MINING.

Otago Witness, Issue 3802, 25 January 1927, Page 34

MINING.

THE WEEICS NEWS. The secretary of Big Beach Gold Mining Co. (Ltd.) reports that the survey of the pipe line to the Sugar Loaf sluicing property -will be completed within a few days. The proposed line is considerably shorter than the line originally suggested, and will be capable of delivering an ample supply of water at the scene of operations. .Plans and specifications of the pipe line are being prepared, and immediately these are available a start will be made on constructional work. The Alexandra Deep Lead Company, which holds a claim on the banks of the Manuherikia River, is engaged at work cleaning out a paddock before commencing to put in a drive. This company since starting operations has been somewhat unfortunate on account of the stoppages for various reasons. Water is making freely, and the pump is being kept going night and day. A fair sample of gold has been obtained from a face of wash which is about 12ft deep.

ST. BATHANS GOLD MINING COMPANY.

The Secretary of the St. Bathans Gold Mining Company received the following telegraphed report from the mine manager on January 17: — During heavy rain on the evening of December 24, the pipeline where it crosses a gorge carried away, and before repairs were possible the mine workings were flooded. The last 10 chains of the pipeline have since been securely relaid, and the workings again unwatered and accumulated silt removed. No material damage was done to the shaft, and sinking was resumed yesterday. UPPER NEVIS DREDGE. Highly satisfactory reports come to hand from Uprer Nevis, where 20 men are now actively engaged in the work of assembling and re-erecting the dredge (reports our Cromwell correspondent). Included in the staff are six well-known and experienced dredgemasters. The foundation of the power house is completed, and the building is being erected. The site for the dredge, is also finished, and heavy beams are being placed in position. When the proposal to transport the material from Garston was first mooted, there were a few who ridiculed the idea, but any doubt has been removed. Messrs Hannan- and Rance have four lorries in commission, and have already transported 150 tons. Given fine weather, all the material will soon be at the site. The lorries negotiate the Garston Hill with full loads. The management is certainly adopting a policy of hustle. In the meantime the company’s elevating plant is steady at work. DUNEDIN STOCK EXCHANGE. Friday Afternoon. . The Dunedin Stock Exchange has got into its stride again, and the past week has seen an unusually large number of transactions. Among banking shares New South Wales have improved, and the present offer, £46 15s, is 5s better than last week. Bank of New Zealands are slightly stronger, and business at 59s has been reported. That price is offered at present, but sellers will not take less than 59s 6d. Commercials are wanted at 335, but there are no sellers at less than 33s 9d. The inquiry for Nationals is stronger by Is. Sellers, however, are reticent. Unions also share in the general improvement, and an offer of £l5 7s 6d, last week's selling quote, has not resulted in business. A transaction in National Insurances at 74s has been reported. New Zealands have also had a small turnover at 37s 6d. Buyers are now quoting at 37s 4d without encouragement from sellers. Inquiry for Standards has brightened to 575. Huddart, Parker ordinary shares are wanted at 475, and 20s 9d is offered for the preference issue. An odd parcel of P. and O. Deferred Stock has been sold at £245. At the fall of the hammer sellers asked £250 without a buying quote. .Union Steams are still in demand at 20s, with no seller at less than 20s sd. Westpprts are unaltered, buyers still offering 655. Goldsbrough, Morts have increased in value, buyers quoting at 49s 9d without reply. New Zealand Refrigeratings were strong at the end of last week, buyers offering 14s 9d for paid-up shares and 7s 5d for contributing. News of the non-payment of a dividend, however, brought about a sudden drop. The best offer for the paidup issue is now 12s 6d, and the contributing issue, in which there has been a fair amount of business at 6s, has buyers at £e lid.. Dominion Rubbers are wanted at an advance of la 6d on last week’s offer, but buyers’ quotation of 48e fed has failed to attract, a response at less than 50s 6d. Inquiry for Milburn Lime and Cements has improved from 23s 3d to 27a without business.

Rights, however, have had a large turnover, Starting at 2s, sales have been effected at up to ss, and that figure is still offered with a seller only a penny away. ■ 'Dhere is still no demand for. National Electrics, which are on offer at 17s 9d. Up to 70s can be obtained for New Zealand Drugs, of which there are no sellers at less than 71s 6d. Taranaki Oils show no movement either way. An improved offer of 34s 6d is made for Wilson’s Cements, of which there are no immediate sellers.

