WEEK'S MINING NEWS

Otago Witness, Issue 3399, 7 May 1919, Page 22

WEEK'S MINING NEWS

April 30. The secretary of the Nokomai j_iyara.uiic Sluicing Company reports that. a. wash up was made at No. 2 claim, the result being 650 z 13d\vt for the paddock. No. 3 lost 1£ days' sluicing through a leak in No. 1 race and the Slad he syphon. There are indications of renewed mining activity around Thames, although nothing of a startling nature has occurred (reports the Star). One or two prospecting parties are out, and, in addition, some old claims, long neglected, have been taken up and old drives which have fallen in are being cleaned out and preparations made for pushing the drive in further. May 1. The following- information has been cabled to the London office of the Waihi Gold Mining Company: No. 11 level: In the Lion east crosscut, situated 125 ft east of the Bath north-west crosscut, in driving from the south branch of the Martha lode a lode, supposed to be the north section of the Empire lode, was cut at 28ft. The first sft assays £1 3s 3d per ton, the next sft £1 7s, the next sft (quartz and country rock) 9s lid, the next sft £1 19s 3d, and the last sft £4 12s 6d. The full width is 25ft. Directors "of the Tong'kah Harbour Tin Mining Company announce that they have taken what is virtually a tribute over the Bang Tao tin area in Siam, on the basis of payment to the owners of 15 per cent, of the gross revenue won. Unanimoiis approval was given at a special meeting of shareholdei-3 of the Broken Hill South Company to the recommendation of the directors that the company should acquire an interest in the Electrolytic Zinc Company of Australasia. Mr L. K. S. Mac- • kiimon said the shareholders were fortunate ■ in having to deal with the proposal at this stage of.the Electrolytic Company's history, when so much was known of the process of the work that was being done at Risdon, in comparison with the position when an interest was first offered the South Company. Conjecture had been eliminated a.nd practical results established. Tine board pinned its. faith entirely to the special report of the general manager of the Electrolytio Company (Mr H. W. Gept) and its technical advisers. Tho first unit of the plant at Risdon was producing highest f;rade zinc at the rate of 90 tons a week. n aswer to a question, Mr Mackinhon said that at the existing price of spelter a profit was being made on the present small output. Mr John May seconded the formal resolution, authorising the directors to acquire the interest, and it was unanimously agreed to. May 5. The return from *the Rising Sun dredge last week was 440 z lldwt for 133 hours' work. Twenty two men wero put off at the State mines on Monday (states the Greymouth Star). A qualified miner in one mine, if he goes to any other mine for employment, must first serve as a truck hand before he can be a miner in the other mine, so that the men who are put off from time to time are subjected to considerable hardship. May 6. The gold returns to hand last month from tho Auckland district mines totalled £34,305 0s 7d. Compared with the total for the corresponding period of last year—namely, £48,118 10s Bd, this shows a decrease of £13,815 10s Id. Details of the past month's returns are: — Ohinemubi. Waihi Co., 15,063 tons £24,525 0 0 Waihi Grand Junction Co., 4510 tons 6,790 0 9 Talisman Consolidated Co., 540 tons ... 2,989 19 10 THE NEVIS FIELD. (Feom Our Own Corbespondent.) ' CROMWELL, May 5. _ Tho approach of winter Weather is put- * ting a stop to mining operations on tho Nevis field, and the final washings up- for the lieason are now taking place. Messrs Graham and party, from the Upper Nevis, havo

almost completed cleaning up, and have scoured exceptional results for the last six weeks' work, tho average being considerably over 30oz weekly. These figures show an increase on tho periodical yield during tho season. The most satisfactory result is that indications during the last few Weeks givo prospects of even bigger yields when work is resumed next season. .Results such as those show that the mining field at Nevis is likely to bo a permanency for many years. RISE AND SHINE COMPANY. In tho annual report of the Rise and Shino Gold Dredging Company the directors regret having to .report an unsuccessful year's operations. Twelve months ago No. 1 dredge was waiting for suitable river conditions before proceeding to the Athenaeum ground. These did not occur until towards tho end of October, when the crossing- was safely made, and opening out began late in November. Tho returns have, however, been very disappointing; while those from No. 2 have for several months past not met expenses. This dredge has been stopped since the 15th April owing to the breaking of the elevator crown-wheel, and it is not proposed that she shall resume work. No. 1 dredge is in excellent order, and quit© capablo of dealing with the whole of the unworked area, which should employ her for several years, provided the returns are payable. It is intended to sell No. 2 dredge when a suitable opportunity occurs. Tho year's operations resulted in a loss of nearly £IOOO, necessitating a considerable bank overdraft, secured by tho personal guarantee of the town directors. Mr R. Gilkison retires from the board by rotation ,but offers himself for re-election. Tfoa auditor (Mr T. Chalmer) also retires, but offers himself for reappointment. '

