MINING.

Otago Witness, Issue 3332, 23 January 1918, Page 26

MINING.

* WEEK'S MINING NEWS January 16. Tho secretary of the Nokomai Hydraulic Sluicing Company reports that a wash-up was made at No. 2 claim, the result being 109 oz 3dwt for the paddock. No. 3 started sinking on Thursday last. Now the elevator is clown to a depth of 20ft there is a good supply of water for both claims. Owing to decreuse in tho average of ore mined during the half-year ended October 31, the Edna May, Western Australia, made the decreased net profit of £28,000, and disbursed the lesser total of 13a per sharo (£27,852) in dividends. When tho term ended the assets included £7700 at banks and stores valued at £5300. Creditors totalled approximately £4209. Since operations commenced the Edna May mill has treated 140,000 tons of ore, for gold from tho battery worth £502,005; the aggregate of all product, including that from Bands and slimes, giving an average value of £4 2s lid per ton of stone milled. The present "proved" reserves equal a "life" of about one year and a-half. The policy of the management is to open up the main lode on the 480 ft level—prospecting from

the lower levels is- also being considered by the board —and extending the workings at the shallow levels. The general manager considers the prospects in regard to the development of further payable ore bodies are decidedly promising. Figures supplied by the Mines Departments in the various States of the commonwealth demonstrate unmistakably that the gold output of Australia is still decreasing in quantity. For the first 11 months of last year and the corresponding term in 1916 the yields compare as follow:—Victoria 108,461 fine oz (233,875), New South Wales 77,813 «f 81,915), Queensland 165,264 (204,567), Western Australia 889,139 (971,276), Tasmania estimated 16,880 (14,499), South Australia estimated 4980 (4180). Total, 1,342,757 fine oz as compared with 1,510,312 for the same term, in 1916. January .17. The Rise and Shine No. 1 dredge' had a steady run last week, and made 12ft ahead. The ground on the east side dipped slightly, and is now 48ft deep. On the other side the ground increased to 51ft, beyond which depth the dredge cannot bottom. A shallower cut will be worked until the ground gives better indications than the present ones. No. -2 dredge is gradually opening out, and in a week or two will be working a fairly wide face. A bottom of soft red reef is. reached at an average depth of 30ft. The wash is very tight in places, and gives fair prospects in the centre. January 18. Queensland's gold re'turns for December show that the yield for the month was 15,142 fine oz, valued at £63,319, as com-" pared with 17,254 fine oz, valued at £73,290, for December, 1916 —a reduction of 21120 z, and £8971 in value. Charters Towers showed an improvement of 7260 z, and Etheridge an improvement of 2910 z last month, as compared with December, 1916; but there was a falling-off of 107 oz at Croydon, 1119 oz at Gympie, 9610 z at Mount Morgan, and 4130 z at Ravenswood. The Under-secretary of Mines has furnished a return which shows that the New South Wales gold yield for December was 46970 z crude, equal to 43580 z fine, valued at £18,511, as compared with 26,8910 z crude, equal to 26,2300 z fine, valued at £111,416, for the same month in 1916. The yield for the year 1917 amounted to 85,9540 z crude, equal to 82,1710 z fine, valued at £349,038, as compared with 16,5290 z orude, equal to 108,1450 z fine, valued at £459,370, for the year 1916, thus showing a decrease of 25,9740 z fine and £110,332 in value. January 21. During December the:' Edna May Deep Levels Company, Westonia (W.A.), crushed 800 tons for a battery return of 1052i0z, an average of 26.3dwt per ton, as compared with 1180ioz from 950 tons, or 24.9dwt per ton, in November. The December tailings are estimated to carry 6dwt to the ton, compared with 7dwt in November. January 22. A rich discovery of bismuth, wolfram, and , nibtybdenito has been made in the Jingera Mountains, near Wyndham (New South Wales). The reefs average from 3ft to 4ft 6in. Tho bismuth, wolfram, and molybdenite do not occur in pipes, but in continuous reefs. DREDGING RETURNS. . Oz. dwt. gr. Riso and Shine No. 2, Cromwell, 135 hrs 41 5 0 Rising Sun, Cromwell, 134 hrs 41 2 0 Rise and Shine No. 1, Cromwell, 130hrs' 15 16 0 Olrig, Manuherikia, week ... 10 4 0 Totals 108 7 0 MOUNT LYELL MINE. Report for the fortnight ended January 2:- —Mount Lyell mine: No. 7 level —No. 7 crosscut extended to 18ft in pyrites. North Mount Lyell mine: 700 ft level—North drivo reached 175 ft through grey schist; i 925 ft level —No. 2 north drive extended to 292 ft through high-grade ore; 1000 ft levelCrown shaft riso raised to 104 ft through chloritic schist; No. 326 Diamond drill bore drilled to 204 ft. Reduction works: 1.3 furnaces in blast during the fortnight. During current half-year 1597 tons of blister con- '

