MINING.

Otago Witness, Volume 1851, Issue 3809, 15 March 1927, Page 34

MINING.

THE WEEfCS NEWS. R'IVER REPORTED TO BE LOW. CROMWELL, March 8. The Kawarau River is now very low, yid to-day it stands at the 6in mark on the gauge at the town. There is little doubt that most of the water is coming from the lake, as the feeders are very low. The general opinion is that if the lake were shut off now the river would reach a lower level than during last winter, and there is a keen local desire that this should be tried during the week-end, when the Cromwell Development, pumping station is not operating. The parent company promised the local company to have the Kawarau and all its tributaries gauged during the last week in Februry, but if the promise has been kept the figures are not yet available. About 10 days ago the syndicate which holds extensive rights on the Lindis River and the Clutha, above the Lindis, made ',•> start testing the ground with a Government keystone drill. A start was made about a quarter of a mile above the lower Lindis crossing. . When the plant arrived it was only equipped with casing capable of bqjing to a depth of 60ft. Realising this might not be sufficient the management some three weeks ago applied to the department in Wellington for the use of the additional casing which is lying at Cromwell, and further up the valley—sonic of it out in the open. So far they have received no satisfaction. The consequence is that the syndicate ftirough lack, of sufficient casing, has been put to considerable expense without result. Of the three holes put down one was bottomed at 50ft. In two others, on the opposite side- of this, the drill was put down 60 feet, the limit <f the casing, without bottoming, and the pipes had to be withdrawn. This work will have to be all done over again when the additional casing is provided. Those concerned are justly indignant at this state of affairs. TARANAKI OILFIELDS, LTD. GISBORNE, March 10. The activities of the Taranaki Oilfields (Limited) are to be extended to the Nubaka and Morere districts, between Gisborne and Wairoa. Experts are now engaged in survey, and boring operations will be commenced shortly. NEW PLYMOUTH, March 11. A meeting- of the representatives of the Ninth Taranaki dairy companies passed a resolution drawing the Prime Minister's attention to the deplorable state of the dairy industry brought about by the failure of the Control Board to sell the prodm e; and urging him to take iinmed'ate steps to restore to the companies their legitimate right of selling their produce.

OPERATIONS AT ST. BATIIANS. The following report was received yesterd.vj from the mine manager of the St. B. ian’s Gohl Mining Company:—“Sec•f ; of cliff overhangin" and dangerous now removed. Shaft carried up 40ft above collar set with water-tight boxing. Work underground just resumed.” BLACKS GOLD MINING COMPANY. The following telegraphed report has been received from the mine manager of the Blacks Gold Mining Company:— Have withdrawn all casings No. 8 bore, and shifted plant and drilled to .30ft in No. 9 bore in brown sand. DUNEDIN STOCK EXCHANCE Friday afternoon. A steady turnover of business took place during the past week on the Dunedin Stock Exchange. Banking shares showed little movement, though the inquiry continued keen fop the period. Up to £lB 17s was offered for the principal issue of Bank of Australasias, and yesterday buyers offered £49 for New South Wales. Sellers, however, wanted f 49 15s. New Zealand Breweries have firmed to a slight degree. Shares were sold today at 50s 9d, ..nd debentures are sought by buyers at 24s 3d. The demand for all classes of insurance stock has been steady, but sellers have been asking just a shade too much. Huddart Parkers (ord.) have firmed from 47s 6d last week to 48s 3d (buyers) and 49s 6d (sellers). The preference issue Is about the same as last week. Coal and loan and agency stocks have teen quiet. ■ Meat preserving shares improved during the week. New Zealand Refrigerating [(paid) were oJcred at 14s, and inquiry

was made for Canterbury Meats at £7 15s.

Auckland Amusement Parks show little change from the low level to which they fell last week.

Nokomai Sluicing shares caused some keen bidding early in the week, being sold on Saturday at 15s 9d (premium) and on the following day at 15s 3d (premium). Upper Nevis sold at 3s 3d (premium) on Monday, but fell to 2s 6d (premium) on Tuesday. Considerable movement was apparent in, St. Bathans, both issues, and the price weakened considerably. Both issues are now in the vicinity of 10s (discount), for buyers and 9s for sellers. Government War Bonds have been inquired after throughout the week, but little business has been effected. Saturday Noon. There were no sales this morning. There was keen inquiry on the part of buyers, but this met with a poor response from sellers. Quotations in practically all stocks were on a par with rates ruling throughout the week. March 8. —Sales: .New Zealand Insurance. 365; Huddart, Parker (pref.), 21s 3d; Upper Nevis, 2s 6d prem. Sale reported: National Electric 16s. March 9. —Sale reported: St. Bathans (A issue), 10s discount. March 10. —Sales: New Zealand Breweries shares, 50s. Sale Reported.—Mount Isa, 41s. March 11. —Sales reported: Kawarau, 3s 4d (two parcels); N.Z. Breweries’ shares, 50s 9d; St Bathans (A issue), 10s disc. The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:—

