MINING.

Otago Witness, Issue 3148, 15 July 1914, Page 28

MINING.

WEEK’S MINING NEWS

July 8. The secretary of the Manuherikia Company has received a telegram from the drdegemaster statmg that operations were resumed yesterday. Everything is in readiness on the Sailors’ Bend 1 dredge to resume operations for the season, when the river has receded sufficiently. The master of the Good Chance dredge, reporting on the 4th inst., stated that the river was receding to the level required for dredging The road is ready for traffic, and on Monday he intends to drop the dredge back to where operations will be commenced The gold yield of New South Wales for May was 5994 fine ounces, valued at £25,459, as compared with 10,3040 z, valued at £43,769, for the same month last year. The yield for the first five months of this year shows a decline of /6960 z - and £32,304 in value, as compared with the corresponding period last year. ... After many months of negotiation, the promoters of the New South Wales Consolidated! Diamond and Tin Mines have reached a satisfactory agreement with the owners of the Alfredamia and Round Mount mines (N.S.W.), under which these alluvial mines may shortly bo regularly worked. Despite the heavy drop in the value of tin, the product in diamonds from those mines at present prices will, it is hoped, yield a good return on the proposed total issued capital of the Consolidated Company—£9ooo The secretary of the Nokomai Hydraulic Sluicing Company reports that No. 1 had a full week’s work, and the stripping of top material was finished on Friday. Last week two days’ hard frost was experienced, but the supply of water is plentiful. Good progress has been made on the No. 2 race extension. The manager expects the extension race to 'be formed through this week with the exception of two chains of rocky point and some slips and sodding to be done ' July 9 A Press Association telegram from Wellington states that the Ross Goldfields’ mine superintendent telegraphed that the past week’s return was 260 z of gold from 970 trucks of wash. . ~ . During last week the Electric No. 1 dredge worked 132 hours for a distance ahead of 22ft. There was no change in the quality of the bottom, which still consisted of sandstone, granite, and clay. The ground on the Bannockburn side was very difficult to work, and contained a number of large boulders. The prospects in the earlier part of the week were good, and at the time of writing (6th instant) were fair. The sample of gold was scaly and nuggety. The ground was getting very much deeper. The master of the Electric No. 2 dredge reports that the dredge worked 25ft ahead last week. The ground was very rough, and a number of large stones were being lifted. There was a reasonable chance of striking better ground ahead, as good gold had been obtained on the 'banks. The bottom was chippy and in many places, very hard. The Rise and. Shine No. 1 dredge worked a cut of 500 ft last week, making 6ft ahead. The ground averaged 46ft in depth, and much' improved prospects were got in tho eastern half of the cut. The Rise and Shine No. 2 dredge fimsned tho dam on Tuesday, and continued) dredging until Friday, when it became necessary to send the second-motion shaft to Alexandra to be straightened. The dredgemaster expected to resume work yesterday. Tho exports of minerals from Broken Hill (New South Wales) for May were valued at £395,715, against £381,987 for April, and £376,257 for March. Tho details were: — Silver-lead concentrates, 30,020 tons, valued at £264,592; zinc concentrates, 43,087 tons, valued at £113,310; silver-lead crudes, 2759 tons, valued at £6550; silver-load slimes, 1707 tons, valued at £9559; zinc slimes, 719 tons, valued at £IBOS. The tonnage for tho month for both lead! and zinc concentrates was greater than for April and March. For scam o, years past a Gisborne syndi-

cate lias been interested in gold . mining claims in the north (says the Times), but their enterprise has Up to the present met with but little encouragement. It will come as good news to hear that a local syndicate which owns a claim at \V aikino has struck a find which promises to pay out well. It is owned by Gisborne and Auckland people. A largo roof formation, fully 40ft in Width, has boon located by the prospectors, and gives good prospects of free gold in the dish. The claim is only about 300 yards from the Waihi Gold Mining Company’s big Waikino mill. Although several gold mining ventures have been tried by local people without results, this last discovery looks as if they at last have discovered a valuable roof. An interesting feature of the find is that the rock appears to be carrying richer gold than the quartz. It is intended to float a company with a capital of £12,000 to develop the claim, of which only £2OOO will bo issued at present. A live-stamp battery will be installed, and when this is in operation the remainder of the shares will bo issued. A Gisborne member of the syndicate who recently visited the claim speaks very optimistically of the prospects. The Walton Park Brick, Tile, and Coal Company (Ltd.), having acquired a property at Walton Park of about 20 acres in extent, showing an average depth of 12 feet of clay, have decided to float a company, with a capital of £2OOO, to work same. It is reckoned that the material visiblv at disposal is sufficient to last 50 years, notwithstanding that the modern machinery they are putting up is capable of turning out 90,000 bricks per week, or one a second. There is a railway siding running right up to the brick kiln of the proposed new company fropi the Walton Park Coal Company s railway line to the mines. The company has at present only one kiln, but to cope with the output 3 more kilns are to be erected. Estimates by authorities competent to judge the monthly expenditure, and who arc aware of the capac’tv of the proposed plant and also of the demand to be met, warrant the assertion that a most lucrative business is now being offered to prospective shareholders. Prospectus and other information may bo obtained from Mr A. S. Johnson, sharebroker, 152 High street. —9/7/14. July 10. The master of the Success dredge, writing on July 5, reports that the dredge had a fair run of 120 hours for a return of 28oz 3dwt, won from the north end of the cut. There was not much alteration in the depth of the ground since the previous week, except that a deep gutter about 40ft wide had been encountered. 'The nature and value of tho wash was unchanged. During the coming week the dredge would be pushed forward to solid ground to get a coal.ng site, as the present 'position was swampy. The ground was fairly easy to dredge, and a large quantity of material was treated. July 11.

