MINING.

Otago Witness, Issue 3489, 25 January 1921, Page 26

MINING.

j WEEKS MINING NEWS January 19. The Rise and Shine dredge met with very tight and stony wash last week. The bottom of the deep ground on the west side began to rise at the end of the week, enabling bottom to be got over the whole out. There was a little wash carrying fine gold in the deep ground. The bottom was of soft red reef. January 21. According to advices received from time to time by the Waihi Borough Council from the Treasury Department, it would appear that the revenue from gold duty for the financial year which closes on March 31 next will show a considerable falling off compared with that received for the preceding 12 months. This is attributable to the decreased gold output brought about in a measure by the brief strike of the workers and the suspension on one or two occasions of crushing at the Grand Junction mill, owing to the coal shortage. The management of the Waihi Grand Junction Gold Company is awaiting the arrival of a transformer, which is expected at an early date. When it comes to hand the company will complete the installation of the electric power plant at Ho-hora, part of which ha 3 been in commission for come time past. With more electric power the company will be in a position to dispense entirely with the use of coal, and will therefore not be subject to delays and interruptions such as have been experienced during the coal shortage in the past. No doubt a certain amount of coal will be kept on hand for use on the auxiliary plant in the event of a breakdown in the supply of electricity. January 24. The master of the Rise end Shine dredge reports a return of 250 z for 131 hours’ dredging. The Rising Sun dredge yielded 30oz 12dwt for 110 hours’ work. The directors of the Talisman Consolidated Limited at a meeting have decided, in view of unfavourable developments at the mine, the report of Dr Henderson (Government geological expert), just made, and upon the advice of Mr Stansfield, to call a special meeting of shareholders for May 19 next to discuss the question of the liquidation of the company. Although the directors have considered the advisability of utilising the present Talisman plant and equipment in the development of another mining property in New Zealand, no suitable property has up to the present offered itself. If, however, a property possessing reasonable possibilities of success on a large Scale should present itself prior to the date of the meeting, on terms which in the event of success would give an adequate return (having regard to it being a mining risk) for the capital to be expended in providing it. the directors will bring it before tlie shareholders. DUNEDIN STOCK EXCHANGE. No sales were effected on the share market on Saturday, but there were several stocks in which the margin between buyer and seller was reduced to small dimensions. Union Bank, which sold during the week at . £l2 ss, were wanted at £l2 4s in a market bare of sellers. New Zealand Insurance Co. had a close market, and so did Westport Coal and New Zealand Refrigerating (con.). The following are Saturday's quotations, subject to the usual brokerage: Mixing Stocks. Rising Sun —Sel. Gs. Talisman Consolidnied —Scl. 6s. Waihi —Buy. 29s 3d. Waihi Grand Junction—Buy. Ss, sel. 10s Mount Lyell—Sel. 15s lOd. J a unary 17.—P. and O. (deferred), £355; Huddart. Parker, 32s 9d. Jan. 18.—Howard. Smith, 38s 6d. Jan. 18. —Union Bank, £l2 os. Jan. 20. —Hudidart, Parker, 40s. Jan. 21. —Union Bank, £l2 ss; New Zealand Refrigerating (cont.), 2Cs lOd. WELLINGTON STOCK. EXCHANGE. WELLINGTON, January 21. The following sale was reported on ’Change to-day : —National Bank, £5 15s. LONDON SHARE MARKET. LONDON, January 20. Waihi shares are quoted: Buyers 28s 9dl, sellers 31s 3d.