MINING.

Otago Witness, Issue 3823, 21 June 1927, Page 34

MINING.

THE WEEIUS NEWS. It is stated' on good authority that there may be important developments in regard to mining in the Lawrence district (states our correspondent). It is understood that the Dunedin City Council has approached the leading mining companies of Blue Spur and Wetherstones in an endeavour to purchase their water rights. If the council’s efforts bear fruit mining in this district will practically cease, and 1 a serious position will arise, as approximately £6OOO is spent annually in wages by the various companies. UPPER NEVIS GOLD DREDGING COMPANY. The following report has been supplied by the general manager of the Upper Nevis Gold Dredging Company (Ltd.): —“The large ‘A’ framing has been placed in position, but a few days will be required to complete the whole of the timber framing. The carting contractors made six trips to the dredge last week. It is only a matter of several days of good weather before the contractors will finish carting. Should the weather remain fine the housing will be finished and all the machinery placed under cover on the dredge. This will enable '-> company to carry on the work, even in bad weather.” WAIHI GOLD MINING COMPANY. The results of the mining at depth, on No. 15, the lowest level, as stated in the <nnual report of the Waihi Gold Mining Go. (Ltd.), are as follows: —“With a view to testing the downward continuation of the Edward lode, the first hole of the large drill from the fourteen level was carried down to a depth of about 382 ft, and at 316£ft passed through a strong body of quartz 26ift wide at a vertical depth of about 155 ft below the Not 15 level. The assay values were very low, the highest being 17s 8d over a width of 14in. The country rock still shows evidence of oxidised conditions. A further bole (No. 2) is being put down from the same station, but more vertically, and in a different direction. The superintendent suggests that, on the results of these bores and one to be put down near No. 4 shaft, the question whether further shaft sinking is advisable can be determined.” MOLYNEUX ELECTRIC DREDGE. The Secretary of the Molyneux Electric Gold Dredging Co. (Ltd.) reports that the following advice has been received from the dredgemaster (Mr E. M‘Donald) : The dredge broke through the crust on Saturday last, and a wash-up took place, yesterday afternoon. The gold won weighed 230 z 3dwt as a result of 120 hours’ dredging on the soft bottom at 35ft. The closing of the Kawarau dam caused a drop in the river of 2ft Bin at the dredge.” One of the directors of the company, Mr J. A. Mathewson, was present at the wash-up. He states that the electrical machinery was working very satisfactorily. DUNEDIN STOCK EXCHANGE. Friday afternoon.

Apart from mining, the range of prices on the Stock Exchange has not varied very materially during the week. Bank shares are about on a par with last week’s prices. The same applies to insurance, with the exception of South British, which have shown considerable improvement, sales being reported up to 58s. In shipping, P. and O. Deferred Stock and Huddart, Parkers are rather easier. Westports are unchanged, but WestportStocktons (ord.) firmed a little. Dalgety’s (new issue) are firmer, buyers offering 635, with no selling quote below 70s. Goldsbrough, Morts are practically unchanged at 50s and National Mortgages have been quoted on a margin of 2s. Auckland Amusement Park (ords.) are weak, buyers offering 8s 6d and sellersjuoting at 12s. Dominion Rubbers have also eased, and have been quoted down to 40s without buyers. Kaiapoi Woollens are slightly firmer. N.Z. Drugs have firmed, and 64s is being offered for cither issue, with no selling •.jiiote. N.Z. Breweries shares are also easier. Debentures changed hands at 245. N.Z. Government stocks and bonds are better, and £97 is offered for per cent. 1938 and 1939 Bonds, and 54 per eent. taxable are wanted at £lOl 2s 6d. Postal 5 per cent., redeemable in November of this year, arc in demand at £9B 15s. In mining there has been a fair turnover in Kawaraus. Since the closing of .yio gates the price has eased about sixpence per share. Molyneux Electrics were sold early in the week at 19s, and later improved to 21s, further sales being made at 255. Upper Nevis are a shade easier, with only a light demand. The bulk of the plant is on the ground, and the carriers expect to complete their contrapt this Week. June 14.—Sales: Kawarau,'2s 7d (two), fs 6d; Molyneux Electric, 19s (two). Sales reported: Kawarau, '2s 7d. June 15. —Sales: Molyneux Electric, 21s; Kawarau, 2s 6d, 2s 6d, 2s 7d. Sales reported:—Kawarau, 2s 6d; Bank of New Zealand, 60s 9d; 4J per cent. Inscribed Stock (1938), £97. June 17.—Sales: Kaiapoi Wollen (ord.), 10s 6d; Kawarau, 2s. Sale reported: Bank of New Zealand. 60s 9d. June 18.—Sales: Molyneux Electric, 24s 6d (two parcels). Sale Reported.—4| per cent. Bonds (1938), £97 2s 6d/