The Electric No. 1 dredge washed up yesterday for a return of 40oz 15dwt for 128 hours’ work. A Press Association telegram from Auckland states that tho Talisman return was £22.664 from 44,450 tons of ore. The Electric No. 2 dredge won a return of 17oz 13dvvt for four days’ work. The master reports that the headline broke on Thursday night, but the dredge was ready to start again on Friday afternoon. The secretary of the (Success Company reports a return of 320 z for 114 hours’ work. There will be no wash up on the Red Jack’s dredge this week. The following returns are reported from the Muddy Terrace Sluicing Company’s claim:—May, 1770 z Wdwt; .June, 161 oz lldwt. Sluicing operations are m lull swing, and water is plentiful. July 13. Advice has been received that the Molyneux River rose a foot between Thursday night and Friday morning. This will no doubt affect tho gorge dredges. Tho Rise and Shine No. 2 dredge resumed work on Wednesday, but did not wash up at the end of last week. The master of the Sailor Bend dredge has advised the secretary that the river is unfavourable, and that he will be unable to make a start just yet. July 14.

The master of the Blackwater River dredge reports a return of 350 z 18dwt for 208 hours’ work. The following cablegram has been sent to the head office of the Waihi Grand Junc-tion-Gold Company (Ltd.), London;—“For the three weeks we have crushed 378 tons per 24 hours; the actual extraction is 40s per ton. Empire main lode, No. 6 level, drive east at 1100 ft: The total width is 28ft. On the hanging wall side of the reef 2tt bin, worth 245; balance low grade. From 3100 ft to 1120 ft on the hanging wall side, 6ft bin, worth £1 bs 4d. I am now driving along it diagonally through solid quartz, so as to enable me to drive on along the footwall. Empire,main lode. No. 6 level, No. 8 winze: Depth, 95ft; width of reef, 3ft Sin; footwall exposed; value, £4 10s lOd. Empire lode, footwall leader, No. 7 level cast: Advanced to 33ft; width of reef, 4ft 9in; one wall exposed; value, £6 bs 2d. Empire lode, footwall leader, No. 7 level west: Advanced to 23ft; width of reef, 4ft sin; one wall exposed; value, £3 2s. Main crosscut, south from No. 1 shaft, No. 7 level, is now in 200 ft.” MOUNT MORGAN RETURNS. SIYDNEY, July 13. The Mount Morgan Leviathan (Queensland) half-yearly report shows that the income was £459,606, and the profit £103,506, the sum carried forward being £120,352. The quantity of ore treated was 154,503 tons, producing 4109 tons of copper and 47,8560 zof gold, making the total yield for the year 8463 tons of copper and, 102,8480 z of gold. ROSS GOLDFIELDS. WELLINGTON, July 13. The mine superintendent reports on work for the week ended July 9 as follows: — In the sixth level working No. 6 sot,,drive has been driven to 1 56 ft from opening and got into poor wash. This drive has been stopped, and, blocking commenced Bft from face. No. 7 south is in 40ft from opening; wash payable. No. 7 north has boon extended to 40ft from opening in poorwash. This drive will be extended a further distance of 24ft in order that a new shoot, which will be known as No. 4, may be risen. No. 2 east has been extended, to 144 ft east of No. 5 south drive; face is in low grade wash. One party is blocking in No. 5 south; and in No. 6 south the wash is of payable quality. BROKEN HILL PROPRIETARY COMPANY. SYDNEY, July 8.. The Broken Hill Proprietary Company is issuing locally £600,000 worth of 6 per cent, debentures at 97, having a currency of 20 years.