BANKING. Bank of Australasia —Buy £l4 10s. Bank of New Zealand —Buy 59s 9d. Commercial Bank —Sei 30s 2d. National Bank —Buy £7 2s. _ National Bank of Australasia —Buy £lB 19s. „ National Bank of Aust, (cont.) —Buy £9 7s 6d. BREWERIES. Manning and Co.—Buy 18s 9d. N.Z. Breweries (Ltd.) —Buy 50s, sei 51s. N.Z. Breweries (Ltd.) Debs.- —Sei 24s 6d. Ward and Co. —Buy 425. Staples—Buy 36s 3d. SHIPPING. Burns Philp—Buy 41s. .Howard Smith —Buy 30s 6d. Huddart, Parker (ord.) —Scl 49s 6d. Huddart, Parker (pref.)—Buy 21s 3d. P. and O. Deferred Stock—Sei £275. U.S.S. Co. (pref.)—Buy 20s 2d. COAL. Westport Coal Co. —Buy 355. sei 35s 9d. Westport-Stockton (ord.) —Buy 6d, sei Is Id. LOAN AND AGENCY. Dalgety and Co.—Buy £l5 15s. Goldsbrough, Mort—Buy 49s 9d, sei Perpetual Trustees —Buy 60s. Trustees, Ex., and Agency—Buy 58s. Wright, Stephenson (ord.) —Buy 21s 6d. sei 255. Wright, Stephenson (pref.)—Sei 16s lid. MEAT PRESERVING. N.Z. Refrigerating (paid)—Sei 14s. N.Z. Refrig, (cont.) —Sei 6s 3d. MISCELLANEOUS. Brown. Ewing (pref.)—Buy 20s 9d. Mosgiel Woollen Co. —Buy £6 2s, scl £6 7s. Bruce Woollen Co.—Sei 17s. D.I.C. (pref.)—Buy 21s. Dominion Rubber —Sei 495. Donaghys Rope and Twine —Buy Auckland Amusement Park (ord.)—Sei 16s. Auckland Amusement Park (pref.) — Sei 20s. Dunedin-Kaikorai Trams —Buy 345. Milburn Lime and Cement—Sei 26s 3d. Milburn Lime and Cement (new issue) —Buy 3s 6d prem. National Electric —Scl 17s. N.Z. Drug Co. (paid)—Buy 675, sei 68s. N.Z. Guarantee Corp.—Buy 9s 9d, scl 10s 6d. Otago Daily Times (rights)—Buy 34s 6d. Smith and Smith (pref.)—Buy 16s 6d, sei 18s 3d. Whitcombe and Tombs —Buy 71s, scl 72s (odd parcel).

MINING. Kawarau G.M. Co. —Buy 3s 3d, sei 3s 7d. Waihi —Buy 17s 6d. Electrolytic Zinc (pref.)—Buy- 35s lid. Electrolytic Z. (ord.) —Buy 35s Bd. Mount Lyell—Sei 29s 3d. St. Bathans (A issue) —Buy Ils disc. St. Bathans (B issue) —Buy Ils disc. Big Beach —Scl 6d disc. WAR BONDS. 41 per cent. Bonds, 1930 —Buy £97 ss. 44 per cent. Bonds, 1938 —Buv £96 10s. 54 per cent. Soldiers’ Bonds, 1933 —Buy £lOl 10s. 54 per cent. Inscribed, 1933 —Buy £lOl 10s." 5 per cent. Postal Bonds, 1927 —Buy £9B 10s. 5 per cent. Postal Inscribed, 1927 —Buy £9B 10s. OTHER EXCHANGES. The following business was done on ’Changes during the week: — Tuesday. Auckland. —Sales: Auckland Harbour Board 4 per cenr. Debentures, £B6 10s; New Zealand and River Plate, 26s 6d (two sales); Auckland Gas, 23s (two sales); Milne and Choyce. ’Debenture Stock, 25s (two sales); Alburnia, 3s 2d; Moanataiari (cont.), 4s lOd; Kawarau, 3s sd; Lucky Shot (2s paid), 2s 8d and 2s 9d. Christchurch.—Sales reported : Beath and Co., 335; Electrolytic Zinc (pref.). 365. Sales: New Zealand Refrigerating (cont.), 6s Id'; New Zealand Farmers’ Co-opera-tiis (64 per cent. Stock, 1931), £76 10s. Wednesday.

