MINING.

Otago Witness, Issue 3444, 16 March 1920, Page 26

MINING.

WEEK'S MINING NEWS

Mr Arbuckle, secretary of the Miners' Federation, states that tne minimum wage of 12s per shilt granted to miners carries with it a bonus of 60 per cent., bringing the minimum to 19s bd. March 10. The managers of the Ohinemuri and Koiranui mines reported last week' as follow: / Ohinemuri.—ln the Camoola low level the' crosscut has penetrated a further 19ft, of which lift was, through the ore body. The total width of the reef is 29ft. It shows sulphides of silver freely. The country rock is of the best descrint:on for the existence of values. The north rise on the Queen reef has been extended 9ft over the intermediate drive; the reef is wider than the rise. The rise crosscut was extended 6ft, and at this point the hangingwall was reached. The reef is 12ft wide. Kuranui. —The drive on the reef has been advanced Bft. A few nice dabs and colours of gold have been seen in the hanging wall rib of quartz mixed with a little telluride. The reef is smaller in the face, but the country is of a better description. March 11. The following results of assays of samples of stone from the Ohinemuri Gold and Silver Mines (Ltd.) have been received from the director of the Waihi School of Mines. These cover 10ft ip th>9 low level crosscut through the Camoola reef, and are from samples taken in 2ft 6in sections following

the Bft already reported: Sample No. 4, gold ldwt 7gr, silver 6oz 4dwt, value £1 10s 2d. No. 5, gold Bgr, silver 2oz 18dwt, value 13s Id. No. 6, gold loz 13dwt 22gr, silver 1220 z 7dwt, value £3l 5s 2d. No.7, gold 14dwt 9gr, silver 320 z 17dwt, value £9 8s lid. The value is estimated for gold at £4 and silver at 4s an ounce. Tile mine superintendent reports that the low level crosscut through the Camoola reef has been advanced to a total distance of 29ft, at which point the footwall is exposed. Samples taken over the last lift opened up have been left with the Thames School of Mines for assay. March 12.

