MINING.

Otago Witness, Issue 3442, 2 March 1920, Page 26

MINING.

WEEK'S MINING NEWS February 24. Tie annual report of the directors of the Talisman Consolidated states that the profit and loss account shows that after deducting all working expenses the operations for the period under review resulted in a profit of £55,596, -.vhicfh includes the sum of £3529, interest on investments^made in London, and £2766 interest on New Zealand investments, to -which must be added, the sum of £20,833 brought forward from last year's accounts, showing a total of £56,431. Out fi this sum provision for depreciation of inachinery and plant absorbed £4?s£. and New Zealand income tax £3234. The sum of £17,250 has boon distributed in dividends,

leaving a balance of £31,087, which, in view of the general circumstances of the mine, the directors recommend be carried forward. It is possible, states the report, that a large sum of money will be required for the future development of the mine, and it is with this in mind ; coupled with the fact that \no crushing is now proceeding, that the directors advise carrying forward such a large sum. The boring operations have been pushed on with as much speed as possible, but owing to several unforeseen circumstances, delay has taken place, and it is not yet possible to give the results of the operations, although indications appear to be satisfactory. In No. 15 level driving was continued to a total of 1857 ft, but as at that point indications were not favourable, work there was discontinued. No. 16 rise -was continued with fairly satisfactory results, and No. 16 winze was started immediately under it. It is proposed to continue sinking at this point, with the view of ascertaining whether the favourable country continues at depth. The future of the mm© depends entirely upon the favourable developmnt of No. 16 winze and the boring operations at present in progress.

■February 25. The secretary of the Nokoniai Hydraulics Sluicing Company reports that a wash-up was made at No. 2 claim, the result being 1330 z 3dwt for the paddock. No. 3 claim finished the top stripping of the next paddock to a depth of* 40ft.

February 27. The new seam of coal, which has been opened up at the Nine-Mile is to' be carried forward another step. The engine house and rope-walk have already been constructed, and the initial stages of the tunnel commenced. A contract for the continuance of the tunnel has been let and the work was to be put in hand last week. The Grey River Argus, urging the speedy construction of the railway from Runanga to the scene of the new activities, remarks that judging by the progress made by the two departments coal will be ready for hewing long before the first locomotive steams seaward from Runanga. March 1. H The manager of the Rising Sun dredge reports a return of 29cz for 200 hours' dredging. War conditions made the Sulphide Corporation and the Broken Hill Associated Smelters the buyers of ore in Australia. This was brought about by Federal Gov-

ernment action in the interests of this community and to keep Australian ore out of enemy hands. Recently (says an exchange) Tasmanian West Coast miners were reported to be aggrieved at the treatment they "Vere receiving at the hands of the Sulphide Corporation, which is the proprietor of the ore smelters at Cockle Creek. On silverlead • ore. with £47, they were being advanced £l2, with deferred settlement. Some miners, it was stated, had not received a settlement for 12 months. " 'That is a mis-statement," said Mr C. F. Courtney, general manager of the Sulphide Corporation, to. whom the matter was referred. ""Returning charges are the same as they havp. bosn for the last three years. Four shillings an ounce is advanced in the silver content, and £23 a ton on the lead content, the rest being payable when the lead is sold, and depending on the mice realised. "We go on taking ore, against which we advance this mon?y. _ although the smelters are closed down in consequence of the strike at Broken Hill. We are out of pocket by doing this to help the West Coast

mirers. Not enough ore is sent in from outside sources to keep the smelters going without supplies from Broken Hill. Smelting charges have been kept down as much as possible," concluded Mr Courtney, " but the cost of coal, fluxes, and freight has gone up enormously, and, naturally, increases working expenses." > -DUNEDIN STOCK EXCHANGE. There has been a brisk market almost all through the week, the prinoipal business ' being done in coaL and shipping shares, J which changed hands at advanced rates, mainly owing to the fact that trade disputes in both industries have been practically settled. Westport Coals opened the week , with business at 31s, and closed with sellers at 31s 6d and buyers at 37s 3d. Huddart, Parker, which on Monday had buyers at 525, and sellers at 52s 6d, steadily advanced to 55s 6d, after which they changed hands at 55s 3d, and again at 55s 6d, closiiig with a sixpenny market. Mining shares also improved, particularly Mount Lyell, which opened with sales at 26s 3d, and finished j on Friday with business at 295, 28s lid, and ! 295. Waihi openecs without exchanges, buyers offering 475, and sellers being ready to accept 47s 9d. A sale was effected on : Thursday at 47s 6d, and on Friday buyers offered 48s 3d. New Zealand Refrigerating j had a, fairly extensive turnover, with an up- . ward tendency. Opening at 265, they adI vanced steadily at 26s lOd, and finished with buyers at 26s lid. sellers making a close market. Eclipse Petrol had a light turnover at 38s 6d to 38s p , and finished without buyers, sellers offering to accept 38s 6d. Bank stocks were steady. National Bank of New Zealand had a. sale at £6 lis 6d, and buyers were ready to continue operations at that figure. Bank of New Zealand (Cont.) changed hands at £l6 10s, and paid at £2O 10s, both closing without declared sellers. | Union Bank of Australia yesterday sold at £l2 15s, and were not afterwards mentioned. Dominion 'Rubber had a little attention at 49s 6d and 50s. but did not maintain the improvement; sellers on Friday being willing to accept 49s 9ri. New Zealand Malay Rubber sold on Friday at 24s 3d, and buyers offered 24s at the close. A parcel of New j Zealand Drugs (£2 paid) was quitted on Friday at 58s 6d, after which a buyer at 59s od went unsupplied. Mosgiel Woollens sold at £6 15s, and buyers were close up at the finish. O'ther stocks were steady.

