MINING

Otago Witness, Issue 3339, 13 March 1918, Page 22

MINING

WEEK'S MINING NEWS March 6. The secretary of the Nokomai Hydraulic Si'.iicirig- Company reports that both No. 2 and No. 3 claims had a full week's sluicing, and good progress was made. Tlio following are. the returns from the Consolidated group of mines for February: Progress, ' crushed 1470 tons, worth £lBBl, working expenses £IBSO, total costs, £2153, loss £272; Blaokwator, crushed 2794 tons, worth £5600, working expenses £3253, costs £3359, profit Wealth of Nations, •crushed 910 tons, worth £876, costs £1651, loss £785; total profit, £593. Tho gold returns from mines in the Auckland district in February, representing the first cleaning-up nc-riods of the current year, totalled £32,597 7s sd. Compared with the total for- February, 1917—namely. £08.532 Os 10a —this shows a decrease of £6234 13s sd. The only contributors to tho output for the past month were tho Waihi and Talisman mines, which produced 12,245 tons (worth £21,457) an;] 920 . tons (worth £ll.llO 7s sd) respectively. Tho Whangarei Cinnabar Companv has completed its first elcaning-up, for a return of 35 flasks of quicksilver. This is tho result of throe weeks' run of tho furnace. The value of tho rj-uicksilver is ever £9OO. Tho return is considered exceedingly satisfactory. -]? the operations during ih" period were hampered by wet weather. This return for throe weeks was from ord'naiy ore. and represents nearly 15 nor cent, on the compel nv's capital of £6250. Tho Waihi Gold Mining Company is myina- its ninety-ninth dividend of one shilling a share, absorbing £24.795 7s. The mine has now yielded bullion valued at £11.860.108, ;md the total reimbursed to shareholders in dividends and bonuses to date is £5,003.727 10s Bd. March 7. The Rise and Shine No. 1 dredge worked last week under the samo conditions that