GOOD CHANCE COMPANY. Tho lifth annual report of the directors of tho Good Chance Dredging Company states that owing to tho long-continued height and unsteadiness of tho river, combined with the largo quantity of drift contained in it, during the winter season, tho dredge was practically idle all tho year. Tho dredges operating in this particular gorge were working under similar conditions, and had tho same difficulty to contend with. The frost ‘lias now set in, and it is expected that operations will be commenced at an early date, so that shareholders may look forward to dredging being continued till the first or second week in November next, or perhaps longer. On every occasion that tihe dredge bottomed and the river kept low, good returns have been won, so that, given a favourable river this season, tho company’s dredge w-ill no doubt win fine average returns. Mr Thomas Glendining is the retiring director. DREDGING RETURNS. Oz. dwt. gr. Rise and Shine No. 1, Cromwell, 134 hrs 68 18 0 Rising Sun, Cromwell, 117 hrs 46 16 0 Electric No. 1, Cromwell, 128 hours ... 40 15 0 Willow-bank, Waikaka Valley, 137 hrs 32 5 0 Golden Bed, Ettrick, 5 days 25 0 0 Electric No. 2, Cromwell, 4 days 17 13 0 Oirig, Alexandra, week ... 7 7 0 238 14 0 The West Coast. Success, 114 hrs 32 0 0 COMPARATIVE DREDGING RETURNS. The following table shows the number of Otago and Southland dredges at, work weekly, w-ith their returns, together with the figures for the corresponding periods of 1913, 1912, and 1911. Pennyweights and grains arc omitted, in each instance; —

DUNEDIN STOCK EXCHANGE. Very little business has been transacted on the local share market during the week, and the Dunedin Stock Exchange has again been more a medium for the fixing of prices than for the transaction of sales. Business in investment stocks lias been confined to one sale on ’Change and a small number of outside transactions. Banks have continued firm at £5 16s 6d and £5 17s 6d, - a sale being reported on Tuesday at the former figure, and on Friday at £5 16s 9d. Bank of New Zealand (old) have had inquiry at £lO 18s and the new issue at £l7, with sellers at £lO 18s 6d and £l7 3s respectively. All insurance lines have continued firm, but the scarcity of sellers has precluded the transaction of business Union Steams have been in firm demand at £1 4s 6d until Friday, when the market eased slightly to £1 4s 3d, with sellers at £l 4s 9d. The preferential issue has nad buyers up to £1 Os Bd, with no sellers below £1 Os 9d. Business was reported on luesclay ft in the ordinary issue at £1 4s 9d and in tho preferential issuo at £1 Os 9d. Westport Coals have shown little movement at £1 9s 9d (buver) and £1 10s 6d (seller). A sale was reported on Tuesday at £1 9s Buying offers for Milburn -Limes farmed to £1‘ 12s on Wednesday, when a sale was effected at this price. A small amount ot business has been passing in D.I.C. (pret.) at £1 2s 6d, with further sellers on Change at this price, but no buyers. Mosgicl Woollens have had firm inquiry throughout the week at £3 15s, and New Zealand Drugs at £2 6s, but there have been no declared sellers of those lines. A sale of tho latter stock was reported on Thursday at £2 6a 6d. Kaiapoi Woollens had reported business on Wednesday at £5 6s 6d and buycis have since been quoted at £5 5s 6d, but no sellers have declared. Taupiri Coals were listed during tho week. Buyers offered up to £1 Is. with sellers at £1 Is 6d. The local share market was quiet on Monday. No sales were effected on ’Change, and there was little movement in most of the lines quoted. Talisman Consolidateds had firmer sellers at £1 13s 6d, but there were no buyers above £1 12s sd. Waihis were placed "on the market at £2 Is 9d, but at the final sitting there were no declared buyers. Waihi Grand Junctions had reported business at £1 6s 6d, buyers on

