MINING.

Otago Witness, Issue 3334, 6 February 1918, Page 22

MINING.

WEEK'S MINING NEWS January 30. The secretary of the Nokomai Hydraulic sluicing Company reports that No. 2 started to strip the top material off the next paddock on Thursday. At No. 3 good progress was made in opening out the paddock, and the bottom is expected to be reached to-diay. January 31. The Rise and Shine No. 1 dredge -was engaged last week in opening out towards the river, to be in readiness for' a rise sufficient to take the dredge to the Athenaeum ground. During the week the ground in the west corner improved slightly, the bottom, changing to free sandstone. As soon as the face is squared up, a fairly wide cut will be ivorked until the river rises. There will, however, be no washup this week owing to the necessity for dredging top material. The No. 2 dredgo extended the cut to the eastward. There was no change in the prospects, but the wash was much tighter than usual. The ground averaged about 30ft in depth. February 1. Western Australia's December gold yield was 80,925 fine ounces, valued at £343,748. The -output is 284-oz more than that of the previous month, and 91640 z less t'han that of December last year. The value of minerals other than gold obtained from mines in Western Australia during- November 'was £21,865, the best return since £46,773, in June, though July produced £20,049. The intermediate three months, however, yielded only £10,573. The November output comprised: Copper, £12,35-6; tin, £6793; silver, £376; bunker coal. £2356; scheeiite, £4. The Transvaal gold for October, 1917, compare as follows with those for October, 1916, the latter figures being those in parentheses:—Ore milled, 2,332.129 (2 506,142 tons); gold. 751,290 (792,339) tine ounces, value £3.191,279 (£3,365,642); average value, 6.35 (6.24) dwt and 27s (26s 6d) per ton. Working costs, £2,276,404 (£2,256.673), or 19s 7d (18s) per ton. Working profits, £838,213 (£1,025,901), or 7s 2d (8s 2d) per ton. Dividends, £43,000 (£64,500). .February 2. The Victorian gold actually received at the Melbourne branch of the Royal Mint during December amounted to 17,293.430 z fine, as compared with 17,824.760 z fine for December. 1916. . . Amalgamation of several coal mining companies operating on the Bowen field (Q.) into a comnany with a nominal capital of £125,000 has been decided upon, and bores are being put down near the surveyed terminus of the railway, with a view of determining the site of the amalgamated company's main shaft. An oil field, which, it is said, promised an amnio supply for all tho needs of Egypt, has been proved on the west coast of the Rod Sea" (says tho Mining Standard). Several springs hitherto unknown, have been discovered, and these, together with those previously known, have been tested by the British mission despatched from Cairo for that purpose, and the result is quite favourable, the oil being easily available. _ , ~ February 4." Tho Victorian gold yield for December was 14.3610 z gross, or 13,4-lloz fine, valued at £56.967- This shows a decrease of 93670 z fine, compared with tho yield lor December of 1916. Tho return for 1917 was 217.0920 z cross, or 201,8720 z fine, valued at £046,540. Oomnared with the ciunntity won during the previous year, a decrease of 54.77107. fine has occurred. The gold yield of New South Wales for December was 46970 z crude, or 43580 z fine, valued at £18.511. as compared with 26.891 oz crude, or 26,2300 z fine, valued at £111,416

