MINING.

Otago Witness, Issue 3414, 20 August 1919, Page 26

MINING.

WEEK’S MINING NEWS August 14. SALE OF OLD HAURAKI MINE. The resolutions providing for <J,he sale of tho Old llauraki mine and plant, etc., to a new company formed by Mr W. J. Rainger, were confirmed in Auckland last week at a special meeting of shareholders. The Secretary (Mr H. Gilfillan) stated that every share in the new company (65,000) had been applied for and paid for. Tho arrangement under which the property change* hands piovides that tho new company shall have a nominal capital of not loss than £50,000, in 100,000 shares of 10s each at least 65.000 of the shares to be subscribed so as to provide a working capital of £32,500. Tire purchasers -retain 19,000 fully paid shares, and 14,000 are to he allotted to the vendors as equivalent for £7OOO for tho plant and mining property. Tho shareholders in the old company receive one share : n tho new company for every 12§ shares held b.y them in the old company. August 15. The Rise and Shine dredge had a steady run last week, and worked at an average depth of about 47ft on a bottom of soft white clay in tho centre of tho out, and hard white clay in both corners, where the ground was very deep. The wash was tight and stony in tho centre, and gave fair prospects. There was a good deal of silt on tho west side, whore the wash was poor. Tho following information has been cabled to tho head office in London of the Waihi Company ; —“ No. 8 level: Wo have driven

15ft west on the north branch of the Martha lode in the Horse crosscut. The value is 19s a ton. At No. 10 level wo have intersected the north branch of the Empire lode at 197 ft in the Soldiers' crosscut, from No. 4 shaft, north crosscut. The_ lode is 10ft wide, and the average value is £1 9s 9d a ton. At No. 11 level wo have started driving on the north section of ihe Empire lode at 215 ft in the Bath crosscut. The first 35ft to the east assays 2s a ton. Wo have started driving on the Royal Lode at 175 ft in the Edward south-east crosscut. The first 20ft west averages 2s 6d a ton, and the first 20ft cast 3s 6d a ton." August 16. The drivtj on the Mary reef in the Waihi Expended ground, from the Grand Junction's No. 5 level, is still being advanced eastward. A few days ago the reef pinched down to small dimensions, but has again opened out to quita 6ft in width, the whole of the ore being of payable quality. As the Mary lode was located about 450 ft f.bove the fifth level in the Grand Junction mine, disclosing extensive blocks of pay ore, there is every reason to hope that similar conditions will apply in the extended section. In this esse the company will already have in sight a considerable tonnage of milling ore in its recently-ac-quired property. The drive going east in the Extended shows good ore in the present face August 18. The Rise and Shine No. 1 dredge reports a return of 370 z sdwt for 124 hours' dredging- . The Rising Sun dredge reports a return of 560 z Bdwt for 120 hours' dredging. Tru3 Talisman Consolidated Company during July crushed and treated 225 tons for a return of bullion valued at £2962 10s 2d. Compared with the return for the corresponding period of last year, when 1275 tons yielded £9517 7s, this shows a decrease of £655#16s lOd. The expenditure for the last month was £3124 17s 4d. The total amount won from the mine to date is £2,931,792 12s Bd. August 19. The following information has been cabled to the head office, in London, of the Waihi Grand Junction Company:—"We are crushing 241 tons per 24 hours, and the extraction is £1 9s a ton. No. 8 Level. — Royal lode, west drive: At 230 ft the crosscut has been advanced to 158 ft through country rock. Empire lode, eatfc drive: Crosscutting at 1000 ft, the average value of the ore is 5s 7d per ton. The main south-east crosscut has been advanced to. 1010 ft, and is in country rock. No. 5 Level. —On the Mary lode the east drive has been advanced to 310 ft. From 256 ft the average value for a width of 39in is £1 3s 5d a ton. From 296 ft to 306 ft the average value for a width of 48in is £1 12s 7d a ton. The main north-west crosscut has been advanced to 907 ft from No. 1 shaft." The Mount Read and Rosebery Mines Company has issued the following progress report for the fortnight ended July 16: — Heroules Mine: Mullocking work in active progress at No. 3 level in the B stopes and at No. 4 level in the E north hangingwall stopes. Rosebery Mine: Lagging and tarring air and water mains completed and all mining work suspended.

