WEEKS MINING NEWS

Otago Witness, Issue 3337, 27 February 1918, Page 22

WEEKS MINING NEWS

MINING.

February 20. A reef has been discovered by Messrs Jazzes Barnes, A. C. Morris, and W. J. M'Arthur, near the Old Louisa mine at Demondriile, four miles from Harden and Murrumburrah (N.S.W.), on the main southern, line, carrying the unusual combination of good gold values with large quantities of scheelite. The reef has been traced for 50 yardsj and about 50 tons of the ore have been taken out, of which 10 tons are being sent away for orushing and treatment. The proprietors anticipate anything up to 4oz of gold per ton, as well as much scheelito. It is their intention -to put down a shaft to test the reef at depth. The reef is said to be well defined in granite country, and in places is 18in wide. February 21. The Rise and Shine No. 1 dredge was unable to bottom, on the western side of the cut last week. In the other part there was olay bottom without any wash. The dredge is being taken ahead as rapidly as possible in the hope of roaohing better ground bofore the river becomes suitable for a move to the Athenseum claim. The No. 2 dredtre worked 16ft ahead on a cut of 200 ft 'with an average depth of about 30ft. With the exception of a little clay on the eastern side, the bottom was chiefly coal, carrying a tight and stony wash. The secretary of the Nokomai Hydraulic Sluicing Company reports that a wash-up was made at No. 2, the result being 112 oz 18dwt for the paddock. No. 3 got bottom at 40ft, and the prospects are fair. There is plenty of water for both claims. The annual statement of the Rise and Shine Gold Dredging Company gives the present number of shareholders as 158 —one more than at the time of registration 18 years ago. Nineteen men are' employed by the company when dfredging. The gold won during last year totalled 26230 z 16dwt, valued at £10,139 17s lOd, and the expenditure amounted to £9507 13s 2d, including' £IOB9 7s liabilities from the previous year. The total quantity of gold won since registration has been 48,0350 z 14dwt 7gr, valued at £186,422 Os Id, while the total expenditure since registration of the company has amounted to £143,063 19s. Dividends amounting to £53,100 have been paid to date, £I2OO, equal to 2s per share, being paid last year. At December 31 there was cash in the bank and on deposit, £947 16s 3d; debts due to the company, £297 Is lOd, of which £43 5s 6d was considered good; debts "owing by the company, £839 19s sd. A further statement shows that the company had very little cash in hand at the end of last j'ear, but nevertheless it is in a very sound position. The No. 1 dredge had an indifferent run, and the freehold area on which the machine lias recently been operating has given poor results. The assets of the company, however, have been materially increased by tho pui-chase of some 50 acres of the Athenseum endowment, and this has now been sufficiently tested to leave no doubt that a large area will prove highly payable,, giving the company a new lease of life. The No. 2 dredge is at present, operating on the lower end of Hi in. The No. 1 is still working the west boundary of the freehold, and from indicafcionn It is quite possible payable ground will be struck at anv time. As an alterrativo Hi" manager has mad-e preparations to /lout, fcho dredge down to the Athenseu.m ground on tho first favourable river. On this area there is many years' work for the two machine*; February 22. Tests have been made of a recent discovery of alluvial tin in the vicinity of Ringarooma (Tasmania), and it is said that there is a fair extent of ground, carrying similar wash to the portion tested. It is not excessively rich, but yielded %oz tin to.

