MINING.

Otago Witness, Issue 3098, 30 July 1913, Page 28

MINING.

WEEK’S MINING NEWS

July .23. The master of the Karaunui dredge, reporting on the 20th instant, stated that the dredge woi'ked 130 hours during- the past week. Tile ground was very patchy, but at time of writing the mats were looking well. The secretary of the Nokomai Hydraulic Sluicing Company reports that the stripping off of the top material at No. 1 was finished on Saturday and elevating was started on Monday. No. 2 had a full week’s sluicing and fair progress has been made. There are a lot of big stones in wash mot with in tit's paddock. A run of 13 sluice boxes have been erected at No. 3, and a strong stone wall has been built to keep the creek away from the operations. An Auckland Press Association telegram states that the New Waiata returns arc £I4OO from 95 tons. July 24. The Rise and Shine dredge worked the usual cut last week. The ground proved to be poor, the wash having scoured off the coal bottom. The d red gem aster anticipates an improvement in the near future. The master of the Electric No. 2 dredge reports that the dredge was shifted down to a further block at the beginning of last week, and resumed operations on Tuesday afternoon. The dredge worked 40ft ahead on a narrow cut. The river rose on Saturday, anil it was found necessary to close down. The weather has been very mild and unseasonable, and the warm winds have melted a good deal of snow on the ranges. The last return reported from the Success dredge was won from the full length of the cut, and to all appearances there is no change except at the north end, near the smithy. Here the ground lias improved, and over a distance of 50ft there is veryfair gold. Opening out operations are in progress at tills end of the cut, and they will bo continued until the gold is cut through or higher bottom struck. The south end of the cut is still being opened out, and the high roof may bo struck any day. Vi’ith the exception of the 50ft mentioned the ground has been very regular over the whole length of the face. The dredge worked well last week, and a large amount of material was handled. The master of the Electric No. 1 dredge reports that the dredge worked 130 hours last week for a distance ahead of 33ft. Tlie prospects had been variable, but on the 20th hist, they were fair. The sample of gold was of a rnbed nature. The I jot tom was composed of brown sandstone reef in the deep ground, and of yellow and blue dav on either side. The Bannockburn side consisted of a slip of boulders, and was giving the dredge a good deal of extra work. The river rose on Saturday, but was receding. The water had got into the paddock and some extra, work would be entailed. baling it out. July 25. A return of 90/. 2dwt. for 129 hours’ work reported from the Waikain dredge. The master of the Waikaia dredge reports that work was carried on steadily' las;t week, the dredge making 28 yards ahead. There is no change in the wash. The six monthly balance sheet issued on the 17th instant by the secretary of the Olrig Dredging Company shows that during the past six months 1720 z of gold, valued at £667 15s lid. were won. The expenditure during that period amounted to £716 14. s 2d. A dividend of 2s per share was paid on 3000 preference shares. 'i'ltc Rise and Shine Company’s consulting engineer reports that the work in connection with the No. 2 dredge is nearing completion. Heavy ironbark chafing timbers are being fitted to the ladder, preparatory to petting it in position. The ladder has been thoroughly repaired and reinforced throughout its entire length with additional diagonals and bulkheads. Gold saving tables of the latest design are being installed. ’iTe erection of the machinery, with the exception of the elevator, is practically finished.

