MINING.

Otago Witness, Issue 3523, 20 September 1921, Page 22

MINING.

WEEK'S MINING NEWS September 13. The following information has been cabled to the hea-d office in London of the Waihi Grand Junction Gold Company No. 4 level, Mary lode: Breaking out from 580 ft east to 630 ft east, the average width is 87 111 and the value £1 11s 4d a ton. Both walls are exposed. - No. 5 level, Mary lode: The east drive lias been extended to 955 it. From 920 d to 945i't the average width is 52in, and the value £1 16s a ton. Both walls are exposed. No. 6 level, Mary lode: The east drive has been extended to 1052 ft. From 1020 Uto 1045 ft the average width is 62in and the value 12s 3d a ton. The south wall is exposed. No. 9 level: No. 7 rise has been put- up 35ft. The famous NVaiotalii mine, for many years one of the most productive Thames goldfields, was sold on the 20th inst. for £SO. September 16. The Rise and Shine dredge had a steady ‘"’run last week. The only change in the ground was a slight improvement on the eastern side of the cut. Soft red-clay bottom was got at an average depth of about 40it. RIMU GOLD DREDGING COMPANY. HOKITIKA, September 12. ? The Rimu Gold Dredging Company’s leviathan dredge at South Hokitika is completed, and a trial run was made to-day of the dredging plant, which is worked by electric power derived from Kanieri Lake. The w T hoie plant worked excellently. Some small matters requiring adjustment received attention. The operation of the machinery by electric power is a noveltv in gold mining, several new ideas in dredging Ixung installed. Dredgemaster Lewis, of the United States, has operated similar largo dredges in America. An indication of the size of the dredge may be gauged by the fact that the gold saving tables have a spread of 6000 square feet. The company is capitalised by New York shareholders, and managed by their representatives, Messrs Cranston and Ford, who, after thoroughly prospecting the ground, have great hopies of success in the Venture. MIXING IX CENTRAL OTAGO. CKO MV. ELL, September 16, The Rising Sun dredge resumed work after a stoppage bi some weeks pending recent litigation. Jhe Rise and Shine dredge is steadv at work, and from results in the cuts alongside payable returns ate anticipated. Preparations are being made for the reeuniption of the season’s work on the Nevis field, and most of tin crews have made a start in the several hydraulic claims. There are unconfirmed reports that a party prospecting a big area near the Bendigo mine have struck encouraging prospects. DUNEDIN STOCK EXCHANGE. The week opened quietly on the Stock Exchange, but was brighter during the last two or three days, and the investment market did good business. P. and O. deferred eto-.k has been fairly active. There was a sale on Tuesday at £355, and more followed the next day at the .same price. On Friday the stock firmed slightly, and there were transactions at £3OO, £362,' and £363, the final quotations being £363 and £3GS. Huddart, Parker shares have been quiet, and if anything show an easing tendency. They are now quoted about 41s 3d to 425. Interest in insurance shares seems to have slackened off, and the prices of these lines are also easier in some cas s. National Insurances were secured for 60s on Wednesday, and Were sought on Friday at 59s 3d, with u seller at CDs Gd. There- was also a sale on Friday of New Zealand Insurance shares a 1 29. s 3d, but Standards and South British shares have been quiet, and are sli'.ditly ea-icr in price. No business is shown m bank stock-. National Batiks have been sought in iiie vicinity of £5 10 ?. with .-qi Lis ■ ‘ £ 5 13s, and it. nk New f ut h Wales stock lias been in firm demand without attracting holders. Union Banks show no change ir: value, but An-train si a buyers have firmed lo £9O. Woollen manufacturing shares have been in the usual demand at firm prices, and sales have been reported of Mospiel shares £5 ]_re and Bruce Woollens |4os), Kaiapoi Woollens have had regular inquiry at 23s Gd 1 tut sellers have not be-m < )[)f ing. kill burn Limes have changed owners on several occasions at 30s 3d. and in the industrial line the New Zealand Refrigerating (cont.. shares have also had a good volume of business at 17s 9d. The larger issue bas been quoted about 325. Business has been added t‘> by a sale of Rinivn, Ewing ordinary shares at 2U. A few other sound investment lines have had buyers daily at current prices, but sellers have been scarce. Debentures have been freely quoted at unchanged .alucs, but- nothing lias been reported. The minlny market has been inactive aiid there Las b n no fluctuation in tho quotations.

There was no furtler business to add to the week's record on Saturday. Except in the case of insurance and bank stocks there was hardly a seller on the market, though buyers were forward for most investment stocks at firm prices. The mining market was dead. September 12.—Milburn Lime and Cement (ex clliv.), 30s 3d. September 13. —P. and O. (del.), £353; Brown, Ewing ford.), 24s (two). Sept. 14.—New Zealand Refrigerating (cont.), 17s 6d. September 15.—P. and O. (def.), £355 (two): National Insurance Co., 60s: New Zealand Refrigerating (10s paid), 17s 9d (tv. ;; Milburn l ime and Cement, 30s 3d (two;. _Sept.- 16.—New Zealand Insurance, 23s 3d; Now Zealand Refrigerating leant.), 17s 9u (two); P. and O. (def.), £360, £362. £363. The following are Saturday’s quotations, subject to the usual brokerage: Drudging Stocks. Rising Sun—Buy. 2s. Mining Stocks. Mount Lyell—Buy. 13s 9d, sel. 14s 2d.