MINING.

Otago Witness, Issue 3782, 7 September 1926, Page 34

MINING.

THE WEEK'S NEWS. The oil bore in Mangles Valley, near Murchison, has been driven to a depth of 600 ft, and hard going is reported (says the Nelson Mail). Results are not expected before a depth of about 1500 ft it reached. It is understood that a diamond drill ixpert has arrived in Waihi to take charge of the big new drill now on its way out to New Zealand. The drill, which is capable of boring i.oles to a length of 1500 ft, will be used in connection with the exploratory work to be carried out by the Waihi Gold Mining Company on the Grand Junction property. WAIHI COMPANY. The following information has been tabled to London by the Waihi Goldmining concerning the operations at the mine:—No. 8 level. North leader: In the drive east the next 21ft assays 15s 6d w ton. The lode is about 3aft wide. . No. 10 level, Shark north-west crosscut: Commencing at 382 ft, the next 3ft is a mixture of quartz and country assaying 6d a ton. No. 14 level. Royal lode: Tn the drive west of the Dunlop crosscut the next 27ft assavs 16s 6d a ton. Edward lode: In the drive south the next 25ft assays 26s 9d a ton. ST. BATHANS COMPANY. As the winter is now sufficiently far advanced the directors of the St.’ Bathans Gold Mining Co. have recommenced operations at the mine. The first work will consist of sluicing out the overlying material to bare the goldbearing wash with a view to sinking an inclined shaft down on the lead itself. It is anticipated that the lead will be bared within three weeks from the commencement of operations. ALEXANDRA DEEP LEAD COMPANY. The Alexandra Deep Lead Company recommenced operations on August 27, tha pump and motor unit having been overhauled and reinstalled (states the Alexandra Herald). This rig has been altered from direct to chain drive, and is geared considerably lower. A jet has been added to keep he main bearing cool and clear of sand, which previously cut the bearing out. The claim is being lowered about 10ft. the spoil being trucked out. When this is completed a drive will be started. At present tw T o shifts are being worked until midnight, when the power is cut off. The manager (Mr Hamer) expects to have the claim opened out and the drive begun in a fortnight’s time. NOKOMAI SLUICING COMPANY. At the meeting of the Nokomai Sluicing Company (Ltd.) on Friday the following report of the directors was carried:— “The total number of shares allotted is 24,946, of which 10,141 are allotted as fully paid-up shares, being 7981 fully paid-up shares to the shareholders of the Nokomai Hydraulic Sluicing Company, Ltd., in consideration of their interests In that company, and 2100 fully paid-up shares to the boring party. Upon each of the 14,805 remaining shares the sum of 5s has been paid in cash. The receipts up to August 16 were £3551 7s 0d for the allotment of 14,805 contributing shares, and the expenditure was £324 13s for the construction of the No. 1 race extension. The preliminary expenses of the company are estimated at £70.” NEW WAIOTAHI MINE. The drive hillward on the WaiotaliiCambria Reef has been advanced 10ft, making the total distance from the crosscut 169 ft. In the face is a band of blue pug lying on what will probably prove to be the hanging wall of the reef. The country rock on the other side has changed to a mild blue andesite, and is favourable for gold. The drive from the winze sunk between the Waiotahi-Cambria Reef and the footwall leader has been driven seaward 6ft for the week. The face is now vertically under the point where gold was got In the level, but, so far, no quartz has been seen. Driving seaward will therefore be continued as the dip has probably carried it in that direction. The country rock is a mild blue andesite carrying seams of the fine grained iron pyrites promising for gold.

DUNEDIN STOCK EXCHANGE. Friday Afternoon. Years have passed since the Dunedin Stock Exchange waa aa busy as it has been during the past week, Kawaraus, of course being responsible for the great activity. Though •her* were numerous sales during the precious week there was not the same interest underlying the business aa during tha last

