MINING.

Otago Witness, Issue 3111, 29 October 1913, Page 28

MINING.

WEEK’S MINING NEWS

October 22.

The Waikaia dredge had a steady run last week. The master reports that the wash is unchanged in nature. The ground is 25ft deep, and a face of 55yds has been opened up. Tlie gold mining returns of the Transvaal for July and for the first seven months of this year were as follow (the corresponding returns for the same periods last year being added in parentheses):—July: Stone nulled, 1,931,327 (2,197,933) tons; gold won, 655,389 (766,338) fine oz., valued at £2,783,917 (£3,255,198), the average being 6.53 (6.76) dwt and 27s 8d (28s 9d) ner ion. The working costs were 19s 5d (18s ICd) per ton milled, and the total working profits were £828.477 (£1,092,849). Dividends paid amounted to £17,000 (£66,£91). Seven months: Stone milled, 15,814,519 g 145,495) tons; gold won, .5,295,810 9,245) fine oz, valued at £22,495,173 ,552,242), averaging 6.60 (6.931 dwt and (29s stl) per ton. The working costs •were 18s 2d (19s) per ton, and the total working profits £7,590,743 (£7,540,409). Dividends amounted to £4,181,243 (£3,903,903). The secretary of the Nokomai Hydraulic Sluicing Company reports that a wash-up was made on Saturday at No. 1, the result being 2250 z 17dwt for three weeks’ work. The dividing stone wall was built, and the plant has been got out of the paddock. A •tart was mad© on Monday night to strip the top material off tho next paddock. At No. 2 there was a full week’s sluicing, and fair progress has been made. No. 3 got a full week’s sluicing with a full supply of water to keep an extra nozzle going at the tailings. During the week good progress has been made. October 23. The Rise and Shine No. 1 dredge worked the usual cut of ISO yardo last week, making Bft ahead. There was an average depth of 46ft, with a bottom of clay and ccal. Tie prospects were fairly good at the end