NOTES FROM WAIPORI. The correspondent of the Tuapeka Times reports:—"Our district as a mining centre is still holding its own, and though the number of men engaged in the industry is considerably less than in the stirring days of the dredging boom, there is vet a good deal of activity, and the various claims in operation are no doubt on the whole producing a creditable amount of gold. From a cursory survey of the district I arn able to supply tho following notes: " Mr Richard J. Cotton, having completed the working of the payable ground on the Nardoo Flat, has shifted his plant to the old Deep Lead cut previously worked by Hilgendorf. He has now his elevator set up with tho intention of talcing out a solid "block left by the old company, which is believed to be very good. I hope anticipation in this respect will be realised, and that Mr Cotton will receive an adequate reward for his enterprise. " Messrs Gare Bros, are still working the

upper reaches of Mitchell's Flat, and from | what I hear with satisfactory results. " Mr Fred Rogers, after doing a. con- I sidcrable _ amount of quartz prospecting in j this district, is now working Messrs Knight j Bros.' rights on tribute, and has opened up a claim on Nor'-west Creek. Since taking up this claim Mr Rogers has done a lot of useful work, and the general opinion is i that he has not drawn a blank. " Messrs Russell Bros., having finished ! working Morris's Flat, are now operating I in Wheeer's Gully with good prospects I ahead. ! " Munro and party (Post Office Creek) are still working steadily on the Post Office Lead under Mr James Gare's management, and are said to be doing very well. "Mr George_ Bertenshaw is at present engaged in driving on the edge of the Deep Lead cut, haying struck a good seam of wash on the ledge which had apparently been missed by the old miners. < " The Government boring plant is still engaged prospecting the lower end of the Waipori Flat, with a view to testing the auriferous value of the main Deep Lead. This area was some time ago applied for bv the Dunedin City Council as a dam site, and the object of the boring is to determine whether the ground will be retained for mining purposes or handed OA'er to the city for wateV storage purposes. Good progress has been made with the plant under Mr Buckland's management, some four or five miles of the flat having so far been tested. The results of the tests are in the meantime strictly confidential." MOUNT LYELL. | The Mount Lyell Mining and Railway Company has issued the following progress report for the fortnight ended July 2:— Mount Lyell mine: No. 8 level —South Lyell drive resumed and extended to 392 ft. North Mount Lyell mine: 925 ft level, No. 359 Diamond drill bore drilled to 161 ft. Reduction works: 1.05 furnaces in blast during fortnight; 4228 tons' copper consigned to the refinery for the current year. i DUNEDIN STOCK EXCHANGE. There has beeo a substantial turnover of business this week, especially in shipping stocks. P. and O. deferred stock jumped £2O in Friday, following the re- j ceipt of cable news concerning fresh rumours ■ of the amalgamation of the four leading ; English shipping combines. The way in which this stock always appreciates when- j ever the same rumours take on a new lease of life indicates that investors are deter- : mined that they will not bo caught napping. In the meantime sceptics are getting a very satisfactory price for their shares. • There were sales on Friday at £540 and £545, and on earlier occasions business took place at £505, £525, and £526. Huddart j Parker scrip has also been the means of a large volume of business, and, as might be : expected, shows a firming- tendency, in view of the approaching- date when a dividend is usually paid. Prices have ranged during the week from £2 5s 9d to £2 9s. j Three parcels changed owners on Friday at ' £2 8s 6d. Other lines in the investment market have also shown considerable ac- ' tivity. New Zealand Refrigerating stock has been sold at £4 9s and £4 8s 6d, and is now quoted slightly in advance of these figures. Goldsbrough Mort shares changed owners on one occasion at £2 ss, and quite a few parcels of Westport Coals have been ! sold, either at £1 9s or £1 8s 9d. Buyers : of National Insurances are now offering £4 Os 6d without attracting a selling quota- • tion. New Zealand Insurance stock had j business, both reported and transacted, on ! Friday at £1 10s 9d (ex div.). There has ! been very little movement in the price of bank stocks, and the Only sale of the week ' was effected on Friday afternoon in National Banks at £6 10s. _ National Mortgages ' firmed sharply on Friday. A sale was re- ! ported at £5 10s, and a buyer's offer of £5 '' 8s was unavailing. "Woollen shares as a j whole show a tendency to firm. So far as the mining market is concerned, there is ; little to report. Business has been confined j to a sale of Mount Lyell shares at £l 4s 1 3d. | There was a considerable* turnover of Huddart-Parkers on Monday, at declining rates on the whole, though tno market

