MINING.

Otago Witness, Issue 3557, 16 May 1922, Page 22

MINING.

WEEKS MINING NEWS EISE AND SHINE GOLD DREDGING COMPANY. The twenty-second annual meeting of the Rise and Shine Gold Dredging Company was held on the Bth instant in the office of the secretary (Mr W. T. Monkman). Mr Robert Gilkison occupied the chair. In moving the adoption of the annual report and balance sheet (already publislied), 'the Chairman said that there was very little to add to the report. It was there stated that the dredgemaster had moved the dredge to the lower end of the elaim, where it was proposed to open a new cnt. The dredgemaster was favourably impressed with the prospects. For the first seven days the return from the opening had amounted to 14Joz. Should the new cut prove payable the claim would last for some time yet. The directors were very pleased to be able to declare a dividend of Is last year, the first for some time. The motion /was carried. Mr F. Bradley was re-elected to the board of directors and Mr T. Chalmer was reelected auditor. RISE AND SHINE. May 11. The Rise and Shine dredge had a steady run last week, at the end of which deep ground was reached, without any sign of bottom. It was therefore decided to dredge shallow np to a point in line with the beginning of the previous cut. This should be reached towards the end of this week. THE WAIHI COMPANY. , LONDON, May 9 A meeting of the Wa.iki Gold Mining Company decided to modify the articles of association to enable the company to mine for any substance in any part of the world The following information has been cabled to the head office of the Wen hi Gold Mining Company in London: —No. 11 level: The Salmon crosscut- is now in 515 ft. At 500 ft there is quartz 2ft wide, and of an average value of Is 8d per ton. No. 12 level: Edward lode. In the front crosscut to the southeast, from 76ft to 101 ft, is worth 19s 9d per ton. On the Empire lode, south section, the drive has been advanced from, 765 ft to 806 ft. The reef is wider than the drive, and the assay value is 11s 9d per ton. On the Marthalode in the crosscut at 200 ft east, the next, 18ft (65ft to 83ft) is worth 11s per ton. The reef is heavily mineralised. No. 13 level: At 277 ft in the north-west crosscut from No.* 4 shaft, the Empire lode was met. Its width is 10ft and its assay value Is per ton. At 315 ft in there is a mixture of quartz and country 12ft wide, value 5s 9d per ton. The crosscut is now in 330 ft We expect- to resume sinking No. 4 shaft in about six weeks DUNEDIN STOCK EXCHANGE. May B.—Mount Lyell, 15s 3d; Bank of New Zealand, 51s 9d; Union Bank of Australia £l3; Huddart, Parker. 47s 9d (four); Westport Coal, 30s. Sales reported: P.O. Inscribed (1927), £94; '«* Zealand Refrigerating (cont.), 13s, 12s lOJd; Union Bank, £l2 18s 6d. £l2 19s (two). May 9. Mt. Lyell, 15s 6d; Union Bank, £l3; Huddart, Parker. 48s, 47s 6d; South British Insurance, 35s 9d; Westport-Stock-ton (ord), 5s 3d. Sales Reported : Waihi, 22s 6d, 22s 9d; New Zealand Refrigerating icon), 13s 3d; Bank of New Zealand, 51s 9d; National Bank. £6; Union Bank. £l3. May 10—Bank of New Zealand, ole 9d (12): j "th British Insuranoe, 36s 9d (2); HudS?]s> P ar ker, 47s 9d; Westport Coal, 29s 6d ; r- Loan and Mercantile, £74; Milburn Lime and Cement, 30s; Soldiers’ Settlement (®S per cent.) Inscribed Stock, £9B. May 11.—Huddart, Parker, 47 s 6d (mWestport Coal. 29s 6d ; National Bank £6 ’ •Sales reported: New Zealand Coal and Uil, 3s, New Zealand Refrigerating (con), 13s Bd, 13s 9d. a v m, , May 13. Itiere was a heavy turnover on ’Change during the week, covering a goodly number of stocks, and prices, on the whole were fully maintained, though in one or two instances there was a slight decline. In mining ventures. Mount Lvell attracted a little attention, with sales at 15s 3d and 15s 6ci and they closed with a buyer at 15s 4ri the seller asking 15s 9d. Waihi had reported sales at, 22s 6d and 22s 9d. closing fairly nrm. Nokomai, which had buyers at 10s 6d all the week, were quitted on Friday at 11s. Banking and Insurance scrip were in good favour. Bank of New Zealand had numerous sales and reported sales at 51s 9c!. and closed with a sixpenny margin. Union Bank had reported sales at £l2 ISs 6d and £l2 19s, after which they sold on ’Chaise at £l3, but finished with a seller at £l2 17s 9d. the best buying offer being £l2 16s 6d. National Bank had turnover on two days at £6 (cum rights), and closed with a buyer at that rate but no seller. South British IrisiiT'anoe lm<3 moderate biiisiric-as at SGs 9d, 35s od, and 365, finishing: with a cloce market. ’ TTnddart, Parker End extensive turnover at 17s 9d, 4.3 s 47s 6d, 47s 9d, 4/s 6d, and 475, also finishing wilh a close

market. Westport Coal, opening with a sale at 30s, subsequently changed hands at 29s 6d, finishing with a seller at the latter price, a buyer offering 29s 3d. New Zealand Refrigerating (con.') had reported sales at 13s, 12s 10|d, 13s 3d' 13s Bd, and 13s 9d, closing with a buyer at 14s 3d. the best selling declarations being 15s 6d. WestportStockton (ord.), after changing hands at 5s 3d, were offered at 5s Id, the buying quotation being 4s 9d. New Zealand Loan and Mercantile Agency were placed at £'74, but were not quoted on Friday. Milburn. Lime and Cement had a sale at 3!>s, and more were wanted at that price at the close, but no seller declared. A parcel of New Zealand Coal and Oil was placed outside at 3s, but they were not mentioned on Friday. A sale of Wilson’s Portland Cement was reported on Friday at 17s Id, but this apparently cleared the market Government Stocks are- still firm, though there was not much turnover' in them. Soldiers- Settlement (s§. per cent.) Inscribed Stock were placed, at £93. and several small unquotable lines sold also. * A sale of P.O. Inscribed (1927) was reported at £94. and! £93 15s could have been obtained for more. Sales: Nokamai Hydraulic, 11s; South British Insurance 36s (2); Huddart, Parker, 475; Westport Coal, 29s 6d. Sale reported: Wilson’s Portland Cement, 17s Id. May 15. There was no turnover on ’Change on Saturday morning, but there was no downward tendency in prices. Banking and insurance stocks were without material change, and Government stocks were firm. The following are Saturday’s latest quotations, subject to the usual brokerage: Dredging Stocks. Rising Sun—Euy 2s 6d. Rise and Shine—Buy 2s. Mining Stocks. Waihi—Buy 22s 6d. Waihi Grand Junction—Buy 7s 8d Mount Lyell—Buy 15s 3d, ‘sel 15s 9d. Nokomai Hydraulic— Buy 10s, 6d, sel 12s.