MINING.

Otago Witness, Issue 3274, 13 December 1916, Page 22

MINING.

WEEK'S MINING NEWS

December 6. The manager of the New Sylvia mine (Thames) telegraphed last week to the effect that he had crushed 701 tons of ore for a return of bullion valued at £333, and concentrates valued at £9OO, making a total of £1233. Tho following are tho New Big River Gold Mining Company's returns for November, 1916:—Battery, 3670 z 4dwt melted gold, from 505 tons of stone; cyanide, 40oz 17dwt bullion, from 300 tons of sand treated; — total estimated value, £1570.

The secretary of the Nokonxii Hydraulic iSluicing Company reports that No. 2 claim started to strip the top material off the next paddock on Monday, and good progress was made. No. 3 claim had a wash-up, the result being 90oz 14d\vt for three weeks' sluicing. During the period ended November 18 the Waihi Gold Mining Company crushed and treated 15,191 tons of ore for a return of bullion valued at £25,019. Compared with the return for the corresponding period of last year, when 15.208 tons yielded £27,273, this shows a decrease of £1254-. The total value of the bullion won from the mine to date is £11,409.213. The total dividends and bonuses paid to date amount to £4,854,955 8s Bd. The following is a copy of a cablegram sent last week to the Loudon office of the company : —" No. 12 level: The west crosscut has been extended to 485 ft west of No. 4 shaft, north-west crosscut. At 363 ft west a carbonaceous seam ono foot wide, dipping one in three east, was intersected. The depth of No. 2 shaft is now 1458 ft from'the surface. The sinking of No. 4 shaft has been stopped temporarily." A dividend of one shilling a share will absorb £24,795 7s. and will bring the total dividends paid to £4,879.750 15s Bd. December 7. The gold returns to hand from the Auckland district mines for November totalled £87,920 18s lid, as compared with £63.845 3s for the corresponding month of last year. The total returns for the respective districts are as follow: —Ohinemuri, £85,112 18s lid; Thames, £1533; Coromandel, £1275. Tho master of the Electric No. 1 dredge, in ■ reporting for the week ended the 2nd inst., stated that tho dredge worked 147 hours for a distance ahead of 15ft. Tho river had been variable, causing the drift to travel, and the dredge' got only a small amount of bottom. Some large boulders were blocking part of the cut. December 8. The Rise and Shine No. 1 dredgo got very poor prospects on a sticky clay bottom last week. Thero was no wash, and the appearance of the ground did not suggest an early improvement in tho present conditions. The No. 2 dredgo made 12ft ahead on a cut of 200 ft. Tho conditions were similar to those of the previous week. December 9. The secretary of tho Electric Company reports a return of 20oz 2d\vt from the No. 1 dredge for the past week. A Press Association telegram from Auckland states that during November the Talisman Consolidated Company crushed and treated 14C0 tons of ore for a return of bullion valued at £7608 3s sd. Last year 2550 tons yielded £14,30?, 6s 9d, The total value of the bullion to date is £2.628,997 18s. The gold production of Victoria for the week ended November 18 amounted to 17070 z 15d\vt. Tho principal producers were Hercules and Energetic, 2020 z; South New Moon, 1340 z lOdwt; Garden Gully United, 116 oz 17d\vt; Carlisle. 103 oz 9dwt; Virginia.. 98oz 7d\vt; North P.endiß-o, 770 z Bendigo dredge. 730 z sd\vt: Koch's Pioneer, 640 z 15d\vt; and United Hustlers and Redan. 620 z.

December 1?. The master of the Olrig dredge reports a return of Boz 13d wt f< r last week. Tho manager of (he Whansrarci Cinnabar mine reports as follows: —"Tho steady advancement of tho drive on the course of the reef at the low level has opener! up very rich cinnabar stone. The ore body at this point is about sft In thickness." The manager of tho Rising Sun mine, Ovrharoa. reports Hint stoping has been continued on Nos. 2.3, and 4 blocks on No. 1 r«ef over the low lovoh In all tho blocks (hf reef maintain? H= size, and tho whole of the dirt broken is of a highly pay. able character.

The final mooting of shareholders in the Ohijr Dredging Company (in liquidation) was held last Thursday afternoon, when the liquidators (Messrs T. Glendining and 11. E. Wi'son) reported on the manner in which (he business of the company had been wound up and on how the assets had been disposed of. The shareholders unanimously agreed to adopt tho report, and a resolution was then passed authorising the destruction of the company's hooks at the expiry of three months, immediately after a statutory "meeting of the new Ohig Company, which has been formed to work tho old company's dredge and property, was held. The directors' report was adopted, and Messrs Giendining and Wilson and G. Rivers (Alexandra) were appointed directors, and Air E. R. Smith auditor.

