MINING.

Otago Witness, Issue 3312, 5 September 1917, Page 27

MINING.

WEEK'S MINING NEWS

August 29. The secretary of the Nokomai Hy di'iiulio Sluicing Company reports that i full week's sluicing was done at No. t claim, and good progress was made. Ai No. 3 the well hole was sunk, and a stone wall was built. Shilling was resumed 01 Thursday. The Mercantile Gazette contains particulars of the registration, on August 15 of the Pukerangi Gold and Scheelite Min ing Company, with a capital of £15,000, ii 30,000 shares of 10s each. Subscribers.— Duneclin: Harman J. Reeves 1000 shares Arthur M. Sidey 1000, James Aiexande! Burt 500. Thomas C. Coull 250; Pukerangi Jas. N. Lawson 1000; Sutton: Robert M'C Johnstone 1000; Outram: James PctricJ 250. Objects: To carry on gold ar.c Boheelite mining, etc. August 30. The master of the Electric No. 2 dredge in reporting for the past week, states tha the river having receded dredging opera tions were again commenced on Wcanes day (the 22nd instj. Shortly after a star had been made the headline broke, but i was spliced again, and dredging was re commenced on Tuesday of this week. The Rise and Shine No.. 1 dredge is now dredging a shallow channel in order tc

roach the company's freehold of 23 acres, ahead of the cut that has recently been worked. This is expected to take about three weeks. The No. 2 dredge stopped on Friday morning to clean the boiler, rebush the bottom tumbler, and effect eome other repairs. Work was resumed on Tuesdayevening. Last week the ground deepened a little, but otherwise there was not much change in the conditions. August 31. The Worksop dredge cleaned up last week for 250 z 4dwt of gold for 107 hours' work.

During the last 10 years of the company's existence the Mount Morgan G.M. Company (Q.) has produced minerals to the value 0f"£10,141,365. Of this sum, £4,615,741 went to wages of miners, contractors, and other employees ; _ the Government and local authorities took £1,095,476; stores, machinery, etc.. cost £1,464,348; other expenses.' including royalties and deductions for depreciation, ran into £759.287; and the shareholders received £2.037,500, or 40s 9d per share. Tlie previous decennial period averaged 4Ss lOd per share per annum. September 1. The gold returns from the Auckland mines for the month of August totalled £62.757. an increase of £5300 over the returns for the isame period last year. September 3. Out of a total world's production of gold in 1916, valued at £96,415,000. £59,840,000 worth was produced in the British Empire, Australasia contributing £7,869 ; 000. Of the balance, the L'nited States, including Alaska and the Philippines, produced £18,955,000. It- is interesting (says an Australian exchange) to compare the present priors (June) of industrial metals with those which obtained immediately before the war —i.e., at the end of Jul v.. 1914. The comparison is as follows, the' present rates being enclosed in parentheses : —Copper, spot £so 12s 6d (£l3O ss); three months, £SB 2s 6d (£129 15s); electrolytic, £sl (£140). Tin. spot £132 5s (£238 2s 6d); three; months, £135 5s (£236 7s 6d). Lead, soft foreign, £lB 15s (£3O 10s). Spelter, spot, £2l 15s (£54). September 4. The return from the Oh ig. dredge last week was 7oz 13d wt.

The gold yield of Victoria for June was 17.9410 z gross, or 16,705 oz fine, valued at £70,958. This shows a decrease of IS.Olocz fine compared with the yield for June of last year. The return for the last six months was 107.6060 z gross, or 99,6760 z fine, valued at £412,4-36. Compared with the quantity won during the corresponding period of last year, a decrease of 25,9460 z line has occurred.

The annual meeting of shareholders in the Kuranui Gold Mining Company lapsed for want of a quorum. In a report covering the past six months, the directors stated that 42,499 forfeited shares had all been taken up, thus providing funds with which to prosecute proposed works. Development work, for the purpose of working Ross's specimen leader and larger reef, was commenced in March last, and after cleaning up the old workings the company was successful in striking the leader in which some fairly rich stone was secured as eoon as cutLater on the larger body of stone was also cut, with favourable indications. DREDGING RETURNS. Oz. dwt, gr. Rise and Shine No. 2,62 hrs ... 28 10 0 Rising Sun, 130 hrs 27 14 0 Total 56 4 0 DUNEDIN STOCK EXCHANGE. Business has been fairly quiet on 'Change durmg 1 the week, while activity in the war loan is still in progress. With the exception of a reported sale of Wostport Coals on Thursday, at £1 8s 9d, business has boon confined to the sale of ordinary HuddariParker shares. These shares havo shown a steady firming tendency, the highest price paid being £i 14s 3d. There was a buyer on Friday at £l 13s Bd, and a seller at £1 i4s. Banking shares have been quiet, w; principal quotations' being made by sellers of National Bank and Bank of New Zealand (old issue) shares. Insurance shores have also been on offer, mostly without buyers. New Zealand Insurance (Shares were on the market at £7 15s 6d, and Standard (ex div.) at £2. A parcel of National Insurance shares changed owners on Friday at £2 16s, and there was a further buyer at £2 16s 9d. Westport-Stooktons havo been freely quoted, but no business has resulted. Dominion Rubbers have remained steady all the week, being in demand at £l 18s sd, and on offer at £2. Kaikorai Trams have had the usual inquiry at £1 3s, without a teller. New Zealand Refrigerating sto'.'k has boon in firm demand, but 110 sales havo been transacted. When the market closed on Friday there was a buyer at £2l 15s, and a seller at £22 15s. Bruce and Oamaru Woollen shares have been in firm demand, but no sellers have come forward. New Zealand Paper Mills havo been quoted on several occasions, ;ml there was a buyer on Friday at 18s 6d, with a seller at 19s 3d. The dredging and mining markets .have been inactive. Rise and Shine shares and Waihis have been on offer without attract ing buyers, and Grand Junctions show little fluctuation in price. There- have been no quotations for Mount Lyell shares. Taiisand when the Exchange closed on Friday and when the Exchange closed yesterday there was a buyer at lis, with a seller at 12s 3d.

Talisman Consolidated shares were in demand at lis on 'Change on Monday, with a seller at 12s 6d. There was a buyer of Bunk of New Zealand stock (new issue) at £l7 lis, but no seller came forward. Huddart--1 Parkers were again in firm demand at £1 ■ 14s, but sellers wanted £1 14s 3d. Union < Steam preference shares had a buyer at 1 £1 Is 2d, and a seller at £1 Is 4d. West- : port Coals were easier, and WestportStocktons had a buyer at 8s 6d\ without a seller. There was a buyer of Southland Frozen Meat shares (B issue) at £7 ss, but no seller, i The following are Monday's latest quo- ' tations, subject to the usual brokerage:— ; Dredging Stocks. ; Electric —Sellers 3s. MINIXQ STOOKB. '. Nokomai Hydraulic—Sellers 18s 6d. j Consolidated Goldfields —Sellers 7s. Talisman Consolidated —Buyers lis, sellers 12s 6d. Waihi (ex div.)—(Sellers £1 15s 9d. ! Waihi Grand Junction —Sellers 16s. August 28.—Huddart, Parker (ord.), £1 . 14s. August 29. -Huddart-Parker (ord.), £1 14s :, 3d. August 30.—Huddart-Parker (ord.), £1 14s (two parcels). August 31. —National Insurance, £2 16s. I September I.—Westport Coal, £l 8s 9d.