MINING.

Otago Witness, Issue 3595, 6 February 1923, Page 26

MINING.

WEEK’S MINING NEWS. January 31. The secretary of the Nokomai Hydraulic Sluicing Company reports that a wash-up was made at No. 3 claim, the result being 590 z Bdwt for the paddock. No. 2 claim had a full week's sluicing, and good progress was made. February 1. The It is mg Sun mine has been idle since Christmas (says the Cromwell Argus). Shareholders are to be called together at an early date, when a motion in the direction of liquidation will be presented. From what can be gathered, however, some proposal to resume operations may be decided on. There is a large scope of unworked ground available, and, if a payable spot could be found, the company might yet carry on, and maintain the measure of employment which it has in the past. After several months’ hard work, Messrs J. Nicol and D. Nicol have abandoned their claim on the Nevis, nothing payable having been struck. Their efforts were worthy of a better fate, as they persevered in a commendable manner in the venture. Periodical rains have kept up a fair water supply at the Nevis, although at times there has been a shortage. In most claims satisfactory returns are being won. The claim bearing the title Graham and party, although otherwise owned, is reported to be doing well. The dredge at Lower Nevis, which was put in commission again this season, is reported to be quite justifying the confidence of the owners, and winning very payable returns. Shine has of late been doing better, returns being more than equal to expenses. Last week’s return was 270 z for five days. A promising feature of present operations is that the best prospects are on the west side close to where a blank existed when No. 1 worked up the eastern part of the cut. If the prospects continue on the ground now being worked, a payable run may result. The Rise and Shine dredge lost a good deal of time last week through the breaking of a bucket link. The cut was further extended to the westward, where shallower ground was met with, /the average depth throughout being about 46ft. There was very little change in the •prospects. February 2. The Waihi mine, in the 14 crushing days ended January 20, treated 9boo tons of ore for a return of 30300 z of gold and 14,7970 z >f silver. For the corresponding period last f°ar 7674 tons yielded 22610 z of gold and 13,3800 z of silver. February 5. The Rise and Shine dredge returned 330 z for 129 hours’ work. , t DUNEDIN STOCK EXCHANGE. Business on ’Change was fairly active this ■week, and on both Tuesday and Wednesday the turnover was very heavy. National Banks received consistent inquiry at £6 7s 6d, and there was a reported sale at that figure on Tuesday. Union Banks had a reported sale (cum div.) at £l4 2s 6d on Wednesday, and since then they were sought at JEI3 il2s 6d (ex div. of 7s 6d). There was very little movement in other banking shares, and insurances also showed practically no tendency to fluctuate. A good deal of business was transacted in shipping lines, sales taking place in both issues of Huddart, Parkers and in Union Steams (pref.). There was a slight improvement in the demand for Westport Coals, and the ordinary issue of Stocktons was also turned over at a firm figure. Loan and agencies received the usual amount of inquiry, with sellers as reticent as ever. Much of the ground recently lost by the contributing issue of New Zealand Refrigerating Shares was recovered, but otherwise there was no material change in the position of meat preserving lines. In mining shares Waihis and Waihi Grand Junctions changed hands at prices in advance of those ruling last week, and Mount Lyells also showed a steady rising tendency. War Bonds did not lose any of the ground they gained during the previous week; iD fact, they have even gained a little more. There was a sale on Thursday of 1938 44 per cent. Bonds at £97 os. Mq<st of the sales in miscellaneous shares were in three lines—New Zealand Paper Mills (paid), Wilson’s Cement, and D.I.C. (pref.)—and for all these firm prices were obtained. There was another sale of the preferential issue of D.I.C. shares at 29s 3d on ’Change on Saturday, the market closing with a 6d margin. National Banks were released at £6 7s 6d, and then a buyer offered £6 7s, but the lowest selling was £6 9s 6d. The ordinary issue of Huddart-Parker’s had three reported sales at 555, and further business wae sought on ’Change at that price, but sellers would not accept less than 55s 6d. There was a further advance in the offers for 5J Soldiers’ Bonds and Inscribed Stock, tire buying quote for the former being £IOO 15s and for the latter £IOO 12s 6d. No selling quotations were recorded in any class of War Bonds. January 23. —Union Steam Ship Co. (pref.), 19s 9d (two sales); Westport Coal, 35s 6d. January 31.—National Bank of New Zealand, £6 7s 6d; New Zealand Paper Mills, 83s 6d; Wilson’s Portland Cement, 235; Waihi, 31s 9d, 31s 6d (two); Dunedin-Kai-korai Trams, 275. Sales repoi ted.—National Bank of New Zealand, £6 7s GdL

January 31. —Westport - Stockton (ord.), 4s 6d; D.I.C. (pref.), 20s 3d; New Zealand Paper Mills (pd.), 23e 6d (two); Waihi, 3s 6d, 31s 3d, 31e 2d, 31s Id; Huddart, Parker (pref.), 20s 6d; Waihi Grand Junction, 9s 3d. Sales reported.—New Zealand Paper Mills (pd.), 23s 6d; Union Bank, £l4 2s 6d, South British, 38s (two). February I.—Westport Coal Co., 35s 6d (two); N.Z. Refrigerating (cont.), 14s; 44 per cent. Bonds, 1938, £97 ss. * Sales reported: Westport Coal Co., 3os 6d; Milburn Lime and Cement, 345. February 2. —D.I.C. (pref.), 20s 3d (three); Wilson’s Cement, !Ss lid. February 3.—National Bank, £6 7s 6d; D.I.C. (pref.), ‘2os 3d. Sales Reported.—Huddart-Parker (ord), 55s (three). The following were Saturday morning's buying and selling quotations, which are subject to the usual brokerage: MINING. Waihi—Buy 31s, sel 325. Waihi Grand Junction —Buy 9s, sel 9s 6d. Electrolytic Zinc—Buy 28s 9d Mount Lyell—Sel 22s 9d. NORTHERN EXCHANGES, The following business was done on ’Changes on Saturday : Auckland.—Sale: New Zealand Express Company, 14s.