The Mount Lyell Mining and Railway Company's progress report for the fortnight ended February 25, is at follows: —Mount Lyell Mine: No. 9 Level —Engine winze rise lifted to 73ft, and holed through to No. 8 level, passing through schist; the winze itself was sunk to 66ft, also in schist. North Mount Lyell Mine: 850 ft level—No. 50 stope drive to 78ft, through quartzite, mineralised with copper pyrites. Reduction Works: One furnace in blast during fortnight, 1690 tons of blister copper vero sent to the refinery for the current year. The Secretary of the Nokomai Hydraulic Sluicing Company reports that No. 2 claim had three days' working only, owing to the dry weather experienced. No. 3 claim had a wash-up for a return of 80oz 7dwt for one week's sluicing. At the annual meeting of shareholders of the Talisman Gold Mining Company the report and balance sheet were adopted. The chairman (Mr Blanchard) stated that it had not to pay a dividend, but to retain the money to work the mine. (Captain J. Smith and Dr Prendergast, of Wellington, were re-elected directors, 'and Mr Maurice was re-elected audito" March 15. The master of the Rising Sun dredge reports a return of 370 z 13dwt of gold for 137 ■ hours' work. DUNEDIN STOCK EXCHANGE. The share market was fairly active during the week, particularly m what are looked upon as sound investment stocks. These were for the most part steady, with very little fluctuations in price. Thus, Huddart-Parker were fairly freely dealt in at 56s to 55s 6d, finishing on Friday with a fairly close market. Bank stocks were firm, Union being quitted at £l2 15s and £l2 12s 6d, and National at £6 13s, all shares closing in fair request. Insurance stocks were also well inquired for at steady rates. New Zealand Insurance were placed at 33s 6d and 33s 7d, closing with a twopenny market. National Insurance had a transaction at. 80s, and there" was a shilling margin between buyers and sellers at the close. South British Insurance had business at £9 9s, and buyers offered £9 8s for a further- supply. New Zealand Refrigerating had moderate attention at 30s and 29s 6d, closing steady. Coal stocks had very fair turnover without much alteration in price. Westport Coal were freely dealt in at 32s> 6d and 32s 9d, finishing with a sixpenny market, and Westport-Stockton were quitted extensively at 8s 6d to 8s 4d to 8s sd, finishing with a penny market. New Zealand Coal and Oil were placed at 5s 2d. Among the miscellaneous stooks Papuan Products sold at 2s 6d, and buyers were close up at the finish: Though mining stocks were without much business, prices generally were steady, except Mount Lyell, which, after iales at 28s 3d and 28s Id, were offered at' 27s 4d, and the best buying declaration was 275. The general tone of the market was healthy. There was a fairly brisk market at the only meeting of the Exchange on Saturday. Westport Coal changed hands in good numbers at 32s lid and 335, sellers offering to continue operations at the higher figure and buyers offering 32s lOd. West-port-Stockton were quitted at 8s 6d, and there was a seller at that figure at the close, 8s 5d being offered. A parcel of P. and O. deferred were placed at £580,. after ~-wh:oh £582 was offered and the best selling declaration was £595. Talisman Consolidated had business at 9s 6d, and buyers offered 9s 5d for a further supply. Nokomai Hydraulic were placed at 13s 9d. and sellers were ready to go on, but the best buying offer was 13s 6d. Banking and insurance stocks were practically unchanged, without business. The following are Saturday's latest quotations, subject to the usual brokerage:— Mixi.vg Stocks. Rising Sun —Buyers ss, sellers 6s 6d. Talisman Consolidated —Buyers 9s sd, sellers 9s 8&, Waihi —Buyers 465, sellers 475. Waihi Grand Junction —Buyers lis 6d, sellers 12s. Mount Lyell—Buyers 26s 19d, sellers 27s 3d. Nokomai Hydraulio—Buyers 13s 6d, sellers 13s 9d. March B.—New Zealand War Bonds (maturing 1938 at 4£ per cent.), £95 ss. Sales Reported.—Huddar-Parker (one paroo'), 56s (ex div.)'; Westport-Stoektons, 8s 6d. March 9. —New Zealand Insurance, 33s 6d; P. and O. (deferred), £590; New Zealand iiefrigerating, 30s. March 10.—Westport-Stockton, 8s 6d; Donaghys, 31s; Talismans, 9s 3d; New Zealand Refrigerating, 29s 9d and 29s 8d; P. and 0. (deferred). £595. Sales Reported.—Huddart-Parker, 55s 6d; New Zealand Insurance, 33s 6d; South British Insurance, £9 10s. March 11.—Westport-Stockton, 8s sd, 8s 4d, 8s sd; New Zealand Loan and Mercantile, £ll3 10s; New Zealand Coal and Oil, 5s 2d. Sales reported.—Westport Coal, 32s 9d; National Bank, £6 13s; Papuan Products, 2s 6d. March 12.—New; Zealand Sugar of Milk, 465; Talisman, 9s 4d; Now "Zealand Insurance, 33s 7d; National Insurance, 80s; Huddart, Parker, 55s 9d; New Zealand Refrigerating, 29s 6d; Papuan Products, 2s_ 6d. Sales reported: Union Bank, £l2 12s 6d; Westport-Stockton, 8s sd. March 13. —Talisman Consolidated, 9s 6d ; Nokomai Hydraulic, 13s 9d: P. and O. (deferred), £580; Westport Coal, 32s lid, 325; Westport-Stockton, 8s 6d. WELLINGTON STOCK EXCHANGE. WELLINGTON. March 13. The following sales took place:—Sharland (rights), 7s 6d; Standard Insurance, £2 6s. A sale was reported of Wellington Meats (£3 12s 6d paid), at £5 2s 6d (two parcels).