MINING.

Otago Witness, Issue 3336, 20 February 1918, Page 22

MINING.

WEEK'S MINING NEWS February 13. The Waihi Gold Mining Company, during the period of 21 days, ended January 26, crushed and treated 12,245 tons of ore for a return of bullion of an estimated value of £21,487. In the more lengthy crushing period ended February 10, 1917, the estimated return was £30,606, from 17,315 tons, against which the present return shows a decrease of £9119. The total amount won from the mine to date is £11,360,108. February 14. The Rise and Shine No. 1 dredge worked in deep ground with very little wash last week. There was a heavy overburden, eo not much bottom was worked. • The No. 2 dredge had a cut of about 200 ft, with an average depth of 30ft. On the east side a soft red-reef bottom was got, but on the other side it had • changed to coal, and there was a rise of 4ft in the centre of that portion. The Talisman Consolidated Company during January crushed and treated 920 tons of - ore for a return of bullion valued at 7s sd. Compared with the return for the corresponding month of last year, when 783 tone yielded £6235 9s sd, this shows an increase of £4874 18s. The cpsts for the past month totalled £5 Is 6d a ton. February 15. The smelting and converter returns of the Mount Lyell Al. and R. Company (T.) for the four-weekly periods ended respectively with January 16 and December 19, compare as under, the December figures being in parentheses:—Ore treated. 14,533 (21,739) tons, comprising—Mount Lvell 9199 (13,948) tons, North Mount Lyell 5094 (7280) tons, concentrates 240 (501) tons. Blister copper produced, 333 (550) tons, containing 329 (544) tons copper, 17,504 (2-7,814) oz. silver, and 419 (735) oz gold. The lower returns of January were due to the holidays and the consequent use of only one furnace. Mr Robert Stichfc, general manager of the Mount Lyell Mining and Railway Company, who left Australia nine months ago for the United. States to study electrolytic- methods of treating zinciferous ores so as to save the zino, has returned to Australia, and in the course of an interview with a Sydney journalist said that there were now three large treatment plants working- in America with success —one at Salt Lake City, another at Anaconda (Montana), and the third at Trail (British Columbia:). These had greatly helped the zino industry. In the Mount Lyell mines tho ore contained gold, silver, copper, lead, and zino, .and tho process of purification to be followed consisted of roasting and extraction of the zino by leaching it out with an acid solution combined with electrolytic action. There was little that was really new in the processes, but the combination of them was new and improved, and had been rendered .possible by tho expiration of various patents. Tho new industry would be expensive to instal, but tho results anticipated were considered worth the outlay. February 16. The gold yield of Queensland for 1917 was 175,279 fine oz, valued at £744,537, as compared with 221,821 fine oz, valued at £842.235 for 1916, showing a decrease of 16.5420 z and £197,623 in value. The -approximate sum paid in dividends was £299.419. against £289.931 for 1916, an increase-., of £9438; the dividend figures, howover, are approximate only. The 1917 output from the mines along the Broken Hill line of lode included:—Silverlead concentrates 213.518 tons; zinc concentrates. 278.544 tons; carbonate ores, 28.800 tons; total. 520.952 tons, of the total value of £4,000,000. Tho results of work on outside mines, including wolfram, tin, and copper claims are not included in those

figures. The output for 1916 was. —Leid concentrate*, 212.397 tens; zinc concentrates, 206,196 tons; carbonate oro, 35,409 tons, valued at £3.S 7 3.632.~-- Tlio value of the 1915 output was £3.335,266'. , The high price of metals is responsible for the later increases in values. The dividends paid during 1917 hy mining companies situated and controlled in J asmania wore as follows: —Mount Lyell M. and R. Co (3s 3d per share), £203.919: Pioneer Tin'Mining Co. (7s 6d), £60,465; Tongkah Harbour Tin Dredging Co., Siarn (7s), £52.500; Brisen Tin and General Mining Co. (Is). £30,000; Tasmanian Cold Mine (6d). £12.500; Mount Bischoff Tin Mining Co. fl7s 6d'., £lO. 500;- Magnet Silver Mining Co. (4s). £10.000; Arba Tin Mining Co. (Is 6d). £4500; North Mt. Fan-ell Mining Co. (Is), £4000; Cornwall Coal Co. (9d), £900; Mount BischolT Extended Tin Mining Co. (Is), £BOO. Total, £390,084. February 18. The pi'ofit and loss account of the Kalgurli Gold Mines (W.A.) for the year ended July 31, 1917, shows a profit of £41,224; 103,210 short tons treated, being at the rate of 8601 tons a month; and 92.39 per cent, of tho assay value of the oro was recovered. Including administration and general expenses in Western Australia, the costs were: Mining, 8s 2.69 d ; treatment, 14s 4.21 d; development, 2s 4.41 d; making a total of 24s 11.31 d per short ton. The average yield was 34s 10.18 d per ton. During the year £30,000 was paid in interim dividends—viz., two of 2s 6cl each, less income tax, and at the annual meeting in London on December 14 tho directors recommended a final dividend for tho year of 2s, less income tax, payable on January 5, making 7s per share for tho year. The balance sheet shows the value of broken oro still in the s'topes at £2BOI, and stores on hand £9BIO. Cash balances and deposits in W.A. with Water Trust and Commissioner of Railways, ' £3207; investments, £80,919; gold in transit (since realised), £12.250. cash at bankers, £12,184. As much as £13,001 is being held for shareholders in the form of unclaimed dividends. February 19. ' A company, promoted; by Messrs Rollason and Brandon, of Melbourne, has been floated, in 100,000 shares of 10s each, to acquire the Kingsgato molybdenite mine, near Glen Innes (New South Wales). The whole of the issue has been subscribed. The cash to be paid for the claim is £25,000, -and the promoters arc to receive 10,000 paid-up shares. On the property, it is reported, are a large number of pipes of silicious material, and some six of these aro now being worked by the owner. The intention of the purchasers is to open up the property, so as to considerably increase the output. Molybdenite is in special demand at present for alloying with steel for munition purposes. - • DREDGING RETURNS. Oz. dwt. gr. Rising Sun. 131 hours ... .... 33 12 0 Rise and Shino No. 2, 132 hoiia-s 33 0 0 Riso and Shino No. 1, 134 hours 10 3 0 Olrig, week 7 9 0 Total '.,. ... ... 84 4 0 GOLD MINING INDUSTRY. ACTIVITY OF WBSTL'AND SYNDICATE. REEFTON. February 16. _ The Westland Gold Prospecting Syndicate, of which Mr David Ziman is the managing director, has purchased the Worksop No. 2 dredge, the largest and most powerful yet btiilt in the dominion. The machines have been removed to Arahura Valley, near Hokitika, there to dredge a native reserve over which the syndicate holds extensive mining concessions. This, coupled with the discovery of a further gold-bearing reef, the third, at a depth of 1350 ft in the North Blackwater mine, of which Mr Ziman is also the managing director, should help to stimulate the gold mining industry.