the dish, or about 31b per cubic yard. The sample obtained assayed 72 per cent. There is ample water available during summer for sluicing purposes. As the creek traverses thd deposit, there will be no expense in making a start. In fact, after a fortnight's work for two men clearing about half a mile of track and opening -a tailrace, tin can bo sluiced without any further outlay. A small syndicate is being formed to work the property. .February 23. In the Waiotahi mine good dabs of gold have been seen in the stopos on the leader from the surface level. The Now Alexandra Gold Dredging Company, formed in February, 1916, lias at present 13 shareholders and a subscribed capital of £1325. Nine men were employed bv the company during last year, and the amount of gold produced was 6030 z 3dwt lgr, valued at £2305 Os 6d, these figures also representing the total production and earnings of the company since registration. The total expenditure during the same period has been £2243 17s 7d. The amount of cash in tho bank is £l2 4s Bd, and the amount of debts owing by the company is £BBO. while it has contingent liabilities totalling £73 12s lid. In the annual statement of its affairs the dato of registration of tho Nokomai Hydraulic Sluicing Company is given as March 26, 1898, and the amount of the subscribed capital as £24.000. The number of shareholders at the time of registration was seven, and the present number is 68. Twenty-seven men are employed by the company, and the quantity of gold produced last year was 19340 z Idwt, valued at £7149 6s 6d, making tho total output of the company 44.8250 z Bdwt 21gr, valued at £167,556 5s lOd. The amount expended in carrying on operations last year was £5143 4s 6d, bringing the total expenditure up to £124,094 3s Id. Dividends amounting to £49,883 lis have been declared and paid. Tho company has cash in the bank and on deposit amounting to £1506 18s 3d, and it owes debts totalling £4ll 12s. February 25. The secretary of tho Mount Greenland Gold Quartz Mining Company reports that for the 13 weeks, ending January 28 the company treated tons for a return of £478 12s 6d. The total value of bullion obtained to date 'is £3150 2s 3d. Want of water, due to a very diry spell on the West Coast, has retarded crushing operations. The Olrig Gold-dredging Company was registered in October, 1916, and it has a subscribed capital of £2OOO, divided amongst 70 shareholders. The quantity of gold produced last year was 2410 z lOdwt sgr, valued at £899 3s sd, making the total production of the company 3850 z 16dwt 17gr, valued at £1464 18s lOd. The expenditure of the company last year was £IBB6 16s Id, and tho total expenditure since registration has been £2405 8s 9d. Dividends amounting to £3OO have been paid. At the end of last year the company had debts amounting to £37 17s 6d directly due to it, and its own indebtedness totalled £1045 12s 2d. Tlio annual statement of affairs of the New Golden Run Dredging Company shows that the subscribed capital is £BOOO and the present number of shareholders 20. The company, which has one man employed, produced no gold during last year, but since its registration in 1907 it has won 8030 oz, valued at £31,074 14s lid. _ The amount spent on carrying on operations last year was nil, and the total expenditure since registration has been £34,233 Is sd. Dividends amounting to £3200 have been declared and paid. The company has no cash in hand or In the bank, and there are no debts directly due to it. The amount of debts owing by the company is £2500. February 26. The return from the Olrig dredge last week was 7oz 12dwt for 5± days' work. The manager of the Waihi Extended mine reports that the east crosscut at No. 7 level has been advanced 9ft, making its total length 162 ft. The hard dacite rock is still retarding progress. The management of the Waihi Grand Junction Company has sent tho following cablegram to the London office of the company : —" For the last 36 days the actual tonnage crushed averaged 300 tons per day. The extraction was £l 13s per ton. One turbine broke down last week; but tho neoessary repairs are nearly completed." DREDGING RETURNS. oz. dwt. gr. Rise and Shino No. 2, Cromwell, 125 hrs 25 5 0 Rising Sun. Cromwell •. 18 10 0 Rise and Shine No. 1, Cromwell, 134 hrs 18 5 0 Total 62 0 0 DUNEDIN STOCK EXCHANGE. A decidedly brisk tone has pervaded tho operations of the past week on the Dunedin Stock Exchange, and a steady volume of business has been passing. The principal feature of interest has been tho unwonted degree of activity In Huddart-Pafker shares, due to more or less phantom-like rumours of the amalgamation of this company with, the Howard Smith Company or some other Australian concern or concerns, and, in these days when the shipping industry is so important a factor in the national welfare, a great deal of interest is naturally taken in the affaire of shipping, firms. There is unquestionably an idea abroad locally that so far as the HuddartParker Proprietary is concerned amalgamation is in the air, and it is understood that within the last few days the names of one or two other companies, apart from tho Howard Smith Company, have been mentioned as possible participants in any negotiations that may take place. These rumours—for so far no authentic information has been made known —have undoubtedly been the principal factor in producing the activity that has characterised Hud-dart-Parker scrip during the week, and they have had the additional effect of bringing about a steady increase in price that has been maintained throughout the week. On Saturday, 16th, these shares were quoted at £1 15s 6d and £1 16s 3d, buyer and seller respectively. On Monday, however, prices commenced to harden, and a considerable number of sales were recorded at prices ranging from £1 15s 8d up to £1 16s. Each of the following, days witnessed a further rise in price, accompanied by a largo number of sales; and on Thursday the highest level of business was reached, when, in addition, to a number of other transactions, five parcels changed hands at £1 17s 6d. No business was done on Friday, but the closing quotations in the afternoon showed that these prices are beinjr fully maintained, buvers offering- £1 17s 6d, with sellers holding" for £1 17s Bd. The preference issue does not seem to have attracted any attention. Among other investment linos, Bank of New Zealands have been firm, and a parcel of the old issue

