MINING.

Otago Witness, Issue 3396, 16 April 1919, Page 26

MINING.

WEEK'S MINING NEWS

April 9. Tho secretary of the Nokomai liydraulic Sluicing Company reports that a wash-up v/as made at No. 2, tho result being 40oz 12dwt. No. 3 finished the top stripping- to a depth of 23ft, and elevating was resumed on Monday.

The Waihi Grand Junction Company during the 19 days ended March 22, crushed and treated 4510 tons of ore for a return of bullion valued at £6790 0s 9d. Compared with the return for the corresponding period of last year, when 5810 tons yielded £9601 Os 4d, this shows a decrease of £2BIO 19s 7d. The total amount won from the mine to date is £1,790,211 19s sd. April 10. Tho Waihi Gold Mining Company, during the period ended March 22, crushed and treated 15,063 tons of ore for a return of bullion valued at £24,523. Compared with the return for the corresponding period of last year, when 15,375 tons yielded £26,553, this shows a decrease of £2030. The total won from the mine to date is £12,271,707. The following advice has been received from the Ohinemuri Mines:—"Rich telluride ore is coming to hand from No. 7 stopo in north block on the Queen reef. April 11. The Rise and Shine No. 1 dredge worked steadily last week, but got only poor prospects on a white clay bottom, which carried a number of largo stones. The No. 2 dredge had a steady run, and made 15ft ahead. The bottom, which was got at an average depth of about 40ft, was of soft red and blue clay and coal. The gold was finer than usual.

Since the armistice was granted copper has fallen in price almost £SO a ton. This is of immense significance to the copper pro-

ducers of Australia, and in some cases has meant the closing down of mines. The cause of the fall is disclosed by a market report of the Guaranty Trust Company, of New York, declaring that since cessation of the fighting tho United States was confronted with an enormous overproduction of copper, and there has been practically no demand. It 1b believed that the decision of the Government of the United States to hold the stock on hand rather than to turn it back upon the market will do much to steady the market until the first of- the year, when tho price control policy will be discontinued. April 12. The value of Queensland's mineral output last year was £3,740,925, a decrease when compared with that of 1917 of £272,052 (says the Argus). By far the greater part of this decline, amounting to a reduction of less than 7 per cent., is accounted for, tho Under-secretary for Mines (Mr H. Marshall) states, by the continued falling off in the gold yield. Mr Marshall, after commenting on the fall in the price of copper, says:—"With the inevitable, though perhaps slow, reduction in the price of commodities required for mining purposes, and with something like settled markets, combined with sympathetic and helpful adminstration, an improvement in mining generally may fairly be looked for. The -introduction of high and safe explosives, more economical power, and improved tools should cheapen and consequently encourage both exploration and development, and materially assist to counter-balance the increase cost of expert workmen. Some of too, whose knowledge and experience qualify them to speak with authority, think they can see a silver lining to the cloud of industrial troubles that have of late had a restrictive effect on. the industry, and if their hopes of improvement in this direction are realised another factor will be added to those already mentioned as tending towards better prospects generally." April 14-. Some suggestions for the resuscitation of tho gold mining industry on the Hauraki goldfields (says the New Zealand Herald) were made to the mining conference, which recently sat the the Thames, by Mr John M'Combi'3, the well-known mining engineer and manager. He said there were a number of men who would start prospecting but for the inducement being insufficient, and that no effort was made by th® Government to bring about the desired alterations. To encourage prospecting the following were wanted:—

The throwing open for public competition of the whole of the auriferous country now held for speculative purposes; formation of pack-horse tracks through every belt of inaccessible country known -to be auriferous; appointment of surveyors to define boundaries of all claims taken up for prospecting purposes before granting applicants any privileges; granting free to the prospector the first- right to an area of 100 acres around the place where he has discovered payable ore, with the first lien on the nearest machine site, as well as water power and timber rights; legislation to prevent the prospector from being deprived of his rights; granting the prospector, by way of reward, a sum of money, payable halfyearly, for 10 years, the amount to be based on the bullion output from the mines he would have virtually created; provision to. genuine prospectors, of camp outfit, food, and' mining requisites. Mr M'Cbmbie also suggested that amendments to the present system of granting mining leases should be made, in order to prevent "wild-cat" flotations. "The warden should have the power to refuse the granting of a leas© to any man, or party of men, who cannot prove that the ground they are applying for is marked off on the line of a known lode system, or that they have a lode exposed to view within their" own boundaries," he said. " This would undoubtedly check the flotation of bogus concerns, and would give those who are honestly endeavouring to exploit leg-itimate mining properties a chance to obtain the capital necessary for that purpose." In order to conserve timber for mining, Mr M'Combie suggested that the authorities should rieserve large areas of bush, of not less than 500 acres in extent. He also expressed the opinion -that rents for mining leases were far too high, and that one shilling an acre per annum would be a reasonable charge. April 15.

The gold yield of Western Australia during March was 65,1580 z, valued at £281,023, as compared -with 72,2950 z jfor March 1918.

THE MINING INDUSTRY.

PROPOSALS FOR REVIVAL.

