MINING.

Otago Witness, Issue 3250, 28 June 1916, Page 54

MINING.

WEEK'S MINING NEWS

Juno 21. A return of 250 z 9d\vt for -what 15 said to be a first-class run of 120 hours is reported from the (Success dredge. A telegram from Grcymouth to the local Stock Exchange reports a return of 360 z 16d\vt of gold from the Murray's Freehold dredge for a week's working. The secretary of the Nokomai Hydraulic Sluicing Company reports that No. 2 had a wash-up, the result being 18oz 2dwt for six days' sluicing. The ground is 10ft deep. No. _ 3 had a full week's sluicing, and very fair progress -was. made last week. During the period ended June 3 the Waihi Cold Mining Company crushed and treated 15,172 tons of ore for a return uf bullion valued at £26,022. Compared with the return for the corresponding period last year, when 15,707 tons produced £26,079, this shows a decrease of £57. The total value of the bullion won from the mine to date is £11,252,394. The total amount of dividends and; bonuses paid to date is £4,850,160. June 22. The Rise and Shine No. 1 dredge got fair prospects on the eastern side of tiie out last week; but they were poor in the other part of it. The bottom was chiefly sandy clay, the amall portion of coal bottom that came in earlier having disappeared. No. 2 dredge worked on a clay bottom carrying very little wash, and giving only 2'oor prospects The master of Electric No. 1 dredge reports for last week that the dredge worked 144 hours for a distance ahead of ?,4Jt. The river has not gone down to a low level vet, and drift continues to bo troublaiome. The prospects showed an improvement on .Friday night, and on Saturday were fair. The ground continued difficult : n places, and the dredge had to drop back and v/ineh it up, with the assistance of the buckets on tho bottom, which was still composed of clay under fair waeh. The ore mined and treated at the Watchman mine, Thames, last week, was o: payable grade, and came from the stopes above No. la level. North of tho No. 1 rise the reef is from Ift to 2ft in width, and tho run of good ore appears to bo extending north. Tho reef south of No. 1 rise is unchanged. The Waih' correspondent of the Auckland Star reports that deputations are about to visit Wellington from both the Nortn and South Islands to interview tho Minister of Mines, on of mine-owners and prospectors -generally, in regard to tho following matters: (,1) Reduction of rent; (2) increased aid to prospectors; and (3) protection for all mining properties during the war. but subject to claims being open to triluitors. Mining men are unanimously of opinion that prospecting needs more practical, encouragement. There are indications of a revival in dredging, both in Northern and Southern fields. A number of claims have recently been taken up at Coromandel. and some in the Upper Ihame3 district. Inquiries have been received from Australia in regard to good properties. June 23. Tho Rimu No. 2 Dredging Company, on the West Coast, is being registered, tho nominal capital being set down as £150,000. The annual report of tho Waihi Gold Mining Company shows that during last year 192,333 tons were treated. The gold and silver realised £333,433 2s lOd, and to this amount must bo added £16.147 12s lid, being estimated • increase of bullion in process of production on December 31. Those amounts, together with £14,097 16s 4d for interest, make a total of £363.678 12s Id. Tho expenditure in New Zealand and London amounted to £208,268 15s. leaving a balance of £155,409 17s Id. The sum of £99,181 8s has been paid in dividends, equal to a distribution of 4s nor shnre, or 20 per cent, free of tax. The ore reserves show a net increase of 29,043 tons, being an increase of 52,694 tons in general account, less a decrease of 23,651 in suspense account. The latter is payable ore in arches* and pillars wlrch support levels and shafts, but of these there arc portions which cannot be taken out while tho shafts are in use. The power plant has worked satisfactorily, and it is estimated that a saving of £20,000 to £25.000 over the corresponding cost of steam and gas power in 1913 has been effected. The groyne at the headworks has been extended, and the effective head of water increased by 2ft.

