MINING.

Otago Witness, Issue 3383, 15 January 1919, Page 22

MINING.

WEEK'S MINING NEWS

... January 8, The secretary of the Nokomai Hydraulic Sluicing Company reports that No. 2 claim had five days' , work, stripping off top material. No. 6 also had five days' sluicing last week, and good progress was made. A forward step for Reefton is .the develop- * ment of the coal industry there, and in this direction a further advance is being mado (says, the Grey River Argus). Mr, W. J. Morris, of. Reefton, has succeeded in having a company underwritten for the construction of a railway line to Messrs Morris and Learmont's coal mine, and as the property has hitherto been worked by a wooden railed tram the step is one that should mean a considerable improvement. Under .the soheme decided on, of railway will be constructed with branches to tap four mines in the, locality and to carry the Government railway wagons. Several parties'-' of sleeper cutters aro now busily engaged cutting 15,000 sleepers for the line': January 10. At. HOOft level of the North Lyell mine very, rich ore continues to be won from N 0.... 49 stope, which i 3 now being beaten out on the fifth floor on its. upward course. At the 9£oft level, No. 2 north, drive is still being extended in ore, and this work is proving the existence of a huge body of fair grade material between 1000 ft and 850 ft levels in the- northern portion of the workings, extending over the Lyell Comstock boundary. Three stopes at the southern end of the level are producing a fair tonnage' of ore. At 850 ft level, No. 50 stope, at the extreme northern end of the level, is being regularly attacked on the ground floor, and is yielding some very good ore. January 11. At the Mount Lyell reduction works two furnaces continue m commission, with the sintering and flotation plants working regularly. At the ■ Lyell Blocks preparations are being made for extended boring operations with the diamond drill. At 1000 ft level, and in other parts, ore is in bins waiting despatch to the Queenstown smelters. / January 14. The Mount Lyell report, • just to hand, for the fortnight ended December 18, is as follows: —Mount Lyell mine: No. 4 stope rise. No. 6" level, extended lift;—fetal, Gsft. North Mount Lyell mine: No. 2 north drive, 925 ft level, extended Bft; —total, 468 ft, through lowe grade ore. Reduction works: Two furnaces in blast for fortnight; 1272 tons of blister copper consigned to refinery for current year. DREDGING RETURNS. grs. Rise and Slhine No. 1,136 hrs 34 16 0 Rise and Shine No. 2,170 hrs 33 2 0 DUNEDIN STOCK EXCHANGE. There has not been a very large turnover fc-r the opening jveek of the year, but there is a firm tone about the market, and what business has been effected has been transacted at good prices. Huddart-Parkers have been the means of business on one •or two occasions. The highest price paid for these shares was £1 18s Id, and Friday they wero down to £1 17s 9d and £1 18s 6d, buyers and sellers respectively. The London price for P. and O. shares is at present £430, and the latest Dunedin quotations are £402 and £4lO. National Bank shares been in firm demand just over £6, but sellers have been scarce. For Bank of New Zealands buyers are offering £l7 18s and £l3, for the new and old issues respectively. Both New Zealand and National Insurance shares show a hardening tendency. Dominion Rubbers have had two sales at £1 13s 9d, and New Zealand Paper Mills have changed over at £1 'ls 9d. Coal shares have had firm quotations, but no sale 3 have been recorded. A parcel of New Zealand Refrigerating shares was sold on Thursday at £2 6s, and various other investment lines have shown some activity, although no business has j>esulted. In the mining market Waihi Grand Junctions have fallen. A sale was made early in the week at 13s 3d, but on Friday a

buyer got them for 12s 6(J. Waihis are firm, and both Talismans and Mount Lyells have also had inquiry at satisfactory prices. Rising Sun dredging shares have been on offer at 9s, and Rise and Shines at 18s 6d, but no buyers have been forthcoming.

A parcel of Huddart-Parkers changed hands on Monday at £1 17s. 9d, and there was a later buyer at £1 17s 3d, with a seller at £1 18s 6ci. For the preference issue a buyer offered 17s, but there was no seller. A buyer of Standard Insurances increased his offer to £2 5$ 3d, without result, and a buyer of New Zealand Insurance shares offered £ll for thern unsuccessfully, National Insurances were in demand at £3 6s, with a seller at £3 9s. Bank of New Zealand shares were also in firm demand, but sellers were scarce. There was little movement in the mining market. In addition to those lines usually quoted Consolidated Goldfields were sought at ss, and Progress Mines at 3s, but there were no* selling quotes. The following are Monday's latest quotations, subject to the usual brokerage : Mining Stocks. Consolidated —Buyers ss. Progress Mines of New Zealand—Buyers 3s. Talisman Consolidated—Buyers 9s 9d, sellers 10s 6d. Waihi —Buyers £2 3s 6d, sellers £2 5s 6d. Waihi Grand Junction—Buyers 12s, sellers 12s 9d. Waiotahi —Buyers Is. Mount Lyell—Buyers £1 ss, sellers £1 6s 6d. Jan. 7.—Waihi Grand Junction, 13s 3d; Dominion Rubber, £1 13s 9d (two parcels); Huddart-Parker ford.), £1 18s 2d, £1 18s Id. January 9. —Huddart-Parker. £1 18s Id; New Zealand Paper Mill, £1 Is 9d. Sales Reported.—New Zealand Refrigerating Company, £2 6s; Otago Daily Times £2 13s 6d (three parcels). January 10. —Waihi Grand Junction, 12s 6d. January 11. —National Bank, £6 2s._ January 13. —Huddart-Parker (Ordinary), £1 17s 9d. LONDON SHARE MARKET. LONDON, January 12. P. and O. shares, £429—A. and N.Z. Cable. >-.