MINING.

Otago Witness, Issue 3672, 29 July 1924, Page 30

MINING.

WEEK’S MINING NEWS,

The manager of the Ohinemuri mine reports that the south drive on tue Cumoola reef at the low level is now out 800 ft from the main crosscut. The face is m country rock, intermixed with quartz stringers, with about 2ft 6m of quartz exposed in the floor of the drive. The quartz broken during the past wee 1 was of a favourable character and continues to carry values. The channel of sandstone on the hanging wall of the reeks all that could be desired for the existence of values in the reef ... The manager of the New \\ aiotahi mine reports that a few strong dabs of gold were seen in the reef broken down m the stopes below the level at the seaward end, and the quartz looks promising for something better. The drive from the bottom of the winze has been advanced sft for the week, hut so far no quartz lias been met wtb. I?ne country rock continues favourable. RISING SUN MINE. The following progress report of work m the Rising Sun mine has come hand. JNo. 4B north: Stoping operations have been earned on breaking the lode over an average width of 18 inches. A. slight improvement has taken place at this point, the ioae in some places opening out to 2ft. > alues from face worked, £6 7s, £4 19s, and £3 9s per ton. No. 18, south: Ou the drue at this point from stope has now attained a length of 70ft, all of which is highly payable. A very valuable block has been discovered and opened up for stoping. The rise put up for ventilation and for facilitating the means of handling th© products from this block has now been completed, and a start will at once be made to stope over drive and from the main level below. Samples taken fnom the drive driven on new make are £ll Is 2d, £ll 17s 2d, £l7, £ls 9s 7d, £ll Is 2d, £3 5s 7d £4 Is, £l4 lls, £6 19s, £l3 11s, £8 3s 4d, £4’ 18s, and £7 7s 4d. The samples were taken every sft. DUNEDIN STOCK EXCHANGE Friday afternoon. Although business was quiet on the Dunedin Stock Exchange at the f beginning of the week, it livened up considerably towards the end. The number of sales on 'Change has not increased, but yesterday no fewer than eight were reported. Banking continues to be sound, and National Bank of Australasias have made their appearance. Sales of the contributing stock have taken place at £7 14s. Buyers of Wales have increased their oSer to £4l 7s 6d, but sellers remain silent. Buyers of Standard Insurances are now offering 425, a sale of this 6tock took place on Thursday. Other insurance stock remains firm. The increased offer for Huddart, Parkers is still being maintained, a sale having taken place at the present buying quotation. During the past two days there has been considerable activity ind P. and O. Deferred Stock. On Thursday a sale took place, while another was reported, and yesterday four sales of this stock were reported. Twenty shillings and fourpence is being offered for Union Steams, and a sale was reported yesterday twopence in advance of this price. Burns, Philps have been quoted, buyers offering 345. Coals have quietened down of late, and the activity which prevailed in Westports a short time ago has entirely disappeared, but the margin between the quotations was lessened by sixpence yesterday. The buying quotation for Goldsbroughs has increased by Is, but as sellers are asking 47s 9d no business has been done. British Tobaccos are again on the list of quotations, buyers offering 435, and a sale took place at this price. Although only twopence has separated the quotations for New Zealand Refrigeratings (cont.), no business has been done. The buying quotation for Dominion Rubbers has risen from 10s to 13s; 'but in spite of this increased offer a sale has not been arrived at. The buying quotation for Stock Exchanges decreased by 3s during the week, but again stands at Gss. Gisborne Ga3es were quoted yesterday, buyers offering 12s 9d. Quotations for Kaiapois remain steady. New Zealand Breweries shares have dropped further, and buyers now offer 265. Twelve shillings and sixpence was offered yesterday for Malay Rubbers. The present buying quotation for Electrics is 18s 3d, sellers asking 19s 6d. There has been increased activity in Manning’s Breweries, and this state of affairs also prevails in the northern towns. Crowns were quoted on Thursday, buyers offering 395, and the demand for Wards has also irn creased. War Bonds remain firm, and increases have taken place in several of the buying quotations. Two sales have taken place. July 21.—Huddart, 43s 3d. Sales Reported.—South British, 40s 6d; National Bank of Australasia (£5 paid), £7 14s. July 22, —U.S.S. Co. (pref.), 20s Gd; per cent. Bonds (1938), £97 2s Gd (£IOOO single bond). July 23. —Bank of New Zealand, 65s 'hi, National Bank of Australasia (cont.), *7 14s July 18.—New Zealand Paper Mills, 23s 3d (two) Sales Reported.—P. and O. Deferred Stock, £2BO (four); 5 per cent P.O. Bonds, 1927, £9B 2s 6d (single £SOO bond); National Bank of Australasia (cont.), £7 14s; Union Bank, £ls 4s 6d; Union Steam Ship Company (pref.), 20b 6d. July 2G.—Sale reported: P. and O. Deferred Stock, £2BO.