A return of 230 z 18dwt for 128 hours' work is reported from tho Rod Jack's

dredge. The master of the Electric No. 1 drodgo

has washed up for a return of 84oz 3dwt from Hi clays' work. He reports that very heavy drift is travelling. A Press Association telegram from Wellington states that the return from the Success dredge is 320 z ldwt for 115 hours' work. The directors of the Blackwater mines (says a Press Association message from Wellington) have declared a dividend of Is per share. Juno 26. The directors of the Mount Morgan Company have declared a dividend of Is per share, amounting to £150,000. Murray's Creek dredge washed up on Thursday week for a return of o&oz lodwt for 126 hours' dredging. The May gold output, of Western Australia amounted to 83.877 line oz. valued at £555,289, as compared with 90.527 fine oz, valued at £384.534, for April, and with 103,669 fine oz, valued at £446,358, for May, 1915. Juno 27. For the period ended June 10, the Waihi Grand Junction Gold Company crushed and treated 10,200 tons of ore for a return of bullion valued at £17,136 10s 4d. Compared with the figures for the corresponding period, last year, when 10,120 tons yielded £16,180 3s 9d, the present return shows an increase of £956 6s 7d. The total amount of bullion won from the mine to date is £1,316,334 5s 7d. The gold yield of New South Wales for May was 52750 z crude, equal to 4461cz fine, valued at £18,948. This is compared with 11,2230:'. crude, equal to 10,6560 z line, valued at £45.392, for same month in 1915. Ihe yield for the first live months of this year amounts to 57,059'0z crude, equal to 44,1590 z fine, valued at £187,619 in comparison with 80,0£20z crude, equal to 63,6720 z fine, valued at £270,463, for the same period in 1915. This shows a decrease of 19,5030 z fine and £82,£44 in value. RIMU OPTIONS LIMITED. (From Our Own Correspondent.) lIOKITIKA, June 22. The dredge dam lor No. 1 dredge on the Rimu Option Company's property is completed, and the work of budding the dredge will bo started immediately. An up-to-date machine and blacksmith's shop has been erected on the ground, together with several workmen's dwellings. The ground to be worked by this dredge, also large areas in the vicinity, until the advent oi the Keystone borer, had never been thorough!y prospected, as by the ordinary method of ghaftsinking bottom could not bo reached, owing to the influx of water. The Keystone borer proved that in addition to carrying gold from tiio surfaco the bottom wash shows handsome prospects. The two State Keystone drills arc putting down bores in different parts of the ground and are testing a very large area, and there seems no doubt that several dredges will bo working here in the near future, though at present there is a difficulty in procuring dredges. The terraces are also receiving attention, and it is understood that a large and up-to-date sluicing plant is to be placed on Brighton terrace. In this connection it is probable that the Ivoss Flat electric power will bo utilised for pumping water for this venture. Given an adequate supply of cheap water there are areas of wash in this locality that will pay handsomely to sluice. Most of the terraces carry several layers of wash, in addition to a little gold right through; and there is no doubt that, with a plentiful supply of water a great future is in store for this field.

■Several private claims are still doing well with the present, supply of water. Many of them have installed winches, driven by a Pelton wheel, for removing the stones. They are a great saving in man power and blasting material.

THE WAIHI COMPANY,

"During the past year the affairs of the Waihi mine have progressed in a remarkably uneventful fashion," declared Mr A. M. Mitchison, chairman of directors, at the annual meeting of the Waihi Gold Mining Company. " Wo have not had any sensational developments on the eleventh level nor elsewhere, but considerable bodies of payablo ore have been opened up on the Royal and Edward lodes. During 1915 the Empire lode has been disappointing, but there seems a prospect of a fair amount of payable ore being developed on this lode in the eastern portion of the mine. The Martha has looked in places as if it might regain at all events a portion of its old values, but up to the present any indications of improvement have been followed by disappointment. On the whole, we had anticipated rather better developments, but, notwithstanding this, the year closes with a decided improvement in our ore reserves.'' The chairman went on to say there had been a good many troublesome questions to attend to in New Zealand, as points continually arose in connection with mining legislation and other important matters. In London there had been great difficulty and anxiety in maintaining supplies to the mine, but on the whole they had done fairly well. He mentioned that the company was now exposed to double taxation, income tax having to be paid in London and in New Zealand. In May, 1912, income tax was Is 2d in the £, and no one contemplated even a 2s tax, and much less ss. Now, quarterly dividends of Is free of tax, with tax at Is 2d, amounted to a distribution .of £104,955, which was but little over 21 per cent, on their capital. But quarterly dividends of Is, free of tax, with a tax at ss, would amount to 25 jier cent., or an annual distribution of £123,976 —a most formidable increase. That was a very serious matter, and the much higher cost of materials, freights, and other increased outgoings rendered the task more difficult, though probably they might obtain soma alleviation from a rising price in silver. Ho trusted that they would be able to maintain the payments of quarterly dividend, free of tax, during the year 1916, unless the position grew worse. Later on it might become necessary for dividends to be paid less tax, instead of tax free, bat if they were ' ever driven to that course lie hoped they would bo able to givo something in the way of a bonus, so that the net distribution would not fall short of the 21 per cent., which was the amount foreshadowed in 1912. TUAPEKA MINING AND PROSPECTING ASSOCIATION. The annual report of the Tuapcka Mining and Prospecting Association, as submitted at the meeting held at Lawrence on Friday, records as a feature the success of the association in getting a geological survey o. the Tuapeka goldliclds by Or Marshall, of Otago University. The association found some difficulty in obtaining assistance for D-r Marshall in the direction of data concerning old we)i kings, as most of the old miners had disappeared. After spending