’Change showing no alteration at £1 6s 4d, with sellers at £1 6s Bd. In the investment stock section National Banks had lirm inquiry up to £5 16s 6d, and Bank of New Zealands (old) at £lO 16s 6d. A sale of Bank of Australasias was reported at £126. Insurance lines were all in strong demand, but the market lacked sellers. Union Steams (ord.) were a shade easier, with sellers at £1 4s 7d, but no declared buyers. Other linos quoted showed no change from late rates. The following are Monday’s latest quotations, subject to the usual brokerage: Dredging Stocks. Rise and Shine —Buyers £1 5s 6d. Miking Stocks. Roxburgh Amalgamated—Sellers 3s. Ross Goldfields —Buyers Is 6d. Nokomai Hydraulic—Buyers £1 Is. Progress Mines of New Zealand —Buyers Bs, sellers 10s 3d. May Queen —Buyers 2d. Talisman ConsoLdated—Buyers £1 12s 3d, sellers £1 13s 6d. Waihi —Sellers £2 Is 9d. Waihi Grand Junction —Buyers £1 6s 4d, sellers £1 6s Bd. July 7. —National Bank, £5 16s 6d ; Union Steam (ord.), £1 4s 9d; Union Steam (pref.), £1 Os 9d; Westport Coal, £1 9s lOjd. July 8. —Milburn Lime, £1 12s. Sale reported: Kaiapoi Woollen (ord), £5 6s 6d. July 9. — waihi, £2 Is 3d; D.I.C. (pref.), £1 2s 6d; N.Z. Drug, £2 6s 6d. July 10. —Talisman Consolidated, £1 . 1 3s (two parcels); Waihi Grand Junction, £1 6s 6d. Sales Reported.—National Bank, £5 15s 9d; D.I.C. (pref.) £1 2s 6d. July 11. —Talisman Consolidated, £1 12s Id,' £1 12s; Waihi Grand Junction, £1 6s sd. Sales reported:—Waihi Grand Junction, £1 6s 6d; Standard Insurance, £1 17s 6d. July 13. —Waihi Grand Junction, £1 6s 6d‘; Bank of Australasia, £126. AUCKLAND STOCK EXCHANGE. AUCKLAND, July 13. The following sales were made on the Stock Exchange to-day;—Northern Steam (paid up), 14s 6d; Union Steam (ordinary), £1 4s 6d; Portland Cement, 8s 6d; Talisman Consolidated, £1 12s 3d, £1 12s 6d, £1 12s 3d; Waihi, £2 Os 6d; Waihi Grand Junction, £1 6s 3d. For Taupiri Coal quoted at 21s. There were no sellers. WELLINGTON STOCK EXCHANGE. . WELLINGTON, July 13. The following was the business at the Stock Exchange to-day:—Westport-Stockton Coal, 2s 9d; Talisman Consolidated, £1 13s.

19141913. 1912. 1911. Oz. Oz. Oz. Oz. 1 26 1 24 2 17 — — — — 3 114 4 99 3 131 5 95 5 121 11 361 8 266 6 204 8 167 13 354 14 351 7 185 7 143 12 264 16 470 7 170 8 141 14 338 17 478 7 157 7 123 11 285 20 515 7 179 8 134 11 262 15 364 7 181 5 117 10 250 20 676 10 317 6 103 10 219 20 568 8 234 10 203 11 293 20 645 7 223 10 191 13 340 20 604 8 230 7 162 14 433 ‘ 19 602 7 206 6 146 14 402 18 434 6 203 4 77 14 402 17 497 6 161 7 191 16 442 18 429 7 218 11 233 11 248 14 394 8 181 8' 230 16 404 17 387 7 180 8 168 16 406 18 452 7 191 10 194 16 528 17 398 6 146 10 239 15 604 21 558 5 113 5 115 17 509 20 555 5 129 12 297 16 573 19 458 5 81 9 245 16 581 20 5C6 6 171 6 174 15 569 20 443 5 135 8 193 16 524 22 449 8 234 6 106 14 404 19 542 7 221 10 198 14 353 22 584 4781 4550 10,464 12,757 The West Coast. 1 29 — — 1 9 — — — 2 49 4 193 2 40 2 45 5 185 4 157 1 29 — — 4 167 4 124 3 173 2 278 4 152 5 143 3 180 3 273 3 75 7 210 3 188 3 115 3 154 6 175 3 208 2 104 5 214 6 183 2 139 3 325 4 138 5 142 3 157 3 298 3 149 7 212 3 198 3 106 3 111 6 250 2 123 2 107 3 135 ' 3 99 1 •12 2 93 2 90 5 184 1 9 3 2304 137 4 125 1 7 3 251 4 156 6 193 1 12 2 95 4 151 5 147 1 12 2 57 3 96 5 144 1 14 2 39 3 96 5 144 2 57 2 144 4 182 3 126 2 42 2 -37 3 98 4 169' 2 53 3 147 4 124 5 157 2 37 2 136 4 104 4 173 1 25 2 34 5 208 4 142 2 40 .1 25 5 162 4 124 2 44 1 339 5 203 4 198 2 34 1 27 5 158 4 149 1 11 1 28 4 150 4 157 2 40 1 31 4 135 4 156 1873 3113 3932 4217