for December, 1916.. For the year 1917 the total yield was 85.9540 z crude, or 82,1710 z fine, valued at £349,038, as compared with 126,5290 z crude, or 108 1450 z fine, valued at £459,370 for 1916. showing a decrease of 25,9740 z fine, and £110,332 in value. February 5. The Waihi Gold Mining Company < has declared anothor dividend, the ninety-ninth, of la a share. This will absorb £24,795 7s, bringing the total dividends and bonuses declared up to date to £5,003,727 10s Bd. Queensland's gold yield for December totalled 15,1420 z fine, of the value of £64,319, as compared with 17,2540 z fine, valued at £73,290, for December, 1916—a reduction of 21120 z. Charters Towers showed an improvement of 7260 z, and Etheridgo an improvement of 2910 z, compared with December 1916, but there was a falling off of -107 oz at Croydon, 1119 oz at Gymple, 9610 z at Mount Morgan, and 4130 z at Ravcnswood. A development of large molybdenite deposits in the Beechwcrth district of Victoria is creating very lively interest throughout the vicinity. The formation has been known for many years, and is situated in a blue granite hill at Evertoo. which forms the northern limit of old Ovens goldfield, but only since attention has been drawn to the value of the metal for steel hardening, and a high price has been offered for it, has It been thought worth while to attack it. Now, several syndicates are very active, and the whole hill has been taken up in ! eases. Prospects show that the granite is leavily charged with molybdenite, and is for the most- part iree ' from baser metal 3. A Melbourne syndicate is particularly active, and is apparently well satisfied with the prospects disclosed by driving, which are said to fully confirm surface indications. The original local syndicate has turned its attention to providing a treatment plant and the necessary machinery, at which it will deal with the ore raised by the other syndicates. NORTH BLACKWATER MINES. REEFTON, January 30. An important development in the North Blackwater (Freeman's Sydnicate) main shaft has been completed to 1360ft._, Crosscutting has been commenced at this depth to intersect the well-known Blackwater line of reef. At 18ft a leader of 6in was showing gold; at the cut at 119 ft, strong, welldlefined reefs, 16in wide, were passed. Four assays of the reef give the satisfactory average of loz 14dwt 14gr of gold to the ton. Cross-cutting is still in progress to intersect the main Blackwater reef, which it is expected to meet within a total distance of 3Ooft from the shaft. This development 13 the most important on the field for several years. AUCKLAND GOLD YIELD FOR 1917; The gold returns from the mines of the Auckland district for the year 1917 have now been. completed, and show a total of £741,534 7s Bd. Compared with the total yield for 1916—namely, £714,148 4s—this shows an increase of £27,386 3s Bd. The total output in 1915 was £782,032 14s lOd. Of the total yield for the past year the Ohinemuri field contributed £730,899.5s 9d, Thames £9536 Is lid, and Coromandel £1099. In comparison with 1916 these figures show an increase in the case of Ohinemuy of £53,239 19s 2d, and decreases in the cases of Thames and Coromandel of £16,974 12s 8d and £8879 2s lOd respectively. As. in past years, the Qhinemuri field was again responsible for by far the greatest proportion of the total bullion output, and the Waihi mine alone produced £330,482 of the £730,899 constituting that district's total. Both at Thames and at Coromandel the number of bullion-produc-ing properties in 1917 was less than in previous years. ■Tho following are the returns for the -year from . the various mines:—Waihi, 191,742 tons, £330,482; Waihi Grand Junction, 116,130 tons, £203,917 13s; Talisman Consolidated, 16,313 tons, £139,320 13s Id; Waihi-Paeroa, 147,700 tons tailings, £51,300; Rising Sun, 1255 tons, £5878 19s 8d; Sylvia Reefs, 2129 tons and 58 tons concentrates, £7325 10s 7d; Waiotahi, 107 tons, 201 b picked stone, £1157 lis 8d; Occidental Consolidated, 60 loads, 601 b picked stone, £448 10s 7d; Golden Belt, 284 tons, £394 9s 6d; Tairua Broken Hills, 70 tons, £210; Four-in-hand, 205 tons, 761 b picked stone, £869; Hauraki Reefs, 20 tons, 351 b picked stone, £23o;—total, £741,534 7s Bd. The yearly returns from the Auckland district mines for the past 18 years have reached a total of £17,717,088 19s 3d, of which £16,334,075 was produced by the Ohinemuri district. The largest yield in the Auckland province wa3 in 1907, when gold to the value of £1,421,216 was produced. DREDGING RETURNS. Oz. dwt. gr. Rising Sun. Cromwell, 1461ws 51 0 0 Rise and Shine No. 2 dredge, Cromwell. 135 hrs 34 0 0 Olrig, Manuhorikia, 5 days ... 7 0 0 Total 92 0 0 DUNEDIN STOCK EXCHANGE. Business has assumed a brisker tone than usual on the Duhedin Stock Exchange during tho past week, and a large number of sales have been effected at firm prices, practically the whole of these being confined to investment stock lines. Dredging" lines have not attracted a great deal of attention, and prices have remained even. Electrics have been even, and early in the week and on Tuesday Rising Suns showed a weakening tendency, being quoted on that day at lis 3d and 15s, buyer and seller respectively, while on Thursday a sale took place at 12s. Rise and Shines havo been even throughout tho week, and on Friday a sale took place in this line at 19s, the market closing for the day with a further seller at £1 Is, but no buyer. In the mining stock market Waihis havo been even throughout the week, and they do not appear to have attracted a great deal of attention so far as business is concerned. Waihi Grand Junctions havo also shown few variations in price, but several sales have taken placo in this scrip at about 16s. Investment stocks, as before indicated, have been responsible for the bulk of the business, and prices in this section of the market have, on the whole, been well maintained. Bank of New Zealands are about even with recent rates, and during the' week a Fonall amount of business has been passing in tho older issue at prices in tho vicinity of £l2 ss. There havo been buyers of 'tho now issue or. several occasions at about £l7 £.-» 6:1, but comparatively few of these shares seem to !x> on ofTer. National Insurances continue to maintain fairly firm rates, and a sale was reported in this line on Friday at £3 0s 6d, the