Saturday, Noon. Strong demand was again made for Government Bonds on the Dunedin Stock Exchange this morning, but sellers were not quoting. Two parcels of Molyneux Eleciricts changed hands at 24s 6d, and business was i eported in 44 per cent. Government Bonds (1938) at £97 7s 6d. The following are Saturday morning s buy jng and soiling quotations, which are •object to the usual brokerage:—

BANKING. Bank of New Zealand (D issue) —Buy 5s 9d, sei 6s 6d. Commercial Bank—Buy 29s sd. E.S. and A. Bank—Buy £8 6s, sei £8 8s 6d. National Bank of New Zealand Sei £7 4s. Union Bank—Buy £l5 13s BREWERIES. New Zealand Breweries (Ltd.) —Sei 50s. New Zealand Breweries Debs. —Sei 24s 3d. INSURANCE. National Insurance Co.—Buy 735, sei ’<4s. New Zealand Insurance Co.—Buy 39s 3d, sei 40s. South British Insurance Co.—Buy 58s, | sei 60s. SHIPPING. Huddart, Parker (ord.) —Buy 47s 3d. Huddart. Parker (pref.) Buy 20s 9d. P. and O. Deferred Stock—Sei £290. Union Steam Ship Co. (pref.)—Sei 20s 4d. COAL. Taupiri Coal (ord.) —Buy 20s. Westport-Stockton (ord.) —Buy Is Bd. Westport-Stockton (pref.)—Buy 2s 9d. LOAN AND AGENCY. Dalgety and Co.—Buy £l3 10s. Dakgety and Co. (new issue) —Buy 63s prein., sei 70s prem. Golasbrough Mort —Sei 50s. National Mortgage—Buy 665. New Zealand Loan and Mercantile (ord.) —Buy 91s. Trustees, Executors, and Agency—Buy 58s,sel 61s 6d.

Wright, Stephenson (pref.)—Buy 15s, sei 16s. MEAT PRESERVING. New Zealand Refrigerating (paid)—Buy 14s, sei 15s. New Zealand Refrigerating (cont.) —B-uy 6s 4d, sei 6s Bd. Southland Frozen Meat (ord.) —Buy 51s. MISCELLANEOUS. Briwn, Ewing (ord.) —Buy 30s. Bruce Woollen Co. —Buy 10s, sei 15s 6d. - D.I.C. (ord.) —Sol 10s 6d prem. D.I.C. . (pref.)—Buy 20s lOd. Dominion Investments —Buy 20s. Dominion Rubber—Buy 365, sei 40s. Eclipse Petrol—Buy 7s 6d. sei 10s 6d. Kaiapoi Woollen (ord.) —Buy 10s sd, sol Us. Kaiapoi Woollen (cont.) —Buy 3s lOd. Kaiapoi Woollen (pref.)—Buy 14s. Milburn Lime and Cement —Buy 26s 9d. Milburn Lime and Cement (new issue) — Buy 3s, sei 3s 6d. Natienal Electric—Sei 14s. New Zealand Drug Co. (£2 64s 3d, sei 65s 9d. New Zealand Drug Co. (new, fully paid) —Buy 645. New Zealand-Malay Rubber (ord.) —Buy 28s. New Zealand Milk Products (debs.) —Buy 21s. New Zealand Paper Mills (ord.) —Buy 16s 3d. Smith and Smth (pref.)—Buy 17s, sei 17s 9d. Wellington Woollen (pref.)—Buy £6 ss. Wilson (N.Z.) Cement) —Sei 34s 6d. MINING. Kawarau Gold Mining Co. —Buy Is 3d, sei Is lOd. Waihi—Buy 18s, sei 19s. Electrolytic Zinc (pref.)—Buy 335. Electrolytic Zinc (ord.) —Buy 335. Mount Lyell—Buy 27s 3d. Molyneux Electric —Buy 235, sei 24s 6d. Upper Nevis —Buy 20s 9d. sei 22s 6d. Big Beach—Buy par, sei Is. Alburnia—Buy 4s, sei 4s sd. WAR BONDS. 4i per cent. Bonds.. 1930—Buy £97 10s. 41 per cent. Bonds, 1938 —Buy £97, sei £97 2s 6d. 44 pe r cent. Bonds, 1939—8uy £97. 5J per cent. Soldiers’ Bonds, 1933—8uy £lOl. 41 per cent. Inscribed, 1938—Buy £96 17s 6d. 41 per cent. Inscribed, 1939—8uy £96 17s 6d.