A gradual improvement has taken place in Kawaraus in which there" has been business at up to 3s lOd. They are still on the market at that price with no better offer than 3s Bd.

Electrolytic Zincs are quiet., Mount Lyells are wanted at an improvement of Is, the closing quotations' being 28s 3d (buyer), and 28s 8d (seller). Little interest has been shown in St. Bathans, for which the best offer recently has been 6s 6d discount. B’s are on offer at 4s discount.

Mount Isas have made a leap into prominence, buyers quoting at 32s 3d on Thursday. Among breweries Staples have improved, and business has been done at 39s 6d. The present offer is 395. The most recefft offers for N.Z. Breweries shares was 51s 6d. There has been some business in Government Stock. Both 1933 issues have been turned over at £lOl, and the same price can now be obtained.

Saturday, Noon. Business was done in Mount Isa’s this morning at 32s 3d, the market closing with buyers at 32s and sellers at 32s 6d. There was only 3d between buyers and sellers of Bank of New Zealands, which were offered at 59s 3d. Coal and Oils were offered at lOd without any response from buyers. A sale of Wilson’s Cement was reported at 355, and more were wanted at this figure. Milburn Lime and Cement Co. rights were wanted at ss, with sellers at 5s 3d. January 17.—Sales: Auckland Amusements Park (cont.), 6s 3d prem.; N.Z. Insurance. 37s 6d (two). Sales Reported: Milburn Lime and Cement Co. (rights), 2s, 2s Id. January 18. —Sales: Kawarau, 3s 8d (three).

Sales reported: Dunedin Stock Exchange Property 90s; Bank of New Zealand 595. January 19.—Sales: Milburn Lime and Cement Co. (rights), 2s 9d, 3s prem. Sales reported: Bank of New Zealand 595, Union Bank £l5 6s 3d, Westport Coal 35s 6d, Auckland Amusements Park (pref.) 26s _6d, Electrolytic Zinc (ord.) 36s lOd, British Tobacco 52s 6d.

January W. — Sales: Milburn Lime and Cement Co. (rights), 3s lOd, 3s lid (two). Sales reported : Bank of New Zealand, 595; National Insurance, 745; Electrolytic Zinc (ord.), 37g l£d : 44 per cent. Bonds (1930), £97 10s; 54 per cent. Soldiers’ Bonds (1933), £101; Staples Brewery, 39s 6d; New Zealand Refrigerating (cont.), 6s (three). January 21.—Sales: P. and O. Deferred Stock. £245 (odd parcel); Staples Brewery, 39s 6d; Kawarau, 3s 9d (four), 3s lOd; New Zealand Refrigerating (cont.), 6s; Milburn Lime and Cement Co. (rights), 5s (three); Auckland Amusements Park (cont.), 6s prem . , Sales reported: 5J per cent. Soldiers’ Inscribed (1933), £101; Smith and Smith, 17s 9d. January 22.—Sales: Mount Isa, 32s 3d. Sales reported: Wilson’s Cement 355. The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage: — BANKING. Bank of Australasia—Buy £l4 ss. Bank of N.S. Wales—Buy £46 15s, sei £47 10s. Bank of New Zealand —Buy 595, sei 59s 3d. Commercial Bank—Buv 32s 2d, sei 33s 9d. National Bank—Buy £1 Is. Union Bank—rßuy £l5 Bs, sei £l5 12s. E. S. and A. Bank—Sei £8 12s 6d. BREWERIES. Manning and Co.—Buy 18s 6d. N.Z. Breweries (Ltd.) —Buy 51s, sei 52s 9d. N.Z. Breweries (Ltd.), debs.—Sei 255. Ward and Co. —Buy 40s. INSURANCE. National Insurance Co. —Sei 74s sd. N.Z. Insurance Co.—Buy 37s 3d, sei 37s 9d. Standard Insurance Co.—Buy 575, sei 58s 3d. SHIPPING. Huddart, Parker (pref.)—Buy 20s 9d. P. and O. Deferred Stock—Buy £245. U.S.S. Co. (pref.) —Buy 20s. COAL. N.Z. Coal and Oil —Sei lOd. Westport Coal Co. —Buy 355, sei 365. LOAN AND AGENCY. Dalgety and Co.—Buy £l5 ss> sei £l5 17s 6a. Goldsbrough, Mort—Buy 49s 6d. N.Z. Loan and M. (ord.) —Buy £93, sei £94. Perpetual Trustees—Buy 60s. Trustees, Ex. and Agency—Buy 58s. Wright, Stephenson, 2nd loan debs. —Sol £Bl. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 12s 9d, sei 14s 6d. N.Z. Refrigerating (cont.) —Buy 5s lid, sei 6s 2d. MISCELLANEOUS. Brown, Ewing (ord.) —Buy 31s. Brown, Ewing (pref.)—Buy 20s 9d. D.I.C. _ (pref.)—Buy 20s 6d. Dunedin-Kaikorai Trams—Buy 345. Kaiapoi Woollen (cont.) —Buy 2s 9d. Milburn Lime and Cement—Sei 30s. Milburn Lime and Cement (rights).—Buy ss, sei 5s 3d. Moegiel Woollen Co.—Buy £6. M‘Leod Bros’ Soap—Buy £25. N.Z. Drug Co. (paid).—Buy 70s, sei 725. Taranaki Oil—Buy 9s. Wilson (N.Z.) Cement—Buy 355. Auckland Amusements Park—Buy 5s 6d prem., sei 6s 6d prem. MINING. Kawarau G.M. Co.—Buy 3s Bd, sei 3s lOd. Waihi—Buy 17s, sei 18s 3d. Mount Lyall—Buy. 28s Id, sei 28s 6d. St. Bathans (A issue) —Buy 10s (disc.), sei 4s (disc.). St. Bathans (B issue) —Buy 10s (disc.), sei 5s (disc.). Mount Isa —Buy 325, sei 32s 6d. Upper Nevis—Buy 5b prem., sei 6s 6d prem. , Big Beach —Bel, par.

