MINING NEWS.

Evening Star, Issue 12173, 18 April 1904, Page 6

MINING NEWS.

I Tne secretary of the Nugent Wood Company reports that the dredge has been closed down to undergo an overhaul. In. connection with the reduction works portion at the Mount Lydl Company's enterprise as a mining and smelting concern extensive and important alterations and improvements have been decided upon at. the smelters and contingent parts of the plant. With the ore at the company's mines only a low-grade proportion, and" the big capitalisation resultant upon amalgamation with the North Lyell Company, it has become imperative m the interests of the shareHolders, that working costs should be reduced to as low an extent as possible, compatible with metallurgical efficiency in the treatment of the ore. And as tho result of this recognition of shareholders' interests by the management, it has been determined to have all smelting operations, with the necessary machinery for the distribution of power, concentrated at No. 2 section of the, plant, the preliminary work to accomplish which is now in hand. The capacity of the turnace-s at this section of the plant has of late been greatly increased,- the minimum ot each furnace having been brought up to £OO tons a day of crude ore. Providing the five furnaces were all in blast together, this would give a treatment capacity of 1.750 tons daily; but as the maximum tonnage handled is never likely to exceed 1,200 tons a day, ?t will not be necessary, with a single-furnace capacity of 350 tons, to have more than four furnaces in operation at one nme. So that there will always be one furnace in reserve. It is not intended to dismantle the No. 1 nest of furnaces, although smeltmg will be discontinued there. Four of tie sis Babcock boil era will be left intact, and also the electric power plant at present in use, which is fixed in No. 1 blow room, the motive yff.ypx for which will continue to be -supplied bv one or more of these boilers as required." Secondary in importance to smelting aE the ore at one nest of furnaces is the enlargement of the electric power plant The plant now in use is only a small one, and is employed for light work, such as driving the slat* pumps, stone-crushers, etc. Its capacity is 230 horse-power, 3nd this is to be increased to approximately 1,000 horse-power. The improvement in the gold yield from the Bendlgo field (Victoria) is being more than maintained. 'The yield of gold for the month of March was 24,0310z. This is the best return for the moncii of March since 1876, and, with two exceptions, the best for any month for years past. The total output for the quarter was 60,5050z, an increase of 14J.460z oyer the aggregate for the corresponding period of last year. RETURNS. Perseverance No. 1 • 690z. lOdwt, we?k Chicago: 7oz 14dwt, 92 hours. Earnselengh No. 1.- 30oz 3dwt, 124 hours Earruscleugh No. 2 : 28oz, 122 hours. New Golden Beach: looz lOdwt, 117 hours. Otago No. 1: 9o X lOdwc, 140 hours. Otago No. 2: 3307. lOdwt, 123 hours. Golden Bel: 560z 14dwt, 4£ days. Golden Gate : 14oz 2dwt, week." Ngapara No. 5: 3oz llrivvt, 110 hours. Caimtrodlit : 240 a 3dwt, 169 hours. Waikaka Queen : 250z sdwt, 128 hours. Sneddon's Freehold :' 340z, week. Waikaka Syndicate: 15oz, week. Waikaka: 12oz 4dwt 14gr. 332 hours. MacCharlten: 19oz lldwt, .128 hours. Royal Waimumuj 19oz 2d\vt, 132 hours. Nugent Wood: oloz 6d\vt, week. Garden Gully: 6oz Happy Valley: 13oz 18dwt. week. WZST COAST. Nelson Creek: 940z, 125 hour.--. Pactolus No. 1: 470: lOdwt. 131 hours Pactolus No. 2 : 27o_z 2dwt. 128 hoars. Callaghan's Creek : osoz. 134 hours. Stafford-Waimea •. 18oz. 115 hours. Welcome: lloz, 110 hours. Gabriel No. 2 : lOoz ledwt, 4 days. THE SHARE MARKET. DTJNKIHX EXCHANGE. This morning's sales : —Bignell's No Town, 19/; Electric. 38/6, 38/6. 33/6; Hartley and Riley. 74', 74/; Manuhcrikia, 47/6, 47/6. Quotations: Alpine No. 2—Buy 28/, sel 50/. Bignell's No Town—Buy 19/, sel 19/6. Blackwater—Contrib.. sel 13/ p Cliarlton Creek—Buy' 4/6 Chicago—Sel 10/. Clyde—Buv 26/. Dunstan Lead—Sol 11/6. Electric—Buy 3S/. sel 38/6. Enterprise—Buv 20', s.-l' £l/. Kttrick—Buv 6/6, sel 7/9. First Chance—Buy 12 .' sel 13/6. New Fourteen-mile Leach—Sel 10/ p Golden Bed—Buy 16/, sel 18/. Golden Treasure—Sel 41/. Golden United—Buy 4,'. Happy Valley—Sel" 4/6. Hartley and "Riley—Buv 75/6 .v\ 74/ Island Block—Sel" 6/. ' Junction Electric—Buv 5/9, se! 6'. *ady Roxburgh—Raid's, buv 15/. Mamiherikia—Sel 48/. New Alpine Consols—Buy 15/6, sel 14/ New Bondigo—Buy 15/6," sel 19/6. New fiolden Beach—Buy 7/6. New Halfway House—Buv 7/9. sel 8/5 New Roxburgh JubDee— Paids sel 29/ North Beach— Buy 12/6. No Town Creek—£el 22/9. No Town No. 2—Buy 5/, sel 7/6. Perseverance—Sel 31/. Prince Arthur—Buv B'. Riley's. Beach—Buy 8/1 sel 8/6. Rise and Shim;—Sel 28/. Rising Sun—Sel 17/. Tuapeka—Buy 3/. Unity—Buy 6/6, sel 7/3. Alpine Extended—Sel 4/3. National Bank—Buv 87/. sel -9/. National Insiirance^-SelZtyD. • STOCK EXCHANGE NOTES. River height. 4ft 6m. Dealing, which this morning was practically confined to the more improtant Molvneux stock*, exceeded or at least equalled in volume what would be considered in the height of the dredging season as a fair mornings bus mess for the first call of the week. Electrics were again placed on the market at oß.s 6d, and at this price thev 'eeeived fair support. Hartley and Riley's showed further weakness, and after a couple of lots had been quitted at 74s no more could be placed at that figure, which is 6s less than that at which the last transaction recorded on 'Change was made. Manuhenkias were very firm, and the only transaction made was at an advance of Is over last week's rates. Riley's Beaches bad the best inquiry they have seen since the partial sinking of the dredge, and New Bendlgo and Clyde scrip also drew the best buying offers so far disclosed this season. New Golden Beach was another stock to which buyers extended a better feeing Junction Electrics, however, showed no improvement, but Golden Beds showed more buoyancy. In West Coast stocks there was little activity, though in Bignell's No Towns buyers appear to be again desirous of operating, and one lot was accepted at 19s, with more in demand.