few daye. On Saturday there were transactions at 5s lid and 5s 10d, but the success ful closing of the dam gates on Monday brought about an increase in the price. Business began at 6a 6d but the final eala waa effected at Ca Id. Tuesday brought exceptional activity. The eharea immediately dropped in price to 5a 9d, but during the day the stock weakened by 6d, the final '7 of the 39 sales during the day being made at 5 1 3d. A somewhat senaational drop in the value of the shares occurred on Wednesday when business bsgan at 2s 3d, six lots being turned over at that price. The price afterwards firjned by Id. Yesterday the shares improved, and there were transactions at 2s 9d and 3s, and finally at 2a lOd To-day the stock weakened again. The price in the morning was 2s 7d and in the afternoon 2s 6d. Further shares were avail able at 2s 6d when the stock was cloeed There were 89 transactions during the week Bank of New Zealands have been turned over at 61s, which is the present offer. Commercials have improved, buyers offering 325. National Bank of iNew Zealands have also firmed, buyers’ quotation of £6 17e at trading a seller at £7 3s. E.S. and A’s are wanted at £6 3a and Unions at £ls, an im provement of Is in each case. New Zealand Breweries shares are on offer at 545, but there are no immediate buyers. Staples are inquired for at 375, and a sale of debentures was effected at 25s 3d during the week. National Insurances have continued to improve, and following a reported sale at 81s to-day, there were two transactions at 81s 6d. Further inquiry at that price failed to attract a seller Huddart, Parker ords are better than last week, the present inquiry being 48s 9d. There is no seller below 60s. P. and O. Deferred Stock is wanted at £238. Westport-Stockton ords are firmer. Ords are wanted at 2s and prefs at 2s lid. The paid-up issue of New Zealand Refn geiatings has not altered in value, but contributing shares have weakened. TEe quotations are 6s (buyer) and 6e 5d (seller). Kaiapoi Woollens (pref.) are wanted at l4s. All issues of New Zealand Drugs have improved. The £2 paid-up issue is wanted at 73s 9d. St. Bathans shares have improved with the news that operations at the mine have, recommenced. Business has been done »t up to 2s 3d premium. Inquiry was made last Friday at 2e 6d discount. Ths shares are still wantea at 2s 3d prem. Shares in the smaller mining concerns have weakened with Kawaraus. Saturday noon. There was a certain amount of activity in mining stock on the Dunedin Stock Exchange on Saturday. Kawaraus were sold at 2s 3d and a parcel of St. Bathans (A issue) waß turned over at 2s 6d premium. New Era, Lady Ranfurly, Central Treasure, and Vogel’s Vision and several other mining lines were available at par. August 30.—Sales: Kewarau, 6s 6d. 6s sd, 6s 4d, 6s 3d (two), 6s 2d (two), 6s Id; New Zealand Paper Mills, 19e. Sale reported: Kawarua, 6s 4d. August 31.—Sales: Kawarau, 5s 9d (four), 5s 8d (six), 5s 7d (nine), 5s 6d (two), 5s 4d, 5s 3d (17); St. Bathans (A issue), par; of New Zealand, 61s; New Zealand -breweries Debentures, 25s 3d. Sale reported; Dalgety and Co., £l6. September I.—Sales: Kawarau, 2s 3d (six), 2s 4d (seven), 2s sd, 2s 4d (two); St. Bathans (A issue), Is 6cl (prem.) September 2—Sales: Kawarau, 2s 9d, 3s, 2a 9d (five), 2s lOd (four); Bank of New Zealand, 61s (two). September 3.—Sales: Kawarau, 2s "d (three), 2s 6d (10); \\ per cent. Bonds (1930), £97 ss; National Insurance, 81s 6d (two); St. Bathans (A issue), 2e 3d prem. Sale reoortaa: National Inusrance, 81s. September 4. —Sales: Kawarau, 2s 3d; St. Bathans (A issue), 2s 6d prem. Sals reported: St. Bathans (A issue), 2s Sd The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australasia —Buy £l4. Bank of New Zealand—Buy 61s, eel 61s 6d. Commercial Bank —Buy 325. sel 3‘2s 9d. National Bank—Buy £7 0s 6d, sel £7 ss. P. and O. Bank—Buy £9 15s. Union Bank—Buy £l4 19s. BREWERIES. Crown Brewery—Buy 18s. Manning and Co.—Buy 395. N.Z. Breweries (Ltd.)—Buy 625. N.Z. Breweries (Ltd.), Debs. —Sel 26s 9d. INSURANCE. National Insurance Co.—Buy 81s, sel 82s. Standard Insurance Co. —Sel 61e. SHIPPING. Burns Philp—Buy 355. Howard Smith—Buy 325. Huddart, Farker (ord.)—Buy 48s 6d. P. and 0. Deferred Stock—Buy £238. . U.S.S. Co. (pref.)—Sel 20s sd. COAL. Westport Coal Co. —Sel 36e 6d. LOAN AND AGENCY. Goldsbrough, Mort—Buy 48s 9d. N.Z. Loan and M. (ord.) —Sel £96. Perpetual Trustees—Buy 575. Wright, Stephenson (ord.)—Sel 265. Wright, Stephenson (pref.)—Sel 18s. MEAT PRESERVING. N.Z. Refrigerating (cont.)—Sel 6e 6d. MISCELLANEOUS. Brown, Ewing (ord.)—Buy 325. Brown, Ewing (pref.)—Buy 20s 9d. D.I.C. (ord.)—Buy 8e prem. D.I.C. (pref.)—Buy 21s Dominion Rubber—Sel 51e. Dun. Stock Exch. Propty.—Buy 765. Dunlop Rubber—Buy 29s 9d. Kaiapoi Woollen (ord.)—Buy 10s 6d, sel 12s 6d. Kaiapoi Woollen (cont.)—Buy Is 9d. Miiburn Lime and Cement—Sel 325. National Electric—Sel 19s 3d. N.Z. Drug Co.—Buy 73s 9d, eel 755. N.Z. Drug Co. (new)—Buy 69b. N.Z. Drug Co. (cont.) —Buy 19s prem. N.Z. Express (ord.)—Buy 21s 3d. N.Z. Express (pref.)—Buy 17« 6d. N.Z. Guarantee Corp.—Buy 9a 9d. N.Z. Hardware (ord.)—Buy 7s 6d. N.Z. Paper Mills (ord.)—Buy 18a 9d, t el 19s 6d. Wellington Woollen (ord.) —Buy £6 5«. Wellington Woollen (pref J—Buy £6 6s. Wbitcombe and Tombs—Buy 695. MINING. Kawarau G.M. Co.—Buy 2s, sel 2s 2d. Nokomai Sluicing Co. (cont.)—Buy 3s prem. Waihi—Buy 19s 9d. Electrolytic Zino (pref.)—Buy 86s 6d, sel 87s 6d. , „ Electrolytic Zinc (def. ord.)—Buy 85s. Mount Lysll—Buy 25s 9d, eel 26s Id. Kawarau High Levelfl—Sel par. Blackwater—Buy par. St. Bathans (A issue)—Buy Is 9d, sel 2s sd. St. Bathans (B issue)—Buy 2s 3d prem. Natural Bridge—Sel par. Blacks G.M. Oo.—Sel par. Mount Isa—Buy 17a Bd. New Era—Sel par. Lady Ranfurly—Sel par.

