MINING

Otago Witness, Issue 3348, 15 May 1918, Page 22

MINING

WEEK'S MINING NEWS May 8. Tho secretary of the Nokomai Hydraulic Sluicing "Company reports that No. 2 started sinking on Saturday, and the elevator is now down to a depth of 9ft. No. 3 lost one shift owing to heavy rain on Tuesday week, and tho creek was in flood. Fair progress was made with the sluicing last week. At an extraordinary general meeting of shareholders in the Manila Gravel and Gold Dredging Company a resolution was passed in favour of voluntary liquidation. Mr W. T. Monkman and Mr R. A. Mathcwson (secretary of the company) were appointed liquidators, at a fee of £SO. The Waihi Grand Junction Gold Company, during tho 21 days ended April 20, crushed and 'treated 5810 tons of ore for a return of bullion valued at £9601 Os 4d. Compared with the return for April. 1917, when 8540 tons yielded £15,301 6s 4d, this shows a decrease of £5700 6s. The total amount won from the _ mine to date is £1,681.330 4s 3d, and dividends paid amount to £240,000. The Waihi Gold Mining Company, during the period ended April 20, crushed and treated 13,915 tons of ore for a return of bullion valued at £25,085. Compared with the return for the corresponding oeriod of last year, when 15,886 tons yielded £27,327, this "shows a decrease of £2242. The decreased output for the period just closed was due to the Easter holidays. Tho total amount won from the mine to date is £11,938,053, and tho dividends, etc., paid amount to £5,003,727 10s Bd. • _ May 9. The Rise and Shine No. 2 dredge had a steady run last week, and made 18ft ahead on a cut of 3Ooft, with an average depth of 27ft. In the centre of the cut a tight wash, carrying fair prospects, was met with, but both coiners were poor. The bottom was chiefly soft red clay. The gold was a rather better sample than usual. The Queensland gold yield for March was 11,3050 z, valued at £48,025, whereas the yield for March, 1917, was 14,3760 z, valued at £61,065. The yield for three months ended March 31 was 33,2570 z, valued at £141,267, which represents . a decrease in comparison with the first three months of last year of 77590 z, valued at £32.958. Dunns April the Talisman Consolidated Company crushed 1400 tons, yielding bullion valued at £11,412, an increase of £1407 compared with tho yield from 1400 tons ill April, 1917. May 10. Tho output of GCpner from South Australia for tho year 1917 is estimated at 144,262c\vt, which, ,nt the tlTfrpgs orice of standard copper for year, is worth £502,490. The bulk of this comes from tho Wallaroo and Moonta Company, which employs over 1900 hands, and which, despito tho surrounding war-thno difficulties, has maintained its reputation as a copper producer. May 11. Tho Waihi Company has reached its century in dividends declared. The latest dividend means the distribution of £24,795 7s, and will bring up the total to £5,028,522 17s Bd. The total yield from this mine is £11,912,963. Tho report from the manager of the Talisman Consolidated mine for the four weeks ended March 22 states that at the No. 13 level tho values from stopes off No. 5 rise averaged £3 2s, Tons sent to mill, 58. At No. 15 level the south drive was along 1448 ft; width of vein, 36in; values average, ss. The north drive was in 562 ft; width of vein, 12in; values nil. Tho values from stopes north of No. 12 winze averaged £8 9s, and from the stones south of No. 12 winzo £8 2s.

May 13. Tho secretary of tho Rise and Shine Company reports a return of 18oz for 125 hours' work.

In their annual report the directors of the Taupiri Coal Mine 3 (Ltd.) state that good progress has been made with the preparatory and development work at the RotoWaro field. Coal has been obtained during the last six months, and though the quantity is small at present, the output is gradually and steadily increasing, and they look forward to a considerably increased

output in the near future. The coal is of excellent quality. Tho W aihi-Paeroa Company, for the period ended May 3, treated 20,300 tons of tailings for a return of £4750, compared with 14,500 tons yielding £4350 last year. Tho total treated to date is 878,900 tons, yielding £266,611.

May 14. Tho secretary of tho Mount Greenland Gold Quartz -Mining Company, which is prospecting and developing its claim, reports that for tho 13 weeks ending April 29 the company treated 165 tons of quartz for a return of £BO9 16s 3d.

