MINING.

Otago Witness, Issue 3249, 21 June 1916, Page 58

MINING.

WEEK'S MINING NEWS Juno 14. It is stated that a party at Stafford have pumped tho water out of cue of the old shafts that was sunk years ago on the excellent lead of gold that ran through that locality, and have struck a good payable wash. If this is correct (says the Grey River Argus) it is good news for the district, and the find will in all probability again put in motion the large area of country, about three miles, between Stafford and Gallaghan's. Development work in the Hauraki Reefs mine is steadily progressing. Since the mine was reopened a year ago three crushings have been put through, realising £1290, £740, and £I4OO respectively. Tho last crushing had the benefit of tho Wilfley table, and a considerable amount of fine gold was saved which would not have been recovered under the former system. In addition, all the concentrates which cositained the gold wore treated in two berdans, where formerly eight were used. The managing director, who is at present in Coromandel, and on whoso recommendation the table was installed, states that its introduction has been _ a pronounced success, the table having paid for itself on its first crushing June 15. The secretary of the Nokomai Hydraulic Sluicing Company reports that a wash up was made at No. 2 claim, tho result being 330 z. A start was made on Friday to strip off tho top material of the next paddock. At No. 3 tho elevator is down to a depth of 27ft. Tho supply of water is plentiful. Tho iliso and Shine No. 1 dredge met with poorer ground on tho eastern side of the cut last week, and there was no improvement in the other part of jt. The No. 2 dredge worked on a clay bottom, with somo coal in it, carrying very little wash. The master of the Electric No. 1 dredge reports that during tho past_week tho dredge worked 155 hours for a distance ahead of 17ft. On the sth inst. heavy rain set in, causing tho river to rise about 6ft next day. Tho drift was travelling very heavily, and one day was spent in keeping the paddock open. The amount of gold won was 20oz ldwt, consisting of rough, nuggcty gold. Tho dredge is still working on a clay bottojn. The work of getting ready for tho commencement of operations on the claim of the Rimu Gold Dredging Company is proceeding apace (says, the West Coast Times). Throe truck loads of timber for the pontoons have already come to hand, and tho work of erecting tho dredge is expected to be started shortly. During May tho Talisman Consolidated Company crushed and treated 1470 tons of oro for a yield of bullion valued at £5191 lis Id. Compared with the return for May, 1915, when 4600 tons yielded £22.046 Is 6d, this shows a decrease of £16,854 10s sd. The costs for tho past month totalled 69s 7d per ton, made up as follow:—Mine development. 26s 7d; mining, 2U 6d; milling, 15s 7d ; general expenses, 5s lid. The total value of the bullion won from the mine to date is £2,583.641 lis 3d. Tho total dividends, etc., paid out since reconstruction amount to £1,047,471 17s, June 16. Tho return from tho Ahaura dredge last week was 240 z for four and a-half days' dredging. The old Greenstone Syndicate dredge and tho Stafford dredge are being dismantled (says the Kumara Times), and are to bo reconstructed on the Kapitea. Tho manager of tho New Sylvia mine, Thames, reports that he has crushed 450 tons of ore for a return of bullion valued at £415. Tho concentrates yielded £3OO, making a total return of £715. Tho following cablegram has been sent by tho Waihi Company to its head office in London: —"In No. 12 level, in tho northwest crosscut at 52ft there is sft of quartz, and the country is worth 6s 6d per ton ; at 65ft there is 12in of quartz, assaying 2s 6d a ton; at 81ft there is 12in of quartz, worth 15s 3d a ton. At 86ft in the crosscut the Dreadnought lode was intersected. It is 7ft wide, and its value is 13s 6d a ton. its course is 47deg true and its dip one in three north." June 16. The manager of tho Ladysmith Sluicing Company reports a wash-up of llloz sdwt for three weeks' operations. 'ln reporting a return of 260 z 7dwt for a run of 112 hours, tho master of the Red Jacks dredge explains that boiler inspection has been in DTDgrcsp

A Tress Association telegram from Wellington states that a return of 340 z llchvt is reported from the Success dredge for 106 hours' work. June 19. The Howard correspondent of the Nelson Colonise reports that Mr F. M. Kitto recently found two very nice nuggets oi gold in his claim tit Louie Creek, one weighing 4oz 14d\vt 6g, and the other 2oz Isdwt Bgr. Telegraphic advices are to hand from Messrs Gibbs, Bright, and Co., Melbourne, agents for the Sulphide Corporation, London, that the London directors have declared a dividend of 2s per share on preference shares and Is 6d per share on ordinary shares. The deduction on account of income tax will amount to 5s 6d in the pound. The manager of the Rising Sun nine, Ovvharoa, reports that during the period ended May 31 the company crushed 365 tons of ore of an average value of £6 per ton. and recovered from this by amalgamation bullion of a value of £l4/4 Is lOd. Two hundred and seven tons were treated by cyanide, and. from this source bullion was recovered of a value of £262 15s 10d. giving a total value of £1735 ISs 3d. This return is deemed highly satsifactory when if. is taken into consideration that when starting the plant was a new one and the mode of treatment not proved. Apart from the above return, it is estimated that fully £2OO worth cf bullion still remains in the cyanide solution? and precipitating boxes and on the amalgamating tables. For the first 10 days of this month 178 oz of bullion from the plates has been banked, of an approximate value of £4OO. Information is to hand that the Rimu Flat developments are being energetically pushed forward, fine weather having enabled progress with the No. 1 Dredging Com-