An acetylene gas generator, capable of providing sufficient light for both the machinery and the -working face, is being placed on board. July 26. The master of the Karaunui dredge reports a return of 20oz 6dvrt, won from the inside of the cut. July 28. At the 400 ft level of the Old Hauraki mine, Coromandel, the footwall cross-cut was in 201 ft laet week. The country was harder, but showed signs of improvement. The winze on the new reef was down lift. At the seaward end of the level driving was commenced on what was probably the Black reef in the Union Beach section. It was up to Bin in width July 29. The postmaster at Alexandra telegraphed on Monday morning that the Molyneux River was at the 6ft 6in mark. 'Die weather was line. The erection of the long elevator on the ftepjng .Sun dredge and overhaul of the machinery is all but completed, and dredging is expected to be resumed on Thursday. There has been some delay through having to wait for necessary material from Dunedin. The return furnished by the Undor-ffccre- ’ tary of Minos shows that the gold yield recorded for Now South Wales for June was 14,6430 z crude, equal to 12.3420 z line, valued at £52,424, compared with 10,5680 z crude, equal to 8819 oz fine, valued at £37,461, for the same month in 1912. The yield for the first six months of this year amounted to 87,2330 z crude, equal to 70.1910 z line, valued at £298,151. compared with 94,0370 z crude, equal to 78.3Q50z fine, valued at £332,632 for the same period in 1912, tints showing a decrease of 8117 oz line and £54,481 in value. The directors of the Hamilton Sluicing Company, in presenting the annual report, state that the anticipations set out in the annual report of 1912 have not been realised owing to a very large slip corning off the back reef and covering up a large paddock which had been stripped to the wash. The bulk of the water season was devoted to the removal of this, and five small paddocks were taken out, yielding 1630 z 6dwt 6gr of gold. During the year, the widening of t]ie Pigburn and Capburn race was completed, and £lßl 4s 6d was spent on this work. These races are now in good repair, and will deliver 50 heads of water to the penstock when water is available, and plant sufficient to utilise it to the best advantage is now on tine ground. The annual meeting of the company, held last Tuesday, was attended by eight shareholders, presided over by Mr A. K. Usherwood. Messrs J. C. M'Goorge and Usherwood were re-elected to the directorate, and Mosers Barr, Leary and Co. were reappointed auditors. TALISMAN CONSOLIDATED MINE. RECENT DEVELOPMENT WORK. (Fitou oua Own Correspondent ) WAIIII, July 26, There have been no material changes in the Tahsman mine at Karangahake since your representative’s last visit. The most interesting of the development works in progress is the advancement of the main south drive through the Dubbo section of the property at No. 14 level. Some 50ft to 60ft back from the present face the pay values cut out, and the reef has become smaller, but the last round of holes tired shows more quartz with a nice-looking band of sulphide ore rorn lOin to 12in wide on the hanging wall portion. It thus seems probable that the pay values are coming in again, but further development will be necessary before anything definite can be said on this point. The south face is still about 100 ft north of where the second run of values comes in on the Dubbo section at No. 13 level. The umvatering of the the new pump. The umvatering of the Woodstock" shaft has been resumed, and in the absence of interruptions the shaft should be dry about the end of the coming week. The sinking on the shaft will then be put in hand. When the ehambe. has been excavated and the pump workings installed driving both north and south will be commenced. Going north, the Maria roof should be cut In about 80ft of driving, and the intention is to drive on the course of the lode. Coming south the drive will also follow the course of ihe reef provided anything of value is met with. CROWN MINES. (From Ouu Own Correspondent.) WAIIII, July 26. Development works in the deep areas of the Crown mines at Karangahake are now being pushed forward, but so,far nothing of importance has been met with. At the No. 3 D level the crosscut from the Welcome reef to intercept the Crown lode recently encountered the ore body at a distance ol 4440 ft in. The lode is now being followed north from the crosscut and although the ore is not of good grade it is being saved for treatment. The workings are about 200 ft vertical below the Waitawheta level, above which the lode, though patchy, carried more or less gold for a considerable distance. About five years ago a crosscut was thrown out east from the No. 5 level 200 ft further down to intercept the same reef which cattle to hand after driving about 700 ft from the Welcome. Nothing further was then done on the lode, but work has now been resumed and tite drive is following the reef north. The ore body is somewhat mixed up and of low grade. In the Hauraki section (formerly known as the Talisman section), where the block of ore on the Maria reef was opened up from No. 4 level some months ago, the sloping of the reef over the back of the level is in progress. Rises on the lode are also being put up from No. 5 to No. 4 level, and from No. 6 to No. 3 level. The reef averages about 4ft in width, and the ore being broken out is payable. JUST-IN-TIME MINE. (From Our Own Correspondent.) GREYMOCTff, July 22. The manager of the Just-in-Time Mine reports as follows for the week . No. 2 level north has been repaired for an additional 65ft, making the total distance from the shaft 330 ft. 1 have also started to clean out a cross, cut driven to the east from this level, which should cut the eastern line of reef that exists. In No. 1 level a party has been formed for the purpose of prospecting for the continuation of what is known as the Victory Reef on the Paparoas, on the opposite side of the Grey River at Stillwater. It will be remembered that a cry rich vein of quartz was discovered there and worked by Messrs Curtis Bro. some 15 years ago. The old Julian Gold Mining Company did a considerable amount of prospecting in the

