MINING.

Otago Witness, Issue 3755, 2 March 1926, Page 58

MINING.

THE WEEK’S NEWS.

Encouraging reports are being received with regard to a revival of the scheelite industry at the head of the Lake. Mr George Reid, manager of the Glenorchy Scheelite Mining Company, informed a representative of the Lake Wakatip Mail recently that the price of tungsten has been steadily advancing, and has almost reached a figure that will enable the company to work its mines profitably. This is indeed very encouraging news. THE KAWARAU SCHEME. CLAIM-HOLDERS' INTERESTS. The operations of the Kawarau Gold-min-ing Company were reviewed on the 18th ult. by Mr E. E. Grfimwade at a meeting of shareholders, of various subsidiary companies, held in the Chamber uf Commerce (reports the New Zealand Herald). When the amalgamation of a number of subsidiary companies was set in motion Mr Grimwade was asked to visit the Kawarau district and ascertain how the construction of the dam was proceeding and generally inquire into the whore scheme. Although the construction of the dam has taken lonrsr than was anticipated by the parent company, Mr Grimwade was able to report that completion was in sight. The engineers, he said, were of opinion that the dam would be completed by next May, and he himself suggested June. Thus there would bo perhaps two months during the low-level period in which claimholders would be able to investigate and fossick 12ft of the banks of their claims when the gates of the dam could be closed. The amalgamated company, he reported, would be registered in a month’s time. It would embrace 51 claims, scattered along the river, some in gorges, some in less-steep portions of tho waterway, and some with beaches. This number, he indicated, would give the company the resources necessary to employ the best engineering skill and provide the necessary plant. Its first operations might be carried out in the oldfashioned manner. Perhaps 100 fosslckers could be employed. Although the original estimate of the cost of the dam had been £30,000 to £40,000, the expenditure to October had been £69,000, but the parent company had the funds to finish the job. The sum of £BSOO had been spent in purchasing mining rights and on survey In the Shotover Gorge. It was realised that to develop the Kawarau claims fully the damming of the Shotover mlgtyt be necessary, and the parent company had taken precautions against such an undertaking. It was prepared to return this sum to the claimholders If they so desired. Mr Grimwade said that recently a miner working the bank of one of the claims had found a nugget weighing s£oz. He reminded the shareholders that the low-level winter period was when most of the goldwinning would be done, the period of snow and ice on the mountains, when it would be possible to close the gates of the dam and impound the water in Lake Wakatipu, and when, for the same reason, the volume of tributaries—the Shotover, Arrow, Gentle Annie, and Roaring Meg—was small. It was the hope of the provisional directors of the amalgamated company that with their extended financial resources means might be devised of working favourable places all the year round.

BLUE SPUE ENTERPRISE: The recent break in the weather has not §»ven much additional water to some of le mining claims in the district. Though some had recommenced work after a period of closing down, their run is not likely to long unless some heavy rain falls soon. The most interesting event in mining circles for a considerable time took place last week at Blue Spur, when the amalgamated companies fired one of the largest “shots’* that has been discharged in this area for many years. The company is concentrating its energies on the “boundary block ’ that has existed between the Blue Spur and Lawrence claims, and to facilitate and hasten the working of this particular portion of ground put half a ton of Reunite into its base, exploding it by elecloosened and scattered, and it will not be loosened and srattered, and it will not be long before the company will be able to work the lower strata of cement where it is supposed the greater amount of gold exists.

ACTIVITY AT CROMWELL. CROMWELL, February 23. The reoent mild activity in mining has extended to another former very rich field, which for years haa lain dormant. Yesterday a well-known miner pegged off an area at Quartz Reef Point and intends to commence work immediately the necessary grant is mads. The applicant was one of a party which worked veiy rich ground there some years ago. Two other local parties are still carrying •n operations, but nothing definite is known

fet. The Corniah Point Syndicate is in•tailing a fairly powerful pumping plant, which seems capable of handling any inflow of water. TARANAKI OILFIELDS. NEW PLYMOUTH, February 26. The Taranaki Oilfields Company reports that the Tarata bore has been drilled to 4485 ft, and shows no change. The Moturoa bore has been drilled to 4086 ft and also shows no change. On the East Coast road construction work the clearing of the site and the erection of the camp are in progress. PROGRESS AT KAWARAU. The following report has been supplied by the Kawarau Gold-mining Company in respect of the work going on at the Kawarau dam:— With a view to speeding up the wo*k of placing No. 10 pier a second diver commenced last week, and as a consequence the concrete coffer-dams required at this pier are now well advanced towards completion. The following is the Resident Engineer’s report for period ending February 8, 1926: — “The lake level, which was sft lOin on the gauge on the 19th ult., rose to 6ft Bin for a few days from 25th ult., but has again dropped to sft 9in on the gauge. The construction work on pier No. 10 is under way. The down-stream cutwater has been built, and the arched concrete cofferdam between piers 10 and 11 built. The diver is cleaning up the bottom and placing timbering, etc., for the pouring of the up-stream concrete coffer-dam and up-stream cutwater of pier 10. It is expected that concreting on this latter work will be commenced tomorrow. The preparation work for blocking the middle channel is under way, the necessary gum-poles, etc., being transported to the site. Bags are being filled In advance, and everything is being got ready so that the actual diverting can be gone on with as soon as pier 10 foundations are completed. Gate No. 8 has been completed, and tho overhead lifting gear is now being fitted in position. The steel girders for bridge span 8 to 9 have all been placed in position, and the winch shaft for lifting the gate is being fitted. The girders for span 9 to 10 are ready to launch out as soon as pier 10 is completed."