market olosing in the afternoon with a further buyer at £3, and a. seller asking Is more. Huddart-Parker shares havo again shown some activity, and havo remained fairly steady during the week On Monday a parcel of this scrip changed hands at £1 15s Id, and a number of sales have taken place since at about £1 14s 9d. showing a very slight drop as compared with the beginning of the week. The preference issue has also been tho medium of a little business, a few sales having beon made at £1 Is. Westport Coals havo shown a tendency to firm slightly, and the present business level of these shares can bo set at about £1 lis, four parcels changing hands at this price on Tuesday. There was a further buying offer of £1 lis on Friday afternoon, and, although a seller was willing to quit at a penny more, no business resulted. Westport-Stocktons have had some inquiry at about 9s id, and on Friday there was a seller on the market at 9s 2d, but no buyer. Prices of Dominion Rubber shares are about on a level with recent rates, and some business has been done during- the week at £1 18s. Several sales have also been recorded in Milburn Limes and New Zealand Drugs at prices on a par with recent quotations, and a number of other lines have come in for a fair amount of quotation. Bank of New Zealand shares (new issue) were in demand on 'Change on Monday at £l7 2s 6d, and National Banks at; £5 4s, but there were no selling quotations in either case. There was a buyer of National Insurance shares at £3, and a seller at £3 is, but no business resulted. There was also a close market in Westport Coals, which had a buyer at £1 lis, and a seller at £1 lis 3d. National Mortgage shares had inquiry at £4, without a seller. Tho mining market wa3 inactive. Talisman Consolidateds were in demand at 10s, but sellers wanted 10s 9d. The following are Monday's latest quotations, subject to the usual brokerage:— Dredging Stockb. Electric —Buyers Is. Rising Sun—Buyers 12s, sellers 15s. Mining Stocks. Progress Mines of New Zealand—Buyers ss, sellers 7s 6d. Talisman Consolidated —Buyers 10s, sellers 10s 9d. Waihi—Sellers £1 18s. Waihi Grand Junction—Buyers 15s 6d, sellers 16s 3d. Mount Lyell—Buyers £1 8s 6d, sellers £1 9s 6d. January 29.—Milburn Lime, £1 10s 6d; Westport Coals, £1 lis (four parcels); Bank of New Zealand (old), £l2 ss; Dominion Rubber, £1 18s; Waihi Grand Junction, 16s. Jan. 30.—Westport-S'tockton (ord.). 9s Id. January 31.—Rising Sun, 12s; Waihi Grand Junction, 15s lid; Mount Lyell, £1 8s sd; £1 8s 6d (two parcels) ; HuddartParker (ord.), £1 14s 9d. February 1. —Huddart Parker (ord.), £1 14s 8d; Huddart, Parker (pref.), £1 Is; Rise and Shine, 19s. Sale Reported.—National Insurance, £3 0s 6d. AUCKLAND STOCK EXCHANGE. AUCKLAND, February 4. The following business was recorded on 'Change to-day: Sales—Auckland Gas, £1 0= 3d; New Zealand Insurance, £8 7s. CHRISTCPIURCH STOCK EXCHANGE. CHRISTCHURCH, February 4. The following business was recorded on 'Change to-day : —Sales reported : New Zealand Farmers' Co-operative, £2 3s. LONDON SHARE MARKET, LONDON, January 30. Bank of Australasia, £llß 10s; Bank of New South Wales, £36 2s 6d; Union Bank, £56 2s 6d; National Bank of New Zealand, £5 5s 6d; Bank of New Zealand, £ll 2s 6d. New Zealand Loan and Mercantile Agency (ordinary), £9l 10s.