A fair amount of business was transacted on 'Change on Saturday. Mount Lyell continued in favour, though not quite so firm as on the previous day. Shares changed hands freely at 28s 6d, 28s sd, and 28s 4d, closing with buyers at 28s 4d and sellers at 28s sd. Huddart-Parker were quitted at 55s 6d. A sale of Taupiri Coal was reported at 18s 2d, but there were no quotations at the meeting. A sale was also reported in Canterbury Meat at £ls 12s 6d, and this stock likewise was not quoted at the meeting. Other stocks were practically unchanged.' The following are Saturday's latest quotations, subject to the usual brokerage: Minixo Stocks. Talisman Consolidated —Buyers 9s 3d, sellers 9s 6d. Waihi —Buyers 48s 3d, sellers 49s 3d. Waihi Grand Junction—Buyers 12s 3d, sellers 13s. Mount Lyell—Buyers 28s 4d, sellers 28s sd. . Feb. 23.—Mount Lyell, 6s 3d; P. and O. (deferred), £640, £639; Westport Coal, 31s;

New Zealand Refrigerating (contributing),, 265; Eclipso Petrol, 38s 6d.

Sales reported: National Bank of New Zealand, £6 lis; Dominion Rubber, 49s 6d. Feb. 24.—Huddart, Parker, 53s 4d, 535; Westport Coal, 51s; New Zeaiand Refrigerating- (contrib.), 26s 4d, 26s sd. Feb. 25.—Mount Lyell, 27s 6d; Bank of New Zealand (contrib.), £l6 10s; Huddart, Parker, 54s 9d, 555, 54s 9d, 555; New Zealand Refrigerating, 26s Bd, 26s 9d; Papuan Products, 2s 6d. Feb. 26—Waihi, 47s 6d; Waihi Grand Junction, 12s 6d; Mount Lyell, 27s 9d, 28s; Westport Coal, 31s 6d ;• Dominion Rubber, 50s; New Zealand Malay Rubber, 24sr; New Zealand Refrigerating, 26s lOd; Eclipse Petrol (paid), 38s; Huddart, Parker, 55s 6d 55s 3d. Sales reported : Huddart, Parker. 55s 6d. Feb. 27—Mount Lyell, 295, 28s lid, 295; Huddart, Parker, 55s 6d; Westport Coal, 31s 6d; New Zealand Drug (£2 paid), 58s 6d. .Sales reported: —Bank of New Zealand (£6 13s 4d paid), £2O 10s; Union Bank of Australia, £l2 15s; - Union Steam Ship (pref.), 21s; New Zealand Malay Rubber, 24s 3d; Mosgiel Woollen, £6 15s.' Feb. 28.—Mount Lyell, 28s 6d, 28s sd, 28s 4d: Huddart-Parker, 55s 6d. Sales Reported.—Taupiri Coal, 18s 2d; Canterbury Meat, £ls 12s 6d. CHRISTCHURCH STOCK EXCHANGE. OHRISTCHUR.CH, February 28. The following sales were reported on 'Change to-day:—New Zealand Refrigerating (20s paid), £2 8s 6d; New Zealand Insurance, £1 13s 3d. WELLINGTON STOCK EXCHANGE. WELLINGTON, February 28. The following business was reported on 'Change' to-day:—Bank of New Zealand (£3 6s 8d paid), £l6 15s; Wellington Trust Loan, £6 ss. Sakjs: Huddart-Parker, £2 15s 6d.