of the week. No. 2 dredge will probably ' resume work on Friday. A telegram was received from the manager of the Want an gi Consolidated mine, Thames, on Friday, giving particulars of three assay results. Two were .taken from the rise, and the assay was £1 8s and £l2 14s 6d respectively. The assay tak'-n from the winze gave a result of £3. It is understood that the winze referred to is the one on the level 300 ft above the 1 iso. October 24. A return of 390 z 15dwt for 120 hours’ work is reported from the Success dredge. As the Good Chance dredge has met with a high reef which extends far into the bank, it has been found impracticable to work it, and the dredge has in consequence been closed down in the meantime, and will await a favourable river before further operations are commenced. w During last week the Electric No. 1 dredge worked 120 hours for a distance ahead of 36ft. There is no change to report in the width of the cut or the quality of the bottom, but the depth is increasing on the Bannockburn side. Tho nature of the gold won was finer than tho previous week’s return. Tho master of the Karaunui dredge reports that the dredging time for the past week was 135 hours, and so far as could be seen there is an improvement in the wash, as it is looking better in several places across the cut, which is an indication that good ground is near. The machinery is running well. October 25. The Last return, of 40oz, from the Success dredge was won from the north end of the out, which has not changed except in parts. As the bottom has risen 6ft in the corner at this end, the cut has been squared up, and the dredge headed up stream to operate on a working face about nine chains wide. This part of the claim takes in all the deep ground. The future returns should be regular and should improve as the dredge works ahead. Tho gold received at the Melbourne branch of the Royal Mint during the week ended on October 11 amounted to 14,059.970 z Slugs of g<-id weighing 7oz 16dwt, 2oz 13dwt, and smaller ones, wore found last week at Amherst, in the Talbot district of Victoria, by a couple of prospectors. The Broken Hill South Extended Co. (New South Wales) is being reconstructed m London. A new company is being formed with a capital of £168,000 in 100,000 preference shares of £1 each, and 680,000 ordinary shares of 2s each. Preference shares are entitled to first rights over ninetenths of the profits and assets The present shareholders will receive one ordinary share in the new company for each ordinary share in the old company, and will also have the right to a preferential proportion of allotment of the preference shares. October 27. The Rise and Shine No. 2 dredge recommenced work on Friday. October 26. The gold yield of Australasia for the nine months of the current year, when compared with the output for the corresponding period of last Jycar, shows a deficiency of 103,459 fine ounces, but an improvement is shown by New Zealand of 8020 fine ounces. In an address to members of the Early Pioneers’ Association (Victoria), delivered at tho Temperance Hall, Melbourne, two weeks ago, Miss Alice Bunt, who claimed intimate acquaintance with pioneer golddiggers, declared that Cluncs was the first place where gold was discovered in Victoria —viz., in 1850. Of a total of 136.0990 z of West Australian gold bought by the Perth branch of the Royal Mint in September, 77,9300 z came from the Kalgoorlie district; tho Murchison field sent 12,5880 z, tho Mount Margaret field 95940 z, Murchison East 90490 z, Yilgarn 84090 z. The combined amounts purchased from the four Coolgardio fields was 88,3750 z. Notes from Grey mouth. (From Odb Own Correspondent.) (THEYMOUTH, October 21. The Worksop dredge obtained the very handsome return of 2460 z of gold last week. The Pnctolus return for the past week is 290 z Bdwt for 129 hours’ dredging. It is reported that the Scddonville State mine is to be closed down. THE WAIHI MINE. (From Our Own Correspondent.) WAIHI, October 22. Tho crosscut from No. 5 to No. 4 shaft at the 1300 ft level in tho Waihi mine i fi being advanced through the Dreadnought reef, and so far about 9ft of quartz has been exposed, with only one wall to hand. At the corresponding point in tho level overhead the reef was small and poor, and jt is thus evident that it is gaining rapidly in strength as it goes down. The ore is of better appearance. W UIII-PAEROA GOLD EXTRACTION COMPANY. AUCKLAND, October 24. For the four-weekly period ended October 18, the Waihi-Paeroa Gold Extraction Company treated 11,000 tons of tailings for a return of £3480. The total amount won by the company now totals £68,711 6s 5d from tho treatment of 209,500 tons of tailings. DREDGING ON THE MATAURA. The Mataura Ensign contains an account* of the starting of dredging operations last week by tho Vulcan dredge on the Mataura River. Some time ago tho Orcadian Dredging Company worked its dredge on the Mataura River, near the Lower Knapdalc road but tho dredge unci its rights were purchased lay Messrs Excell and Cook, of Waikaka Valley. These gentlemen had tho river prospected, and, being satisfied with the prospects, set to work to make additions to tho working parts of the dredge, with tho result that it now contains two engines, two boilers, and two pumps, and in addition a string of buckets—one on every tread of the tumbler. By this moans double the quantity of wash can be lifted and dealt with. The tables wore also enlarged, and the whole design of tho dredge improved. The repairs and improvements and additions to the dredge cost over £2000,. and the dredge is now capable of lifting over 5000 cubic yards of wash per hour, which ir.car.s that a very large quantity of deposit will bo dealt with every week. In response to the invitation of the proprietors, a largo gathering assembled to witness tho starting of the dredge. Mr R. L. Christie, speaking on behalf of tho proprietors, said it was probably 20 years since the first dredge had started on tho Mataura River opposite Knapdale, like many others since then, it had coasc-U operations after a short career. Gold was known

