MINING.

Otago Witness, Issue 3613, 12 June 1923, Page 30

MINING.

WEEK’S MINING NEWS. NOKOMAI HYDRAULIC COMPANY. The twenty-hfth annual meeting of the Nokomai Hydraulic Sluicing Company (Dtd.) was he'd on the 6th. The chairman of directors (Mr H. Crust) was in the chair. The annual report stated: “The company's operations for the year produced 13170 z Bdwt of gold, value £5045 15s 6d. No. 2 claim returned 5960 z 3d\vt, and No. 3 claim 7210 z sdwt. In their last annual report your directors stated that plenty of labour was available. Unfortunately, this did not continue. Though there is plenty of talk of unemployment, the company cannot get suitable workmen, and of those they do get few stay with them long enough to master the work, to the serious disadvantage of the company. Race maintenance was high for the past year, chiefly owing to No. 2 having to be thoroughly overhauled and the big syphon on No. 1 shifted. All the water races are now in good order. The retiring directors are Messrs J. Craig and H. L. Gill. Both are eligible and offer themselves for reeleetion. The auditor, Mr R. T. Wheeler, also retires and offers himself for re-elec-tion.’’ The balance sheet showed that wages absorbed £3550 16s 4d, and the total expenses amounted to £6576 17s 10d. The total receipts amounted to £5103 11s. In moving the adoption of the report and balance sheet, the Chairman said that he bad to express regret at being unable to show more satisfactory results from the company's year’s work, there having been a falling off in the amount of gold won. as aga.nst the previous year of no less than 486cz, of the value (at the average price obtained for the gold during the past year, £3 16s 7d per oz). of just on £IB6O. “In the company’s 1921-22 period we netted an average of £4 6s ICd per cz for our gold, a difference of 10s 3d per oz against us, accounted for by the alteration in the rate of foreign exchange and conversion. Referring to the balance sheet, you will see that our reserve has shrunk during the past year by £1238 2s 9d. standing on March 31 at" £778 19s 4d. and since that date it has been further reduced by over £3OO. and to-day stands at £457 9s. At our last annual meeting I stated that both our plants were then working in Victoria Gully, that No. 2 had live to six years’ work ahead, that No. 3 would finish its ground in a year, w-hen its plant would be shifted back to Nokomai flat to o lie rate some previously unworked ground, and that the next move would be to the lower Nokomai flat, where we held ground that we believed rich and that, our water races would require to be extended to command it. Since our last meeting conditions have altered. Where No. 2 is working a considerable amount of the flat has proved unpayable, and is being passed by, and only that giving some profit worked. The life of No. 2 in Nokomai Gully will thus be considerably reduced. No. 3 finished its block last month, and is now starting on a strip of ground (the old creek bed. the creek having been turned) running up (he flat alongside No. 2’s old workings. This will take about a year to finish, and should be payable, though big returns are not expected from it. The next problem i s where to move to. Your directors proposed, as I stated before, to shift back to Nokomai Flat to the ground left there previously, but we are now of opinion that we should go to the Lower Nokomai Flat, To do this No. 1 and 2 races require to be extended a total distance of about six miles at a cost of from £400() to £SOOO. No. 3 race could then be utilised on the Nevis side, where its water is taken from, thus doing away with nearly 20 miles of race and saving the expense C>f its upkeep, say. £IOOO per annum. New plant would be required for the Nevis, which landed there would cost about £3OOO. If these proposals are to be carried out it is a question for shareholders to consider how the money is to he provided to do so.” Mr A. Black seconded the motion. Mr H. K. V* ilkinson expressed the opinion that to get ihe necessary capital for the required construction the company would have to ho reformed. Present shareholders would not put up the capital. The Chairman: We should have to give them the option. The motion was carried. The retiring directors and the auditor wore re-elected at the same remuneration as before. DUNEDIN STOCK EXCHANGE. Very little business lias been transacted cn the Dunedin Stock Exchange during the last weekly period, and on Saturday 0 last and Monday there were no calls. Brewery shares have not had such good inquiry, and in one or two cases they have lost a little ground. Bank of New Zealands have also fallen, and whereas there wore two sales at 62s 91 on Tuesday and one at 62s 3d on Wednesday, there wan a reported sale on Friday at 61s 9d. Waihis registered a sharp advance on Friday, when parcels were Sold at 27s and 27s 3d, as compared with 85s 6d at which tlie.y were released the previous day. The inquiry for Westport

