MINING.

Otago Witness, Issue 3590, 2 January 1923, Page 26

MINING.

WEEK’S MINING NEWS. December 26. The gold -returns for Queensland in November show a substantial increase over November of last year, the output being 7815 fine ounces, valued at £32,196, compared with 13560 z, valued at £5760. For .'1 months tho output is 68,869ez. valued at £292,621, compared with 35,084cz, Valued at £ll9, Yields at the principal fields were as follows:—Mount Morgan, 55470 z; Gympie, 1024 oz; Charters Towers, 5490 z; Ravenswood/ 3340 z; Mount Coolon, 2020 z. Dividends declared in 11 months Were £14,§71, compared with £9OOO last year. The Rise and Shine dredge reports a re turn of 21oz 2dwt for 136 hours’ dredging. December 27. Operations at the North Lyell Mine are being continued with an output of about 7000 tons a month of an average value of nearly 7 per cent, copper. At the 1100 ft level, Nos. 35, 36, 37, and 41 stopes are being regularly worked. The usual tonnage of good grade ore is being won from No. 41 etope. At the N. end of workings at 1000 ft level, No. 40 stope continues to produce a large tonnage of ore from the ground floor, and overhead a good body of fairgrade ore has been opened up by means of No. 3 north drive at the 925 ft level. Seven stopes are being actively . worked. This level continues to maintain its position as the largest productive level of the mine. No. 51 stope, which has been beaten out on the ground flooor, is being regularly worked overhead, and the ore generally throughont the level is good. At the 850 ft level four stopes are in active operation, and No. 20 stope, which has been a constant producer of excellent grade ore for over 15 yearn, is still supplying a large quantity of similar-grade material. At the northern end of the level, No. 50 stope continues to be worked without interruption on the ground floor. This ore body has been opened up for a length of over 300 ft with an area of ore increasing at the northern end, disclosing a fair tonnage of rich ore. The output of 7000 tons a month is being maintained with practically one shift working, and the mine is ready to increase the output to 12,000 tons a month as soon as the alterations and additions to the treatment plant at the reduction works are completed. At the Mount Lyell Mine operations continue restricted to the winning of pyrites for export to the chemical works in Melbourne, and a small tonnage required for smelting in the treatment of concentrates at the reduction works. One furnace and sintering and flotation plants are running with satisfactory results. It is understood that they have had a favourable smelting run. DUNEDIN STOCK EXCHANGE. Friday morning’s call concluded the business for the year of the Dunedin Stock Exchange. The number of transactions dur ing the last weekly period has not been exceptional, but the turnover has been quite up to the average. Banking shares have all maintained a firm position, and on Friday New Zealands and Unions showed a substantial advance. Insurances have shown little movement either way, nor has there been any change of any consequence in the position of loan and agencies. In shipping shares the ordinary issue of Huddart, Parkers has improved its position considerably, while Union Steams (pref.) have eased a little. P. and O. Deferred Stock fell to £320 early in the week, but it has now almost regained its former position. Westport Coals have lost some of the around they gain-eel l;-at week, and were sold on Friday at 345. On Tuesday these shares changed hands first at S4s 6d and then at 34s od, and on Wednesday they were released at 34s sd, 34s 3d. 345, and finally 33s lid. The only meat preserving lines to receive much attention have been the two issues of New Zealand Refrigerat’ngs, both of which have registered an advance in price. The contributing issue, which was available laet week at a trifle under 14s, gradually rose until there were sales at 14s 5d and 14s 6d on Wednesday, and at 15s on Thursday, z- buyer offered 14s 91 on Friday without attracting a seller lower than 15s 9d. In mining shares Waihis and Grand Junctions have improved slightly, and there was a sale of the former • t 34s 6d on Thursday. There has been little change in the position of Mount Lyells, which were sold (ex div.) on Thursday at 80s 6d and 20s 7d. Five and 5J per cent. War Bonds have not lost any greund, and although per oents. showed a distinct fall on Monte. they have nearly regained their stand-

ing of a week ago. In miscellaneous shares Dominion Rubbers and National Electrics have recovered .slightly, and Dunlop Rubbers, Malay Rubbers, and Wilson's Cements have registered an advance in price. The last-named, which were sold at 22s on Tuesday, were sought yesterday at 22s 6d, with a seller at 22s 9d. Dec. 21.—Waihi, 34s 6d; Mount Lyell, 20s 6d, 20s 7d; Dominion Rubber, 20s (four); New Zealand Refrigerating (con.), 15s. December 22.—Westport Goal, 345.