VARYING FORTUNES.

New Zealand Herald, Volume L, Issue 15390, 27 August 1913, Page 7

VARYING FORTUNES.

An example of the varying fortunes of cold mining companies is furnished by the history of the Johnson's Reef Company, Bendigo, Victoria. Recent events have repeated former experiences in this respect, but the extent of the lease and the number of strings to their bow enable the officials of the company to quote several points in tho workings' at which an improvement may be looked for. For the half-year ended 'June 30, 11,680 loads of the company's own stone were treated for 3758 m;, 'while pyrites yielded £"375. Public cmshings amounted to 5603 loads, and, including this source of revenue, total receipts were £16,315, while expenses were £15,356, leaving a profit of £956. At the close of the term sundry creditors and the bank were owed £453, but against this tho company had a modest reserve fund begun during "the last spell of prosperity, which brought the available cash to £1018, while stores represented £980. The term is tho first half-year for some time which has produced no dividend. Among tho points upon which attention is now focussed are two in No. 2 mine. From the 1730 ft level east crosscut the cap of tho Cdlmann reef was proved to be Bft wide, and 213 loads yielded 43|dwt. ' Improved ventilation is now being sought at this point. Permission was secured to work through the Princess Dagmar ground to search for the continuation of the rich reef that company is working. The continuation of the Pyke reef is expected to be cut shortly in the crosscut near the north boundary. In the No. 3 mine, which produced practically tho whole of the gold won for the half-year, the ends of the 1150 ft level were 867 ft apart, and in regard to the north end the manager (Mr. John Veale) says good stone may be reasonably expected if the level is extended to the cross course. A rise is in progress from the 1225 ft level on the west leg of another reef cut in the main crosscut above, east of the original reef, and it is expected that when tho lava is reached gold will bo got.

NOTES. The Magazine crosscut in the Kuranui mine, Thames, was extended 10ft last week. The country penetrated has been of a, firmer description than hitherto, and water has been issuing freely from the fcce.

The east crosscut at the low level In the Dominion mine, Karangahakc, was advanced lift last week, and the deviation drive is now in 123 ft. The disturbed ground which was met with after passing through the fault lias been passed through, and the drive is rem- being advanced in a good firm shooting country which is heavily mineralised. Water is still issuing from tho face.

The manager of the Silver Stream minis, Maratoto, reporting for the past week, states that the reef in the Queen stope is showing good values across the face, which is 60in wide. The- _ stope is now 32.1't (along. Largo quantities of mixed o:.|» are coming to hnnd to bo soTi-ed and knanoed.