vicinity, but with the exception of locating several ' leaders ’ nothing of a permanent nature was discovered by the company. It is now intended to prospect at a deeper level for the rich lode which in believed to exist and of which the Victory Reef is thought to be an offshoot.’’ WAIHI MINE. AUCKLAND. July 22. A cablegram sent to the Loudon office of the Waihi Company states Dreadnought lode in southward crosscut, 6ft wide, £l2 10s per ton. MOUNT LYELL RETURNS. MELBOURNE, July 22. The Mount Lyell returns from June 12 to July 9 (inclusive) show that 25,708 tons of ore were treated; also 1139 tons of,purchased ore. ! The converters produced 350 tons of blister copper, containing: Copper, 325 tons; sliver, 18,4590 z; and gold, 6940 z. The smaller output is due to lower grade of North Lyell ore being treated. GOLDEN BED DREDGING COMPANY. A special meeting of the shareholders in the Golden Bad Dredging Company was held on the 22nd July in the Dunedin Stock Exchange call-room, for the purpose of considering a special resolution embodying the reconstruction proposals drawn up by the directors of the company, with a view to improving the company’s finances. I Mr G. B. Bullock (chairman of directors) I occupied the chair, and there were 12 shareI holders present. ! The special resolution provided for the j liquidation of the present company and the 1 registration of a new company with a capital of £2600, consisting of 5200 shares of 10s each, of which 2600 should be ordinary shares, and 2600 preference shares. Half the capital would be allotted fully paid up to the present shareholders in the proportion of one share to five of their holding. The other half would be offered for subscription to the present shareholders in the same proportion. and would rank as preference shares, the present holders having precedence in allotment. Preference shares only would participate in dividends out of profits till all calls had thus been refunded, together with a bonus of 2s 6d per share, and when that point was reached they would rank in all respects as ordinary shares. If that point was not reached, and liquidation became necessary, the preference shares would have first claim on the, proceeds of the assets to the extent of nil calls paid, together with the bonus of 2s 6d per share, but minus any dividends out of profits. In moving the resolution, the Chairman stated that the reconstruction proposals had been brought forward on the recommendation made at the annual general meeting of shareholders held a few weeks ago. At that meeting the shareholders had had placed before then the exact position of the company, and for what reasons it was thought necessary to reconstruct. In drawing up the proposals the directors had done their best to place the present shareholders on equal terms, and although the issue of new shares might seem a little too favourable to the present holders of shares, if they took up their quota everybody would he on the same footing. The whole of the capital that had been called up was only equal to a levy of 2s per share on the old capital of the company. The advisability of making a levy had been discussed by the directors, but it was found that they had no power to do so. and the proposed 1 scheme certainly seemed to bo the best way ; out of the difficulty. The conditions at the company’s claim had not improved. The ' (Ircdgemnster had advised that as a result of (he heavy rain the creek had risen, and the water in the paddock was as high as over. It had been suggested that the water could be syphoned awav. but this method would require at least 400 yards of piping, which would mean a heavy expense. Nevertheless. he thought that it was still desir- • able that the company should operate the claim. The motion was seconded by Mr Ivemay. In reply to a question, the Chairman ‘ stated that the working expenses of the dndge would he covered by a return of 20oz weekly. In connection with the taking up of shares j in the new company, a shareholder asked 1 j what lead the directors intended to give. The Chairman thought he could speak for i the whole of the directors, and he had no | doubt whatever that they would take up their full quota. The motion was then put to the meeting and carried unanimously. The resolution provided that Messrs G. I',. Bullock, William Brown, R. Cockburn, F. G. Duncan, and C. G. V. Leijon should he directors of the new company till the first statutory meeting. DREDGING RETURNS. Oz. dwt. gr. , Electric No. 1, Cromwell. 122 hrs 148 15 0 Manuhcrikia. Alexandra, week 23 0 0 Knraimui, Alexandra, week 20 6 0 1 Willowlmnk, Waikaka Valiev, 131 hr« 20 1 0 Rise and Shine, Cromwell, 130 hrs 12 13 0 ■ Waikaia, Waikaia. 129 hrs ... 9 2 0 Masterton, Waikaia, l22hrs 8 8 0 O’rig, Manuhcrikia, week ... 7 14 12 ; -Total • 249 19 12 The West Coast. , Success, 123 h rs 41 0 0 DUNEDIN STOCK EXCHANGE. Prices of the majority of stocks quoted > during the past week have been well rnain- ■ taiued, and in a number of cases a marked t firming tendency has been apparent. The i number of lines quoted has perhaps showed 5 u slight, decrease, but a fairly largo numi tier of sales have been recorded and reported. The business transacted in investment stocks shows a falling off from that of the previous week, but prices have been well maintained, and in some cases have improved. National Banks have been in ' demand up to £5 Is, with sellers from - £5 2s to £5 3s. Buyers of Union Banks were quoted up to £57 10s, with a seller • on Wednesday at £SB 10s. r l ho various • insurance lines have Ircen in firm request, - but few selling quotations have been recorded. Buyers of National Insurance 1 advanced to £2 5s 9d, and Standard Tnsur- • ances were wanted at £1 lie, but no sellers f declared. The directors of the Union Steam 5 Ship Company notified shareholders on ’ Thursday of reconstruction proposals which - provide for the liquidation of the present 9 company and the formation of a new corns pnnv with a capital of £3,000.000 in shares 1 of £1 each, of which 2.000.000 will he - ordinary shaves, and 1,000,000 will be 5$ i per cent, cumulative preference share*.