to exist in the Mataura River, and with such a dredge as those present stood on there was every prospect of a successful career before' the enterprising proprietors. These two gentlemen had succeeded in districts where others had failed, and no doubt success would follow them in their new venture. The dredge had had a few hours run to test the machinery, and the wash-up was such that the proprietors should have no reason to complain in the future. ALASKA MINING. Glowing accounts are given of the new placer diggings on the Sushanna River in South-Western Alaska. A stampede (the equivalent of the Australian ‘‘rush”) has started, which promises to assume some proportions. It would seem, however, that access to finds in the interior of Alaska is attended with much more variety, danger, and difficulty than in Australia, where the risk of a “ perish ” is now confined to only a few unexplored localities. The Sushanna River find is 260 miles south-west from Dawson, on the Canadian side, and is 90 miles north-east from Kcnnecott, the terminus of the railway from Cordova, on the coast, in the United States’ territory. To give some idea of the difficulties attending the passage from Dawson City, horses are required for the first stage, canoes (poling up stream) for another stage, and the last stage of the 260 miles is “ mushed,” or walked. Some prospectors arc said to bo working on material yielding as high as sdwt and 6dwt of gold to the dish, and two arc panning off a fortune at the rate of £6OO per day. These, however, may bo regarded ae the usual “rush” stories, although the . values are not out of the way for placer mining while it lasts. Labourers are said to be receiving £4 per day, and probably a day’s work under the conditions as they are at present is worth it. DREDGING RETURNS. Oz. dwt. gr. Rise and Shine No. 1,132 hrs 42 1 0 Rising Sun, Cromwell, 132 his 35 3 0 Manuherikia, Alexandra, wk 27 0 0 Olng, JVlanuheriKia, week ... 9 2 0 Total ... ... 113 6 0 DUNEDIN STOCK EXCHANGE. Business has been moderately Brisk in mining and investment stocks during the week, but the amount transacted falls below tire average maintained over a fairly long period, ending two or three weeks ago. There is little movement to record in investment lines, most of which have continued ‘in firm demand during the week. A fewer number of lines have been quoted, and the amount of business, which was confined to practically two lines, has been smaller .than usual There has been a firm inquiry for National Banks at £5 7s 6d, with occasional sellers at £5 Bs. Bank of New Zealands have been offered at from £lO 17s 6d to £lO 16s, and Standard Insurances at £1 12s 6d, without buyers in either case. A sale of National Insurances was reported on Monday at £2 8s 3d, with buvere since then at £2 Bs, and sellers at £2' 8s 6d. There has been a fairly large turnover of Union Steams, prices of which have remained practically unaltered throughout the week. Numerous sales of the ordinary issue have been effected at £1 5s 3d and £1 5s 4d, and business has been reported in the preferential issue on most days at 19s 6d and 19s 9d, yesterday’s market closing with a seller at 19s 9d, without a buyer. There were buyers on-Friday of the ordinary issue at £1 6s 3d, with sellers at £1 5s 6d. Inquiries have been made for Westport Coals up to £1 10s 9d, with sellers at £1 Hs. Sales were effected on Monday at £1 10s 9d, and on Wednesday at £1 10s 9d and £1 11s. The demand for National Mortgagee firmed on Thursday to £4 0s 6d, but sellers were unwilling to quit below £4 Is 6d. Milburn Limes have been placed on the market at £1 11s, Mosgiel Woollens at £3 14s 6d, and New Zealand Drugs at £2 6s 6d, but buyers of these lines have boon very scarce. Wright. Stephensons have had steady buyers through-out the week at £6 10s, but sellers have remained unquoted No sales were actually effected on 'Change on Saturday, and brokers had none which they cared to report. Apart from the fact that Waihi stocks were hardening slightly there was scarcely any movement traceable in any section of the market. Waihis, which were sold here on Friday at £2 15s 3d and £2 16s, were asked tor at mid-day on Saturday at £2 16s 6d, but the best - selling offer was £2 17s 6d. Waihi Grand Junctions wore on offer at £1 6s 6d, with buyers quoting £1 5s 6d. In investment stocks holders of Bank of New Zealands were willing to quit at £lO 17s 6d, but could meet no better buying offer than £lO 7s 6d. There was only 6d between buyer and seller in both ordinary and preference Union Stearns and in Westport Coals, but the gap was not bridged. The following are Saturday's latest quotations, subject, to the usual brokerage: Dredging Stocks Island Block —Buyers Is 3d, sellers 2s. Rise and Shine —Buyers £1 2s 6d. Rising Sun —Sellers £1 3e 6d. Mining Stocks. Roxburgh Amalgamated—Sellers 3s 6d. Ross Goldfields—Buyers 13s. Progress Mines.—Buyers 7s, sellers Bs. May Queen —Sellers 2i<J. Now Sylvia—Sellers Is Id. Old Hauraki —Sellers 3d. Talisman Consolidated —Sellers £2 4#>. Waihi—Buyers £2 16s 6d, sellers £2 17s 6d Waihi Grand Junction—Buyers £1 5s 6d, sellers £1 6s 6d. October 21. —Waihi Grand Junction, £1 5s 4d, £1 5s 3d. Sales Reported.—Ross Goldfields, 12s 3d (two parcels); Talisman Consolidated, £2 ss. October 22.—Union Steam (ord.), £1 5s 3d. Sales reported:—Westport Coal, £1 10s 9d-, £1 lie. October 23.—Waihi, £2 18s 3d; Union Steam (ord.), £1 5s 4d. Sales reported:—Waihi, £2 17s; Union Steam (ord.), £1 5s 4d ; Union Steam (pref.), 19s 9d. October 24. —Island Blocks, Is sd; Waihi. £2 15s 3d (two parcels), £2 16s. AUCKLAND STOCK EXCHANGE. AUCKLAND, October 25. The following sales wore made on the Stock Exchange to-day : —Kuranni, 7d and 7^d; Sylvia. Is Id; Watchman, 2s 7d; Waihi £2 17b; Auckland Trams (ord.), £1 2e 6d.’

WELLINGTON STOCK EXCHANGE. WELLINGTON. October 25. The following sales were effected on the Stock Exchange to-day:—Westport Stockton, 4s; Talisman, £2 2s 6d; Waihi Grand Junction, £1 5s and £1 5s 9d.