MINING.

Otago Witness, Issue 3743, 8 December 1925, Page 58

MINING.

THE WEEK’S NEWS. The manager of the Albumin mine reports that timbering and laying tram rills to the old face in the Norwegian level is now complete, and a start was made on November 25 to cut through the reef. This work is being carried out with the object of prospecting the reef to the hangingwall, and it is hoped to locate a leader which it is the opinion accompanies the reef also on the hangingwall. To date the reef has been penetrated for a distance of 4ft with no wall as yet showing. Although no gold lias been seen in the ore broken, there is a decided improvement both in the reef and the country rock, and the general indications are that good values may be met with in the near future. The manager of the Kuruiiui mine reports that the drive west of the lloss reef has been extended Bft, a total of Gsft from the main crosscut. The reef here averages Ift wide and looks well; in the last breaking down otrong colour and dabs of gold were seen in the stone. The drive north on the cross leader has been tended 7fl, a total of 40ft Horn drive on Boss reef. The leader here averages Gin wide and still looks well, carrying nice mineral and gold by dishwashing, but no gold was seen in the stone. The manager of the Majestic mine reports that during the fortnight ended on November 21 the south drive on the Maratoto reef was extended 48 feet. The veins composing the reef are becoming consolidated and a crosscut proved the width to be sixteen feet of solid quartz. A great improvement in the character of the ore is taking place, and as the drive proceeds towards th* elevated country on the surface further improvement may be expected. The face is now in 1175 feet from the main crosscut. Good progress is being made with the installation of the pipes for auxiliary waterpower, which when completed, will reduce the cost of power for driving the rockdrills. The manager of the Ohinemuri mine reports that the crosscut east at 1510 feet wag put out a total distance of 102 feet from the main drive, the last 26 feet being through solid quartz. The reef in this crosscut was disturbed by the intrusion of a bran’h on the harging-wall side, about four feet in width, and it was decided to resume the south face and project the drive to a point immediately under where the high grade ore was exposed at No. 2 level. This work was commenced last week and 13 feel was driven. The country being penetrated is very encouraging, and when the reef is encountered, a continuation of the ore existing at No. 2 level (200 ft overhead), should be found. The manager of the New Waiotahi mine reports that the winze reef at the intermediate drive has been sunk sft, making the total depth 15ft. Strong blotches of gold were seen and selected in the quartz taken down. The crosscut for the WaiotahiCambria reef has been extended 6ft. and has now reached the estimated course of the reef. Another breast head has been met with, with the same Btrike and dip as the reef should have, and from which a considerable upward flow' of water is making. The indications continue favourable for meeting with the reef at any time. OPERATIONS IN CROMWELL DISTRICT. (From Our Own Correspondent.) CROMWELL, November 30. Mining matters are a little more active than they have been for some time past. A. few local ventures are in hand, and the Buocess of these would no doubt lead to the development of other promising areas, (hie party, operating on the bank of the Kawarau River, at what is locally known, as “Happy Valley,” near the original Ranfurly claim, has been reliably reported to have bottomed on a rich lead. The extent of it has not yet been ascertained, but prospects are excellent. Encouraging reports are to hand from Fache’s claim, at Upper Nevis, where the hydraulic plant is working at a deeper level than has been previously touched. Following its commencement of work for the season, a wash-up was made after a few days’ run, and tne gold won was remarkably good. Local shareholders are closely watching the progress of the work at the Kawarau dam, and are awaiting the closing of the gates. Companies with headquarters in Cromwell were somewhat indignant when they read a recent Press Association message which would lead to the opinion that the Minister of Mines had suggested some co-operative scheme for working the river, and the pooling of all gold. The companies here are entirely opposed to any Bciierne which provides lor tne pooling of gold, but so far have refrained from niuking these reasons public. However, they are no secret, and may be publicly stated at no great distant date. OIL BORING. NEW PLYMOUTH, December 1. The Tarnnaki Oil Fields (Ltd.) issued the following report to-night. The Moturoa bore is down 2550 feet in sandy

shale. The gas is increasing in quantity and theie is a good show of oil.

