MINING.

Otago Witness, Issue 3384, 22 January 1919, Page 26

MINING.

WEEK'S MINING NEWS

January 15. The payment by the Mount Morgan |G.M. Company (Ltd.) of a dividend in November was postponed on account of the uncertainty existing in respect to the sale of copper after December - 31: It i 8 now announced that a' distribution at the usual rate of 13 per share, absorbing £50,000, will be made on January 23. The Waihi Grand Junction Gold Company, for the 18 working days in the period ended December crushed and treated 4780 tons of ore for a return of bullion valued at £7429 -12 s 2d. Compared with the return for the corresponding period of 1917* when 6880 tons yielded £12,045 7s 6d, this shows a decrease .of £4615 15s 4d. The return now to hand completes the figures for the past year, and makes the value of the total bullion output from the mine for the 12 months, £126,655 9s lid from 80,200 tons. Compared with the total for 1917, when 116,130 tons yielded £203,917 13s, this shows a decrease" of £77,262 3s Id. The total amount won from the mine to date is £1,768,246 12s Id, and dividends paid to date_ total £280,000. January 16. The Mount Lyell report for the fortnight ended ' January 1 is as follows: —Mount Lyell mine: No. 4 stope rise, No. 6 level, to 102 ft. North Mount Lyell mine : No. 2 north drive, 925 ft level extended through low grade ore to 470 ft. Reduction work 3: One .furnace in blast for fortnight; 1373 tons of blister copper consigned to refinery for current year. During the above period the mines and works were closed down from the afternoon shift on Tuesday, the 24th, to 8 a.m. on Monday, the 30th. v January 17. The final return from the Waihi mine for the year 1918 is now to hand, and brings the total for 12 months up to £326,068, making the yield to date £12,024,744, out of which dividends amounting to £5,078,113 lis 8d have been paid. During the period of 18 days ended December 31 the ore treated was 11,095 tons, which yielded bullion valued at £20,069. The total ore treated during 1918 was 187,008 tons. Appended arc details of previous returns: —To end of 1907, £6,290,114; in 1908, £930,511; 1909, £959,594 ; 1910, £926,100; 1911, £679,116; 1912, £332,766; 1913, £336,652; 1914, £332,165; 1915, £349,581; 1916, £371,520; 1917, £370,567;—t0ta1, £11,878,706. The Rise and Shine No. 1 dredge had a steady run last week, and made 12ft ahead. The depth at the end of the week was 49ft, with a bottom of yellow clay on the east side, and a free sandy-clay towards the other boundary. The ground was very tight, and carried a largo quantity of Maoris and black sand. No. 2 dredge worked on a bottom of red clay and sandstone at a depth ranging from 25ft to 43ft. The wash was tight and stony, and j*ave fair prospects in the deep ground on tho cast side. January 18. The Talisman Consolidated (Limited), during the broken period of December, crushed and treated 580 tons of ore for a return of bullion valued at £8648 14s. Compared with the return for December, 1917, when 1030 tons yielded £11,340 6s 3d, this shows a decrease of £2691 12a 3d. The return now to hand completes the figures for the past year, and makes the value of the total bullion output for the 12 months £125,103 '4s 4d. Compared with the total value of the bullion won in 1917—namely, £139,320 13s Id, this shows a decrease of £14,217 8s 9d. The costs for tho past month totalled £5 17s 9d a ton, as follows:—Mine development, 25s 2d; mining, 12s'3d; milling, 365; general, 14a 4d. The total amount won from the mine to date is £2,904,517 10s Bd, and the total amount paid in dividends £1,133,914 17s 6d. January 20. Rise and Shine: No. 1 dredge yielded 18oz 18dwt for 136 hours' dredging; No. 2 dredge, 240 z ldwt for 131 hours' dredging. Rising Sun: 28oz 7dwt for 134 hours' dredging. January 21. Steps are being taken by the Chamber of Mines to hold a conference of those interested in gold-mining in Australia at Melbourne about the endf of January. It is intended to advocate a definite policy for

