax, ami n Ettm of £1261 'jtl'LS B reserve, leaving a balance of .£65.737, which lias been appropriated as follows:—Dividend (No. 14) of Is. (5 per cent.) per share, free of income-tax, paid October 31, 1911, £12,118, together with a first distribution on account of the "Pounders share" of £2019. Tho balance carried forward amounts to £51,699. At tlio Wealth of Nations mi'nc tho developments for the year have been highly satisfactory, with the result that both iu value and tonnage a marked improvement has- taken place, which is reflcoted not only in the estimates of the oro reserves at tho end of the year, but also in tlie working profit earned duringthe year. Thero wore 24,968 tons ore milled during tho year, yielding bullion of the value of £50,374, or 40e. 4.21<i. per ton, The worklni expenditure for the samo period was £23,022, or 18s. 5.29 d. per tou, and tho working profit £27.352, or 21s. 10.92 d. per ton, a very considerable improvement upon the previous year. During the same period tho development work of tho mine amounted to 3.732 ft., and consisted of 2.416 ft. driving, 556 ft. cross-cutting, 725 ft. rising, and 35ft. winzes. The one reserves at the end of the year aro estimated by the goneral manager at 34.296 tons, of an avcrago assay value of 11.152dwt. There are in addition 11,886 tons of possiblo or partially dovotopod ore of on estimated value of 13,782dwt,, which, _if taken together, would make a total of probable and possiblo oro of 46,182 tons of an estimated average valuo of U.B2Bdwt. Tho general manager, however, emphasises his opinion that when dealing with the average value of ore reserves In thei Eecfton district it must be definitely understood .that practical results may very Po6sib)y prove to bo Ibwer, as in .no ea.se in tho district would it be safo to affirm the actual total gold contents of an orebody with too great an . amount of assurance. GOLD. AND SILVER." The following' return shows tho quantity a.nd valuo of gold and silver exported from the several ports of New Zealand during the months of July, 1912 and 1911, and for the first seven months of those years;— ' July. 1912. Gol f~ i, 0!: - £ A'icWand 23.172 88,013 Wellington 19 73 Napier 3 13 Grermoath 3,890 15,327 , Hokitika 33 is Dunedin 10,073 40,678 Invercargill 1,031 4*124 t 1 «... 38,521 149,160 July, 1911 49,322 199,073 Decrease for July, 1912—10.5010z., £49,913, Silver— I Oz. £ 1912 • 65,889 7,311 July. 1911 143,704 1 . Decrease for July, 1912-77,8150z„ £7110, Sevon months ended July 31, 1912 and 1911 1912. 1911. Oz. £ Oz. £ Gold ... 237,800 933,828 ... 271,958 1 090 460 Silver ... 598,300 61,841 ... 775.057 7?:743 De °£ls6 S 632° r ECVen monthß in 8014—34,16801. Decreaß. f or seven months in Bilver--1T6,7570z., £15,902. STOCK EXCHANGE. (By Telegraph.—Press Association.) „ . , „ Auckland, August 2. Business done at first call:— Now Sylvia, Is, 2d. to Is. Waitangi, Is. 9d. to Is. 6d. Ross, ss. 7d., -sg. Bd, Talisman, £2 Is. Tho following business was done at the 3.15 p.m. call to-day:— New Sylvia, Is. Id., Is, 2d„ Is. 3d. Waitangi Consolidated; Is. 8d„ Is. 9d. Ross Goldfields, ss. Bd, Birkenhead Gas, 295. DREDGING. Dunedin, August 2. returns:—WaikaJa, 520z. 6dwt.: Karamii, 250z. 7dwt.: Koputai, 21oz. 4dwt-.: Ma-sterton, 14oz. 6dwt. LONDON MINING QUOTATIONS. By Telegraph—Press Association—Copyright London, August 1. Tho latest quotations nrc:-Waihi Gold Mining. 31b. 3d. (buyers). 325. 6d. (sellers): Talisman, 375. 6d. and 425. 6d.