MINING.

Otago Witness, Issue 3511, 28 June 1921, Page 22

MINING.

WEEK’S MINING NEWS

Juno 23. The geld output of Queensland for May was probably lower tliau at any time since mining became an important industry. The total for the lijonth was 2077 fine ounces, compared with 8432 fine ounces for May, 1920. Tho value of the gold last month was £8827, whilst the gold won in May of last year was £35,817. The low total is largely accounted for by the fact that the Mount Morgan mine did not produce any gold. Tile production from the mine in May last venr was 634Gaz. l'’or the five months ended May the total yield is 24,9860 z, value £106,104 —a decrease of 11,7010 z and £49,7:13 in value as compared with the corresponding period lust year. Dividends for the last five months totalled £4500, compared with £49,663 for the period last year. The Rise and Shine dredge had rather a broken run last week. There was not much change in the character of the ground until about the end of the week, when the wash became much tighter than it had been. A greater number of large stones were met with, but prospects continued poor. June 27. The Waihi mine reports that during the four-weekly period ended April 16 at iso. 12 level the Bath north crosscut was advanced 221 ft, total It'lift. At 151 ft quartz 19ft wide was passed through, average assay value 4s 7d per ton. The Empire lode at" llljft in Bath crosscut in the east drive varies from 16 inches to sft, and assay value from 1/3 lid to 120 sßd per ton. In the west drive the quartz varies from 3ft to 4ft wide; assay value ranged from 8s 9d to 27s lOd per ton. Jbe reef contains a good deal of zinc blend. In the west crosscut to No. 2 shaft the Edward lode was met at 705 ft ; average assay va.ue Is 5d per ton. At No. 10 level the Soldiers’ south-east crosscut was advanced ■>6.,fi., total 501 ft. At 27ft there is quartz lift wide, assaying 2Ss lOd per ton; course 123 deg vertical. file Kise and Sh:ne dredge return is l3oz for 129 hours’ dredging. THE WAIHI COMPANY'. The annual report of the Waihi Gold MinCompany just to hand gives the corrected returns from the company’s mine for the year 1921. The figures show that, for the period named, the bullion won yielded £341,432, or £33,970 less than in 1919" The e.-tima ed valve of the bullion won and the amount actually realised for it was £44,560, by which sum, therefore, the figures already published for 1920 are increased The a'd - tmn brings the total value of the output from the mine to the end of 1920 to £12,987,605, uncling to which the estimated value of the returns this year to date—namely, £76,225, toe aggregate value of tile bullion produced TV Lie mine since 1890 to date is £13,063,890. ( .ns totai will, however, lie increased when the difference between the estimated and the actual value of this year’s monthly yields is known. (This difference already amounts to an increase of £19,282 on the "published returns.; The excess shown bv' the actual realisation figures last year was due to the appreciation m the value of gold and silver a 3 compared with the value of these metal= upon which the estimates are based at tlie mine. As regards dividends and interest payments, the total paid bv the company to "5 ancl cn iathalf or shareholders is £0.1„i,6.)t 0s 6a. hollowing arc the details or the returns to date, corrected up to the end of last year: In addition to tho £341,432 obtained from . fill lion won last year the company's receipts included interest, £31.847, while the value of the power supplied J,v the New Zealand Government from Horahcia and in eluded in the power tests of ' the VtV oildepartment-- v.-as £10.625, making ■. mi-ai ri i. r »Jt5,904. Tho expenditure in Xew Zealand and Kondon, including development void- at tb.’ mine, and a p ivisi m of' £SOOO for "< corporation profits tax, amounted to e">!7 og:; leaving a balance of £116,-11. The'above sum, added to the balance of £29,066 ' brought forward from t le pre. edin ■ a. counts, iMi>ke« t total ol £17A,8.7. The sum of £47,(‘>"2.) i tax • Lon* n <ni;d Nev; Zealand in rcsp<n of \lie v« ar 1920. The sum of £11,9 ,7 has Ix-sn' writ ten <>tt lor depreciation cn plant and macE npi” ■ After ali appropriations tho balance remain- I ,n g to tlu- cre iit of revenue a-court -it lie- 1 £l4 5 A still • £14.058 'as «*p< ' the ■ ear on capita f plant realised £2 >6B. The report , «t 1 cctors do not propose to de- lare a d • iami on September 1, but that, : he profit a iffioi< nt to permit it. they will pay one of Is per share I on December 1. '1 he following information has liter, cabled to the London office of the company:—At No. ' - 1 on ’heM, rt ha lode, from 23f t to Bb-t. the value is 2s 7d per ton: from 381 t to 46ft, 28s 3d per ton; and from 46ft to E il. Ss 2d per ton. The dip off llie north wail is one iu four south.