some time at Lawrence, Waitahuna, and Waipori, Dr Marshall, who was afforded useful particulars from 3.1 r Movie, of Lawrence, regarding the Bulgar Flat workings, completed the report, which was to bo printed shortly. It would be issued in Look form, and probably would b 3 comprised in the annual report of the Mine:; Department. The association had not born asked to assist any prospectors during the year to get subsidies. The committee had, as usual, kept a watchful eye for encroachments on mining reserves which would be a present or prospective hindrance to min ing. A mining association was formed at Waitahuna. The Waipori branch of the association had been active during the year. Mr W. R. Smyth was re-elected chairman of the association, which intends vigorously to continue operations and to promote and safeguard mining' interests generally. WAIIII GRAND JUNCTION. AUCKLAND. June 23. The London office of the Waihi Grand Junction advises that at the annual mooting ■.on June 30. the annual accounts will not be presented. The d''rectors expect to declare a second interim dividend of Is per share, tax free, directly after the meeting. The books, will be closed from June 24 to Juno 30. OLRIG DRUDGING COMPANY. A meeting of the Olrig Dredging Company was held at the office of the secretary t-ur J. It. Bi ugh) on Monday afternoon to confirm the resolution passed on June 6 respecting -amendments to the articles of association. There were seven shareholders present, and Mr T. Glendining occupied the chair. The chairman referred briefly to the resolution, and, upon being put, it was carried unanimously. Reference was -made to the present position of the company and to the best course to pursue with regard to the distribution of the proceeds of water rights. The directors were empowered to act in the best interests of the company. The chairman reported that the financial position of the company was satisfactory. '1 he cash in hand amounted to £2517 15s 6d. and it would take £2400 to pay off the preference shareholders. DREDGING RETURNS. cz. dwt. gr. Electric No. 1, Cromwell, Hi

