MINING.

Otago Witness, Issue 3773, 6 July 1926, Page 56

MINING.

THE WEEK’S NEWS. The electrical equipment for the Molyneux Electric Company’s dredge', one and a-half miles below Alexandra, has arrived, and the work of erecting it will be commenced immediately? Mr R. T. Stewart has returned for a few days from Okarito, where he has been prospecting for the Gold Development Corporation. He put down 20 bores, the earliest attempts assaying about 7d per cubic yard and the last three or four 2s 9d per cubic yard. The New River Company s new dredge Kaikoura was formally inaugurated on Friday at Dunganville by Mr P. N. Kingswell, managing director, in the presence of the directors and numerous visitors. TTie dredge is the second largest m the Dominion, resembling the American dredge near Hokitika. It ha 9 a field of 315 acres in extent for its operations in fairly easy ground to work. The power for the dredge is supplied from the Grey Power Hoard’s steam ger>- ting station at Dobson, there being over 20 miles of electric line. Mr Kingßwell stated that it was proposed to place a larger dredge on the Moonlight field, near Blackball. THE KAWARAU SCHEME. A party of several local shareholders interested in claims on the KaWarau, includduding a number of company directors, paid a visit to the dam at the lakes a few days ago, (says the Cromwell Argus). They appeared to be satisfied with the progress made. The opinion of the party is that the work will not be finally completed until some time in August. At the time of the visit work was proceeding at the foundation for piers six and seven, at a depth of some 26 feet, divers being busy at work. The coffer dam in conorote at the back of the site is complete. On the lake side the boxing for the concrete in the coffer dam wa9 erected for three parts of the length, and it was ihe opinion of r.h« engineers that the dam would be completed and the water pumped out in about ten days after the visit. The most important announcement from the visit is that it is the opinion of the men at the site that when the coffer dam is completed above lake level it will be quit possible, by use of the already completed gates, to shut off the lake for a trial for a few days at least—in fact it is stated that recommendations have been made to that end. It would be a distinct advantage if this could b 9 done. Many companies have wisely deferred making any definite arrangements in the way of plant until they have an opportunity of knowing the actual effect of closing the gates, and viewing their areas when the water is reduced. The winter season is steadily advancing, and if the water could be held back for only a day or two, it would enable the companies to be prepared for active operations when the dam is finally completed. DUNEDIN STOCK EXCHANGE, Friday afternoon. A firm tone is still maintained in banking shares on Dnnedin Stock Exchange. Australasias are wanted at £l4 6e, but there are no sellers. Bank of New Zealands are •lightly weaker, buyers offering 62s 3d compared with 62s 6d at the end of last week. National Bank of New .Zealands have a buyer at £6 10s (an improvement of 6d), sellers’ quotation leaving a margin of Is 6d. National Bank of Australasias and Union Banks are both wanted at improved prices. New Zealand Breweries are much weaker. The inqniry at present is 56s 3d, and sellers are willing to take 57s 9d. Both debentures and stock are on offer at 26s 6d. AH insurance shares are in good demand. Nationals have a buyer at 79s 9d, but sellers are reticent. The offer for New Zealands is 41s 6d and for South British 60s 6d. Standards have not changed, buyers’ quotation still standing at 595. New Zealand Coal and Oils have a buyer at Is 3d. Weatports are on offer at 37s without inquiry. Only 3d separated the quotations for Goldsbrough. Morts to-day, buyers’ quotation being 47s Bd. National Mortgages are ex dividend, sobers asking 745. New Zealand Refrigeratings have increased in value. Paid-up shares are in demand at 17s lOd, sailers asking as much as 18s 9d. Contributing shares sra wanted at 8s 9d, the sailing quotation leaving a margin of 4d. There is no inquiry for Dominion Rubbers. Sellers want 645. Kaiapoi Woollens are quietor. All issues of New Zealand Drugs continue to improve. The £9 paid up shares Lave a buyer at 88s 6d, and inquiry is mads for tha new paid up shares at 645. An offer of 14s 9d cannot attraot a sailer of the contributing issue. Both issues of Malay Bobbers have buyers at 465. Pspsr Mills are not in demand, and Taranaki Oils ars A little weaker, with a buyer at 19s 9d.