pany. Pontoons are being made, a good tramway having- been completed. The machinery is said to bo the strongest yet erected on the West Coast. The boiler is 60 horse-power, while the Marshall engine is 30 horse-power. The buckets will have a capacity of seven cubic feet. Six workmen's cottages have already been erected on the claim. No. 2 and No. 3 Dredging Companies have been floated in Sydney. The capital for these- has been fully subscribed. Under the war regulations the consent of the Commonwealth Treasurer to the registration had to be obtained, and. owing to the delay in obtaining this, it is understood that the companies will be registered in this dominion. The two Government Keystone borers are beimr used on these claims for prospecting different parts of the area. The prospecting is being done under the personal supervision of Captain Daniels, who represents the Sydney people who arc finding most of the capital. About 60 men arc now actively employed on the flat. It is expected that important developments will take place shortly in connection with the upper part of the Rimu goldfield. The want of an adequate supply of water has hitherto prevented these terraces being worked. Mr Frank B. Powell, the well-known Melbourne mining engineer, is actively interesting himself in connection with the proposed works on the third part of the field. It seems as if all thesp important undertakings will give the Rimu goldfields increased nrnsnerity and a long lease of life. Sime 20.

The report of the directors , ;bo Hauraki Reefs mine. Coromandel, for the six months ended April 30 states that since the last half-vearly report was submitted stoping operations have been continued

- 1 Vo ? 'eve' on Hi> *' V™Jn vnef ■• ,1 £3400 has been won in this portion of the mine. In addition, stoping has recently hern started on two new blocks east and „-=!- of Jl -- hie-'- svhich h---- fivri this return. The policy pursued has been as far as possible one of development, the directors utilising the gold returns u\ exploration work, feeling- thnt this is the proper method of ensuring as far as fb«y can the success of the company. The mine at present is self-supporting, but the returns are not yet sufficiently stable to justify the establishment of a reserve or the ■d-Vtvjinition of n dividend. A WilfW i."hl« and a benzine furnace have boon installed, and these have considerably reduced milling costs.

A PROTEST BY SHAREHOLDERS. HOKITIKA, June 16. At a meeting to-night of the local shareholders of the Ross Goldfields Reconstructed (Ltd.), the. following resolution was passed: " This meeting of shareholders in the Ross Goldfields Reconstructed (Ltd.), in liquidation, protest against the sale of the company's assets for £9500. and is of opinion that, had fuller publication been given in regard to tho disposal of the property, a larger sum would have been realised." DREDGING RETURNS. 0/.. dwt. gi\ Rise and Shine No. 1, Cromwell, 131 hrs 32 1 0 Olrig, Manuherikia, week ... 29 0 0 Rise and Shine No. 2, Cromwell, 136 hrs 22 15 0 Total 83 16 0 The West Coa3t. Success, lOohrs 34 11 0 DUNEDIN STOCK EXCHANGE. A very fair volume of business —particularly in investment lines —lias been passing on the Dunedin Stock Exchange during the week, thus showing that investors continue to have much confidence in the money market. In the dredging stock division Electrics have been in demand for some days at 3s 9d. with no seller under 4s 6d, Olrigs (ord) have been wanted at 2s 6d, without response from sellers. Rise and Shines have had sellers on several occasions at £1 7s 6d. and Rising Suns at £1 6s, but in neither case has a buyer come on the market. Mining stocks have been inactive, and there have been few indication that-., l.i 116 in ess is passing in those lines, even in private. Buyers of Talisman Consolidateds have ottered as high as lis 9d during tho week, but sellers have resolutely declined to quote at a lower price than 12s 3d Waihis have been even in the vicinity of £1 16s 6d (buyer), and £1 17s (seller), and Waihi Grand Junctions have several limes been placed on offer at 18s Od, without result. Mount Lyclls have been firm, and there have latterly been buyers of this scrip :it £1 9s, with sellers asking £1 9s 6d. Among investment stocks (here has been a continued firmness in National Banks and Rank of New Zcalonds, but neither stock seems to have commanded much business. National and Standard Insurances have-"come in for some quotation, and on the 16th there was a buyer of tho former line at £2 129, with no declared seller, while in the ease of the latter stock a selling offer of £1 19a 9d failed to produce a buyer. Union Steams have again shown a slight

