MINING.

Otago Witness, Issue 3413, 13 August 1919, Page 26

MINING.

WEEK'S MINING NEWS

" August 7. A report from Queenstown, 'iasmania, states that at the 1000 ft level of the North Lyell mine the ore body in No. 40 stope is being .broken out, Both on the ground floor and on the hrst floor. It is a large formation, and, as opened up, maintains its size. The average grade of ore is reported to be quite 6 per cent, copper. At a the 925 ft level production has been begun in No. 2 north drive, where there is a large body of ore identical -with that of the JNo. 40 stope formation at the 1000 ft level. This new working is to be 'known as No. 51 stope, and is to be explored both north and south, the indication being that it will soon become a valuable factor in the production from the North Lyell property. It may be mentioned in connection with the Mount Lyell Company that a start has been made to cut a track from the Lake Margaret power station for a transmission line, along which power is to be carried to Rosebery to work the electrolytic plant erected there by the Mount Read and Rosebery. The length of this line will be 16 miles. August 8. The Risle and Shine dredge worked at an average depth of about 46ft last week. With the exception of one corner the wash was less rough than it had been. The bottom, which had been of hard, white clay, got a little softer in the centre of the cut towards the end of the week. The prospects were similar to those of the previous few weeks. August 9. The secretary of the Nokomai Hydraulic Sluicing Company reports that both No. 2 and No. 3 claims had a full week's sluicing with two shifts, and the progress made was very • fair. The gold returns to hand from the Auckland district mines last month totalled £40,419 3s lid. Compared with the return for the corresponding period of last year—namely, £53,509 16s Id —this shows a decrease of £13,090 12s 2d. The past month's returns include the completed figures from 700 tons of ore crushed by the Muir's Gold Reefs. The total bullion won was £3500, of which £750 was included in the June returns. The detailed returns from the Ohinemuri field are:—Waihi Co., 16,037 tons, £26,259; Waihi Grand Junction Co., 6160 tons, £8943 3s; Muir's Gold Reefs, completed return, £2750; Talisman Co., 260 tons, £2467 0s lid;—total, £40,419 3s lid. August 11. The Rising Sun Dredging Company reports a return of 31oz ldwt for 100 hours' work. Tho master of the Risi and Shino No. 1 dredge reports a return of 420 z 4dwt for 136 hours' work. August 12. The manager of the Mount Read and Rosebery Mines reports for the fortnight ended July 2: —Hercules Mine: At No. 5a TeA'el, the final measurement of 430 ft, south drive as squared up, was 313 ft. Mullocking work is in active progress at No. 3 level in "B" stopes, and at No. 4 level in "E" north hanging wall stopes. Rosebery Mine: No. 8 rise, from No. 4 level, junctioned at 79|ft with No. 8 winze (total depth 45ft) from No. 3 level, and completed. DUNEDIN STOCK EXCHANGE Business on the Stock Exchange was particularly brisk during the latter part of this week, and on Friday one of the largest turnovers that has been recorded for several years was made. The transactions have been largely confined to Huddart-Parkers, P. and O's, and N.Z. Re : frigerating shares. The improvement in P. and O's from £478 on Monday to £SOO on Friday is probably _ tho result of tho cable message giving the London price as £s4o— increase of £ls on last week's cabled quotation. It may be that the business in Huddart-Parkers was in a measure due to the improvement in the price of the larger concern, otherwise it is difficult to understand why they should advance in face of the present shipping trouble in Australia. Last Saturday Huddart-Parkers were sold as low as £2 3s 3d, but on Fridav afternoon