have prevailed for some time past, the ground continuing poor and deep, without wash in any part of it. As soon as the river is favourable the dredgo will bo taken across to the Athenaeum ground. The No. 2 dredge was getting clear of the coal bottom at the end of the week. The wa-sh was very tight, and carried a number of large stones. The dredge should be working on clay bottom about the end of the present week. The Sylvia Reefs Company has crushed and treated 519 tons of ore for a return of bullion valued at £289. Gold and silver worth £5Ol was also won from concentrates, and £6O from lead, making a total return of £BSO. • The Waihi-Paeroa Gold Extraction Company, for the period ended Februarv 23, treated 15,700 tons of tailings for a return of bullion valued at £4250. Compared with the return for tho corresponding period of last year, when 18,000 tons yielded £6150, this shows a decrease of £I9OO. The company has now treated 845,000 tons of taih ihgs for bullion of a total value of £258,261. A sum of £18,750 has been distributed in dividends. • - March 8. _ A return of 50oz for 10 days' work is reported from the Kapitca dredge. The Waihi Grand Junction mine,-for the 42 days ended February 22, treated 12,100 tons for £10,104, a decrease of £6603 on" last year, when 15,250 tons yielded £17,708. The total yield to date is £1,664,695, and the dividends £240,000. The Waihi Company, for the period ended February 23, treated 15,125 tons for a return of £26,307,--compared with 13,358 tons yielding £24,137 last year, an increase of £2170. Tho total to date is £11,886,415, and the dividends £5,003,727. March 9. At the Whangarei Cinnabar mine it is hoped that sufficient good ore will have accumulated in a fortnight to restart the furnace and have a longer run than that of last week. March 11. A Press Association telegram from Auckland states that during February the Talisman Consolidated Company treated 1100 tons, which yielded £11,120, as compared with a yield of £10,227 from 1380 tons last year. The reports of the Broken Hill Prourietarv for the half-years ended May 31 and November 30 last were issued on February 14. The gross profits for the half-year ended November 30 amounted to £307,132, which after deducting £16,251 for depreciation, leaves a net profit of £290,881, as compered with £269,769 for tho previous six months. Tho sum of £199.951 was expended in construction, the principal item (£193,180) being in connection with thy Newcastle steel works. In view of tho balance standing to credit of profit and loss account being £1,734,965, the directors decided to transfer £1,500,000 to reserve fund (making it £1,875,000) and £234,965 to credit of profit and loss. After making provision for outstanding liabilities, there remain liquid assets representing- £821,514, which, however, does not include the company's interest of 200,000 shares of the Broken Hill Associated Smelters Proprietary, and 720 shares of the Zinc Producers' Association Proprietary, but is inclusive of the reserve and insurance funds, totalling £3,366,987, less liabilities £2,545,473, leaving a balance of £821,514. The general manager (Mr G. D. Delprat), after referring to the strike at Newcastle, states that 41,351 tons of pig iron were produced by the blast furnace plant, the output of steel from the open hearth furnaces being 52,878 tons. At the rolling mills 57,065 tons of ingots were rolled, and at the rail mill 23,398 tons of rails and 11,076 tons of structural steel were rolled. Good production was also reported from other mills. The out-turn of coke from the plant was 35,044 tons, in addition to which 598 tons of sulphate of ammonia and 345,911 gallons of tar were produced. * Tho ore mined at Broken Hill was only 55,316 tons, of which 7615 tons was siliceous ore. During the striko the water rose in the mine to about Bft the 1200 ft platform at the main shaft. The zone of the 1906 fire, which is being opened up, is not produoing ore. The ore-dressing mill handled 48,986 tons, as compared with 83,951 tons during the previous half-year, tho decrease being caused by tho strike. Tho products were 7686 tons of lead and 28.780 z of silver, and 9707 tons of slimes. In addition to this, 69,716 tons of mill tailings were reground, produoing 1435 tons of lead- concentrates, assaying- 60.14 per cent, of lead and 29.690 z of silver. The zinc; flotation plant gave satisfactory results during the limited time it operated. From 92.907 tons of tailings 21,960 tons of zinc concentrates were produced. The slimes dealt with by the slime flotation plant amounted to 50,248 tons, producing 5592 tons of lead concentrates, assaying 61.62 per cent, of lead and 83.250 z of silver, and 13,407 tons of zinc concentrates. Since the refiotatioh section was started tho average grade of the zinc concentrates produced has

been 49.54 per cent, zino, 4.34 per cent, lead, and 14.470 z silver per ton. NOTES FROM WESTLAND. (From Oub Own Correspondent.) March 4. At Woodstock the Woolston Tanneries Company is working steadily at its claim, and lias successfully demonstrated the fact that water can bo electrically forced direct from the river on to the working face. No particulars as to returns from tins property are available. The Rimu dredge is suffering from an epidemic of breakdowns. Apparently the machine is not suited to this ground, being altogether too light for the nature of_ the ground she is working. The stuff shifted has averaged about lOd per yard. With a more suitable dredge this should be highly payable, as the Success dredge, reported to average 5d per yard, is a consistent dividend uaver. Thc'Westland Gold Prospecting Syndicate has been carrying out some successful prospecting in the Arahura Valley and Lake Kanieri districts. In the Arahura Valley this company has acquired the freehold of a considerable area of Native-owned land. The prospecting has been so encouraging that the No. 2 Worksop dredge, stated to be one of the most powerful dredges procurable at the present time, has been purchased to dredge the area, and Mr R.O. Speed, at present on the Success dredge, has engaged as dredgemasterl A 4ft layer of wash, carrying 2dwt to the load, has also been discovered by a prospecting warty for the same company at Milltown, near Lake Kanieri. This hoe 'been ' located 'in maiden country, and there is a probability of further developments taking place. CROMWELL (From Our Own Correspondent) CROMWELL, March 9. The river is at present at a very low level, but there are now so few dredges at work that it is hardly thought about. The only dredge now working on the Kawarau River is the Electric No. 1, and there is always a chance of a rich patch being struck. The No. 2 dredge is being dismantled for sale down near the Halfway House, the duplicate parts which are likely to be required for No. 1 dredge, being retained. There is likely to be a few years' life for No. 1 dredge, with probably a few dividends. The old Punt claim on the Clutha River, now being worked by a private syndicate, is rumoured to be yielding payable returns, but nothing is made public as to results. The. two Rise and Shine dredges and the Rising Sun are at present en poor ground, but should strike better returns •at any time. The working costs on all dredges now are very heavy, and while this continues there is not much prospect of many dividends. When the alluvial mining was getting worked out, the dredging boom came on, and the fruit-growing also came on to keep the .country districts going, and there i is now a' prospect of a big revival in reef- ; ing. When the Carrick Company was working on a big scale a few years ago it spent a good many thousands of pounds on ! the Carrick, erecting batteries, cyanide plants, etc. The company worked in the old reefs on the free stone in the top levels, getting some rich patches, but eventually it spent all its capital. It was the general opinion that if the company put in a low level tunnel something really good would be probably found, and in any case if this ! was done it would prove the field. A new company was formed a few months ago, and a low level tunnel that was started previously was continued, and there is every indication that rich reefs will be struck shortly. If this is correct, it will prove that the gold lives down into the refractory ore. I believe a rich leader has been found close to where the reef is expected, and the quartz showing is very promising. A few men have been working for some months, and the company is now trying to secure others to open up lower levels on the several rich reefs worked in the early days of the Carrick Company. The fact that the reefs live down, carrying good gold, will be of immense value on the Future prospects of reefing in New Zealand, in such properties as Bendigo and other fields. DREDGING RETURNS.