HOKITIKA, April 9. At a meeting of the West-land County Council yesterday a motion was carried congratulating the Minister of Mines on the proposed steps to renew the flagging interest of the Mines Department in the gold mining industry. It was resolved to hold a conference of local body representatives and mining people hei-e on May 14 to formulate proposals to assist in fostering mining in Westland and the dominion generally. Several representatives of large mining enterprises are now in the district, and it is hoped to have their co-operation and advice. DREDGING RETURNS. The Rise and Shine No. 2 dredge reports a return of 220 z 3dwt for 133 hours' dredging. The Rising Sun dredge reports a return of 28oz 13dwt for 139 hours' working. DUNEDIN STOCK EXCHANGE. Quotations during the past week have been brisk, and there were a good number of sales transacted on 'Change, although buyers could not be said to havo favoured any particular line of stock.. No gTeat fluctuation has taken place among the mining l shares, but most of these stocks quoted have remained firm. Waihi Grand Junctions, and Mount Lyells have both shown an increase in value, while Broken Hill Propriety shares have appeared on the market, being sought at the beginning of the week at £2 Is 6d, without a seller coming forward. Practically nothing has been done in dredging stocks. Among the investment shares, however, business has been brisk, and it is largely among these that the s*les of the past week have taken place. The margin for the rights to National Bank shares have lessened appreciably, and on Friday a sale was reported at a premium of 9s, while at the call over in the afternoon buyers offered a premium of 8s 6d, but sellers wanted 6d more. Two sales—one reported on Tuesday, and one on 'Change on Friday after-

noon at £l3 18s, have taken place in the old issue of Bank of New Zealands, and these shares have remained firm, but Union Bank stocks have shown a drop in value. There has been a steadly hardening tendency in National Insurances, as is tho case with Standards, but New Zealand Insurance shares have remained about the same, being on tho market on Friday at £l2 15s, without a buyer. Chief among shipping shares are P. and O. deferred stocks, a parcel of which changed hands at the beginning of the week, and which were quoted on Friday at £392 and £393 10s. A sale of Huddart-Parker shares took place, but these shares have remained about the same. There has been some movement in New Zealand Refrigerating stocks, and sellers' quotations rose to. £3, but have settled to £2 18s, and buyers' quotations have firmed to some extent. New Zealand Drugs (£2 paid) have remained firm, but the rights to these have shown a steady Increase. New Zealand Loan and Mercantile shares—Jjoth ordinary and preferential — have been added to the stock lists, the ordinary shares being quoted at £lO5 and £lO6 10s, buyer and seller respectively, while tho preference shares were sought on Friday at £69, without a seller coining forward. There was a fair amount of business transacted on 'Change on Monday, and quotations were brisk. A parcel of Waihi Grand Junctions was sold at 13s, with further buyers offering 12s lOd, and sellers holding out for 13s 2d, while Mount Lyells were sought at £1 3s, without a seller coming forward. National Bank rights were in firm demand, one sale taking place at a premium of 8s 9d, while another was reported at a premium of 8s 6d. Colonial Sugars had a buyer offering £24 15s, but no seller quoted, and Gear Meat stocks were sought at £25 10s. The margin in New Refrigerating shares has decreased to some extent, and these shares were quoted at £2 17s and £2 17s 6d respectively. April 14. —National Bank rights, 8s 9d prem.; Waihi-Grand Junction, 13s. Sale Reported.—National Bank rights, 8s 6d prem. The following are Monday's latest quotations, subject to the usual brokerage:— Mining Stocks» Consolidated Goldfields —Buyers 2s 6d, sellers 4s 9d. i Talisman Consolidated —Buyers Bs, sellers 8s 6d. Waihi—Sellers. £2 3s. Waihi Grand Junction —Buyers 12s lOd, sellers 13s 2d. Mount Lyell—Buyers £1 3s. April B—Huddart-Parker, £1 19s 6d. Sales Reported.—New Zealand Loan and Mercantile (ord 1 .), £105; Bank "of New Zealand (contr.j. £l3 17a 6d. April 9.—Westport Coal, £1 lis 7d, £1 lis 6d; Goldsbrough Mori, £2 7s 3d, £2 8s 6d. April 11—Bank of N.Z. (£3 6s od paid), £l3 18s. Sale Reported.—National Bank (rights), 9s prem.; Bruce Woollen,'£l 16s 3d. " April 12. —Mount Lyell, £1 3s; National Bank (rights), 8s 6d premium (two parcels); i New Zealand Refrigerating, £2 17s 6d. LONDON SHARE MARKET. LONDON, April 10. (Received April 14, at 9.15 p.m.) P. and 0., £414; Waihi Junction —buyers 14s 3d, sellers 15s 3d. ' AUCKLAND STOCK EXCHANGE. AUCKLAND, April 14. The following business was recorded on 'Change to-day :—Sales reported—Auckland Gas (paid), £1 7s; Grand Junctions, 13s; New Zealand Insurance, £l2 14s; Loan and Mercantile (ord.), £105; Wilson's Cement (ord.), 15s.

WELLINGTON STOCK EXCHANGE, WELLINGTON, April 14.

The following business was recorded on 'Change to-day:—Sale reported—Loan and Mercantile, £lO5.

CHRLSTCHURCH STOCK EXCHANGE. CHRISTCHURCH, April 14. The following business was recorded on 'Change to-day:—Sales reported: New Zealand Refrigerating Company, £2 17s 6d. Sales: Goldsbrough, Mort, Melbourne, £2 7s 6d; Kaiapoi Woollen, £7 Bs.