The following cablegram lias been sent by the local management to the head office in London of the Waihi Grand Junction Gold Company:—''For the period ended November 25 we crushed 10.020 tons for return valuc # £17.575 -Is Id. No. 1 shaft: Tho pumping compartment is now down 1345 ft. No. 8 level : Driving west on lode cut at 147 ft in south-east crosscut has been advanced to 20ft; the average assay value is £1 7s 3d. for a width of 52in, the south wall being exposed."

DUNEDIN STOCK EXCHANGE. Apart from the usual degree of activity in Union Steams during the past week the market has been quiet, and prices have varied very little from normal. Dredging stocks have attracted little attention, and no business has been recorded in them in public. Mining lines have also been inactive, and though Talisman Consolidateds. Waihis, and Waihi Grand Junctions have come in for a good deal of quoting a margin between buyer and seller that promised business has seldom been approached. Even in the investment stock market the usual degree of interest has not been manifested, except in the case of one or two lines. Towards the end of the week a great many sellers of bank and insurance lines have come forward, but, contrary to the order of things for many weeks previously, buyers have been holding off, and comparatively few have come on the market. New Zealand Shipping Company (profs.) have had a good deal of inquiry at £lO 10s, but no sellers have been induced to quote. Union Steams have been the centre of an unwonted degree of business, and a great number of parcels have changed hands during the week. Some days ago prices showed a tendency to fluctuate to some extent, but latterly they have steadied down a good deal, and the business level now stands at about £2 5s 6d and £2 53 9cl, at both of which figures sales were recorded on Friday. Tho closing quotations on Friday were £2 5s 6d (buyer) and £2 5s 9d (seller). Dominion Rubbers have been firm, and have had buyers at £1 16s 6d with sellers asking Is more. Kaiapoi Woollens have been inquired for on a number of occasions at £6 4s without response, and an offer of £1 14s 6d for Milburn Lime and Cements has produced no better seller than one at £1 16s. A largo number of other lines were quoted on the Bth inst., but in most cases there was a fairly wide margin between buyer and seller. Union Steams fell away again slightly on 'Change on Monday, and in the afternoon there was a seller, with no better buyer than one at £2 3s 6d. The old issue of Bank of New Zcalands (ex div.) were placed on offer at £ll 3s, but no buyer came forward. The £lO issue and the £2 issue of New Zealand Refrigerating Company were in demand at £2O and £3 17s 6d respectively, without producing sellers of cither line. Tho following are Monday's latest quotations, subject to the usual brokerage: DnEncixG Stocks. Electric—Buyers 2s 9d. Riso and Shine—Sellers £1 3s. Mining Stocks. Waihi—Sellers £1 16s. Waihi Grand Junction—Buyers 15s. sellers 16s. December s.—Union Steam (ord.), £2 5s 9d (four parcels). £2 6s. December 6.—Union Steam, £2 5s 6d (three parcels). £2 ss. Sale reported:—New Zealand Refrigerating Company (£2 paid), £4. December B.—Union Steam, £2 5s 6d (seven parcels), £2 5s 9d. GTIRISTCHUROII STOCK EXCHANGE. CHRISTCHURCH, December 11. The following arc to-day's quotations: Union Bank, sellers £54; Westport-Stockton Coal, buyers 6s 4d; Dalgety, buyers £6 7s 6d; Christenurch Gas, sellers £6 16s 6d; Farmers Co-operative (£5 paid, cum rights), buyers £7, sellers £8 10s; Farmers' Cooperative (£2 10s paid), buyers £3 10s; Huddart-Parker, sellers £1 4s 9d; Union Steam (cum divs.), sellers £2 ss; Kaiapoi Woollen (ord.), buyers £6 4s; Kaiapoi Woollen (prof.), buyers £6; Canterbury Farmers' Co-operative, Timaru, buyers £2 16s.

DREDGING RETURNS. The following dredging returns • were reported during last week: — Oz. dwt. gr. Rising Sun, Cromwell, 127 hours 47 6 0 Rise and Shine, No. 2, Cromwell, week 37 2 0 Rise and Shine, No. 1, Cromwell, 257 hours 22 0 0 Electric No, 1, Cromwell, week 20 2 0 126 10 0