DUNEDIN STOCK EXCHANGE. _ The sharo market has not been particularly active during the past week, and there are tew variations in i)rieo to record. In dredging stocks Electrics wcro offered en tlie 23rd inst. at 4s 3d, and buyers have been quoting 3s 9d, but no business was effected. Ordinary Olrigs are wanted at 2s 6d. Rise and Shines are to bo had at £1 7s, and Rising Suns at Is less. In mining stocks Roxburgh Amalgamatcds have been attracting some attention, and Is 6d is oJforcd for the paid issue, sellers wanting 2s 3d. Blackwater Mine's were offered on the 23rd at 16s, and there was a demand lor Nokomai Hydraulics at 17s 6d. lalismans have been ottered down to lis 9d, wjtii buyers (quoting 10s 3d. Waihis have weakened somewhat, tho latest quotations being ill 15s and £1 16s 6d lor buyers and sellers respectively. VVaihi Grand Junctions have been regularly offered at 18s 6d. Mount Lyells are a trifle weaker than they were a week ago. In investment stocks Bank of Australasias are sought after at £ll7, without result. There was only Is between buyers and sellers of National Banks on the 23rd, for which £5 7s was offered, but no business was done. There has been considerable interest in Bank of New Zoalands, and £lO 13s is now offered for the old issue and £l6 13s for the new. Union Banks are to be had at £55 ss. Buyers of National Insurances were offering £2 12s 6d on tho 23rd, with holders asking £2 13s 6d. Union Steams have fluctuated somewhat during the week, and they are nowjust where they were on the 19th. On the 21st they were sold at £1 13s and £1 13s. 3d. An offer of £2l 15s was made on the 21st for Colonial Sugars, but there was no response. Wcstport Coals have been active, but have declined somewhat since the 17th, when thoy were sold at £1 8s 6d They were sold on the 23rd and on the 22nd insts. at £1 Bs, the closing quotations being £1 7s lOd and £1 3s 3d. Preference WestportStoektons are wanted at 10s, holders asking 10s sd. Sellers of Dominion Rubbers want £1 19s, but so far have not recorded business at that figure. Milburn Lime and Cements changed hands on the ISth inst. at £1 15s. and they were offered on the 23rd inst. at £1 15«. No sales of standard stocks were recorded or reported on the local Stock Exchange on Monday. Electrics were a trifle easy, and Rise and Shines were to be had at £l 7s. Waihis were quoted at £1 15s 3d (buyers), and £1 16s 6d (sellers). Mount Lyells had buyers at 18s 3d, with sellers asking 6d more. Bonk shares wcro quiet. At the first call Union Banks wcro in demand at £54 12s 6d, with sellers asking £55 7s 6d. Union Steams (ord.) were placed on the market at £1 13s. with buyers up to Is less. The contributing issue of Kauri Timbers was to be had at «455, with no buyers forward. Other shares showed no material change. The following are Monday's latest quotations, subject to the usual brokerage:— Dredging Stocks. Electric—Buyers 3s 9d. sellers 4s 3d. Olrig (ord.)— Buyers 2s 6d. RISC' and Shine—Sellers £1 7s. Rising Sun—Sellers £1 6s. Mining Stocks. Talisman Consolidated—Buyers 10s. Waihi—Buyers £1 15s 3d, sellers £1 16s 6.1. Mount Lycll—Buyers 18s 3d, sellers 19s. June 21.- —Union Steam (ord.), £1 13s and £1 13s 3d. June 22.—Wcstport Coal, £1 Bs. Juno 23.—Wcstport Coal, £1 Bs. CIIRISTCIIULCTI STOCK EXCHANGE. CHRISTCHURCH, June 26. Sales reported: Timaru Gas, £7 17s 6d; Christchurch Meat Company, £l9; Ward's Brewery, £5 15s. Latest quotations: Na-

tional Bank, sellers £5 10s; Manning's Brewery, sellers £4 12s 6d; Ward's Brewery, sellers £5 175.; Christchurch Gas, sellers £7 15s; Lej'land-O'Brk'n 'limber Company, hnvers £1 Is 9d ; Mosgicl Woollen?. buyers £3 ISs; Mason, Struthers (14s paid), buyers 15s, sellers 16s; New Zealand Farmers' Cooperative (6 per cent, first pref.), buyers £5 Now Zealand Paper Mills, sellers 18s 64; Talisman, buyers 10s, sellers lis; Christchurch Moat Company (debentures, 6 per cent.), £lOl. AUCKLAND STOCK EXCHANGE. AUCKLAND. June 25. Sales reported:—Waihi, £1 15s 6d; Union Steam, £1 12s 9d. WELLINGTON STOCK EXCHANGE. WELLINGTON, June 26. To-day quotations : —Talisman —buyers 10s £d; Waihi Grand Junction —sellers 19s; National Bank—sellers £5 10s; Wellington Trust and Loan —sellers £7 Its; Wellington Gas—buyers £l4 7s 6d, sellers £l4 15- 6d ; Union Steam Ship Company—sellers £1 12s 9d; Wellington Woollen—sellers £5 Is; Taupiri Coal—sellers 14s; Wc-st-port-Stoekton—buyers 6s, sellers 6s 3d; Waipa—buyers 18s 3d; Leyland-G'Brion Timber Company—buyers £1 ls9d; Scoullar and Co.—buyers £1 3s 6 1.

days 84 3 0 Rise and Shine No. 1, Cromwell, 132 hours 46 11 0 Rising Sun, Cromwell, 9 days ... 37 4 0 Dlrig, Manuherikia, week 23 3 0 Rise and Shine No. 2, Cromwell, 127 hours Total 15 10 0 207 11 0 The West Coast. Murray's Freehold, week 36 16 0 Success, 115 hours 32 1 0 Red Jack's, 138 hours Total 23 18 0 92 15 0