MINING NEWS.

New Zealand Herald, Volume XLIX, Issue 14985, 6 May 1912, Page 5

MINING NEWS.

MAY QUEEN. In the May Queen mine, Thames, at No. 10 level, the Bright Smile crosscut is being continued, and a good class of country is still being met with. Tha continuation of the lode that was passed through in the chamber, in the Queen of Beauty shaft, should be picked up at any time. Stopiny on the Exchange reef, between the rise and the mineralised lode, is in progress, the quartz at each breaking down showing nice dabs of gold. At. No. 6 level, on the hangingwall branch of No. 4 lode, stoping ia also in progress. The quartz now being obtained shows gold, and is of fair grade. WAIHI. The annual meeting of the Waihi Gold Mining Company is fixed for May 9 (writes our London correspondent on March 29). The final account* for 1911 fhow a gross profit of £371,500, as against £559,000 for the previous year. Expenses of development during the year amounted to £29,000, as against £20,000 in 1910. Dividends of 55 per cent., or lis per sliare, amounting to £272,748, have been paid, and the addition of £38,862 income tax in England and New Zealand makes a total of £511,611, as against £441,000 last year. After providing £35,000 for depreciation, as against £37,000 last year, the balance to credit of revenue account is £82,000, which the director* recommend be carried forward. The capital expenditure during the year amounted to £12,000, but, in accordance with the policy stated at the last general meeting, this amount has not been charged to revenue account. NEW SYLVIA. A telegram received on Saturday morning from the manager of the New Sylvia mine, Thames, states that a quartz body 3ft thick has been bored into in the low levels, and no wall has yet been touched. GOOD HOPE. In the Good Hope mine, Thames, the west drive on the course of the reef was advanced lift for the week. The country rust passed through has been much firmer, but still continues a good class of mineralised sandstone. The quartz where shot down has a very good appearance, and colours of gold wero seen in the ore. The manager anticipates a decided improvement in the size and quality of the reef before the main Adelaide break is reached. ■Repairs have been in progress in the upper levels. MINERAL RETURNS. The gold exported from New Zealand during March last amounted to 31,7710z. gross, or 29,564i0z. fine, valued at £125,581, as compared with 42,3150z. gross, or 39,6660z. line, valued at £11,588, for the same month last year. The total exports for the first quarter of this year amounted to 101,3760z. gross, or 94,610J0z. fine, valued at £401,880, as against 117,6000z. gross, or 110,7980z. fine, valued at £470,641 for the same term last year. The silver exported from the Dominion in March amounted to 92.5970z., valued at £9437, as compared with 115,9210z., valued at £11,588 for March, 1911, while for the first quarter of this year the exports amounted to 261,0740z., valued at £26,522, as against 285,2130z., valued at £28,525 for the same period in 1911. The West Australian gold output for March amounted to 93,004.8 fine oz., valued at £395,059, as . compared with 102,531 fine oz., valued at £435,524 for the previous month, and with 105,562 fine oz., valued at £448,398 for March, 1911. The total production for the quarter was 301,9040z., valued at £1,2812.415, and the output to date 24,757,3910z., valued at £106.150,841. The Queensland gold yields for March show a considerable falling-off as compared with March, 1911, the yield being 27,062 fine oz., of tho value of £114,952, compared with 35,198 fine oz., valued at £149,512, in March, 1911. Tho yield for the first quarter of 1912 amounted to 79,1000z., of th» value of £335,993, as compared with 86,4660z., of the value of £367,285 for the first three months of 1911, or a decrease in value of £31,290. Th© dividends for the past quarter amounted to £69,655, as compared with £73,341 for the first quarter of 1911. The calls paid in March amounted to £13,770, and the dividends paid for the same period were £58,417. The Victorian yield of cold for March was 41,98202. gross, or 39,0620z. fine, valued at £165,924. Compared with the yield for March of last year a decrease of 10,9110z. fine has occurred. The yield for the last three months was 116,8200z. gross, or 109,0460z. fine, valued at £463,199. This shows a decrease of 12,7980z. fine, compared with the quantity won during the corresponding period of last year. WAIOTAHI. [BY TELEGRAPH. —OWN COHRE3PONDENT.] Thames, Saturday. In the crosscut at the No. 7 level, in tho Waiotahi mine, the footwall dropper was cut on Thursday last, and preparations are now in hand for rising on this lode to connect with the winze sunk on it from No. 6 level. A distance of about 50ft. will have to be risen to connect. When this is done a reasonably good system of ventilation should bo secured for tho No. 7 level, which will enable operations to bo carried on in a systematic manner. It is intend to drive along tho course of the footwall dropper to the point of its intersection with tho main reef, . which will prove the value of both of these lodes at the No. 7 level, and open up an extensive block of ground on them for future operations, should the results be favourable. SAXON. , [BY TELEGRAPH. OWN CORRESPONDENT.] Thames, Saturday. The contract for sinking the Saxon Goldmining Company's shaft a further 100 ft has been let to M. Schidler and party, at £6 7s 6d per foot, and a start will be made by them next week, the preliminary work having been about completed. THAMES DEEP LEVELS. (BZ TELEGRAPH. OWN CORRESPONDENT.} Thames, Saturday. The main crosscut at the 1000 ft level has been extended a further 36ft during the past week, making a total distance driven from the chamber of 1840 ft, and a distance in tho Waiotahi ground of 252 ft. The country in the face is of a more settled nature, and a little water is now making in the face. DREDGING RETURNS. [EI -TELEGRAPH. —PRESS ASSOCIATION.] Dunedin, Saturday. The following dredging returns are to hand :Rising Sun, 460z 2dwt; Rise and Shine, 450z 13dwt; New Trafalgar, 12oz 15dwt; Waikaia, lloz ldwt; Worksop, 82oz lldwt; Waikaka United No. 1, 240z 2dwt; Waikaka United No. 2, lOoz 12dwt; Blackwater, 60oz 6dwt; Olrig, lloz lodwt.