WAR BONDS. per cent. Bonds, 1930—Sei £97 12s 6d. 44 per cent. Bonds, 1939—Sei £96 17s 6d. 5j per cent. Soldiers’ Bonds, 1933 —Buy £lOO 15s. 44 per cent. Inscribed, 1938 —Sei £96 15s. 54 per cent. Soldiers’ Inscribed. 1933 —Buy £lOO 15s. 5 per. cent. Postal Inscribed, 1929—8uy £97 12s 6d, sei £9B. 54 per cent. Bonds, 1936—Sei £lOl 10s. NORTHERN EXCHANGES. The following business was done on ’Changes during the week:— Saturday. Auckland.—Sales: National Bank of New Zealand £7 2s 6d; Auckland Gas 23s lOd, (con.) 15s; Devonport Ferry 255; Alburnia 3s Bd, 3s 7d; Moanataiari (con.) 4s 4d; Golden Age. (con,) 3d; Kawarau 4s, 3s lid, 3s lOd; Ohinemuri 5s lOd. Wellington.—Sales reported: Union Bank of Australia £l5 19s 6d; Electrolytic Zinc (pref.) £1 17s 6d. ; Christchurch.—Sales reported : Huddart Parker 47s 9d; Western Australian Bank 54s 6d; National Insurance 74s (3s percals); Ashburton gas £5 (three parcels); National Bank of New Zealand £7 2s (two parcels) ; New Zealand Insurance (cum. div.) 37s 6d; Burns, Philp 40s 9d. Sales on ’Change: National Bank of New Zealand £7 2s; Bank of New Zealand 39s 2d; Electrolytic Zinc (pref. cum. div.) 37s 3d, 37s 5d (two parcels). Saturday. . Auckland.—Sales: Kawarau, 3s 10s; New Waiotahi (con.), Is 4d. Christchurch.—Sales reported: Bank of New South Wales, £47 2s 6d; British Tobacco, 52s 9d. Sales: Christchurch Gas, 265, 26s Id; National Bank of New- Zealand, £7 2s; Bank of New South Wales, £47 2s 6d; Western Australian Bank, 54s 3d (two parcels); New Zealand Refrigerating (con.), 6s 3d; New Zealand Guarantee Corporation, 10s 4d.