MINING.

Otago Witness, Issue 3275, 20 December 1916, Page 26

MINING.

WEEK'S MINING NEWS

December 13. The report from the Waihi Grand Junction mine for the period ended September 30 states that the pumps are lifting i 9,000 gallons of .water per hour. At No. 7 level the Empire lode footwall branch is mixed with country rock, and assays 28s lOcl for a width of 47in. The Royal lode at the intermediate level assayed 23s 7d for a width of 93in. The intermediatelevel from No. 3 rise 60ft above the rails, was started at 80ft above the rails, and advanced to 34ft east of No. 3 rise. Assays to 30ft east, averaged 15s for a width of 56in. The lode has been broken out to 15ft east, where it is 168 in wide, worth 16s. A crosscut at 30ft east was driven 19gft, and exposed both walls. The; lodo is 219 in wide, and assays average 27s lid. At No. 6 level the Royal lode in the intermediate drive, 80ft above tho level from No. 7a winze, assayed £3 6s for a width of 56in. A winze was started 45ft west of No. 7a winze, and is now down 31ft. Assays to 30ft down averaged £1 4s 6d for a width of 40i.n. At No. 4 level the- Royal lodo crosscut passed through 30in of quartz, worth 18s. On this quartz No. 3a winze has been started, and is now down 23ft. Assays average 15s lOd for a width of 52in. December 14. Tho master of the Electric No. 2 dredge reports that the river continues high Tho secretary of tho Nokomai Hydraulic Slu.cmg Company reports that No. 2 had a full week's sluicing, and 'good progress was made. No. 3 finished the stripping off of tho top material to a depth of 34ft on Thursday, and elevating was resumed on the same day. The water supply is good. The Rise and Shine No. 1 dredge worked a cut of 2Ooft last week, making- 12ft ahead. Tho bottom, which was got at an average depth of 45ft, was of sticky clay. A little wash had come in, but it did not carry any sold. The No. 2 dredge made an equal distance on a out of the same width. The ground varied from 38ft to 46ft in depth, and showed a slight improvement towards the end of the week. It was very tight, and contained a large number of stones. Last week the Electric No. 1 dredge worked 145 hours for a distance of 33ft ahead. Tho wash was poor during the greater part of tho time, but the ground was not so rough as it has been of late. On Saturday tho prospects were only moderate. Tart of the bottom consisted of clay and part of coal. Only a narrow cut was taken up the Bannockburn side, as a wide cut could not be kept open owing to the quantity of drift that was flowing. Tho amount of gold won was 20oz 2dwt, consirting of a mixed sample. During November the Talisman Consolidated Gold Mining Company crushed and treated 1400 tons of ore for a return of bullion valued at £7608 3s sd. Compared with the return for the corresponding month of last year, when 2550 tons yielded £14,302 6s 9d, this shows a decrease of £6694 3s 4d. The total value of the bullion won from the mine to date is £2,628 997 Is. The costs for the past month totalled 70s Id per ton, made up as fellows: —Mine development, 20s 8d: mining, 25s 9d; milling, 18s 6d; general expenses, 6s 2d. The following cable has been sent to the London office of the company: —"No. 16 level, north drive, progress 57ft; soxith drive 32ft; crosscut east off south drive, progress 43ft." December 15. The Mount Morgan Gold Mining Company (Q.) will pay a dividend of Is per share on December 29. Tho total dividend will amount to £50.000. Tho total Australian output of gold for the first 10 months of this year was worth approximately £1,387,000, as compared with £1.630.000 for the same period last year, and with £1.697,000 in 1914. Tho decline in Western Australia for the period referred to was £126.967, or upwards of 12£ per cent., while in Victoria it was £63,020, or nearly 23 per cent. December 16. In rcportinor a return of 21oz 18dwt for tho week, the manager of tho Electric Company states that the drift is running very heavily. December 18. _ Tho manager of the Occidental Consolidated Mine, Thames, reports that in the stope over No. 6 level tho No. 2 reef continues to be of very favourable appearance and is carrying- good minerals. The reef is from Ift to 2ft wide, so that a fair quantity of general ore is being broken. Fiftytwo loads of general ore have just been crushed for a return of 1270 z 2dwt of melted bullion. The aggregate value of minerals, including gold, produced in the commonwealth

last year, as nearly as can be ascertained, was £22,404,853, made up as follows: Gold. £8.272,657; silver and lead, £3.512,839; copper, £3,039,180; tin, £804,396; zinc (practically all from Broken Hill), £1.111.712; coal, £4.277.019; molybdenite, £61.997; wolfram and bismuth, £97,122; other metals, £1,227.886. The last item includes iron (£267.000). coke (£313,241), kerosene, shale, opal, etc., produced in New South Wales; and fluxes (£287.000) and salt (£80,000) produced in South Australia.