DUNEDIN STOCK EXCHANGE. Friday afternoon. On the Dunedin Stock Exchange at the beginning of the past week Kawaraus improved, and sales were effected at 7s 4d. There has not been much business during the week, aid prices are weaker. To-day buyers offered Gs 4d. sellers asking 6s Bd. Dominion Rubbers have changed hands at COs 6d, a sale of an odd parcel being made to-dav at 61s. The closing quotations for tV week were GOs Gd (buyer) and 61s Gd (seller). Five lots of New Zealand Breweries were turned over on Tuesday at 6*)s 6d, and one lot found a buyer at 60s 3d. Business has since been done at the latter price. Sellers are now asking GOs 6d, with no immediate inquiry. Ward’s Breweries are a greatlv improved stock, and whereu3 74a was offered at the end of last week, buyers are now making inquiry at 80s Gd, sellers declining to accept le.=s than B‘2s. Staples are also Bette-. • There were two sales to-day at 43s cd. The quotations closed with a seller at the same price and a buver at 435. Bank oi New South Wales (ex dividend) are wanted at £4l 10s, but there are no sellers. New Zealand's are in demand at 57s 3d, with a seller only threepence away. A sale of the contributing issue of National Bank of AustrMasia* was effected to-day at £8 12s. Union Banks have buyei-3 at £l4 19s and sellers at £ls. Insurances generally are better. Nationals are on offer at 80s 6d, without inquiry. South British and Standards are wanted at 53s and 48s respectively, but sellers are reticent. Goldsbrough, Morts are ex dividend, with buyers at 46s 9d and sellers at 47s 6d. New Zealand Refrigeratings (paid) are a little firmer. Milk Products have now been listed, and are inquired for at 30s. Sugar of milks have no sellers, though buyers are offering 24s 6d. Waihis have been wanted at 22s 9d, but sellers are asking Is more. Government Stock generally is firmer. Saturday noon. Kawarau Gold Milliner shares were active this morning, and five lots found purchasers at 6s Gd. More were offered at that figure and the market closed with buyers offering id less. Dominion Rubbers changed hands at 61s. Sellers continued to offer them at that price, buyers quoting 60s 6d. National Banks were offered at £6 17s 6d. with buyers at 2s less. There was a6a market in Westport Coals which were wanted at 31s 9d. Buyers of contributing Refrigerating shares offered 7s lid with holders asking 8a 2d. December I.—Sales: New Zealand Breweries, 60s Gd (five sales), GOs 3d; Dominion Rubber 61s (two sales); Electrolytic Zinc (pref.), 335; Blacks G.M. Co., 4s 6d prem. Sales reported: Standard Insurance, 48s (three sales). December 2. —Sales reported: Huddart, Parker (ord.), 445; New Zealand Breweries, GOs 3d; Electrolytic Zinc (pref.), 335. December 3.—Sales: Dominion Rubbers, 60s 6d; Kawarau, 6s 9d. Sales reported: N.Z. Breweries’ Stock, 25f1; Dominion Rubbers, GOs Gd (three); Staples' Brewery, 435. December 4. —Sales: Dominion Rubber, 61s (odd parcel); National Bank of Australasia (cont.), £8 12s; Staples Brewery, 43s Gd (two sales). December s.—Sales: Dominion Rubber, 61s; Kawarau Gold Mining, Gs 6d (five sales). The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage;— BANKING. Bank of New Zealand—Buy 57s 3d, sel 58s. Commercial Bank—Sel 335. National Bank—Buy £6 15s Gd, sel £6 17s Gd. National Bank of Aust. (cont.) —Buy £8 11s, sel £8 12s. Union Bank—Buy £l4 18s, sel £ls. BREWERIES. N.Z. Breweries (Ltd.) —Sel GOs 6d. N.Z. Breweries (Ltd.), Debs. —Buy 24s 9d. Ward and Co. —Buy 81s 6d. Staples—Sel 43s 6d. INSURANCE. National Insurance Co. —Sel 81s. N.Z, Insurance Co.—Buy 37s 6d. South British Insurance Co. —Buy 535. Standard Insurance Co.—Buy 48s. SHIPPING. Howard Smith—Buy 325. Huddart, Parker (ord.) -Buy 43s 6d, sel 44a Gd. Huddart, Parker (pref.)—Buy 20s. P. and O. Deferred Stock —Sel £253. U.S.S. Co. (pref.)—Sel 20s 3d. COAL. Westport Coal Co. —Buy 31s 9d, sel 32s 3d. Westport-Stockton (ord.)—Buy 2s, eel 3s. Westport-Stockton (pref.)—Buy 4s. LOAN AND AGENCY. Dalgety and Co. —Buy £ls 2s Gd. IS ,L. Loan and M. (ord.)—Buy £93. Perpetual Trustees —Buy 60s. Trustees, Ex and Agency—Buy 57s 6d. Wright, Stephenson (ord.) —Buy 26s 9d. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 17s 3d N.Z. Refrigerating (cont.)—Buy 7s lid, sel 8s 2d. MISCELLANEOUS. Brown, Ewing (pref.)—Buv 20s. Bruce Woollen Co.—Buy 20s 9d, sel 21s t)d. D.I.C. (ord.)—Buy 5s 9d prem. D.I.C. (pref.)—Buy 20s 3d, eel 21s. Dominion Rubber—Buy 60s 6d, eel Gls. Dunlop Rubber—Sel 25s 6d. Milburn Lime and Cement—Buy 335, sel 345. M'Leod Bros. Soap—Buy £22 10s. National Electric —Buy 19s, sel 19s 9d. N.Z. Drug Co. (cont.) —Buy 8s prem, sel 10s prem. N.Z. Express (ord.)—Sel 28s. N.Z. Malay Rubber (ord.) —Buy 46s 9d. N.Z. Sugar of Milk—Buy 24s Gd. Smith and Smith (pref.)—Sel 19s 6d Taranaki Oil—Sel 19s 6d. Wilsons (N.Z.) Cement—Buy 34s MINING.