Tho Talisman Consolidated Company during April crushed and treated 1400 tons of ore for a return of bullion valued at £11,412 10s.'' Compared with tho return for tho corresponding period of last year, when 1160 tons yielded £10,004 12s 6d, this shows an increase of £1407 17s 6d. Tho costs for the past month totalled £3 15s 9d per ton, made up as follows: —Mine development, 21s 3d : mining, 25s 8d; milling, 22s lid; general expenses, 5s lid. Tho total amount won from tho mine to date is £2.824,023 7s 2d, and the property has yielded in dividends to date £1,116.664 17s 6d. RISE AND SHINE COMPANY. The eighteenth annual meeting of the Rise and Shine Gold-dredging Company was held in the office of the secretary (Mr W. T. Monkman) on Monday afternoon. Mr James Edgar (acting chairman of directors) rjrcsided over a small attendance. In moving tho adoption of tho annual report and balanco sheet, the chairman said that tho No. 1 dredge, after a long run on unpayable ground, had been shitted to the freehold after some trouble, but it was found on opening out here that tho results did not justify the expense. In moving the dredge they had trespassed on the Rising Sun Company's property, and had been tho cause of some litigation. The No. X dredge had had a fairly steady run at the lower end of the new piece of ground purchased from the Athenaeum trustees, but tho returns had not been good. Some excellent returns had been obtained at the top end, but they had been forced to shift the dredge from there, as her safety was threatened. However, they hoped that this ground would yet prove a payable speculation. At present tho No. 1 dredge was laid up, but they hoped when the river rose to be able to shift it down and start ahead of the dredge on tho new pioce of ground. The chairman added a brief reference to the high cost of materials, but stated that this had been minimised by the action of the secretary in scouring a good supply. Mr H. F. Nees seconded the motion. In reply to Mr Chalmor, the chairman said the directors had no intention of definitely abandoning tho freehold. They hoped that results would yet justify the purchase of this ground. Tho motion was carried. Mr F. Bradlev was re-elected a director, and Mr T. Chahner was re-appointed auditor. . On the motion of the en airman, it was resolved to grant 12 months' leave of absence to Mr P.. Gilkison (chairman of directors), who is at present doing war work with the Y.M.C.A. in France. The meeting closed with votes of thanks to the management, tha secretary, the dredgemaster, and the crow. DUNEDIN STOCK EXCHANGE. * Business has been fairly active on the Dunedin Stock Exchange during the past week and several lines have attracted a <*ood deal of attention. In the dredging stock section Electrics have been in demand during tho week at lid, with an occasional seller coming on the market at about Is 2d. Rise and Shines have been offered for sale throughout the week at 18s but no buyer has come forward. Among mining stocks several lines have come in for a good deal of quotation. Talisman Consolidatcds range in tho neighbourhood of 8s (buyer) and 8s 9d (seller). Waihis have shown few variations, and have been quoted at about £1 17s 9d and £1 18s 3d, buyer and seller respectively. In YYaihi Grand Junctions a little business has been done at 14s 6d, and this seems about to represent the current level of values. The bulk of the week's business has, however, been confined to tho investment stock market which is gradually returning to a firmer tone now that the war loan is off the market National Banks have had buyers on several days at £5 3s, with sellers asking £5 ss. Bank of New Zealand (paid up) have had a good deal of inquiry at about £l7 8s 6d, but few sellers have come forward. The old issue has been in demand at £l2 2s, with sellers asking Is more. Several insurance lines have attracted some little attention, and there appears to be a moderate turnover in que or two of tnese. Huddart-Parker shares have again been the medium of a good deal of business at prices ranging from £1 19s up to £1 18s 6d, and they appear to have finned slightly towards the end of tho week, the market closing on Friday with a buyer at £1 19s 4d and a seller at £1 19s 10d. Westport Coals have remained about even with recent rates <and on several occasions there has been'a very narrow margin between buyer and seller, the former quoting about £1 10s 2d and the latter • Taupiri Coals have shown a distinct tendency to firm consequent upon an improved stale? °£ affairs at the company's property, and the closing quotations on Friday revealed a buyer offering 19s 4d and a seller asking £1 0s 3d. Dominion Rubbers continuo to be offered at £1 10s, without result, and there was a seller of DunedinKaikorai Trains on Friday at £1 4s without a buyer. Donaghy's Rope and Twine shares "have been quoted at fairly firm rates during the week, and on Friday some business was reported in this line at £1 Bs. New Zealand Refrigerating Co. scrip has shown a slight improvement in value during the week, and a parcel of theso shares changed hands on Thursday at £1 ISf, while there have since been buyers figure, with Sellers asking £1 19s. Ivaiapoi Woollens have had buyers at £7, with few sellers quoting, and Mosgiek have been wanted on several days at £4 14s, with sellers holding off for about £5. Drug Company scrip has also shown a slight improvement during the last few days, and a parcel of theso shares changed hands on Friday at £2 12s 6d. New Zealand Paper Mills firmed to an appreciable extent during the week, and tho reason for this was made clear on Friday morning when tho company's balance sheet for the year just ended was distributed amongst shareholders. This shows tho finances of tho concern to bo in an extremely healthy condition, and a comparison with last year's balance sheet reveals the fact that tho profits during the past 12 months have been practically doubled —a result that is due to the reduc-