over 20 lots changed hands at prices ranging from £2 4s 3d up to £2 ss. The market closed -with buyers still 'at £2 5s and sellers asking £2 5s 6d. The very marked movement in New Zealand Refrigerating shares, which have advanced almost £l, is a result of the ciroular sent out to shareholders intimating that it has been decided to increase the share capital by giving two new shares for each one held. These will be paid up to 10s a share. It is understood that the company has scored a "big win" over the sale of tallow to the extent of something like £300,000. In addition to tius, the company has had some very profitable business in pelts and other by-products of the trade. On Monday the shares were sold at £4 4s. On .Friday morning they changed hands at £4 10s 6d % and £4 lis, but at the afternoon call they had dropped back to £4 10s 6d and £4 10s, probably as a reflection of an easing tendency in the north. Mount Lyells have" weakened somewhat, and were wanted on. Friday at £1 4s 6d, with sellers at £1 ss. Grand Junctions were sold at 13s on Tuesday, and on Friday they were offered at 13s 2d, with buyers at 12s 6d. New South Wales, New Zealand, and Union .Banks are all firmer. Union Banks were sold on Friday at £59 ss, and the two issues of Bank of New Zealand were inquired for at £lB lis and £l4 7s. Insurance stock? have merely been maintaining their leveJ. Westport Coals have eased during the week, but are now steady at about £1 9s. Kaiapoi Woollens are rather firmer, and business was done in them at £8 7s. Canterbury Meats have improved considerably—from a sale at £ll 10s on Monday to_ £l2 offered without result by buyers on Friday. Buyers of Otago Daily Times have advanced to £3 3s, but there are none. offering. Business was done in Sugar of Milks at £1 15s and £1 14s 9d, and they are now offered at £1 15s. Paper Mills have been sold at £1 Bs, and are now sought at that figure, holders asking 9d more. The most marked movement in prices on 'Change on Monday was in P. and O.'s, which jumped to £525 at the morning call. In the afternoon £523 was offered for them, but holders asked £535. Bank of Australasias were wanted at £129, and Union Banks at £59, without response. Ordinary Huddart-Parkers changed hands at £2 5s 8d and £2 6s. Westport Coals were offered at £1 9s, but there was no demand. New Zealand Refrigerating shares were on the market at £4 10s, buyers offering Is 6d loss. The following are Monday's latest quotations, subject to the usual brokerage: — Dredging Stocks. Rise and Shine —Sellers 12s. Rising Sun —Sellers 7s 6d. Mining Stocks.^ Talisman Waihi—Buyers £2 4s. sellers £2 5s 6d. Waihi Grand Junction—Buyers 12s 6d, spliGrs 13s Del Mount Lyell—Buyers £1 4s, sellers £1 ss. August s.—Westport Coal, £1 9s; Sugar of Milk, £1 14s 9d; Waihi Grand Junction, 13s (two Sale Reported.— Huddart-Parker (ord.), £2 3s 9d August' 6.—New Zealand Refrigerating, £4 10s 6d, £4 10s 6d. Sales reported: New Zealand Inscribed Stock, £96; Bank of Australasia, £129; Huddart-Parker (ord.), £2 3s 9d (two parcels) ; National Mortgage, £5 ss. August 7-—Westport Coal, £1 8s 9d (three parcels); New Zealand Refrigerating Co., £4 8s 6d, £4 Bs, £4 8s 6d (three parcels); New Zealand Drugs, £2 16s; P. and O. (deferred), £490; Huddart-Parker (ord.), £2 4s (two parcels). ' ■ Sales Reported: Huddart-Parker (ord.), £2 4s; New Zealand Refrigerating Co., £4 8s 6d; Kaiapoi Woollen (ord.), £8 7s. August B.—Union Bank, £59 ss; HuddartParker (ord.), £2 4s (five parcels), £2 4s 3d (six parcels), £2 4s 6d (eight parcels), £2 4s 9d (four parcels), £2 5s (three parcels); New Zealand Refrigerating, £4 10s 6d, £4 lis, £4 10s 6d, £4 10s; P. and 0. (deferred), £SOO (two parcels). August 9.—P. and O. (deferred), £505; Westport Coal, £1 9s (four parcels); New Zealand Refrigerating, £4 9s. August 11.—P. and O. (deferred), £525; Huddsrt-Parker (ord.), £2 5s 9d, £2 6s. AUCKLAND STOCK AUCKLAND, August 11. The following sales took place on 'Change to-day:—Wilson's Cement, 16s 4d; Auckland Gas, £1 6s 6d; Waihi, £2 4s 9d. > STOCK EXCHANGE. WELLINGTON, August 11. A sale of Union Steam preference shares at £1 Is was reported on 'Change to-day. LONDON STOCK! EXCHANGE. LONDON, August 5. P. and O. deferred shares, £540: August 7. P. and O. (deferred), £560. August 8. P. and O. (deferred), £570.