Shareholders have been familiar with the proposals contained in the circular, with tho exception of the intention of the directors, expressed therein, to reserve 1,000,000 ordinary shares for future issue. The notification has had no influence on the market, which closed on Friday with buyers at £2 3s and sellers at £2 3s 6d. Sales were reported during the week at £2 <ts and £2 3s 3d. \\ estport Coals have become scarce, and prices have firmed to £1 8s 3d buyers, and £1 Ss 6d sellers. A calc was reported on Friday at £1 8s 4gd. National Mortgages have been inquired for at £3 18s 6d, without sellers. There have been sellers of Mosgiel W oodens at £3 12< 6d with buyers ottering up to £3 11s. New Zealand Drugs have shown no variation at £2 4s 6d (buyer) and £2 5s 6d (seller). . The market on the Dunedin Stock exchange opened quietly on Monday. Mining and investment stocks were in demand at recent prices. Dredging lines continued dull, with few buyers. Electrics had sellers at 5s 9d, and Island Blocks at 3s 6d witnout buyers. There was an inquiry tor Rising Suns at £1 4s, but holders declined to sell tinder £1 6s. Ross Goldfields were quoted at 8s 6d (buyer) and 9s 6d (seller). Consolidated Goldfields were offered at 14s and Progress Mines at 9s 6d, but no buyers declared. Waihia continued in firm demand at £2 7s, with sellers at £2 7s 6d. A sale was effected during the day at the latter price. Buyers of Talisman Consolidateos were firm at £1 19s 6d, and 'Waihi Grand Junctions at £1 2s, but the market closed at these prices without sellers. A sa.o Westport Coals was reported at £1 8s 44d, and further lots were wanted on ’Change at £1 8s 3d. with sellers asking 6d more. New Zealand Insurances were inquired for at £5 7s. with a seller at £5 8s 6d, and other Sines were in "strong demand without sellers. Buyers of Wright,- Stephensons hardened to £5 18s, bur no sellers came forward. The following are Monday’s latest quotations, subject to the usual brokerage: Dredging Stocks Electric —Sellers 5s 9d. Island Block—Sellers 3s 6d. Manuherikia —Sellers 5s 6d. Rise and Shine—Sellers £1 14s. Rising Sun —Buyers £1 4s. sellers £1 6s. Mixing Stocks Ross Goldfields—Buyers 8 s 6d, sellers 9s 6d. Consolidated Goldfields —Sellers 14s. Progress Mines of N.Z. —Sellers 9s 6d. New Sylvia—Buyers Is Id. sellers Is 3d. Saxon —Buyers 6d, sellers 9d. New Waitaia—Buyers Is 2d. Victoria —Buyers sd. Talisman Consolidated —Buyers £1 19s 6d. Waihi—Buyers £2 7s, sellers £2 7s 6d. Waihi Grand Junction—Buyers £1 2s. National Insurance —Buyers £2 5s 9cl. N.Z. Insurance—Buyers £5 7s, sellers, £5 8s 6d. Standard Insurance —Buyers £1 11s 6<l. U.S.S. Co. —Sellers £2 3s 6d. Westport Coal Co. Buyers £1 8s 3d, sellers £1 8s 9d. Kaiapoi Woollen Co. —Sellers £5 3«. Milburn Lime and Cement-- Buyers £1 Ss, sellers £1 l&s. M‘Rood’s Soap -Sellers £ls. Wright, Stephenson —Buyers £o 13a. July 22.—Waihi Grand Junction, £1 Is 3d, £1 Is Id. July 23.—Waihi Grand Junction. £1 Is 3d (three parcels). Sales Reported:—Union Steam, £2 3s 3d; New Zealand Insurance. £5 Bs. July 24. —Waihi, £2 7s 9d. Sale Reported; Union Steam, £2 3s 3d. July 25. — Electric, 5s 6d ; Waihi. £2 7s. Sales Reported.—Waihi Grand Junction, £1 2s; Waiotahi. 2< 2d; Westport Coal, £1 8s 4id. July 26. —Waihi, £2 7s 3d. Sali? Reported. -Waihi, £2 6s 9d. July 28. —Waihi, £2 7s 6d. Sale Reported Westport Coal, £1 8s 4id. AUCKLAND STOCK EXCHANGE. AUCKLUxD. July 28. The following is tho business at tho Auckland Stock Exchange to-da\ ; —KuranuiOalodonian. 9d , Taksman. £1 19s 6d ; Grand Junction. £1 2s Sd ; Union Steam Skip Company. £2 3s; Saxon, 64><1; Victoria, sid; Waihi. £2 7s, £2 6s fid; New Waitui, Is 4d. WEIJiINGTOX S'i'OCK EXCHANGE. WELLINGTON, July 28. The following is the business at the Wellington Stock Exchange to-dav;—Talisman Consolidated. £1 19s 9d. £1 19s fid : Waihi Grand Junction, £1 2s sd. £1 2s 6d ; Rosa Roconstructoel, 8s lOd; Wiailn, £2 7s (two parcels).