MINING NEWS.

New Zealand Mail, Issue 940, 7 March 1890, Page 15

MINING NEWS.

(PROM OUR OWN CORRESPONDENT.) Reefton, February 27. The spurt in the mining market has quietened down to-day, and some of the scrip has fallen slightly. Golden Lead is quoted at 6s 6d ; O.K.’s, 4s 6d ; Cumberlands, 2s 3d ; Merrijigs, Is 3d. I cannot speak as to the character or number of transactions in Golden Lead, as very few transfers have pafesed through the registers, although it is quite possible that transfers have been given in black and scrip attached as security. There was a demand for Low Levels last night, consequent upon the report that a large gold bearing reef had been struck in the crosscut, and a few parcels chauged hands at Is, but a commission for the purchase of 2000 could not be placed at lOd, holders preferring to bang on. The value of the discovery can he gained from the fact that the property is likely to contain the most extensive deposit of quartz in the field. Scrip is asked for in this mine at lOgd to Is, with no sellers. . Reefton, March 1. - The spirited spirt of the early part of the week has slowed down, and the market has again settled to its normal condition. The lukerman is steadily advancing, and is drawing attention to properties along its line. The Supreme is also stimulating interest. The following were the ruling prices at noon to day : Argosy, 7d to 9d ; Big Rivers, 2s 6d to 2a 7d ; Bendigo, 6d to 8d ; Cumberland, Is 9d to 2s ; Eureka, sellers at Id ; Golden Lead, 6s to 6s 3d ; Globe, 19a 9d to 20s Sd ; Inkerman, 20s to 21s; Inangahua Low Level, Set to 9d ; Inglewood, Is 5d to 2s ; Keep-it-Dark, 18s tojl9s ; Merrijigs, Is 3d ; to Is 4d ; Hercules, Is 8d to 2s; 0.K., 3s 3d to 3s 6d ; Phoenix, 2d to 3d ; Progress, 26s to 27s ; Resolution, 8d to lOd ; Supreme, 2s 6d to 3s ; Scotia, 2s 9d to 3s ; Drake, buyers at Is 6d; Alpine, 28s 6d to 29s ; Welcome, old issue, 10s to 10s 6d ; new issue. 8s 9d to 9s ; Wealth of Nations, 3s 6d to 4s. Tne Cumberlands were in demand last night, and a few sales took place at 2s 3d. In the Exchange Lead, which is popularly known as a good show, shares were sold at £25. A small crushing of Golden Lead atone at the School Mines yesterday returned 7dwt 7 grains retorted gold from 351 b. The tailings to-day were put through, and 8 grains were washed out. Battery returns.—Globe, 3780 z amalgam from 190 tons; Progress, 2050 z from ten beads for the week ; Keep-it-Dark, 86oz of amalgam from 88 tons ; No. 2 South Dark, 1620 z of amalgam from 36 tons ; Welcome, 3220 z of amalgam from 20 tons : Inglewood, 87oz of amalgam from 55 tons. Reefton, March 4. The Golden Lead has sent a parcel of a ton of stuff to the Exhibition to be tested there. The crushing of their 100 tons starts on Thursday. The price of scrip remains stationary at (buyers) 6s 6d, but holders will not part with any interest. The O. K. and Cumberland have fallen back, there being very little demand. The Progress have closed their battery for want of water. If it does not rain shortly there will be no returns from any of the mines. The Inglewood will also stop after to-morrow for a fortnight to repair. At a meeting of the shareholders in the Exchange Lease last night, it was decided to register the Company under the Act of 1886, with a capital of £6OOO in 24,000 shares of 5s each. There is a rise in National shares to-day. A party visited the mine yesterday and from whattbev saw are speculating a little to-day, and holders are asking a rise before they will part. The gold robbery case was called yesterday in the District Court, and Judge Broad transferred it to the sittings at Hokitika, as they wore not likely to get a jury to agree in Reefton. The Mining Exchange hold a meeting on Thursday, and then, I think, thare will be a likelihood of my getting some bona, fide prices of the scrip. (PER PRESS ASSOCIATION. ) Reefton, February 27. As an example of the current boom in mining stock, afortnight ago a man wassold upfor failing to satisfy a judgment for £9 obtained by a local butcher The defendant said he only held a few valueless mining shares, and was quite willing to hand them to the judgment creditor in satisfaction of his claim. The creditor refused to accept them. To-day the market value of one lot alone is £9OO, the shares (Cumberlands) having in ten days advanced from zero to 3s 3d, the debtor holding 3000. Dunedin. February 27. The Eureka Company at Nenthorue obtained 1760 z from 111 tons of stone. Auckland, February 27. The gold field at Kuaotunu is steadily progressing, and there are now a large number of claims pegged out. At a meeting of the shareholders of the Hidden Treasure Licensed Holding, at Kuaotuna, it was decided to work the holding, as the syndicate operations in connection with this claim, and also that of the Kuaotuna shareholders, are to commence at once.

Hokitika, March 5. A barge with 36 tons of dredging machinery for the Three Mile Beach, near Okarito, was towed over the bar to-night. Messrs Weiman and Brookesmith went with her to arrange fot the erection, and hope to reach their destination in 12 hours. The boi'er and the balance of the machinery will be here within a fortnight. This beach is leased by an English Compauy, and has been well prospected and is highly payable. Humphrey’s Gully Company washed up 180 oz, valued at £6OO. Efforts are being made to procure a water supply for the Back Creek goldfield, on which many claims have lately been taken up. Those working have proved highly payable. Practical miuers say if there is water on the field it will carry a population far exceeding Kumara, and find employment for several hundred miners. The Kanieri Lake Water-race Company has been formed to bring water on and work the Kanieri Forks goldfield. Ihey are calling tenders for the last sections of the race, and expect to have water on the claims within six mouths. The weather is very dry. Nearly all the sluicing claims, including Kumara, have stopped work for want of water.