DUNEDIN STOCK EXCHANGE. Very little business has been transacted during the present week on the local share market, which was closed both morning and afternoon on Thursday. There was a closer market in Electric dredging shares on Friday, with a buyer at Is and a seller at Is 4d. Pise and Shines have been on offer at £1 Os 6d, but there has been no apparent demand for them. YVaihis have not been frequently quoted, and there has been no demand for Waihi Grand Junctions, which have been on the market at 15s. Talisman Consolidateds show no change in price, and Mount Lyells continue in firm demand at £1 9s, with sellers at £1 10s. Two sales of National Banks were reported on Tuesday at £5 6s and £5 6s 6d. Bank of New Zealands have also been in firm demand, and a sale of the old issue was reported on Friday at £l2 7s. The new issue had a buyer at £l7 5s and a seller at £l7 Bs. National Insurance shares continue to be sought in the vicinity of £3, with sellers at Is more, and Standards were occasionally on offer at £2 2s. For New ( Zcaland Insurances'£B 6s was offered early 'in the week, without attracting sellers, and there was a buyer on Friday at £8 3s. There has been a close market in ordinary Huddart. Parker shares, which stood yesterday at £1 14s 6d and £1 14s Bd, buyer and sellers respectively. There has been no demand for West Coast cofcl shares. Mosgiel Woollen shares have beer* on the market at £4 19s. and Bruoo Woollens have beer, sought at £1 Bs, New Zealand Paper Mill shares show no change in price. The usual inquiry for Perpetual Trustees at £1 5s 6d failed to attract sellers. The newly listed Papuan Products have been in demand at 2s 3d with sellers at 2s 9d. A sale was reported on Wednesday at 2s 6d. There was a great deal of activity in Huddart-Parker snares on 'Change on Monday, and numerous sales were effected at both calls. Business opened at the morning call at £1 15s 8d and rose to £1 15s 9d. In the afternoon the first parcel to change hands brought £1 16s, but thereafter the price dropped by stages of Id to £1 15s 9d. The market, closed with shares still in demand at that figure, and sellers asking Id more. Mount Lyells wore offered at £1 9s lid, buyers quoting £1 lis 3d. Westport Coals wero wanted at £'i IDs 3d, bub £1 10s 6d was asked for them. There was only 3d between buyers and sellers of Paper Mills, which were to bo had at 19s 60. Februaw 12.—National Band, £5 6?, £5 65^60! February 13.—Papuan Products, 2s 6d. Februnrv 16.—Bank of New Zealand (old), £l2' 7s.

Fobrunry 18— Huddart-Parker (ore!.), £1 15s Bd, £1 lss 9d (thrcs parcels), £1 16s, £1 15s lid, £l 15s lOd (two parcels), £1 15s9d. Tho following are Monday's latest quotations, subject to the. usual "brokerage:— Dredging Stocks. Electric—Buyers Is. sellers Is sd. Rising Sun—Sellers 13s 6d. Mining Stocks. Waihi—Buyers fix 17s, sellers £1 17s 9d. Waihi Grand Junction—Sellers 14s 6d. Mount Lyell—Buyers £1 9s 3d. sellers £1 9s lid. AUCKLAND STOPK EXCHANGE. AUCKLAND, February 18. J lie following- business was recorded on Change to-day:—Sales: Talisman Consolidated. 9s 9d; Waihi, £1 17s 9d; Grand Junction, 14s. WELLINGTON STOCK EXCHANGE. WELLINGTON, February 18. The following- business was recorded on 'Change to-day:—Sale reported: Bank of Now Zealand old shares, £l2 8s 6d.