DUNEDIN STOCK EXCHANGE. There has been a livelier tone on the market during tho past week and a considerable amount of business in a wide variety of stocks has been put on record. In dredgingstocks Rising Sun have been offered at 6s, and Rise and Shine at 7s, bat they have not attracted the attention of buyers. In mining stocks Talisman have maintained their position in the vicinity of 6s. "Waihi were sold cn Tuesday at 32s 6d, and were offered at that price on Friday with buyers at 31s 3d. Mount Lyell have been attracting fair attention, but. have scarcely varied in value. On Saturday and on Friday they changed hands at 13s 6d, and on Tuesday at 13s 9d. Waihi Grand Junction were sold on Wednesday at 11s, but on Friday they were not quoted. In investment shares Bank of Australasia are being quoted in the vicinity of £BO, with a slight tendency to harden. National Bank are offered at £5 17s. Considerable business has been passing in Bank of New Zealand, which, after being sold on Monday at 45s 6cl and 45s 3d, and on Tuesday at 45s 3d, were disposed of on Friday at 455. Union Bank have been hardening rapidly. On Monday they brought £l2 4s, on Tuesday £l2 8s and £l2 9s, and on Thursday an offer of £l2 15s for them drew no response. On Friday’s closing quotations showed buyers at £l2 14s and sellers at £l3. National Insurance have been changing hands at 545, and Standard Insurance at 445. New Zealand Insurance have improved since they were sold' on Monday at 27s 6d. On Friday they were wanted at 27s 9d, with sellers asking 28s 3d. Not nntch interest has been shown in P. and 0., which are on offer at £350. Howard, Smith are wanted at 37s 6d. One of the features of the week has been the advance ill Huddart, Parker. Business was done in them last Saturday at 42s 3d and 42s 6d, on Thursday at 42s 9d, and on Friday at 44a. The market closed with holders quoting 44s 6d and buyers at 43s 9d. Westport Coal were sold on Tuesday at 275, and have shown no variation. Fully-paid Refrigerating shares were bought on Tuesday at 325, and were offered at that price on Friday without response. Business was done in ordinary Canterbury Meats on Monday at £ll. There has been a considerable turnover of ordinary Kaiapoi Woollens at 245. Business in South Otago Freezing shares was reported on Thursday at 92s 6d. Otago Daily Times were sold on Wednesday at 445, and on Friday buyers were offering that figure, while holders asked 455. War loans continue to attract the favourable attention of investors, but the only transaction recorded in this department was a sale oi Soldiers’ Settlement inscribed stock at £9l ss. The week concluded quietly on Saturday, when shares were freely quoted at firm prices, hut buyers were not anxious to come to terms. The market showed a healthy tone, and closed firm. A small line of Mount Lyell mining shares changed owners at 14s. June 20. —Bank of New Zealand (ex. cTiv,), 45s 3d; Union Bank, £l2 4s (2); Standard Insurance. 445; Canterbury Meat Co. (ord.). £ll. Sales ‘ reported:—Bank of New Zealand (ex dir.), 45s 6d; Netv Zealand Insurance, 27s Cd. June 21.—Waihi, 32s 6d; Mount Lyell, 13s 9d; Bamk of N.Z. (ex. div.), 45s 3d; Union Bank, £l2 Bs. £l2 9s; Westport Coal, 275; Kaia-poi Woollen (ord.), 24s (three sales); N.Z. Refrigerating (paid up), 325. June 22.—National Insurance, 54s (two sales); Kaiapoi Woollen (ord.), 24s (two sales); Otago Daily Times, 445. Sales reported:—Huddart, Parker (ord.), 425; Waihi Grand Junction, 11s; Soldiers’ Settlement (51 per cent inscribed) Loan, £9l ss. June 23.—Huddart, Parker (ord.), 42s 9d. Sale reported: South Otago Freezing Company, 92s 6d. June 24.—Bank of New Zealand, 45s (three sales), National Insurance, 545; Huddart, Parker (ord.), 445; Kaiapoi Woollen (ord.), 245. Sale reported:—Mount Lyell, 13s Bd. June 25. —Mount Lyell, 14s. The follotving are Saturday’s quotations, subject to the usual brokerage: Ml NISO AI \ ' K>, Talisman Consolidated—Buy. 6s. "Waihi Grand Junction—Buy. 10s 3d. Mount Lyell—Buy. 13s 9d, sel. lis.