THE WAIHI MINE

New Zealand Times, Volume XLIX, Issue 11253, 4 July 1922, Page 4

THE WAIHI MINE

RUN ON THE SHARES IMPROVED VALUES ON MARTHA AND EDWARD v REEFS. SALES UP TO £1 13e 6d. Considerable excitement has been created in Wellington by the gradual and substantial rise in tho price of Waihi shares, which commenced to harden last April, and have sold at from 26s 6d at the beginning of last week to 33s 6d at the end of the week. It is interesting to note that at the end of March buyers of Waihi shares were offering 19s, with sellers asking Is more. In April shares moved up to 225, and there were several exchanges at that figure. At the end of April the shares were firmly held, and there were more buyers than sellers In May the shares were again in good demand and sales were made at 235. At the beginning of last month they eased a little, but about the middle of the month the shares gradually firmed, and saw business at from 24s 6d bo 26s 6d. From that time onward there has been a steady demand, and shares have advanced as stated until business was done at 33s 6d. There has been considerable activity on the Auckland market, and last week there was quite a phenomenal run on these shares. In one day (Friday) no fewer than 20 parcels were disposed of, the prices quoted below indicating the manner in which the market fluctuated. At the morning call sales were made at the following prices:—30s 30s 6d, 31s, 325, 335, 33s 6d, 335, 32s 6d, 325, 32s 3d, 32b 6d, 32s 9d, the dosing quotations as this call being sellers 33s and buyers 32s 6d. At the midday call a sale at 33s was reported, and sales were made on the exchange at 32s 6d, 32s 3d and 325, sellers closing at 32s and buyers offering 3d less. At the afternoon call a sale of 32s was reported, and one parcel was disposed of on the exchange at the same figure, with two more 6ales each at 32s 3d.

There has been nb official report from the mine on development work to account for such a marked rise in this scrip, but an explanation may be Oiat the Edward lode has disclosed higher values (47s per ton for a width of 21 feet and 86s 6d per ton for a width of .5 feet) than were anticipated at depth and that the Tesult of examinations by experts may "warrant the belief that the Martha lode, one of the most remarkable gold-producing reef systems in the world, will also continue to improve as it is opened out on, as well as at depth.