MINING.

Otago Witness, Issue 3495, 8 March 1921, Page 22

MINING.

WEEK'S MINING NEWS March a. The Rise and Shine dredge extended the cut to about 300 ft in width last week. The wash was very tight in plaoea, and carried many large atones. Bottom of hard white clay and coal was got at an average depth of about 40ft. March 5, The Waihi Gold Mining Company’s 111th dividend, of 6d a share, is now payable. This will absorb £1%397 13s 6d, and will bring tlie amount paid by the company m dividends, etc., to date to £3,783,839 13s 6d. Tbere are at present 2145 shareholders on the colonial register owning 211,411 shares, and they will receive £5285 5s 6d of the sum now being distributed. March 7. A London cable states that at the ‘Waihi Gold Mining Company’s meeting on March 17 the directors propose to reduce the capital to £250,000 by returning 10s on every share. DREDGING RETURNS. Rise and Shine 390 z, for 131 hours’ dredging. Rising Sun 13oz 7dwt, for 125 hours. SLUICING. The secretary of the Nokoma-i Hydraulic Shiicing Company reports that a wash-up was made at No. 2, the result being 1320 z 15dwt for the paddock. No. 3 bar been closed down since the first week in January, as the men have been employed overhauling the race; but now the elevator has resumed work. REEFI RETURNS. The mine manager of the Boatman's Consolidated Gold Mines reports as follows for the month ended February 28: —On February 1 2ft 6in of quartz in face of drive; assay value 2dwt 15grs per ton. On February 14 lft of quartz exposed in face; assay value 7dwt 4gr per ton. On February 24 reef coming in solid, average width 18in; oc<arse gold showing in quartz; assay value lOoz Bdwfc 3gr. On February 28 reef still living, and showing evtry promise of widening. DUNEDIN STOCK EXCHANGE Business has been fairly brisk on the Dunedin Stock Exchange during the past week, and there has been quite a respectable turnover in a number of lines, prices, at the same time, particularly in the investment stock Section of the market, being fairly well maintainei. The dredging industry, which is now practically on the verge of extinction in Otago, s represented by only two companies, the Rising Sun and the Rise and Shine, and for. some reason both thee: shares have experienc'd a firming tendency during the week. Tbo funner are now quoted in the vicinity of 5s (buyer) and 8s (seller), and the latter are quoted at 5s and 19s, buyer and seller respectively. In the mining stock division of the market Klotcnt Lyell s hav© shown ©oin-e slight fluetuitions, and a fair number of these shares have changed hands at about 12s Cd. On Tuesday the closing quotations for the day dropped to 11s 6d and 12s 3d, and prices have again receded! slightly since then, and now range in the neighbourhood of 11s (buyer) and 11s 6d (seller). Waihis do not appear to have attracted much attention. On Tuesday they were ex div., and values fell away to aoout the extent of the dividend, the quotations on that day being 293 6d (buyer) and 28s (seller). These figures appear to represent the present level of values. Waihi Grand Junctions have shown little movement, but are if anything a shade easier than they were at the beginning of the week. Talisman have been somewhat uneven, but may be quoted at about 3s 3d and ss, buyer and seller respectively. In the investment stock market banking and insurance lines show little change from recent quotations. National Banka have had eorne inquiry at £5 12s 6d, with sellers offering to quit at about £5 15s. Bank of New Zealanda may be quoted at 403 and 45s buyer and seller respectively. For Union Banks there has been inquiry at £ll 17s, with eellers asking £l2. National, New Zealand, end Standard Insurances have been practically without variation, but South British have eased to a slight extent as compared with the closing rates last week, and are cm offer at 325, with buyers offering 30s. fu shipping lines P. and O. deferred stock is a shade easier thau it was earlier in the week, and the same remark applies to Ifuddart, Parkers, which stand at about 40s and 41s. Some business has been transacted in P. and 0. during the week at and around £3OO, and on Monday sales were made in Huddart, Parkers at 435. Westport Coals have maintained their recent rates, and the current business level in this line may be eet down as somewhere between 27s 8d and 27s 6d. Taupiri Coals have been in demand on several occasions at about 17s 6d, but apparently sellers have not been tempted.

New Zealand Paper Mills are firm, and Lave been the medium of business on several days at about 295. Woollen and rubber shares remain unchanged, and along witli a number of other lines have been quoted fairly freely thus indicating tho probability of a fair turnover by way of private negotiation. Government debentures also appear to be atlracing a moderate amount of attention, and there are always a number of sellers on the market. Early in the week a parcel of Soldiers’ Settlement inscribed stock was sold at £B9 10s, and there have since been further sellers at £39 17s 6cT, with buyers offering £B9 7s 6d. National Mortgages were on dfier on Friday at 78s witho-ut a buyer, and New Zealand Loan and Mercantile were wanted at £BO, with a seller asking £B3. Business was quiet on the Dunedin Stock Exchange on Saturday morning, no sales either taking plaos in publio or being reported. Mount Lyells showed a slight improvement, and were inquired for at 12s, with a seller asking 13s. 'W&iliis were wanted at 27s 3d, without a seller. In the investment, banking,- and insurance stock lines were placed on offer, but the market was devond of buyers. P. and 0. deferred stock was sought after at £287, with no sellers under £293. There were sellers of a large number of other lines, including Government debentures, but very few buying quotations were received. The following are Saturday’s quotations, subject to the usual brokerage: Dr ypcT-NTG Stocks. Rising Sun—Buy. ss. Rise and Shine—Buy. ss, gel. 10s. Mining Stocks. Talisman Consolidated—Buy. 3s. Waihi —Buy. 27s 3d. Waihi Grand Junction—Ssl. Bs. Mount Lyell—Buy. 12s, eeL 13s. Feb. 28.—Huddart, Parker, 435; Soldiers’ Settlement (inscribed), £B9 10s. March I.—Mount Lyell, 12s 6cL March 2 —Mount Lyell, 12s 6d; South British Insurance, 32s Sd; P. and O. (deferred), £3OO. Mar. 3.—New Zealand Paper Mills, 295. March 4.—Now Zealand Paper Mills 28s Sd. WELLINGTON STOCK EXCHANGE. WELLINGTON, March 5. The following business was reported on to-day:— N.Z. Inscribed Stock, 1938,