DUNEDIN STOCK EXCHANGE. Business has been brisk in the local share market during the present week, and there has been a fairly large turnover both in mining and investment stocks. HuddartParker shares have shown little movement, and still continue at the high price to which they rose about a fortnight ago as a result of cabled reports concerning the possibility of the company's amalgamation with other interests. Sales were made during the week at £1 19s and £1 18s lid, and further transactions occurred on Monday at £1 19s and £1 19s Id, the closing quotations being £1 19s and £1 19s 3d. Union Steam preference shares have had occasional inquiry at £1 Is 3d, with sellers at £1 Is 6d. A parcel of the old Bank of _ New Zealand shares changed owners early in the week at £l2 Bs, and these shares were sought on Thursday at £l2 ss, with a seller at £l2 9s. The new issue was on demand on Friday at £l2 7s 6d, but the market was bare of sellers. National Banks havo had infrequent inquiry at £5 7s 6d, but no sellers havo quoted. Insurance shares have not been very keenly sought for, and show little fluctuation in price. There was a buyer of National Insurances on Friday at £2. 19s 9d, and a seller at £3 Is. Westport Coals continue in firm demand at £1 _los 6d, with sellers asking about a shilling more. iSales havo been made during tho week at the first price. There has been a wide market in Westport-Stocktons ordinary issue. D.I.C. ordinary shares have been wanted at par, and the preference issue has been on offer at £1 Os 6d. A parcel of Milburn Lime and Cement shares, which have been on offer for some time past at £1 lis. changed owners at the second cail on Friday at £1 10s 6d. National Mortgages show a firming tendency, _ having a buyer at £4 3s, without attracting selling quotes. New Zealand Portland Cements have also advanced considerably on prices quoted early in the week, a sale being transacted on Friday at 9s. In the afternoon there was further inquiry at 8s 6d, but no seller came forward. Woollen sharea