Kawaraue, which changed hands at 7s oo at the end of last week improved to 7s 6d, and then to 7e 7d. The present inquiry is 7s 6d, sellers asking 7a Bd. Mount Lyells are quieter. Buyers will not give more than 25s 2d. A seller of the A issue of St. Bathans will take 9e discount. Molyneux Electrics have changed hands at 21s 6d > and 2le Saturday noon. Business was quiet on the Dunedin Stock Exchange on Saturday morning. No eales were recorded. There was no reported business. There has been little change in the prices of Government Stock. June 28—Sales: National Electric, 19s 6d (three). June 29.—Sales: National Electric, 19s 6d (cum div.); Kawarau, 7s 6d; Goldsbrough, Mort, 48s; Nokomai Hydraulic, 10s 6d. June 30.—Sales Kawarau, 7s 7d: Molyneux Electric, 21s 6d. Sale reported: Nokomai Hydraulic (cum rights), 10s 6d July I.—Sale: Molyneux Electric, 21s. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australasia—Buy £l4 5s Bank of N.S. Wales—Buy £44 15s, eel £45 7s 6d. of New Zealand—Buy 62s 3d, eel 62t0 Commercial National Bank—Buy £6 19s, sel £7. National Bank of Australasia—Buy £l7 18s. National Bank of Aust. (cont.)—Buy £9. Union Bank—Buy £ls 7s 6d, sel £ls 12s 6d. BREWERIES. N.Z. Breweries (Ltd.)—Sel 58s. N.Z. Breweries (Ltd.), Debs. —Sel 26s 6d INSURANCE. National Insurance Co.—Buy 79s 9d. N.Z. Insurance Co.—Buy 41s 9d. South British Insurance Co—Buy 60s Gd. SHIPPING. Huddart, Parker (ord.)—Buy 44s 3d. P. and 0. Deferred Stock—Buy £240, sel £255. U.S.S. Co. (pief.)—Buy 20s Id. COAL. N.Z. Coal and Oil—Buy Is Id. Taupiri Coal (ord.)—Buy 19s. Westport Coal Co.—Sel 86s 9d. LOAN AND AGENCY. Goldsbrough, Mort—Buy 47s Gd, sel 48s. National Mortgage (ex div.) —Buy 71s, sc) 74s 3d. N.Z and River Plate—Buy 21s. Perpetual Trustees —Buy 525. Wright, Stephenson MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 17s 9d. N.Z. Refrigerating (cont.)—Buy 8s 9d. MISCELLANEOUS. Brown, Ewing (ord.)—Buy 325. Brown, Ewing (pref.)—Buy 20s Gd. Bruce Woollen Co. —Buy 235. D.I.C. (ord.)—Buy 7s prem.’ D.I.C. (pref.)—Buy 20s 9d. Dominion Rubber—Sel 545. Crystal Ice Co. —Sel 22s 6d. Dunedin-Kaikorai Trams—Buy 335. Dun. Stock Exch. Propty.—Buy 755. Eclipse Petrol—Buy 7e 6d, sel 13s. Kaiapoi Woollen (ord.) —Sel 14s 3d. Kaiapoi Woollen (cont.)—Buy 3s 9d, sel 4* 9d. • Kaiapoi Woollen (pref.)—Buy 13s. Milburn Lime and Cement—Sel 335. National Electric (ex div.)—Sel 19s. N.Z. Drug Co.—Buy 69s 6d, sel 71s 6d. N.Z. Drug Co. (new issue)—Buy 645. N.Z. Drug Co. (cont.)—Buy 14s prem. N.Z. Express (ord.)—Buy 21s 6d. N.Z. Express (pref.)—Buy 17s. N.Z. Guarantee Corp.—Buy 9s 9d. N.Z. Hardware (ord.) —Buy 11s 3d, sel 12s Gd. Otago Daily Times—Buy 84s. Taranaki Oil—Buy 12s 9d. Wilsons (N.Z.) Cement—Sel 34s 3d. MINING. Waibi— Buy 18e, eel 18s 9d. Electrolytic Zinc (pref.)—Sel 36s 3d. Kawarau High Levels—Buy 7s 7d, eel 7s 9d. Natural Bridge—Buy 3d disc. Molyneux Electric—Buy 90s 6d, sel 21s 6d. WAR BONDS. 4J per cent. Bonds, 1930—Buy £96 17s 6d. 4J per cent. Bonds, 1938—Buy £96 7s 6d. 51 per cent. Soldiers’ Bonds, 1933—8uy £99 10s. 41 per cent. Inscribed, 1938—Buy £96 12s 6d. 51 per cent. Soldiers’ Inscribed, 1933 Buy £39 10b. 5 per cent. Postal Bonds, 1927—8uy £9B 7s 6d. NORTHERN EXCHANGES. The following business was done during the week: Tuesday. Auckland.—Sales: National Bank of New Zealand, £6 19s; Bank of New Zealand, 62s 9d; Auckland Gas (cont.), lls 7d; Huddart, Parker, 44s 9d; Sanford (Ltd.), 235; Alburnia, 4s 6d; Kawarau, 7s 6d; Lucky Shot (cont,). Is 2d; Ohinemuri, 6s. Wellington.—Sales reported: New Zealand Breweries’ Bonds, £1 6a 3d; Bank of New Zealand, £3 2s 9d; Union Bank of Australia, £ls 10s; Burns, Philp. £1 16s 6d. Christchurch.—Sales reported: Electrolytic Zinc (pref.), 3Cs; National Bank of New Zealand (cum div.), £6 19s 6d, £6 19s 9d, £7 (four parcels); Waihi, 18a 9d: Western Australian Bank, 57s lid; Goldsbrough, Mort, 47s Gd. Sales: Bank of New Zealand, 62a 9d (four parcels); National Bank of New Zealand (cum div.), £6 19s 9d; Dalgety and Co., £ls 18s; Bank of Victoria, £8 15s, Electrolytic Zinc (pref.), 36s Id (three pareels), 35s lid. Wednesday. Auckland.—Sales: Inscribed Stock (1938), £96 15s; Goldsbrough, Mort, 47s 6d; Auckland Gas, 23s lid; Huddart, Parker, 45s 3d; Milne and Choyce (debenture stock), 25s 6d; Sanford (ord.), 23s 9d; Alburnia, 4s 7d. Moanataiari, 2s; Kawarau, 7e 6d, 7s 7d. Wellington.—Sales reported: New Zealand Loans 4$ per cent. Inscribed Stock (1938), £96 15s; 5J per cent. Inscribed Stock (1936), £99 7s 6d; Staples and Co. Brewery, £1 18s 3d; Kawarau, 7s 6d. Sale: Bank of New Zealand, £3 2s 9d. Christchurch .-r Sales reported: National Bank of New Zealand (cum div.), £6 19s 9d, £6 19s 6d, £7; Queensland Insurance, 58s; Henry Jones Co-op., 475. Sales: Bank of New Zealand, (>2s 8d; New Zealand Refrigerating (£1 paid), 17s 6d* New Zealand Refrigerating (10s paid)' 8s 9d. Thursday. Auckland.—Bank of New Zealand, 62s 2d, 62s 3d; South British, 61s 6d; Goldsbrough, Mort, 47s 8d; Auckland Gas, 93s ad: Auckland Gas (oont.), lls 7d; Sanford, Ltd. (ex div.), 28s 6d; Wilsons Cement, 84s; Lucky Shot (cont.), )• 4d. Wellington.—Sale reported: Bank of New Zealand, £3 2s 9d. Sale: Broken Hill South, £8 16s 6d. f , Christchurch.—Sales reported National Insurance, 90s 8d; Gddsttough, M4rt., 47s