.fciqn in amount of paper imported. Sharo prices hardened again on Friday, and in the morning a sale was made at £1 Is. the market finally closing for the day with a buyer offering £1 Is 6d and a seller asking £1 2s. Several other lines have been quoted regularly during the week, but they do not seem to have attracted much business.

Iluddart, Parker shares experienced another rise on the local market on Monday, and were tho cause of much activity, all the sales after the first transaction being made at £2—an advance of 6d on tho prico at which these shares were sold last week. Tho market closed with a buyer at £2, and a seller at 3d more. New Zealand Insurances" firmed sharply, a buyer offering £9 Is for them unsuccessfully. National Insurances showed no change in market value. A parcel of Westport Coals changed owners at £1 10s sd, and further business was prevented only by a margin of Id New Zealand Paper Mills shares continued in demand at a firm price. Sales were effected at £1 Is 6d and £1 Is, and there was a further buyer at -the latter price, with a seller at £1 Is 3d. The mining market was steady, and showed no fluctuation in values. May 13.—Huddart, Parker (ord.), £1 19a lid, £2 (two parcels) ; Westport Coals, £1 10. i sd; New Zealand Paper Mills, £1 13 6d, £1 Is. Sales Reported.—Huddart, Parker (ord), £2 (two parcels). The following are Monday's latest quotations, subject to ilie usual brokerage: —•. IjKEDGING STOCKSElectric—Buyers lid. Rise and Shine—Sellers ISs. Rising Sun—Sellers 12s 6d. Mining Stocks. Talisman Consolidated—Buyers 8s 3d, sellers 9s. Waihi—Buyers £1 18s, sellers £1 18s 6d. Waihi Grand Junction—Buyers 14s . Mount Lyell—Buyers £1 8s 9d, sellers £1 10s. ■ £ May 7.—Wailii Grand Junction, 14s 6d; Westport Coal, £1 10s 3d; Taupiri Coal (ord.), ISs. May B.—-Huddart-Parker (ord.), £1 19s (two parcels), £1 19s Id. May 10.—Huddart-Parker, £ll9s6d (five sales); New Zealand Refrigerating Co., £1 18s; New Zealand Drug Co., £2 12s 6dj New Zealand Paper Mills, £1 Is. Sale reported: Donaghy's Rope and Twine, £1 Bs. May 12.—Talisman Consolidated, 8s 6d. AUCKLAND STOCK EXCHANGE.. AUCKLAND, May 13. Tho following business was recorded on 'Change to-day: —Sales: Iluddart, Parker, £2; New Zealand Insurance, £9 2s 6d; Waihi, £1 18s. LONDON SHABE MABKET. LONDON, Hay 7. Bank of Australasia, £ll7 17s Gd; Bank of New South'AVales, £35-78 6d; Union Bank, £56 15s; National Bank of New Zealand, £5 13s; Bank of New Zealand 4 per cent, guaranteed stock, £7B, ex diy. £ll 15s; New Zealand Loan and Mercantile £6B ss, ordinary £IOO ss. May 9.—Huddart-Parker, £1 19s 6d (two parcels); N.Z. Refrigerating, £1 18s. Sale reported: Huddart-Parker, £1 19s 6d. May 11. Waihi—Buyers £1 15s, sellers £1 16s 3d.