j fluctuated at the afternoon call. Sales were made at from £2 8s down to £2 7s in the morning, and £2 6s 9d and £2 7s in the afternoon. The market closed with a further demand at £2 7s, and sellers at £2 Bs. P. and O.'s were also weaker, and were offered at £530, with buyers at £520. New Zealand Refrige rating shares wore sold at £4 10s, and were afterwards wanted at £4 10s 3d, with sellers at £4 10s 9d. A sale of Mosgiel Woollens was effected at £5 14s, and more were asked for at that price, but holders asked 2s more. Canterbury Meats were inquired for at £l2 7s od, and South Otago Freezers at £5, without response. Loan and Mercantiles were on offer at £ll2. The following are Monday's latest quotations, subject to the usual brokerage: Dredging Stocks. Rise and Shine—Sellers 12s. Mining Stocks. Waihi—Buyers £2 4s 6d. Waihi Grand Junction —Sellers 13s 3d. Mount Lycll—Buyers £1 4s, sellers £1 ss. August 12: Westport Coal, £1 8s 9d (three parcels); Huddart-Parker (ord.), £2 6s 3d (five parcels); Goldsbrough, Mort, £2 ss; New Zealand Refrigerating Co., £4 10s, £4- 10s 6d. Skies Reported.—Dominion Rubber, ■ £1 15s (two parcels). August 13.—Huddart, Parker (ord.), £2 7s 6d (two parcels); Mount Lyell, £1 4s 3d. August 14.—P. and O. (deferred), £525, £526, £525; Huddart, Parker (ord.), £2 9s (five parcels). Sate Reported.—New Zealand Insurance (cum diyv), £1 lis. AugustUs.—National Bank, £6 10s; New Zealand Insurance, £llos 9d; P. and O. (deferred), £540 and £545 ; Huddart-Parker, £2 8s 6d (three parcels). Sales reported: New Zealand Insurance, £1 10s 9d; National Mortgage, £5 10s. August 16.—Huddart-Parker (ord.), £2 8s 6d. ■Sale Reported.—New Zealand Insurance, £1 10s 9d. August 18.—Huddart-Parker (ord.), £2 Bs, £2 7s 9d, £2 7s 6d, £2 7s, £2 6s 9d, £2 7a, £2 6s 9d, £2 7s; New Zealand Refrigerating Co., £4 10s; Mosgiel Woollen, £5 14s. AUCKLAND STOCK EXCHANGE. AUCKLAND, August 18. The following sale was reported on 'Change today:—New Zealand Insurance Company, £1 10s 6d. WELLINGTON STOCK EXCHANGE. WELLINGTON, August 18. A sale of Huddart-Parkers at £2 8s 3d took place on the Stock Exchange to-day. ! CHRISTCHURCH STOCK EXCHANGE. j CHRISTCHURCH, August 18. I There was a sale of New Zealand Refrigerating shares at £4 10s reported on 'Change to-day. LONDON SHARE MARKET. I • LONDON, August 14. Bank of Australasia, £l3B 15s; National ! Bank of New Zealand, £6 2s 6d; New Zealand Loan and Mercantile, £ll2 10s