6d. Sales: Commercial Bank of Australia (pref.), £7; Bank of New Zealand, 62s 6d; Bank of Victoria (ord.), £8 14s 6d; British Tobaooo (ex div.), 53s 6d. Friday. Auckland. —Sales: National Bank of New Zealand, £6 19s 6d; South British, 61s 6d; Goldsbrough, Mort, 47s 6d; Auckland Gas, 238 9d, (con.) lls 7d ; Kauri Timber, 33s 3d ; Milner and Choyce (debenture stock), 25s Gd; Wilsons Cement, 33s lOd ; Alburnia, 4s 6d ; Kawarau, 7s 7d; Hinemuri, 5s 9d; Waihi, 18s 6d. Wellington.—Sales reported : 44 Inscribed Stock (1939), £96 15s; Wellington Woollen. £6 108. Christchurch.—Sale reported : Goldsbrough, Mort, 47s Gd. Sales: Commercial Bank of Aust. (pref.), £7 ; New Zealand Refrigerating (cont.), 8s lOd; Waihi, 18s 6d. Saturday. Wellington.—Sale: Wilsons Cement, £1 14s 3d. Christchurch.—Sales reported: Bank of Australasia, £l4 10s; Goldsbrough, Moit, 47s 6d (four parcels); Burns, Philp, 86s 9d; Waihi, 18s 9d, 18s 6d. Sales: New Zealand Government 4§ per cent. Bonds (1930), £97 12s 6d ; E.S. and A. Bank, £8 4s; Dalgety and Co.. £l6; New Zealand Breweries, 58s; British Tobacco, 52s Gd.