signed to electrolytic works, Port Kembla, for refining. DUNEDIN STOCK EXCHANGE. Shares have been freely quoted' on the < Du'nedin Stock Exchange during the week, but only a small amount of business has been transacted. Rise and Shine and Risjng Sun dredging shares have been on the market at £1 Is and 17s respectively, and Electrics have been wanted at Is Id, with occasional sellers in the vicinity of Is lid. There has been little fluctuation in the price of mining shares. Waihis reached top price for the week on Friday, when there was a buyer at £1 17s 3d and a seller at :bl 19s 6d.i Grand Junctions continue m demand at 15s 9d; with sellers at 16s 6d Consolidated Goldfields and Progress Mines have been wanted at 5s 3d, without sellers and Talisman Consolidateds have still a sh ill 'jig margin between buying and selling quotations. Banking shares have been m firm demand, but there have been few selling quotations. National Banks have had: inquiry at £5 3s 3d, and Bank of* New Zealand (old issue) at £l2 4s. Two" sales were made of the former shares on Tuesday at *5 3s. Insurance shares have also been sought at Aim prices, and show a rising tendency. Buyers offered £2 19s for Nationals £8 Is for New Zealand Insurance and £5 14s for South British shares yesterday but there were no selling quotahons Standards had a buyer at £2 Os 6d and a seller at £2 Is 6d. Union prefs. have had regu ar inquiry, at £1 Is A little business has been done in ordinary Hud-dart-Parker shares, which had a buyer when the market closed on Friday at £1 12s 9d and a seller at £l 12s lid. A parcel of ordinary Westport-S.tocktonp changed owners on Tuesday at 9s 2d, and there was ; a buyer at that price on Friday, with a seller at 9s 4d. Westport Coals continue !S?*i 1 $ b erS at £1 10s 6d and selle ™ v 7 1 ¥h c The n ? w £1 shares of the New /Zealand Refrigerating Company are now on the market being quoted at £2 Os 6d and n $' n Uyer , and 6eller respectively. Bruce Woollens have firmed considerably. 1 here was a buyer of .these shares on Friday at £1 7s 6d and a seller at £1 9s 6d A tew other lines have also been quoted! but very little fluctuation, in price is apparent. - * * Business was quiet, on Change on Monday. Huddart-Parkers had" a buyer at . £1 12s 9d and ,£l l 3s? "Sd Union prefs. were wanted at 21s wita a seller at £1 Is 9d. There was an offer of £1 10s 7d for Westport Coals but sellers wanted £1 10s lid. West-port-btocktons were in demand at 9s id with a seller, at 9s 4d. A sale- of New Zeai£? o Refr i° eratm §: shares was reported at i s - „ IJlei 'e wa3 a buyer at £2 Is 3d and a seller at £2 2s 6d. Two parcels of now Kaiapoi Woollens changed owners at fc7, and there was further inquiry at that price. The mining market was inactive . iho following are Monday's latest quotations, subject to the usual brokerage: Dredging Stocks. Electric—Buyers Is Id, sellers Is 9d. Rise and Shine—Buyers 16s 6d. Mining Stocks. Talisman Consolidated—Buyers 9s 10c! sel lers 10s 3d. : Waihi—Buyers '£l 17s 3d, sellers £1 19s Waihi Grand Junction—Buyers 15s 10d. National Bank—Buyers £5 3s. Union Steam (pref.)—Buyers £1 Is, sellers £1 Is 9d. Huddart-Parker (ord.)—Buyers £1 12s 9d sellers £1 13s. Westport Coal Co.—Buyers £1 10s 7d tellers £1 10s lid. Westport-Stockton (ord.) —Buyers 9s Id, sellers 9s 4d. Kaiapoi Woollen (ord.) —Buyers £7 Is 6d iellers £7 2s 6d. Kaiapoi Woollen (new) —Buyers £7_ Milburn Limo and Cement —Buyers £1 Os, seller/£1 lis. National Mortgage—Buyers £3 19s. N.Z. Drug Co. (£2 paid)—Sellers £2 lis id. N.Z. Paper Mills—Buyers 19s 3d, sellers 9s sd. Oamaru Woollen (ord.)—Sellers £1 lis. Perpetual Trustees —Buyers £1 ss. Wright. Stephenson, and Co. (ord.) — Juyers £7 ss. Bruce Woollen—Buyers 17s Bd. '

January 15.—Westport Coals, £1 10s 6d; Bruce Woollen, £1 Bs. January 16.—Huddart-Parker (ord.), £1 12s Bd, £1 12s 9d (two parcels). Jan. 18.—New Zealand Drug (£2 paid), £2 0s 9d. January 27.—Waihi Grand Junction, 16s. Jan. 21.—Kaiapoi Woollen (new), £7 (two parcels). Salo reported: New Zealand Refrigerating Company, £2 2s.