MINING.

Otago Witness, Issue 3475, 19 October 1920, Page 22

MINING.

WEEK'S MINING NEWS October 8. Aii anncauicement of some interest to shareholders in the Mount Lyell Company, who are fairly numerous in this district, was made, on 'Change yesterday afternoon. When the Mount Lyell Company sold the EoadKosebory Propy. Company to the Electrolytic Zinc Company, the vending company accepted deferred dividend shares for its interest, reserving the _ right to apply for 90,000 preference participating shares. These entitle the holders of Mount Lyell shares to apply for seven of the preference participating shares at par for every 100 Mount Lyell shares. "It is now notified that applications under this option will be accepted if posted in New Zealand on or before 10 o'clock on the 20th inst.

October 16. The Waihi Co's. return is £23,031, from 12,805 ton 3 of stone.

DTANGAHUAjGOLDFIELD MINERS CEASE WORK. GREYMOUTH, October 14. Serious industrial trouble has arisen in the Inangahua goldfield through the Mining Company's failure to comply with "The Mining Amendment Act, 1919," providing that after October 1, 1920, no drills shall be used in quartz mines other than axial water-feed drills, which alone prevent the dust from arising and causing the miners to contract fatal miners' phthisis. Mr M. Fagan, secretary of the Miners' Union, states that on October 1 last not one water-feed drill was on the whole Inangahua goldfield despite the company having had 11 months to procure them, while the Waihi Company had procured a supply of water-feed drills as the law required. Mr Fagan also points out that the miners have waited 13 days after October 1 for the Mines Department to take action against the companies to enforce the law requiring water-feed drills, but_ the department will take no action, despite the Minister last month stating that companies could have no extension of time wherein to provide water-feed drills. Matters came to a head on Wednesday, when a largely-attended stop-work meeting of miners, held at Waiuta, resolved to endorse the recommendation of the tinion executive as follows: —"That from this date, O'ctober 13, the members absolutely refuse to use any rock drill other than the waterfeed type, which is provided for under ' The Mining Amendment Act,' from October 1, 1920." DUNEDIN STOCK EXCHANGE. Though the market throughout the week ha£/ not been very animated, it has been, fairly buoyant, and prices have been reasonably well maintained 1 in the stocks claiming most attention. Mining ventures were not extensively dealt in, but Mount Lyell changed hands at 22s 9d, and closed without buyers. Shipping etocks were in fair request. Huddart, Parker sold at 54s to 535, closing without a declared buyer. Five parcels of Union Steam preference shares were quitted at 19s Gd on Monday, after which there were no further transactions. New Zealand Refrigerating (con.) wore placed in moderate numbers at 23s 9di and 23s 7d, closing without inquiry. Banking and insurance stocks were without material alterations, the only transactions being in Union Bank ofc £l3 12s 6d, other ventures in the public eye being without business or change in value. General investment stocks had moderate inquiry, but, generally speaking, there was too big a margin between buyers' and sellers' ideas to lead to business. There was not a heavy turnover on 'Change on Saturday morning, the only transactions being in New Zealand Refrigerating (con.), of which three parcels were placed at 23s Bd, there being buyers at that figure at the close, sellers asking 23s 9d. Mount Lyell were a shade weaker, without business. There was not a keen demand for ba*nking and insurance stocks, nor were general investment lines in strong request. _ The following ..are Saturday's latest quotations, subject to the usual brokerage: Mining Stocks. Ndkomai Hydraulic—Sel. 15s. Talisman Consolidated—iSel. 7s 6d. Waihi—Buy. 31s 6d, sel. 345. Waihi Grand Junction—Buy. 9s, sel. 10s. Mount Lyell—Buy. 21s lid, sel. 22s 3d. The following, are Friday's. latest quota- \ tions, subject to the usual brokerage: Mining Stocks. Talisman Consolidated—Buy. 5s 6d, sel. 7s. Waihi—Sel. 32s 9d. Waihi Grand Junction—Sel. 10s. Mount Lyell—Sel. 235. ' Oct. 11.—Union Steam Ship Co. '(pref.), 19s 6d (five parcels); Huddart, Parker, 545. Oct. 12. —New Zealand Refrigerating Co. (10s paid), 23s 9d (four parcels). Oct. 13.—Mount Lyell, 22s 9d; New Zealand Refrigerating (cont.), 23s 7d; Huddart, Parker, 53s 6d. Sales reported-—Union Bank, £l3 12s 6d. October 7. —Huddart, Parker, 535. Oct. 15.—New Zealand Refrigerating (con.), 23s 7d. Oct. 16. —New Zealand' Refrigerating (con.), 23s Bd. WELLINGTON STOCK EXCHANGE. WELLINGTON, October 16. The following business was done on 'Change to-day:—Sale: National Bank, £6 Bs. AUCKLAND STOCK EXCHANGE. AUCKLAND, October 15. The following business was done on 'Chango to-day:—Sales: Talisman, 6s 9d; Union Oil, 30s 6d; Waihi, 325. Sale® reported. South British Insurance, £9 18s; War Loan, 5 per cent., £94. WELLINGTON STOCK EXCHANGE. WELLINGTON, October 15. The following business was done on 'Change to-day:—Saloi Bank of New Zealand, £25 10s.