MINING.

Otago Witness, Issue 3216, 3 November 1915, Page 62

MINING.

WEEK’S MINING NEWS October 27. The following telegram has been received in Auckland from the manager ol Hauraki Reefs“ Further 30lb picked stone from stopo, No. 3 level.” The secretary of the Nokomai Hydraulic Sluicing Company reports that at No. 2 all the plant has been removed, and part of the main line of pipe shifted. A start was made on Monday sinking the elevator. No. 3 struck bottom on Thursday at a depth or 63ft. The prospects so far are poor. The manager of the Ross Goldfields reported on Thursday, stating that he had obtained a return of 530 z 12dwt from 935 trucks. The value of the yield is about £212. The following is a copy of a cablegram pent on Thursday to the head office of the Waihi Gold Mining Company, London: -‘No. il level, Edward lode: South of Sprat cross-cut, 32ft driven; from 151 ft to 183 ft the value of the ore is 21s fid per ton; cross-cut at 130 ft, north of Sprat cross-cut, first 25ft across the lode, the value is 7s 3d per ton; next 20ft, the value is 25s fid perton. At a point on the Empire lode, 465 ft ■west of the Rath cross-cut, we have commenced cross-cutting to the north-west. At 78ft we have intersected a lode; the first 28ft shows a value of 3s 9d per ton; the next fift is country rock; the next 2ft is worth 11s per ton; the next 10ft is country rock; the next 9ft is worth 7s per ton; the next 4ft 31s per ton; and the last 16ft is worth 8s per ton. This cross-cut will be known as Kauri north-west cross-cut.” October 28. The supervisor of the Success dredge writing under date of October 18, reports & return of 390 z for a run of 109 hours. The return was won from the north corner section of the out. The wash was tight, with a good deal of pug. The ground is shallower as we are getting close to the point which divides the two creeks. The Rise and Shine No. 1 dredge worked last week under conditions similar to those of the previous week. Good prospects were got on a clay and sandstone bottom, which was fairly easy to work. The No. 2 dredge worked steadily until Wednesday afternoon, when some tight ground, with flat stones on the bottom, esme in, and the severe strain on the second motion shaft caused it to break. Another one was procured on Saturday morning, and dredging recommenced at midnight on Sunday. The master of the Electric No. 1 dredge, reporting under date October 24, states that during last week he worked 149 hours for a distance moved ahead of 18ft. The river was still changeable, and the drift continued to flow. The ground was poor, with the exception of one small patch, which gave moderate prospects, but at the time of writing the prospects were still poor. The amount of gold won was 20oz 4dwt, consisting principally of rough gold. October 29. The Success dredge washed up for a return of 28oz Ifidwt for last week’s operations. A Press Association message .from Wellington states that the Waitangi mine manager reports having secured 201 b of picked stone from the No. 1 winze. The West Ross return for the past week (says a Wellington Press Association telegram) was 70oz 4dwt from 890 trucks of wash dirt. The following cablegram has been sent to the London office of the Talisman Consolidated Mining Company:—“Woodstock; No. 5 crosscut, progress 42ft; No. 6 crosscut, progress 39ft.” The Philippine dredges, at Paracalo, had the greatly-improved return of lOlOoz of gold last month, as compared with 7320 z in August, and 7470 z ,’n July. No. 1 dredge won 1250 z from 32,494 yards; No. 2 won 3200 z from. 41,400 yards; No. 3 won 2050 z from 28,452 yards; and No. 4 won S6ooz from 91,115 yards. No. 2 dredge had been out of commission for three months, and resumed on September 10; and the output of Nos. 1 and 4 was greater in each case than in August, but No. 3 defaulted to the rate of 158 oz. October 29. A return of 18oz 2dwt is reported from the Red Jacks dredge for 132 hours’ work. The amount of Victorian gold actually received at the Melbourne branch of the Royal Mint during September was 34,907.360 z gross, or 32,910.100 z fine, as compared with 38,428.630 z gross, or 36.023.320 z fine, for September, 1914. The gold production in Victoria for the week ending October 9, 1915, amounted to 23880 z Bdwt. The principal producers were:—Now Moon, 2370 z fidwt; Sea, 200 oz sdwt; Catherine Reef, 1350 z lldwt; South New Moon, 98oz 12dwt; Carlisle, 970 z 9dwt; Golden Pyke, 84oz 2dwt; Cornish United, B3oz 13dwt; Central Red, White, and Blue, §2oz lldwt. On September 30 the operations of the Mount Lyell Co. for another half year were wrought to a close, and, in spite of the