WAIHI RETURNS. AUCKLAND, May 2. Tho Waihi return for the period ended April 19 was £22,664 from 13,968 tons of stone. The Waihi Grand Junction secured gold valued at £7371 from 4900 tons of stone. DUNEDIN STOCK EXCHANGE. This has been a fairly quiet week on the local Stock Exchange, Friday being the only occasion on which any considerable degree of activity was noticeable. The mining market has not received a great deal of attention, but there has been one sale each of Mount Lyell shares at £1 3s 7d and of Talisman Consolidateds at Bs. These prices are approximately the same as those ruling at the beginning of the week. Waihis have not varied much from the early quotations of £2 2s 6d and £2 3s 9d, buyersand sellers respectively, and Waihi Grand Junctions are worth about 13s. Of investment snares there have been two or three sales of the ordinary Huddart-Parker issue, for which the highest price given was £1 19s 6d. There were two sales on Friday at £1 19s and £1 19s 3d. P. and 0. stock is stationary, notwithstanding cabled reports of renewed rumours regarding the amalgamation of P. and 0. and Cunard interests. Nationals and New Zealands are the only insurance lines to have received quotation. The former have been on offer at £3 18s without uesult, and tho latter have had occasional inquiry at £l2 12s. No fluctuation has been noticeable in the value of Bank of New Zealand stock, in which there was a fairly close market on Friday, when the old issue was sought at £l3 17s 6d, with a seller at £l4 Is. A sale. of Bank of New South Wales scrip was reported to 'Change on Thursday at £39. The market for coal shares has been quiet. Westport Coals are worth £1 12s, and West-port-Stocktons (ordinary issue) are . obtainable at 7s 9d. Two parcels of Dominion Rubbers changed owners on Friday at £1 7s 6d, and a sale of New Zealand Paper Mill shares also occurred at the satisfactory price of £1 4s 3d.. National Mortgages have a firm tendency, and were on offer at the final call over at £5. The best buyer during the week was £4 13s. Mosgiel Woollen Factory shares have firmed to £5 2s 6d, and Kaiapoi Woollens have had inquiry at £7 10s. Perpetual Trustees' stock has been wanted on one or two occasions at £1 7s 6d, but there have been no sellers. For New Zealand Loan and Mercantile shares a buyer offered £lO4, but sellers wanted £lO7.

Business opened quietly on Monday, and no transactions were recorded during the call-over. There was, however, a reported sale of Huddart-Parker shares at £1 19s 3d. This stock was on offer at £1 19s 6d, but there was no buyer. P. and 0. deferred stock had inquiry at £395, but the best seller wanted £399. National Mortgages contir.ua firm at £4 12s and £4 16s, buyers and sellers respectively. There was no business in the mining market, but quotations were firm. A buyer wanted Broken Hill (South) shares at £2 3s 6d, but there was no seller on the market. May 6.—Huddart-Parker (ord.), £1 19s 3d. The following are Monday's latest quotations, subject to the usual brokerage:— Mining Stocks. Talisman Consolidated —Buyers 7s 9d, sellers 8s 6d. Waihi—Buyer £2 3s, sellers £2 4s 3d. Waihi Grand Junction —Buyers 12s 6d. Mount Lyell—Sellers' £1 4s 6d. Broken Hill (South)—Buyers £2 3s 6d. Am-il 50.—Mount Lyell, £1 3s 7d; New Zealand Paper Mills, £1 4s -3d. May I.—Huddart-Parker (ord.), £1 19s 6d. Sale reported: Bank of New South Wales, £39. Mav 2. —Talisman Consolidated, 8s ; Hud-dart-Parker, £1 19s, £1 19s 3d; Dominion Rubber, £1 7s 6d (two parcels); New Zealand Paper Mills, £1 4s 3d. May 3 —Talisman Consolidated, 8s; Hud-dart-Parker, £1 19s 3d. Sale Reported. —Bank of New Zealand (paid), £lB 10s. AUCKLAND STOCK EXCHANGE. AUCKLAND, May 5. The following business was recorded on 'Change to-day : —Sales : Grand Junction, 13s 3d; Auckland Trams (ord.), £1 2s; Kauri Timber (contrib.), 16s 3d; Wilson's Cement, 15s 4d. WELLINGTON STOCK EXCHANGE. WELLINGTON, May 6. The following business was recorded on 'Change to-day;—Sale: Westport Coal, £1 lis 6d.