ST. BATHANS GOLD MINING COMPANY. The secretary of the St. Bathans Gold Mining Company has received the following telegraphed report from the mine:—“Drive in 44ft, ground dry and hard; expect to cut the lead in Bft.” DUNEDIN STOCK EXCHANGE. Friday afternoon. Kawaraus have been more active on the Dunedin Stock Exchange during the past week, but have dropped considerably in price. At the end of last week sales were effected -at 6s 9d, and on Thursday there were transactions at 6s Bd, 6s 7d, and 6s 6d. To-day, however, they weakened to 6s, at which price three parcels found buyers Further inquiry at the same price failed to attract a seller lower than 6s 2d. Dominion Rubbers have brightened during the last day or two, though there has been little turnover. To-day one lot changed hands at 51s 6d, Bank of New Zealands have made a further improvement. Sales have been made at 58s 6d, and 58s 9d is now being offered. Sellers are standing firm at 595. There has not been a very wide margin between buyers and sellers of Nationals, but there has been no resulting business. Union Banks have a margin of 2s, buyers offering £l4 16s. New Zealand Breweries changed hands early in the week at 57s 9d. Only 57s is now offering, however, and sellers are asking 58s 3d. Debentures are a little weaker. To-day’s quotations were 25s 6d and 25s lid. Staples’s shares have been in consistent demand at 37s 6d, with sellers at 38s 6d.

The inquiry for National Insurances is back to 77s 3d, with sellers at 78s 6d. Huddart, Parker ordinary shares are wanted at 465, with sellers 6d away. Union Steams are on offer at 20s Id. Buyers have quoted at 19s 9d. New Zealand Refrigerating shares have made a big jump in price. The paids are now in demand at 19s 3d, compared with 17s 9d a week ago, and 19s 9d is being asked by sellers. The contributing issue has buyers at 9s 3d and sellers at 9s sd. D. 1.0. ordinary shares, which are wanted at 6s 6d premium, cannot be obtained at less than 7e 6d. There have been one or two transactions in Mosgiel Woollens at £6, and sellers are now asking £6 Is. There is now very little inquiry for Wilsons Cements. Sellers want 38s 3d. The only mining stock, apart from Kawa* raus, in which there bas been much activity is St. Batkans. After sales at 3s 6d premium, the price rose to 4s, but is now back to 3s 9d. Government Stock is practically unchanged. Saturday noon. The Dunedin Stock Exchange was fairly quiet this morning, only two sales—a parcel of Kawaraus at 6s and another of per cent. Soldiers’ Inscribed Stock at £99 12s 6d —being effected. Business was reported in Mount Ida at 21s 3d. February 22.—Sales: Bank of New Zealand, 58s (two sales); St. Bathans G. M. Co., 3s 9d prem; Goldsbrough, Mort, 47a. February 27. —Sales: Mosgiel Woollen, £6, St. Bathans, 3s 6d prem., 4s prem. (two sales); New Zealand Paper Mills, 216; New Zealand Breweries, 57a 9a; Mount Lyell, 25s 7d, 25s 6d; Blacks G.M. Co., par. Sales reported.—National Electric, 19s 6d; New Zealand Breweries, 58s; Bank of New Zealand, 58s 6d;' Westport Coal, 345. February 24—Salts: Mosgiel Woollen, £6; Kawarau, 6s 6d (two sales). February 25.—Sales: Kawarau, 6s Bd, 6s 7d (two sales), 6s 6d (three sales). Sale reported: Mosgiel Woollen, £6. February 26.—Sales: Dominion Rubber, 51s 6d; Kawarau, 6s (three sales); St. Bathans, 3s 9d prem. (two sales). February 27.—Sales: Kawarau, 6s; 5J per cent. Soldiers’ Inscribed (1933), £99 12s 6d. Sale reported: Munt Ida, 21s 3d. The following are Saturday morning's buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of New Zealand—Buy 58s 9d, sel 595. Commercial Bank—Sel 32* National Bank—Buy £6 14s 6d, sel £6 15s. Union Bank—Sel £l4 19s. BREWERIES. Manning and Co.—Sel 435. N.Z. Breweries (Ltd.)—Buy 575. eel 58s. N.Z. Breweries (Ltd.), Debs.—Buy 25s 6d, eel 25s lid. Staples.—Buy 37a 6d. INSURANCE. National Insurance Co.— Buy 77s 3d, eel 78e 6d. N.Z. Ineuiance Co.— Buy 37e, sel 37s 9d. Standard Insurance Co.—Buy 60s. SHIPPING. Huddart, Parker (crd.)—Buy 45s 9d, eel 46a Huddart, Parker (pref.)—Buy 90s Od. P. and O. Deferred Stook— Sel <250. U.B.S. Co. (pref.)—Buy 19a 9d, ael 20a Id.

