MINING.

Evening Star, Issue 14632, 31 July 1911, Page 6

MINING.

The Molyneux "River was at tbe-3ft lOin mark at Alexandra, this morning. The weather was fine and frosty. Saturday's wash-up at Island Block resulted in *4ooz 2dwt being obtained. The WoTksop Company have declared a 3s dividend. At the last meeting of the Board of Management for the Thames deep-level cross-cut a member (Mr C. Hudson) made some pointed remarks as to the progress of the cross-cut. He stated that they had now been something like 16 months upon the cross-cut, and had expended about £5,000. They had raised amongst the companies interested £12,000, and when that was spent they bad a subsidy of £5,000 to come from the Government. Therefore they had actually only, £12,000 to complete the tunnel, and there was still about 2,000 ft to be driven. As the tunnel was only in 732 ft, at the present rate of progress it would mean about four years and nine months to complete the main tunnel alone. Such slow progress was absolutely prejudicial to mining at Thames, and he hoped they would get alone more rapidly in the future. It should be remembered that the. companies at the northern end of the field practically got no benefit from the £5,000 spent on unwatering the. field to I.oooft. The only company gaining from that was the May Queen. He mentioned these' facts so that the board would use the utmost economy according with speedy progress. A short discussion ensued, but it was ultimately j ended by the chairman, who stated that there was no motion before the board. RETURNS. Lady Roxburgh : 50oz lOdwt, SJ, days. Golden lied :"41oz lOdwt, 130 hours. Oirig : 9oz 14dwt, 8 days. THE SHARE MARKET. r>UNEDI>~ EXCHANGE. Sale reported: X.Z. Drugs, 50s. Quotations : —Dredging.— Blackwater ipd.)—Scl ?•'. i Chicago—Buy 1/6. j Electric—Buv 2/9. Hartlev and Riley- Sel 16/. ! .Mystery Flat—Sel 5,6. No Town Creek—Buy 5,6. Rise and Shine (ex div.) —Buv 55,6. sel 38.'.

Sailor's Bend—Buy 3/, sel 5/. i —Sluicing.— j Ross Goldtields—Buy 19. tcl 2/. i —Quartz. — j Consolidated Goldrields—Sel 20/. Kuranui CaJedoninit—Sol 14. May Queen —Sel 2/5. New Svlvia—Sel 3 9. Old Hauraki—Sel 2/3. Talisman Consolidated—Buy 50,6. Saxon—Buy 2/4, sel 2/7. Waitangi—Buv 5/2 Waihi—Buy 60/. sel 62 9. Waihi Grand Junction—Buv 27/, sel i 27/9. Tasiuanian Copper—Buy 6/2. —lnvestments. National Bank of N.Z.—Buv 119 6. Bank of N.Z.—Buy £l2 ss. 'sel £l2 10s. National Insurance Co.—Buy 56/9, sel 37'6. N.Z. Insurance Co. —Buv 90/. Westport Coal Co.—Sel 29 6. N.Z. Paper Mills—Sel 21/6. N.Z. Consolidated Dental—Sel 22/6. WAIHI GRAND JUNCTION. £11,194 FROM" 8,608 TONS. The Waihi Grand Junction Gold Alining Company during the four-weekly period ended the 15th inst. crushed and treated 8,668 tons of ore for a return of bullion valued at £11,194 7s 3d. Compared with the return for the corresponding period of last year, when 6,300 tons of ore produced £11,122, the past month's vield shows an increase of £72 7s 3d. The total value of bullion won from the mine to date is £468,516 6s, as shown in the following table of details:— Total to end of 1907 M . ... £89,626 In 190S, 40,050 ton? ... ... 70,918 In 1909, 59 147 tons 99,916 Iu 1910, 83,313 tons 133,522 Total 393,984 To January 28., 1911, 6,212 tons 8,125 To February 25, 1911, 7.316 tons 10.165 To March 25. 1911, 7,245 tons 10A33 To April 22, 1911, 9.152 tons 13.589 To Mav 20, 1911, 8,419 tons ... 10,696 To June 17,1911, SMo tons ... 10,727 To July 15,1911, 8,668 tons... 11,194 Total to date £468,516 Total dividends paid ... £20,000 —High Values in Empire Lode.— The general manager has cabled to the London office as follows:—''Grace lode. No. 5 level, east drive: Driven 359 ft, average width of reef sft. value .' £1 Is. Empire lode, No. 5 level, east: j No. 7 winze is now down 85ft, reef is j 45in wide, value £7 6s 3d ; No. 5 winze \ is now down 73ft, reef is 37in wide, j value £2 13s 9d ; No. 3 winze is now I down 44ft, reef is 42in wide, value £4 i3s 9d. Royal lode, No. 5 level, east ; drive : No. 7a winze is now down 35ft, I reef is 33in wide, value, £2 3s 2d. Work is delayed through labor troubles."

WAIOTAIU COMPANY'S ANNUAL MEETING.

Tlit 1 annual meeting of shareholders in tlio Waiotahi Gold Mining Company was held at Auckland last week. The chairman of directors (Mr C. Hudson) presided. The directors submitted the following report:—"The operations at the mine are now wniincd to work below the No. 6 level, and it may he assumed that the future of the ruiiio depends upon the result of developments at the low levels. Tho balance brought forward from the previous year was £13,269 8s 2d, to which has to be added the proceeds of gold, amount earned by public crushiugs, aJid interest amounting to £4.740 ' 18s 3d, making a total of £18,1310 6s sd. The disbursements have been :—-Cost of mining operations, including rates and taxes, £4,982 2s 4d : sinking shaft and deep-level costs, £652 0s od; expenses outside mining, £339 ss; a total of £5,973 7s 9d, leaving a balance of £12,0*6 18s Bd. In proposing the adoption of the report and balance-sheet, the Chairman pointed ont that there was a loss disclosed on the year's operations. It was 40 years since the company was incorporated. Owing to the records not being perfect he was unable to say how many years the mine had been a divi-dend-paying concern, but it was quite safe to say that for 25 years dividends had been paid. During the past 15 years the amount paid in dividends had iwen £367,050. The chairman went on to say that the work at present was confined to driving at the 528 ft level to intersect the footwall leef and the main reef. The former should be. met with in about 260 ft, and was payable when worked upon at the No. 6 level. Tho main reef would be intersected in abfrat 300 ft of driving. It was resolved, at the chairman's suggestion, in view of the loss on last year's operations, th.at the usual honorarium be discontinued, and that 10s be paid to each director whenever the board sat. The retiring directors, Dr M'Dowell and Mr H. Shaw, were re-elected.