Coals has improved, and on Friday 33s 3d was offered for shares which were refused at 33s cn Wednesday. Generally, the market has been quiet, with few other lines showing much tendency to fluctuate. Two parcels of Waihi shares were turned over at 27s 3d on the Dunedin Stock Exchange on Saturday morning, and there was also "a reported sale at 275. Sales were reported of four lines of banking shares' —Nationals, at £G 15s 6d, New South Wales at £4O, Uniofu at. £l4 16s, and New Zealands at Cis (two) —and also of a parcel of P. and O. Deferred Stock at £330. June o.—Bank of *Ncw Zealand, 02s 9d (two); Iluddart, Parker (ord.), 4is. Juno 6. —Bank of New Zealand, 62s 3d. June 7. —Waihi, 25s 6d; New: Zealand Paper Mills, £4s sd. Sale reported: New Zealand Paper Mills, 21s 6d. June B.—Bank of Australasia, £l3 15s; Waihi, 275, 27s 3d. , Sales lepoited: Westport-Stockton tmxl.), os 10d; Manning’s Brewery, £5 15s; Bank of Now Zealand, 61s 9d. June 9.—Waihi, 27s 3d (two). Sales reported: National Bank, £6 los 6d, Bank of New South Wales, £4O; Union Bank, £li 16s; Waihi, 275; Bank of New Zealand, 61s (two); P. and O. Deferred Stock, £330. , The following are Saturday afternoon s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australasia—Buy £l3 15s. Bank of N.S. Wales—Sel £49 10s. Bank of New- Zealand—Buy 60s 9d, sel 61s 6i. National Bank —Buy £6 15s 6d. P. and O. Bank—Buy £ls. Union Bank—Buy £l4 16s. INSURANCE. National Insurance Co. —Buy 78s. N.Z. Insurance Co.—Sel 30s. South British Insurance Co. —Buy 38s 3d, Standard Insurance Co. —Buy 38s, sel 40s. ’SHIPPING. Howard Smith —Buy sts. Iluddart, Parker (ord.) —Buy 41s 3d, sel 44s 9d. P and O. Deferred Stock —Buy £325. U.S S. Co. (pref.)—Buy 20s. COAL. Westport Coal Co. —Buy 39s 3d. Westport-Stockton (ord.) —Buy 5s 7d, sel 5a lOd. Westport-Stockton (pref.)—Buy 8s Bd. LOAN AND AGENCY. Dalgety and Co.—Buy £l2 10s. Goldsbrough, Mort —Buy 48s 6d, sel 49s 3d. National Mortgage—Buy 81s 6d, sel 83s. N.Z. Loan and M. (ord.) —Buy £Bl, sel £B4. Perpetual Trustees—Buy 37s Gd. Trustees, Ex. and Agency—Buy 50s. sel 565. Wright, Stephenson (ord.) —Buy 275. Wright, Stephenson (pref.)—Buy 163. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 25s 3d. N.Z. Refrigerating (con.) —Buy 13s, sel 13s

MISCELLANEOUS. Brown, Ewing (ord.) —Buy 273. Brown, Ewing (pref.)—Buy 20s 6d. D.I.C. (ord.) —Buy Is 9d prem. D.T.C. (pref.)—Buy 20s 6d. Dominion Rubber—Buy 18s, sel 20s, Bonaghy’s Rope and Twine—-Buy 335. Dunlop Rubber—Buy 245. Empire Buildings—Sel 20s. Kaiapoi Woollen (ord.)—Sel 21s. Kaiapoi Woollen (con.) —Sel 11s 9d. Ka-iapoi Woollen (pref.)—Sel 225. Milburn Lima and Cement —Buy 35s 3d. Mosgiel Woollen Co. —Buy £7 6s. M'Gavin and Co. —Sel 455. M. Bros.’ Soap—Buy £l6 ss. National Electric —Sel 20s. N. Drug Co. —Buy 64s 6d, N.Z. Express (pref.)—Buy 14s, N.Z. Hardware (ord.) —Sel 9s. N.. Hardware (pref.)—Buy 15s. N.Z. Paper Mills (ord.) —Buy 245, sel 25s O tago Daily Times—Buy 555. Papuan Products—Sel Is. Whitcombe and Tombs—Sel 765. Wilson’s (N.Z.) Cement—Buy 26s 6d. Ward and Co. (brewers) —Buy 443, sel 48s. Crown Brewery—Buy 495, sel 555. Manning’s Brewery—Buy £5 15s. MINING. Waihi—Buy 273, sel 27s 3d. Waihi Grand Junction —Buy 7s 3d, sel 7s 6d. Mount Lyell—Buy 245, sel 24s 9d. AVAR BONDS. 4J per cent. Bonds, 1930—Sel £9B. 4| per cent. Bonds, 1938—Buy £97 7s 6d, sel £97 17s 6d. 41 per cent. Bonds, 1939—8uy £97 7s 6d, sel £97 17s 6d. 54 per cent. Soldiers’ Bonds, 1933 —Buy £lO2 ss. 4J per cent. Inscribed, 1938—Buy £97 7s 6d, sel £97 15s. per cent. Inscribed, 1939—8uy £97 7s 6d 5 per cent. Postal Bonds, 1927—8uv £9B. 5 par cent. Postal Inscribed, 1927—8uy £9B. 5 per cent. Postal Bonds. 1929—8uy £9B. 5 per cent. Postal Inscribed, 1929—8uy £9B.