Central Treasure—Sal par. Vogel’s Vision —Sel par. WAR BONDS. 4) per cent. Bonde, 1938 Buy £96 7s 6d. 4$ per cent. Bonds, 1939 Buy £96 7s 6d. 6* per cent. Soldiers’ Bonds, 1933—8uy £99*loa. 4} per cent. Inscribed, 1938—Sel £96 15s. 5 per cent. Postal Bonds, 1927—8uy £93 15s. 5 per cent. Postal Inscribed, 1927—8uy £9B 15e. NORTHERN EXCHANGES. Thursday. Auckland. —Sales: War Loan (1938), 4J per cent., £96 12s 6d ; Bank of New Zealand, 61s; Colonial Sugar, £55 ss; New Zealand Farmers’ Fertiliser, 935; Kawarau, 2s 9d, 2s 10d, 2s Bd,' 2s 7d, 2s sd; Waihi Grand Junction, 2s 9d. WELLINGTON. —Sales : Kawarau. 2s Bd, 3s. Sale reported: Bank of New Zealand, £3 Is. Christchurch. —Sales reported : National Bank of New Zealand, £6 19s 6d; Union Bank of Australia, £ls Is; National Mortgage, 72s 6d ; Goldsbrough, Mort, 49s (two parcels); Holden’s Motor (cum div.), 455; Kawarau, 3s. Sales; New Zealand Government per cent. Inscribed (1938), £96 108; National Bank of New Zealand, £7 3s 6d; New Zealand Breweries, 545; Goldsbrough, Mort, 495; Whitcombe and Tombs, 70s 6d; St. Bathans, 2s prem. Friday. Auckland. —Sales: 4£ per cent. Bonds (1938), £96 los; 45 per cent. Bonds (1939), £96 15s; 4J per cent. Bonds (1927), £99 30s; 55 per cent. Soldiers’ Bonds (1933), £99 12s 6d ; Tamaki Road Board Debentures (5J per cent., 1959), £9B; Bank of New Zealand, 61s 3d; Auckland Gas, 23s 3d; Devonport Ferry (rights), 4s 9d; Farmers’ Fertiliser, 935; Moanatalari (cont.), 2s; Kawarau, 2s 6d, 2s sd; Ohinemuri, 6s 3d, 6s Id, 6s. Wellington.—Sale reported: 45 per cent. Inscribed Stock (1939), £96 12s 6d. Christchurch. —Sales reported: New Zealand Government 55 per cent. Inscribed. £100; New Zealand Breweries (bonds), 25s 3d; National Bank of New Zealand, £7 2s 6d; Union Bank, £ls Is; National Mortgage, 72s 6d; New Zealand Drug (cum div.), 748 6d ; Mason, Struthers (14s paid, ex div.), 15s 6d. Sales: Kawarau, 2s 3d (two parcels) ; Mount Lyell, 25s lid. Saturday.

Auckland. —War Loan (1938) £96 15s, (1939) £96 15s; National Bank of Australasia (cont.), £9 Os 6d; Bank of New Zealand, 61s; South British Insurance, 58s 6d; Moanataiari (cont.), 2s; Kawarau, 2s Id, 2s. Christchurch. —Sales reported : Union Bank of Aust., £ls Is; Western Australian Bank, 57s 6d; Kawarau, 2s 7d ; Goldsbrough, Mort, 495. Sales: Mount Lyell, 25s lid (three parcels).