but steady tendency upwards, having improved by about Is 4d since the beginning of the week. On the 13th sales were recorded in this stock at £1 12s 9d, and £1 13s; but by the 15th the business level had ris n to £1 133 Sd and £1 13s !od, and the market closed on the 16th with a buyer ■ ■'i'.-vii;.-- £1 13a :od. and a seller asking £1 14s. The preferential issue has also b <:>i linn, and several transactions have taken place in the vicinity of £1 Os G.I. Prices of Wcstport Coals have Le;r. well maintain d. and business has been passing in them at £1 Ss 6d, while there have bocn further buyers at this price, with sellers at £1 Ss 3d. Taupiri Coals were also in demand at 13s, without a seller. dominion Rubbers have again exhibited a distinct hardening tendency, and on the 16th this line was quoted at £1 17s and £1 13s 6d, buyer and seller respectively. A sale was reported in National Mortgages on the 14th at the firm figure of £4, and there have since b« <n sellers at the same figure. with buyers offering £3 18s 6d. Several other local lines have (icon quoted at firm rates, but have not been the medium of much business. '1 he local share market was quiet on the 19th, the actual recorded business being confined to a sale in Milburn Lime and Cements at £1 15s. Union Steams showed a tendency to ease, and prices fell away by about Is, buyers quoting £1 12s, and sellers £1 15s. Dominion Rubbers were firm, and were wanted at £1 18s 6d with a seller at £1 19s. Dredging and mining lines were quiet, and prices for the most part were even. The following are Monday's latest quotations, subject to the usual brokerage: — Duedging Stocks. Electric—Buyers 3s 9d. sellers 4s 6d. Rise and Shine—Sellers £1 7s 3d. Rising Sun —Sfcllers £1 6s. Mining Stocks. Roxburgh Aamalgamated (paid) —Buyers Is 7d, sellers 2s 6d. Talisman Consolidated —Buyers lis, .sellers 12s. VVaihi— Buyers £1 16s, sellers £1 17s. Waihi Grand Junction —Buyers 17s, sellers ISs 6d. June 13.—Union Steam (ord.), £1 12s 9d (four parcels) and £1 13s. June 14. —Union Steam (ord.), £1 13s 3d. Sale reported:—National Mortgage, £4. June 16. —Union Steam (ord.), £1 13s 9d (three parcels) and £1 13s lOd; Wcstport Coal, £1 8s 6d. June 17.—Wcstport Coal, £1 8s 6d. June 19.—Milburn Lime and Cement, £1 15s. WELLINGTON STOCK EXCHANGE. WELLINGTON, June 19.

To-day's quotations:—Murray Creek, sellers £3; Success Dredge, sellers £1 lis; Talisman, sellers 12s; Waihi, buyers £1 16s; Waihi Grand Junction, buyers 17s 6d, sellers 18s 3d; Bank of New Zealand (eld), buyers £lO 17s 6d ; Union Bank, sellers £55 10s; Wellington Trust and Loan, sellers £7 Is; Huddart-Parker, buyers £1 4s, sellers £1 ss; Union Steam, sellers £1 13s 6d; Kaiapoi Woollens, sellers £6; Wellington Woollens, sellers £6 Is; Wellington Woollens (preference), sellers £3 18s; WestportStockton Co., buyers 6s. sellers 6s 9u; Leyland-O'Brien Timber Co., buyers £1 Is 9d ; Scoullar and Co.. buyers £1 3s 6d.

OHRISTCHURCH STOCK EXCHANGE. CIIRISTCHURCII, June 19. To-day's quotations:- —National Bank, sellers £5 10s; Union Bank, sellers £55 10s; Wcstport-Stockton Coal, sellers 6s 6d; Christchurch Gas, sellers £7 15s; HuddartParker (6 per cent, prof.), buyers £1 0s 0d ; Union Steam, sellers £1 14s; Union Steam per cent, pref.), sellers £1 Is; Kaiapoi Woollen, buyers £5 15s; Kaiapoi Woollen (pref. re div. only), buyers £5 7s 6d; Mosgiel Woollens, buyers £3 17s 6d ; Booth, MacDonald (6 per cent, pref.), sellers £1; 'Canterbury Farmers' Co-operative (Tirnaru), buyers £2 16s 6d; D.I.C. (6 per cent, pref.), buyers £1 0s 3d ; N.Z. Farmers' Co-operative, buyers £2 8s 6d; Talisman, sellers 12s.