the industry and to appoint a deputation to lay before the Acting Prime Minister (Mr W.. A. Watt) the actual position of gold-mining. The following proposals for improving the industry will be considered at the conference:— " That a gold producers' association, with a central committee, bo formed to look after the special interest of Australian gold producers; that the association demand the removal of the embargo on the export of new gold; that the Federal and Imperial Govenrment pay a subsidy on gold production proportionate to the increase in working costs since 1914; that the Repatriation Department subsidise the employment of returned soldiers producing low-grade and otherwise unpayable gold ores; that the Repatriation Department subsidise tribute parties composed of returned soldiers; that tho association organise the co-operative buying and distribution of all gold-mining stores; that the Federal Government sub sidiso tho State Railway Department to allow of tho carriage of stores at reduced rates; that the Federal Government be urged to encourage gold prospecting by (a) removal of restrictions on the flotation of goldmininc; companies, (b) subsidies to prospect ing parties, consisting of returned soldiers, in West, North, and Central Australia, (c) construction of dams, weirs, water-bores, and other means of conserving water in West, North, and Central Australia to serve the gold and pastoral industries." DUNEDIN STOCK EXCHANGE. There has been a very small turnover this week so far as the Stock Exchange records indicate; but there is a firm tone about the market, and the tendency seems to bo for a general hardening in the price of stocks. An exception is found in the case of Huddart-Parker shares, which are certainly a little easier than they were before the holidays; and while business was done early in the week at £1 17s 9d, a buyer was able to .secure a parcel of shares on Wednesday at £1 17s. P. and O. deferred stock is keeping well up to recent prices, but there has been too wide a margin between buying and selling quotes to make business at all possible. Both issues of Bank of New Zealand shares have been in. firm demand —about £l7 18s for the new issue and £l3 for the old one. Buyers of National Banks have firmed from £6 2s to £6 Ba, but sellers havo been scarce. National Insurance shares also display a hardening tendency. They were sought on Friday at .£3 6s 6d, without getting a selling quotation. Standards wero wanted at £2 5s 3d, with a seller at £2 7s 6d, and New Zealand Insurances had a buyer at_ £ll, but no seller. Westport Coals have' had regular inquiry at £1 lis, and West-port-Stocktons have been wanted at 8s Bd, with a seller at 9s. National Mortgages have fluctuated slightly—buying quotes ranging from £4 6s to £4 10s, —but sellers have made no offer in return. Apart from the two sales of Huddart-Barkers, the only business in the investment market has been furnished by a sale of' New Zealand Refrigerating shares, which changed hands during the course of the week at £2 6s 9d. Waihi mining shares are worth about £2 ss, and Mt Lyells about £1 6s. For Waihi Grand Junctions the latest quotations are 12s 6d and 12s lOd, buyers and sellers respectively. Consolidated Goldfields have had an occasional buyer at ss, and Progress Mines at 3s, but there have been no sellers of either line. There is no activity in the dredging market. .Huddart-Parker shares are gradually slipping back in price> and business was transacted on Monday at the comparatively low figure of £1 16s 6d. P. and O. stock is firm, with little movement, and no sales have been made for some time. Banking stocks were in firm demand, and insurance shares were also sought at high prices, without get.tine a seller's quote. For New Zealand Refrigerating shares a buyer offered £2 7s 9d, without result, Mortgages were also 'wanted, unsuccessfully, at £4 Bs. There was very little movement in the mining market, and there, was too much difference between buyers and sellers for business to be possible. The following are Monday's latest quotations, subject to the usual brokerage:— Dredging Stocks. Electric —Buyers Is Mining Stocks. Consolidated Goldfields—Sellers ss. Talisman Consolidated —Buyers 9s 6d, sellers 10s 6d. Waihi—Buyers £2 4s, sellers £2 ss. Waihi Grand Junction —Buyers 12s 2d, sellers 12s 9d. Waiotahi —Buyers Is. Mount Lyell—Buyers £1 ss, sellers £1 6s. January 15. —New Zealand Refrigerating Company, £2 6s 9d; Huddart, Parker, £1 17s. January 18.—Westport Coal, £1 lis 9d. January 20.—Huddart-Parker (ord.), £1 16s 6d. CHRISTCHURCH SALES REPORT. * CHRISTCHURCH, January 20. The following sales are reported to-day:— Westport-Stockton 8 per cent, (non-cumula-tive preference), lis 3d. LONDON SHARE MARKET. LONDON, January .15. Bank of Australasia, £136; Bank of New South Wales, £35 15s; Bank of Victoria, £BB 6s; Union Bank, £67 ss; National Bank of Australasia, £123 9s; National Bank of New Zealand, £6 7s 8d; Bank of New Zealand (4 per cent, guaranteed stock), £35, (ord.), £l2 17s 6d; New Zealand Loan and Mercantile, £7l 10s 6d.