was sold on Thursday at £l2 Bs, while quotations for the now issue range in tho Vanity of £l7 7s and £l7 7s 6cl, buyer and seller respectively. There has also been a fairly firm-inquiry for National Banks and -Union Banks. £5 7s 6d being offered for the former and £54 for the latter. Quotations have been forward for each of the four insurance companies doing lousiness in New Zealand, and these also show that recent rates are being fully maintained. On Thursday a sale took place in National Mortgages at £4 2s 6d, and buyers of these shares have since been offering £4 2s, without response from sellers. Early in the week some business was recorded in Westport Coals at £1 10s 6d, and this line continues to be quoted in the neighbourhood of £1 10s (buyer) and £1 10s 9d (seller). New Zealand "Paper Mills are still very steady in price, and sales on Wednesday at 19s 3d seem to closely represent current ideas of value. The ordinary issue of Dunlop' Rubber Company scrip had a buyer on Friday at £1 5s 2d. without a seller, and Malay Rubbers (pref.) were wanted-at £1 3s, with no selling quotation. New Zealand Refrigerating shares (old issue) were in demand at £1 19s 6d, but there was no seller under £2 le. In the raining stock market a brighter and a firmer tone has also prevailed than for some time past. Waihis, which were quoted early in the week at £1 17s and £1 17s 9d, buyer and seller respectively, were in firm demand on Friday at £1 18s 3d, but no selling quotation was elicited. On Tuesday a sale was reported in Waihi Grand Junctions at 14s, but those shares also firmed slightly during the week, and several transactions were recorded on Friday at 14s 3d and 14s sd. Mount Lyolls have also been the medium of a small amount of business at prices somewhere in the vicinity of £1 9s 6d and £1 9s Bd. The dredging stock market has been extremely quiet, and the few quotations that have been recorded show little alteration in recent prices. Business was active on the local Exchange again on Monday, and a consider able number of sales were recorded. For Waihis £1 18s 6d was offered without sellers. A sale of Grand Junctions was reported at 14s 7d, but they were offered on 'Change at 14s 6d, buyers quoting 14s 3d. Business was done in old issue Bank of New Zealands at £l2 83, and the market closed with more offering at that figure. Buyers of Union Banks" offered £54 10s without attracting sellers. A sale of New Zealand Insurance shares was effected at £8 Bs, more being wanted at 6d less. ' Ordinary Hud-dart-Parkers changed hands at the advanced price of £1 18s, and were afterwards sought after at £1 18s 3d, but sellers asked £2. A sale of Refrigerating Companys was reported at £2 0s 3d, and business was done in Papuan Products at 3s. The following are Monday's latest quotations, subject to the usual brokerage. Dredging Stocks. Electric—Buyers Is, sellers Is 6d. Rise and Shine —Sellers £1 0s 6d. Rising Sun—Sellers 14s. Mining Stocks. New Sylvia—Buyers Is 2d. Talisman Consolidated —Sellers 10s la. Waihi—Buyers £1 18s 6d. ..aihi Grand Junction—Buyers 14s 3d, sellers 14s 6d. Waictahi —Buyers 6d. Mount Lyell—Buyers £1 9s 6d. Feb. 19.—Mount Lyall, £1 9s 8d (two parcels), Huddart-Parker (ord.), £1 16s 4d, £1 16s sd, £1 16s 6d (two parcels), £1 16s 8d (two parcels); Westoort Coal, £1 10a 6d. Sale Reported.—Waihi Grand Junction, 14s. February 20.—Mount Lyell, £l 9s 6d j Hudart-Parker (ord.), £1 16e (six sales), £1 16s 7d (three parcels), £1 16s Bd. _ Sales reported: Waihi Grand Junction, 14s, 14s 3d; New Zealand Paper Mills, l'9s 3d (two sales). Feb. 21—Huddar't. Parker (ord.), £l 19s 9d (two parcels), £1 16s lid, £1 17s, £1 17s 2d, £1 17s 6d (two parcels); Huddart, Parker (pref.).-£l 0s 9d; Waihi Grand Junctions, 14s 2d; Bank of New Zealand (£3 6s 8d), £l2 as; National Mortgage, £4 2s 6d. February 22.—Waihi Grand Junctions, 14s 3d (two parcels). iSale Reported.—Waihi Grand Junction, 14s sd. February 23. —Huddar't, Parker (ord.), £l 17s 9d February 25.—Huddart-Parker (ord.), £1 18s (two parcels); N.Z. Insurance, £8 8s; Papuan Products, 3s (two parcels). Sales reported: N.Z. Refrigerating Co., £2 0s 3d; Waihi Grand Junction, 14s 7d; Bank of New Zealand (old issue), £l2 Bs. AUCKLAND STOCK EXCHANGE.,, AUCKLAND, February 25. The following business was recorded oh 'Change to-day:—Sales: Bank of New Zealand, £l2 8s; South British Insurance, £5 19s; Huddart-Parker, £1 28s 5d and £1 18s Id; Auckland Gas (contrib.), 19s 6d; Waipa Collieries, 17s 6d.