MINING.

Otago Witness, Issue 3495, 1 March 1921, Page 22

MINING.

WEEK’S MINING NEWS February 24. The Eke and Shine dredge had a broken ■week because of boiler inspection, the placing of a new tumbler in position, and some general repairs. The bottom was mainly of coal and soft clay, and was got at an average depth of about 40ft. Prospects were unchanged from those of the previous week. February 25. The following managers’ reports are to hand: — . Reefton Mines.—Millerton section: No. 3 level south is now in 325 ft from the main crosscut. There remains 50ft to drive _ to reach the vertical line of rich stone which was sunk on from No. 1 level. No. 3 level north is in 250 ft, north of the main crosscut. The face is showing a width of Ift of stone with gold plainly visible. New Discovery section: Tbe low level tunnel is in 860 ft. The country is fairly bard and well defined. Several small bands of quartz have been passed through. February 26. The following is the progress report of the Mount Lyell Mining and Railway Company, Ltd., for the fortnight ended February 9: Mount Lyell Mine. —No. 5 level: Northern mullock pass rise extended through pyrites to 27ft, thence to 52ft through grey schist. No. 6 level: The deviation drive extended to 142 ft through grey schist. No. 8 level; Engine winze rise lifted to 86ft through chloride schist. North Mount Lyell Mine.—Bsoft level; No. 23 rise lifted to 96ft in fair grade ore. 925 ft level: No. 373 diamond drill bore completed at 56ft; passed through good grade ore from 17ft to 38ft, and fair grade ore from 38ft to 42ft; No. 374 diamond drill bore completed at 40ft. Reduction Work.—One furnace in blast during fortnight; 1811 tons of blister copper consigned to the refinery for the current year. Handsorting Plant.—ln operation. February 28. Tbe return from the Rise and Shine dredge was 40oz for 128 hours’ dredging. Rising Sun, 30oz lldwt, 125 hours. LONDON SHARE MARKETS. LONDON February 22. The following are the latest quotations: Bank of Australasia, £B4, New South Wales, £25 (ex dividend); Union Bank, £ll ss; . National Bank of New Zealand, £5 9s; New Zealand Loan and Mercantile, £59 and £9O. DUNEDIN STOCK EXCHANGE. This week has again been a very quiet one on the Stock Exchange, very few sales having been effected, except on Wednesday, when matters were a little brighter. Westport Coals were disposed of on Tuesday at 27s 9d, but since then sellers have been asking 28s, with the best buying offer at 27s 6d. A parcel of Bank of New Zealands was disposed of on Wednesday at 47s 6d, but quotations since then have been lower, -and the shares were on offer on Friday at 475. Two parcels of Huddart, Parkers changed hands on Wednesday, one at 42s 3d, and the other at 4'2s 6d. There has been no very pronounced fluctuation in the price. Weetport-Stocktons were sold on Friday at 6s sd, a considerable drop from the quotations ruling over the previous few days, which were 7s and 7s 6d, buyer and seller respectively. Union Banks were on offer on Tuesday at £l2 6s, and disposed of on Wednesday at £l2, with a further selling offer at £l2 ss. The only other sale effected was that of a parcel of New Zealand Paper Mills on Wednesday at 295. Sellers on Friday wanted 29s 6d, and 28s 6d was offered. Bank of Australasias have been wanted at un to £B4, and a sale was reported on Friday at £B4 7s 6d. A sale of Canterbury Meats was also reported on Friday, the figure stated being £ll 12s 6d. Tiiis stock has not been quoted on ’Change for some time. Debenture stocks continue steady, and no movement is apparent regarding mining stocks. P. and O. sellers have been approaching closer and closer to the buying offers in the vicinity of £3OO, the drop being from £340 at the beginning of the week to £303 on Friday. No business, however, has resulted. Business was slack on ’Change on Saturday morning. Mount Lyell were weak, the best buying offer being 12s 4d. South British Insurance were firm, with buyers at 32s pd, but, though sellers were ready to accept 83s 6d, the margin was not bridged. Other investment stocks were without animation. The following are Saturday’s latest quotations, subject to the usual brokerage: Dredgino Stocks. Rising Sun —Buy. 4s Gd. MrwiKO Stocks, Talisman Consolidated —Buy. 3s 9d, Bel. ss. Waihi —Buy. 27s 3d. Waihl Grand Junction —Buy. 7s, sel. Bs. Mount Lyell—Buy. 12s 4cl, gel. 12s lOd. Feb. 22.—Westport Coul, 27s 9d. Feb. 28. —Bank of New Zealand, 47s 6d;

Huddart, Parker (ord.), 423 3d, 42s 6d; Union Bank, £l2; New Zealand Paper Mills, 295. February 25.—Westport-Stockton, 6s sd. Sales reported!:—Bank of Australasia, £B4 7s 6d; Canterbury Meat, £ll 12s 6d. LONDON SHARE MARKET. LONDON, February 24. Waihi Grand Junction shares are quoted— Buy. 7s lOd, sel. Bs. February 25. Mount Lyell shares are quoted at 13s 4d.