The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia —Buy £l3 lOe. Bank of N.S. Wales —Buy £42. Bank of New Zealand—Buy 55s 6d. National Bank—Buy £6 11s, sel £6 12s 6d. Union Bank —Sel £ls 6s. Commercial Bank—Buy 28s, sel 30s. INSURANCE. N.Z. Insurance Co.—Buy 29s 6d, sel 30s 2d. South British Insurance Co. —Buy 40s Gd. Standard Insurance Co.—Buy 12s. SHIPPING. Burns, Philp—Buy 345. Huddart, Parker (ord.) —Buy 4os 6d. Huddart, Parker (pref.)—Buy 21s. P. and O. Deferred Stock —Buy £277, sel U.S.S. Co. (pref.)—Buy 20s 4d. COAL. N.Z. Coal and Oil—Sel 2s. Taupiri Coal (ord.) —Buy 18s. Westport Coal Co. —Buy 36s 9d, sel 38s. Westport-Stockton (ord.) —Buy 4s lOd. Westport-Stockton (pref.)—Buy 6s 6d, sel 7s 6d. LOAN AND AGENCY. Dalgety and Co. —Buy' £l3. Goldsbrougli, Mort—Buy 46s 9d, sel 48s. National Mortgage—Sel 765. N.Z. Loan and M. (ord.) —Buy £9O, sel £94. IN .Z. and River Plate —Buy 19s. Perpetual .Trustees —Buy 40s. Trustees, Estate and Agency—Sel 60s. Wright, Stephenson (ord.) —Buy 235. Wright, Stephenson (pref.)—Buy 17s. MEAT PRESERVING. Canterbury Meat—Sel £l4 ss. N.Z. Refrigerating (pd.)—Sel 20s 6d. N.Z. Refrigerating (cont.) —Buy 9s 2d, sel 9s 4d. MISCELLANEOUS. Brown, Ewing (ord.) —Buy 28s. Brown, Ewing (pref.)—Buy 20s 6d. D..C. (ord.) —Buy 4s lOd, sel 5s 2d. D.I.C. (pref.)—Buy 20s 6d. Dominion Rubber —Buy 13s. Dunedin Stock Exchange Propty.—Buy 655. Kaiapoi Woollen (ord.) —Buy 15s, sel 15s Bd. Kaiapoi Woollen (cont.) —Buy 7s, sel 7s sd. Kaiapoi Woollen (pref.)—Buy 18s, sel 19s Gd. Milburn Lime and Cement—Buy 365. Mosgiel Woollen Co.—Buy £6 15s. M'Leod Bros.’ Soap—Buy £l4 15s. National Electric—Buy 18s 3d, sel 19s Gd. N.Z. Breweries (Ltd.) —Sel 27s 9d. N.Z. Breweries (Ltd.) Debentures —Buy 21s 9d. N.Z. Breweries (Ltd.) Stock —Buy 21s 9d. N.Z. Drug Co. —Buy 67s 6d. N.Z. Express (ord.) —Buy 17s. N.Z. Express (pref.)-—Buy 17s. N.Z. Hardware (ord.) —Buy 4s 6d. N.Z. Hardware (pref.)—Buy 16s 9d. N.Z. Paper Mills (ord.) —Buy 23s eel 23s 9d. Otago Daily Times —Buy 665. Ward and Co. (Brewers)—Buy 48s. Whitcombe and Tombs —Buy 735. Wilson’s (N.Z.) Cement —Buy 28s 9d, sel 295. MINING. Nokomai Hydraulic—Buy 2s, sel ss. Waihi—Buy 29s 6d, sel 30s 6d. Waihi Grand Junction—Buy 2s 9d, sel 3s. Mount Lyell—Buy 20s sd, sel 21s. WAR BONDS. 4| per cent. Bonds, 1930 —Buy £97 ss, 4| per cent. Bonds, 1938—Buy £97 7 S g c }_ 4J Bonds, 1939—8uy £97 7s 6d. 5§ per cent. Soldiers’ Bonds, 1933—8uy £lOl 12s 6d. 4J per cent. Inscribed, 1938—Buy £97 7 S 6d. 4§ per cent. Inscribed, 1939—8uy £97 7 S 6d' 5i per cent. Soldiers’ Inscribed, r 93 £lOl 10s, sel £lO2. 5 per cent. Postal Bonds, 1927—8uy £9B, 5i per cent. Inscribed, 1927-41—Buy £9B! NORTHERN EXCHANGES. The following business was done on ’Changes on Saturday: Auckland.—Waihi, 30s; Bartholomew Timber, 235. Christchurch. —Sales on ’Change : Royal Bank (£1 paid), 33s 9d; Ward’s Brewery, 49s 3d (three parcels). Sales reported: Beath and Company, 32s 6d.