have been in firm demand, without sellers. Mount Lyell mining shares have had a good turnover, eight parcels being sold on various occasions, the highest price being £1 10s 2d. A little business has also been transacted in Waihi Grand Junctions at 14s 4d and 14s Bd. There was a buyer at the latter price_ on Friday, but sellers wanted 15s. Waihis show no change in value. Now Sylvias have been wanted at Is, and a parcel of new Keep-it-Dark shares has been sold at 12s 6d. In the dredging market Rise and Shines and Rising Suns have been on offer without buyers. Electrics are still wanted at Is or Is Id, with sellers at Is 6d. The week's operations opened quietly on 'Change on Monday, the only business recorded being a sale of Mount Lyells at £1 10s 2d. The market afterwards closed with a further buyer at this figure, and a seller asking £1 10s 3d. The majority of. the other mining shares wero about even With recent prices. There was a good demand for a number of investment stocks,_ and prices all round seemed firm. National Insurances were in demand yesterday at £3, with a seller, asking £3 Is. Huddart, Parkers (ord.) were a trifle easier than on Saturday, the quotations for this line being £1 18s 3d and £1 18s lid, buyer and seller respectively. Westport Coals were in demand at £1 10s 6d, without a seller, and there was inquiry for a number of other lines with few sellers coming on the market. March 11.—Mount Lyell, £1 10s 2d. The folliwing are Monday's latest quotations, subject to the usual brokerage : Dredging Stocks. Electric —Buyers Is, sellers Is 6d. Mining Stocks. Progress Mines of N.Z. —Sellers 6s 6d. New Sjylvia—Buyers Is. Talisman Consolidated —Buyers 8s 6d, sellers 9s 6d. Waihi—Buyers £1 17s 6d. Waihi Grand Junction —Buyers 14s 9d, sellers 15s 3d. Mount Lyell—Buyers £1 10s 2d, sellers £1 10s 3d. N.Z. War Loan Debentures—Sellers £99 5s Bank of N.Z. (£6 13s 4d paid:—Buyers £l7 Bs, sellers £l7 12s. Bank of N.Z. (£3 6s 8d f>a;d)—Buyers £l2 6s, sellers £l2 10s National Insurance —Buyers £3, sellers £3 Is. Union Steam (pref.)—Sellers £1 Is sd. Huddart, Parker (pref.)—Buyers £1 18s 3d. sellers £1 18s lid. Westport Coal Co.—Buyers £1 10s 6d. Westport-Stockton (ord.)—Buyers 7s 9d, sellers 8s 4d. D.I.C. (ord.)—Par. D.I.C. (pref.)—Buvers £l. sellers £1 0s 6d. Dalgety and Co.—Buyers £3 12s 6d. Donaghy's Rope and Twine—Buyers £1 6s 6d. N.Z. Refrigerating Co.—Sellers. £2. N.Z. Refrigerating Co. (new issue)—Sellers £2. Milburn Lime and Cement (ex div.) —Sellicrs £1 10s. National Mortgage—Buyers £4 2s 6d. N.Z. Drug Co. (£2 paid)—Buyers £2 Us 9d. N.Z. Portland Cement (ord.) —Buyers 9s 9d. Oamaru Woollen (ord.l —Buyers £1 9s 6d. Perpetual Trustees—Buyers £1 5s 6d. Trustees Executors —Sellers £2 14<?. Whitcombe and Tombs—Sellers £4 16s. Bruce Woollen—Buvers £1 8s 6d. Papuan Products —'Sellers 3s. March Coal. £1 10s 6d (two parcels); Mount Lyell, £1 10s Id (throe parcels). March 6—Keep-It-Dark, 12s 6d ; HuddartParker (ord.), £1 19s (four parcels). Sale reported:—Westport Coal, £1 10s 6d. March 7—Mount Lyell, £1 10s 2d. £1 10s Id; Waihi Grand Junction, 14s lid; Huddart. Parker (ord.). £1 18s lid. Sale reported.—Waihi. £1 17« 9d. March 8— Mount Lyell, £1 10s 2d (three parcels); Milburn Lime and Cement, £1 10s 6d; Portland Cement. 9s; Huddart-Parker (ord.), £1 19s. £1 19s Id (two parcels). March 9.—Mount Lyell, £1 10s 2d.

Oz. dwfe: gr. Rise and Shine No. 2, Cromwel 1, 130hrs ... 29 11 0 Risinj ? Sun, Cromwell, llQhra 16 1 0 Olrig-, Manuherikia, Total ... ... week 12 8 0 . 58 0 0