Tuesday.

Auckland. —Sales: Soldiers’ Inscribed (1933), 5 J per cent., £101; National Bank of New Zealand, £7l Is 6d; Bank of New South Wales, £49 ss; Bank of New Zealand, 60s; Union of Australia, £ls' ss, £l5 5s 6d; Farmers’ Co-operative Auctioneering (A pref.). 18s; New Zealand and River Plate, 26s 6d; Huddart Parker, 48s 3d; Northern Steamship, 13s 3d; Wilsons Cement, 365; Kawarau, 3s 4d; Lucky Shot (cont.) -2s 6d; Mount Lyell, 295.

Wellington.—yßales reported: Gear Meat, 35s 9d; .Leyland O’Brien Timber, 41s. Christchurch. —Sales reported: Bank of New South Wales, £49 ss; Union Bank, £l5 6s (two parcels).; Union Steam (pref.), 20s 4d; Bartholomew Timber, 225; D.I.C. (7s 6d paid), 17s 6d; New Zealand Drug Co. (cum. div.), 675, 67s 3d; Mount Lyell, 29s (two parcels); New Zealand and River Plate, 26s 6d. Sales: New Zealand Government 4J per cent. Bonds (1938), £96 10s; Australian Bank of Commerce, 36s 4d (two parcels); Bank of Australasia (cum. div.), £l4 14s; Commercial Bank of Australia (5s paid), 15s; Royal Bank (£1 paid), 46s sd, 46s 4d, 46s 3d (£4 paid), £9 4s; Union Bank, £l5 6s (two parcels); Mount Lyell, 295. Thursday. Auckland.—Sales: New Zealand Inscribed Stock '1927), £9B 17s 6d; Bank of Australasia, £l4 15s; Bank of New South Wales, £49 ss; New Zealand and River Plate, 26s 7d; Auckland Gas (ord.), 23s (two sales); Kauri Timber, 26s 9d: Moanataiari (cont.), 4s 9d; Lucky Shot (cont.), 2s 9d, 2s lOd, 2s 9d, 2s Bd, 2s 9d; Ohinemuri, 5s 3d. Wellington.—Sales: Gear Meat 35s 9d; Electrolytic Zinc (pref.) 365. Sales reported: New Zealand Guarantee Corporation (ord.), 10s sd; 44 per cent. Stock (1938), - £96 10s; 54 per cent. Stock (1933), £101: Commercial Bank Australia (ord.), 30s 9d; Bank of New South Wales, £49 ss. Christchurch. —Sales reported: Aust. Bank of Commerce, 36s sd; Bank of New South Wales, £49 3s (two parcels); New Zealand Breweries, 50s 6d (four parcels), 50s 9d; Kauri Timber. 26s 9d, 26s 6d: Electro Zinc (pref.), 36s Id; New Zealand Drug Co., 67s 9d, 68s (two parcels). Sales: Sank of Adelaide, £10; Aust. Bank of Commerce, 36s 4d; E.S. and A. Bank, £8 10s; Bank of Australasia, £l4 13s 6d (four parcels) ; Commercial Bank of Aust, 31s (two parcels); Commercial of Australia new, 5s paid), 15s Id; Royal Bank (£1 paid), 46s 3d; Kawarau, 3s 4d; New Zealand Breweries, 50s 3d, 50s 7d; Staples Brewery, 375; New Zealand Guarantee Corporation, 10s 3d; New Zealand Drug Jo. (cum. div.), 68s (three >ar cels); Whitcombe and Tombs, 72s 6d. Saturday.

Auckland. —Sales: Auckland City Debentures (1939), 5J per cent., £97; Auckland Gas (cont.), 14s lOd; Lucky Shot (cont.). 3s, 3s Id. - , , , Christchurch.—Sales reported: Australian Bank of Commerce, 36s 4d; E.b. and A. Bank, £8 10s. Sales: Royal Bank (£_ paid), 46s 3d; Union Bank, £lu 6s 6d; New Zealand Refrigerating (cont.), 6s: Kaiapoi Woollen (7s paid), os od; Whitcombe and Tombs, 72s 3d.