MINING.

Evening Star, Issue 14494, 20 February 1911, Page 6

MINING.

RETURNS. ((olden Bed: 41nz, week. Otago No. 1: 220z. 96 hours. ((olden Treasure: 15oz lOdwt. 137 hours. Ota go No. 2 ; 15oz, 101 l hours. Waikaka United No. 2 : 13oz. 110 hours. THE SHARE MARKET. DD.NKDIN EXCHANGE. Sales cm’Change :—N.Z. Drug Co. Rights, 9d, Is. Sales reported: Talismans, 475; Junctions, 28s 7/, d. Quotations —Dredging.— Blackwater (emit.) —Sel 13/. Golden Red—Sellers 18/3. Island Block —Sel 61. Mamiherikia —Sel 11/. No Town Greek —Buy 5/5. Otago —Sel 15/. Rise and Shine—Scl 34/. —Sluicing. — Roxburgh Amalgamated (paid)—Sel 6/5. —Quartz. — Knrunui Caledonian —Sol 1/4. (May Queen —Sel 2/41. N.Z. Crown Mines —Scl 4/5. N.Z. Crown Options—Buy 1/. New Sylvia—Sel 5/6. Saxon—Buy 2/, sel 2/3. Talisman Consolidated—Buv 46/6, scl 47/6. Watchman—Sel 3/. Waihi —Buy 71/, sel 72/5. Waihi Extended —Buy 2/, sel 2/2. Waihi Grand Junction —Buy 27/9, sel 28/5. —lnvestments. National Bank of N.Z. —Buy 121/, sel 123/. National Insurance Go.-liny 34/9. N.Z. Insurance Co.—Sel 84/6. Standard Insurance Co. — Union Steam Ship Co. —Buy 37/3. N.Z. Drug Co. Rights—Buy 9d, sol 1/. N.Z. Paper Mills—Sel 23/9.

The market v;as quiet this_ morning. Waihis have Again fallen a little. On Saturday they were quoted at: Buy 72/9, sel 73/! This morning’s first call saw them at 72/6 and 74/. and at the noon call buyers‘shortened their price to 71/, sellers coming down to 72/5. No business took place. BAR i:\VOUI) CO.MB AN V. The directors of tins Barewood (fold Mining Company submitted the following report to shareholders at the annual meeting held recently:—The directors regret that results have not been so successful as anticipated. No 4 level slopes, which were worked during 1908 09, yielded good profitable ore, and the prospects in No. 4 level itself were , very good. Hie shaft has now bee i deepened 100 ft to a total depth of 410 ft, and No. 5 level wars opened out aj, 550 ft, but the level itself and the slopes over it have only yielded cm having an average value of 15s 2d per ton. The working costs per ton have been kept down to 17s 8d for mining, milling, and management. It is necessary to now open up No. 6 level, and there is every hope of the ore, again changing to better value. The -mine and plant have been maintained in good order by your mine manager, who, owing to the low average value of the ore, has had a year of hard, anxious work. Under the articles of association, two directors (Messrs Hugh Adam and L. H. Murray) retire.—Adopted, and retiring directors re-elected. The engineer submitted the following report;—At the beginning of the year shaft-sinking was in progress, this work being completed by the end of January. Chambers were then cut for No. 5 level at 350 ft, and for No. 6 level at 400 ft, and No. 5 cross-cut driven, which cut the reef by the end of February. No. 5 level has been driven east and west on the reef for a length of 455 ft, and for the whole way the reef has maintained its average thickness. Sloping has been mainly eonlined to the. eastern end of the ore block, this portion being all sloped out. The values obtained have been low, yet in No. 4 level just above the ore averaged £1 10s per ton. This sudden change in values has occurred twice now in the reef, and there is every reason to expect a change again for the better. The western slopes over No. 5 level, so far as worked, contain lower grade ore than that mined from the eastern slopes, and it is during the last three months that a loss has been made on mining and milling. Whilst working the eastern slopes the values were enough to meet the costs. The mill ran continuously for ten months, treating 5,428 tons of ore, and has given no trouble in any way. All the plant has been kept in good order by your mine manager (Mr Molineaux). It is necessary that No. 6 cross-cut be driven without delay, iu order to test the reef, and prospects obtained in No. 5 lead to the expectation that No. 6 level and slopes will prove of higher grade. Owing to the low grade values obtained during the year, and the considerable expense incurred by sinking and crosscutting, the erection of the pumping plant has been left in abeyance. WAIHt SHARKS. Press Association—By Telegraph-Copyright. LONDON, February 19. (Received February 20, at 9.5 a.m.) Waihi shares: Buvers 68s 9d, sellers 71s 3d.