Kawarau G.M. Co. —Buy Gs sd, sel 6s 6d. Waihi—Buy 22s 9d, eel 23s 6d. Waihi Grand Junction—Buy 9d. Mount Lyell—Buy 25s 3d, eel 25a 9d. Kawarau High Levels—Sel 5s prem. St. Bathana— Buy Us prem, eel 12s 3d prem. Golden Chance—Buy Is disc. Natural Bridge—Buy par, sel Gd prem. Blacks G.M. Co.—Buy 4s 3d prem, sel 5s prem. WAR BOiNDS. 4ft per cent. Bonds, 1930—Buy £96 ss. 4ft per cent. Bonds, 1938—Buy £96 2s Gd. 4ft per cent. Bonds, 1939 —Buy £96 2s 6d. sft per cent. Soldiers’ Bonds, 1933—8uy £99 ss, scl £IOO. 4ft per cent. Inscribed, 1938—Buy £96. 4ft per cent. Inscribed, 1939 —Buy £96. sft per cent. Soldiers’ Inscribed, 1933—8uy £99 2s Gd, sel £IOO. 5 per cent. Postal Bonds, 1927 —Buy £97. NORTHERN EXCHANGES. The following business was done oft ’Changes on Friday: Auckland.—Sales: New Zealand Government War Loan (1938), £96 5s (three sales);

New Zealand Breweries' Debentures, -25 s (two sales!; National Insurances, 79s 6d; New Zealand Insurance, 38s (two sales); Auckland Gas, 22s lOd (two sales); Gisborne Gas, 12s Id; Colonial Sugar, £53 ss; Dominion Pictures, 19s; Gear Meat, 39s 9d ; New Zealand Breweries, 81s; Manning breweries, 395; Taranaki Oil, 17s, 17s 5d (two sales : Kawarau, Gs 7d; New Waiotahi (cont.), Gd. Whll.rgtcn —Sales Ntw Zealand Breweries (debs.), 255; Ward and Co., 81s Gd.

Christchurch.—Sales reported: National Bank of New Zealand, £6 16s Gd; New Zealand Government 5i per cent. Inscribed (1933), £99 Ids; Bank of New South Wales, £4l 10s (two sales); New Zealand Refrigerating (pd.), 17s Gd; Ward’s Brewery, 81s, 82s; Staples's Brewery, 43s (two sales); Electrolytic Zinc (pref.), 32s 9d. Sales; Golds* brought, Mort (cum div.), 47s 6d; Union Bank, £l4 19s; New Zealand Refrigerating /out). 7s lid; Manning's Brewery, t'ls, 41s; Staples's Brewery, 13s (two sales), 42s 10d.