DREDGING RETURNS. The following; returns have been reported for last week:—

TALISMAN CONSOLIDATED COMPANY. AUCKLAND. December 15. At a general meeting; of shareholders in the Talisman Consolidated Company, Mr Casey, tTie chairman, stated that the present directors were five of the largest shareholders in the company.lt was difficult to secure skilled labour, but the directors hoped to be in a position to pay dividends. Mr Hanna stated that one saving effected by the transfer of the Advisory Board from London was that their remuneration would bo only £950, against £2ICO previously charged in London. The report and balance sheet were adopted. DUNEDIN STOCK EXCHANGE. Business on 'Change has proceeded along normal lines during the past week, and there have been no especially remarkable fluctuations in price. Electrics have had a slight upward trend, and on Friday there was a buyer at 2s lid, with a seller offering to quit at 3s 7d. Rise and Shines have been for sale en several occasions at £1 3s, but no buyer has come forward. Mining shares have been quieter than usual, and no business has been recorded in them in public. In the investment market National Banks have had buyers on one or two days at £4 19s 6d, but sellers have not come on the market under £5, and a selling offer of £54 for Union Banks has not produced a buyer. Standard Insurances have had sellers at £1 19r>, and New at £2 16s, but no buyers have come on the market. New Zealand Co. (profs.) have again been in demand at £lO 10s, without result. Union Steams have shown a few variations in price during the week, reaching their lowest level on Wednesday, when they were quoted at £2 Is 6d and £2 2s 6d, buyer and seller respectively. On Thursday they again improved, and on Friday the price showed a further advance, the closing quotations for the day being £2 4s 6d (buyer) and £2 5s 3d' (seller). A good deal of business has been transacted in these shares during the week, and this has been effected at prices ranging from £2 3s (on Tuesday) up to £2 4s 6d (on Friday). Huddart, Parker, and Co. (ord.) have been even with recent rates, and Westport Coals have, if anything, been slightly easier than of late. Some business has been done in Milburn Lime and Cements during the week in the neighbourhood of £1 14;5 9d, and a sale took place in Perpetual Trustees on Friday at £1 3s 6d. A number of other lines have come in for a good deal of quotation, but in the majority of cases a margin favourable to business has scarcely been established.

Contributing Ladysmiths were asked for on Saturday at 4s, but there were none offering. Buyers of Grand Junctions advanced to 15s 4d, sellers quoting 16s. For National Banks £5 was offered, biu holders wanted 2s more. Quotations in Union Steams were wide, and showed a decline corresponding with the payment of the dividend. They were offered at £2 3s 6d, but the best buying quotation was £2 2s. Paper Mills were quoted at 19s and 19s 6d for buyer and seller respectively. The following are Saturday's quotations, subject to the usual brokerage:— Dredging Stocks. Electric —Buyers 2s 9d. Ladysmith (contrib.) —Buyers 4s. Rise' and Shine —Sellers £1 3;;. Rising Sun —Sellers £1 3s. Mining Stocks. Roxburgh Amalgamated—Sellers Is. Talisman Consolidated —Buyers 7s 9d, sellers 10s. Waihi Grand Junction—Buyers 15s 4d, sellers 16s. Dec. 15.—Union Steam, £2 3s 6d, £2 4s 3d. £2 4s 6d; Perpetual Trustees, £1 3s 6d. Dec. 12.—Union Steams (ord.), £2 3s 6d, 52 3s. WELLINGTON STOCK EXCHANGE. WELLINGTON, December 16. The following sales were made to-day:— National Bank, £5; Huddart-Parkcr (ord.), £1 4s Bd. UNION STEAMS. LONDON, December 16. Union Steam Ship Company—Buyers £2 lis, sellers £2 14s.

Oz. dwt. gr. Rising Sun, Cromwell, 133hrs 47 11 0 Rise and Shine No. 2, Cromwell, week 45 1 0 Electric, Cromwell, week 21 18 0 Rise and Shine No. 1 Cromwell, 124hrs Total 15 17 0 130 7 0