MINING.

Otago Witness, Issue 3581, 31 October 1922, Page 26

MINING.

WEEK’S MINING NEWS. October 26. Tho Rise and Shine dredge had a steady run last week, hut there v.-as no improvement in the character of the ground. The ground on the east side, where the bottom was soft, white sandstone, gave the best prospects. In the other part of the cut there was chiefly a hard clay bottom, witn indications of ooal. The average depth was about 45ft. October 28. The half-yearly report of the directors of the Rise and Shine Gold Dredging Company savs that since dredging was resumed et the end of April last the returns have on only a few occasions been sufficient to meet the average weekly expenditure; consequently, the cash surplus that then existed is now almost exhausted. The dredge has been kept in fairly good repair, but a somewhat large expenditure will scon lie necessary to make it thoroughly serviceable. This cannot, however, be undertaken unless the returns materially miprOVe October 30. The Rise and Shine dredge reports a return of 230 z 2dwt of gold for 134 hours’ dredging. DUNEDIN STOCK EXCHANGE. Business on the Dunedin Stock Exchange has been fairly quiet during the past week. There lias been less demand for rubber shares, the buying quotations for Dominion having’ gradually dropped to 16s. and those for Malays to G 3 6d. There were three sales of Dominions on AYednesday at 1&3 3<i and one at 18s, but although sellers quoted »s low a 3 18s 6d on Friday, buyers coulcl not be induced to otfer more than lbs. Bank of New Zealands have taken a prominent part in the week’s business, sales having been recorded on ’Change oji Friday and on Wednesday at 575. otncis were reported on Friday and on Thursday at the same price. W'aihis have registered a slight drop in price, Friday afternoon’s call producing a seller at 31s wiih no buyer. There were sales on AYednesday (at 31s 6d) and Thursday (at 31s and 30s 9d). Other mining shares to change hands were AA’aihi Grand Junctions at 9-s 1 Act on AYednesday and Mount I, ye 11s at 21s 3.1 on tho same day. The contributing issue of New Zealand Re frigeratings sold at 14s on Wednesday and at 13<i 9d on Thursday. Friday's quotations being 13s 5d and 11s. .National Electrics an d “Westport Coals have been as steady as every. Three parcels of the former changed hands at 22s 6d on Wednesday, and of the latter there wa3 a sale on Friday at 32s Bd. The oniy business in insurances was a reported sale on Thursday of New Zealands, which realised 27s 9d, and, excluding Bank of New Zealands. tho only banking shares to cht*ige hands were Unions at £l3 6s 6d on Wednesday. Sales of Papuan Products at 13 on Wednesday and Now Zealand Paper Mills (con.) at 23 Gd preni.. and Kaiapoi AVoollen (con.) at 12s 3d on Thursday complete the list for the week. In War Bonds 41 per cents, showed a falling tendency until Friday, when they Armed a little. An offer at Friday afternoon's call to purchase £lO worth of marks at tiie rate of 18.000 to the £ brought no response. A quiet tone prevailed on the Dunedin Stock Exchange on Saturday morning, neither buyers nor sellers showing much inclination for business. In per cent. War Bonds buyers made a reappearance after op absence cf al>out 10 days, but their offers were not sufficiently tempting to result in sales. Selling quotes, on the other hand, showed a further firming tendency. The following were Saturday morning’s Oct. 25.-Bank U New Zealand, 575; New ■Zealand llcirigerating (con.), 14s; Dominion Rubber, 18s 3d (three), 18s; National Electric, 22s 6d (two); AA’aihi. 313 Gd; Mount Lyell, 21s 3d. Sales reported: Papuan Products, Is; Union Bank, £l3 Gs (> 1 ; National Electric, 22s Gd; AA’aihi Grand Junction. 9s l)d. October 26. New Zealand Insurance, 27s 9d; New Zealand Paper Mills (con.), 2s 6d prom; Bank -ji New Zealand, 575; Karapoi Woollen (con.). 12s 3d. October 27. —Westport Coal. 32s Sd; Bank of New Zealand, 57s Sale reported : Bank of New Zealand, 575. buying and selling quotations, which are subject to usual brokerage: MINING. Rise and Shine —Sel 3s. Rising Sun —Sel 3s. AA’aihi —Scl 31s 3d. AA’aihi Grand Junction—Sel 8s lid. Mount Lyell—Buy 21s 21, sel 21s Gd. NOR i HERN EXCHANGES. The following business was done on 'Changes on Saturday: Auckland.— Sales: South British, 33s Gd; AYaihi, 30s Gd. WAIHI GRAND JUNCTION. LONDON, October 28. Waihi Grand Junctions were sold at- 8s id-