war and small local troubles, it was a highly satisfactory period. Altnough otlicial returns of the metal output for the six months will not be known for a few weeks, it is possible to iorm a prc-Uy close estimate in tins respect. iho production for the previous half year was c9ba tons of copper, 243,7830 z silver, and 499-iOz gold, while the approximate production for the term just ended may lie put at; 40'Je tons copper, 20,'0000z silver, and oOOOoz gold. During the half-year ended March 31, the average price obtained for coppei would be about £SO per ton, but the ruling price for the 'six months under review was appreciably higher than this. a he net profit for the March term was .0a2,800, with copper at, say, £6O a ton, but with the improved price of copper obtain.ng .since March the profit for the September period is certain to bo a good deal more. Then there is another consideration which will assist to increase the profits of the last term, as compared with the previous one viz., that the company has had the benefit for the full six months of tho_ great saving effected by the installation of the hydro-elcctric power plant, while for the preceding half-year they had only the benefit of it for barely four months, and this will make a reduction of several thousand pounds in working costs for the term just ended. •November 1. Writing under date October 23, the master of the Red Jack’s dredge reports as follows: —“Worked ahead 35ft; width of face, about 230 ft; depth, 16ft. The ground deepened in the eastern corner; otherwise there is little difference, it being all worked. The wash on the western side is still very drifty.” x November 2. The following is a copy of a cablegram sent to the head office of the W aihi Grand Junction Gold Company, London, on October 27; —“We are crushing 428 _ tons per 24 hours. The actual extraction is £1 10s. No. 1 main shaft: The flow of water equals 40.000 gallons per hour, and is h'ndering sinking. No. 7 level, Empire lode, No. 9 winze; Crosscut at depth of 50ft; the width of reef from footwall to hanging wall is 24ft. The value is £2 4s 7d.” ROSS GOLDFIELDS. The Ross Goldfields mine superintendent reports as follows on the work at the mine for the week ended October 21:—“ No. 2 cast drive has been advanced 23ft in 3ft of pay wash, making a total progress of 904 ft from No. 2 shoot. At 892 ft, No. 14 soutn drive was commence*!, and has cut across the pay wash here for 12ft. The north-west drive off No. 3 shoot has been extended 19ft in pay wash. Blocking is proceeding off Ncs. 7,9, and 11 north drives, and No. 12 south drive. During the recent cyclone at Ruatapu a transmission line interruption occurred, and- work underground was suspended for two shifts/’ RISE AND SHINE HALF-YEARLY REPORT. The following report for the half-year ended September 30 has been issued by the directors of the Rise arid Shine Gold Dredging Company: " During the past half-year both dredges have worked almost without interruption, and are in good repair Returns from No. 1 show a high average, but the ground that No. 2 is working gave only moderate yields until August. Since then they have been fairly good. Dividends amounting to 7s a share have been paid during the half-year. In accordance with the recommendation of the annual meeting, a total contribution of £l2O has been made to the patriotic funds.” The profit and loss account shows that the proceeds of the sale of gold during the period amount to £8960 5s Bd. DREDGING RETURNS. Oz. dwt. gr.

DUNEDIN STOCK EXCHANGE. Though the past week has been a much quieter one than usual so far as the declaration of business is concerned, share prices on the Dunedin Stock Exchange have been well maintained, and the investingpublic continues to show a great deal of confidence in the avenues that are open for the outlay of money. This is a healthy sign, and one that shows a tendency to -last. The investment market continues sound, and there has been a groat deal of inquiry for a number of lines —particularly bank and insurance shares. Bank of Australasia scrip has been wanted on several occasions at £llO, but no soiling quotation has been received, and though National Banks have been placed on offer several times at £5 Os 6d, there have been nq buyers. Bank of New Zealands (old) have been quoted consistently at £lO 2s 6d (buyer), and £lO 4s 6d (seller), and the now issue has had inquiry at £l6 2s, without response. There was also a buyer of Union Banks on the 20th at £SO 10a, Without a seller. National Insurances have been wanted throughout the week at £2 ss, and Now Zealands at £5 16s, but in neither case has a seller come on the market. The same result_ has attended buying offers of South British Insurances at £4 11s, and Standards at £1 11s 9d. Both issues of Union Steams have been firm, and a close market on several occasions has given indications that a certain amount of business may be passing. There was a seller of National Mortgages on the 29th ult. at £3 19s, and of Dominion Rubbers at £1 Is, but no buying bid was received. Westport Coals have again been firm, and business was transacted dn thorn on two occasions at £1 8s 9d, while the market closed on the 29th ult. with a seller at £1 Bs, but no buyer. Milburn Limes have been for sale at £1 13s 3d, without a buyer, and Now Zealand Paper Mills have been offered for disposal at 17s 4d, but no response has boon forthcoming. .Several other lines have been freely quoted at normal prices, but little business has resulted. Further business in Westport Coale took place on ’Change on Monday, a transaction being recorded in this lino at £1 8s 6d, after which the market closed with a further seller at £1 9s, and a buyer at £1 8s 3d. Union Steams (ord.) were firm, and were in demand at £1 3s 9d, with a seller at £1 4s. Mining stocks were quiet, and there were sellers of a number of lines without buyers. Now Sylvias, however, had some inquiry at 7d, but there were no sellers of this lino.

Dredging stocks were ako neglected, there being only one seller of Rising Suns at £1 ss, but no buyer. The following are Monday’s latest quotations, subject to the usual brokerage;—Dkedgixg Stocks. Rising Sun—Sellers £1 ss. Mixing Stocks. Roxburgh Amalgamated (paid) —Buyers £1 2s 3d. r> New Sylvia—Buyers 7d. Talisman Consolidated —Sellers 16s 3d. Waihi —-Sellers £1 17s 9d. Waihi Grand Junction—Seilers £1 2s. Mount Lyell—Buyers £1 3s 3d, sellers £1 4s. October 27. —Westport Coal, £1 8s 9d. Sale Reported.—Wellington Woollen, £5. October 28. —Westport Coal, £1 8s 9d. October 30. —Westport Coal (two parcels), fil 8s 6d. November 1. —Westport Coal, £1 8s 6d. AUCKLAND SHARE MARKET. AUCKLAND, November 1. The following sale was reported on ’Change to-day:—Talisman Consolidated, 15s 9d.

Rise and Shine No. 1, Cromwell, 135hrs 67 13 0 Rise and Shme No. 2, Crom182hrs ... • 46 10 0 New Golden Run, Island Block, 126hrs 52 18 0 Rising Sun, Cromwell, 128hrs 31 13 0 01r;g, Manuhenkia, week 21 0 0 Total 192 14 0 The West Coast. Red Jack’s, 132hrs 18 2 0