COAL. N.Z. Coal and Oil—Sel 2s 6d. Westport Coal Co.—Buy 335, eel 31s. Westport-Stocktou (ord.)— Sel 3s. Westport-Stockton (prof.)—Sel 3e 9d. LOAN AND AGENCY. Dalgety and Co.—Sel £l6. Goldsbrough, Mort—Buy 46s 9d, eel 47s 6d. National Mortgage—Sel 78s. N.Z. Loan and M. (ord.)—Buy £93. N.Z. and River Plate—Buy 21s. Perpetual Trustees—Buy 50a. Trustees, Ex. and Agency—Sel 61s. Wright, Stephenson (ord.)—Buy 27s 6d. MEAT PRESERVING. Canterbury Meat—Buy £lO 10a, eel £l2 10s. Gear Meat Co.—Sel 41s. N.Z. Refrigerating (pd.)—Buy 19s sel 19s 9d. N.Z. Refrigerating (cont.)— Buy 9s 3d, sel 9s 7d. MISCELLANEOUS. Brown, Ewing (pref.)—Buy 20s 3d, sel 20s 9d. Bruce Woollen Co.—Buy 21s 6d, sel 235. Colonial Sugar—Sel £54. D.I.C. (ord.)—Buy 63 6d prem. D. 1.0. (pref.)—Buy 20s 3d. Dominion Rubber—Buy 51s, sel 5“25. Donaghy’s Rope and Twine—Buy 345. Crystal Ice Co.—Buy 21s 9d, sel 265. Punedin-Kaikorai Trams—Buy 295. Dun. Stock Exch. Propty.—Buy 765. Kaiapoi Woollen (ord.)—Buy 9s 9d. Milburn Lime and Cement —F»uy 335. Mosgiel Woollen Co.—Sel £6 Is. M‘Leod Bros. Scap—Buy £22 10s. National Electric—Sel 19a 9d. N.Z. Drug Co.—Sel 68s. N.Z. Drug Co (paid)—Buy 58s. N.Z. Drug Co. (cont.)—Buy 8s 3d. N.Z. Express (ord.)—Buy 21s 9d. N.Z. Express (pref.)—Buy 17a. N.Z. Hardware (ord.)—Buy 11s. N.Z. Milk Products—Buy 31s. N.Z. Paper Mills (ord.) —Buy 20e 9d, sel 21s 6d. N.Z. Sugar of Milk—Buy 24s 6d, sel 28a. Otago Daily Times—Buy 795. Smith and Smith (pref.)—Sel 19a 3d. Taranaki Oil —Buy 6s 6d. Wilsons (N.Z.) Cement —Sel 38s 3d. Petrol Economiser—Sel 15s. MINING. Kawarau G.M. Co.—Buy 6s, sel 6s 2d. Waihi—Buy 22s 9d. Electrolytio Zinc (pref.)—Buy 365, eel 375. Electrolytic Zinc (ord.) —Buy 365, sel 36s 4d. Mount Lyell—Buy 25s 3d, sel 25s 7d. Kawarau High Levels—Sel 2s 6d prem. St. Bathans—Buy 3s, sel 3s 9d. Natural Bridge—Sel 6d disc. WAR BONDS. 4£ per cent. Bonds, 1930 —Buy £96 15s. 4£ per cent. Bonds, 1938—Sel £96 ss. 4£ per cent. Bonds, 1939 —Sel £96 7s 6d. per cent. Soldiers’ Bonds, 1933—8uy £99 10s. 4£ per cent. Inscribed, 1938 —Sel £96 ss. 4J per cent. Inscribed, 1939—5 el £96 7s 6d. 5i per cent. Soldiers’ Inscribed, 1933 —Buy £99“ 10s, sel £99 12s 6d. 5 per cent. Postal Bonds, 1927—8uy £9B ss.

NORTHERN EXCHANGES. The following business was done on 'Changes on Friday: Auckland.—Sales: Soldiers’ Bonds (1933), £99 12s 6d; National Bank of New Zealand, £6 15s; Bank of New South Wales, £44 2s 6d; Union Bank of Australia, £l4 18s; Milne and Choyce Debenture Stock, 25s (two sales); Wahi, 235. Wellington—Sales: Bank of Australasia, £l4 6s Gd; Kawarau, 6s Gd; Staples and Co., £1 18s. Christchurch.—Sales reported: National Bank of New Zealand, £6 15s; Western Australian Bank, 555; New Zealand Refrigerating (cont.), 9s 3d (seven parcels); Burns, Philp, 38s 6d. Sales: New Zealand Refri-gerating-(cont.), 9s 3d, 9s 2d (two parcels).