51 per cent. Soldiers’ Inscribed, 1933— Buy £lOO 15s. . 5 per cent. Postal Bonds, 1927—8uy £9B 15s.

5 per cent. Postal Inscribed, 1928—Buy £9B 15s. 5 per cent. Postal Inscribed, 1929—8uy £9B.

5s per cent. Inscribed Bonds, 1927-41— Buy £97. 51 per cent. Bonds. 1936—8uy £lOl. 51 per cent. Inscribed, 1936—8uy £lOO 15s. NORTHERN EXCHANGES. The following business was done on ’Changes during the week:— - ' Tuesday. Auckland.—Sales: New Zealand 5 per cent. Inscribed Stock (1929), £9B 10s; 4J

per cent. New Zealand Inscribed Stock (1938), £97; 4J per cent. New Zealand Inscribed Stock (1939), £96 17s 6d; New Zealand Breweries Debentures, 23s lOd; National Bank of Australasia, £l7 7s 6d; Bank of New South Wales, £45 15s; Bank of New Zealand, 60s 6d; South British Insurance, 58s; Alburnia, 4s 9d (two sales’', 4s 8d; Moanataiari (cont.), 2s 8d; Kawarau, 2s 7d; Waihi Grand Junction, Is 4d.

Wellington.—Sales reported: Wellington Woollen (pref.), £6 7s 6d (two parcels). Christchurch.—Sales on ’change: Commercial Bank of Australasia, 29s 9d (two pa.ccle); Goldsbrough Mort (cum div.) , 50s 2d; Howard Smith, 325; Kaiapoi Woollens (17s paid), 10s 5d (three parcels); N.Z. Drug Co., 64s 6d. Wednesday. Auckland.—Sales: 4g per cent. War Bonds (1938), £96 17s 6d; Bank of New Zealand, 60s 6d • Farmers’ Co-operative Auctioneering (A pref.), 17s, (B pref.), 15s 6d; Goldsbrough, Mort, 50s; Auckland Gas, 23s 6d; Alburnia, 4s Bd, 4s 7d; Kawarau, 2s 6d, 2s 7d, 2s 6d ■ Waihi, 18s 6d; Grand Junction, Is 4d. Wellington.—Sale reported: Bank of New Zealand. 60s 7jd. Sale: Bank of New Zealand, 60s 9d.

Christchurch.—Sales reported: E. S. and A. Bank £8 6s 6d ; National Bank of New Zealand, £7 3s 6d; Bank of New Zealand (cum. div. and bonus), 60s Bd, 60s 9d; Bank of New South Wales (rights), £25 ss; Queensland National (rights), 66s 6d ; Goldsbrough, Mort (cum. div.), 50s; New Zealand Refrigerating (cont.), 6s 6d; Eclipse Petrol (£1 pd.), 7s 6d ; Kawarau, 2s 7d; Bank of Adelaide (rights), 29s 6d. Sales on ’change: Australian Bank of Commerce, 375, 36s 9d; Commercial Bank of Sydney, £24 17s 6d; Bank of New South Wales (rights), £25 2s 6d; Bank of Adelaide (rights), 27s 6d ; Goldsbrough, Mort (cum. div.), 49s lid, 49s lOd, 49s 9d; Howard Smith, 32s lOd (two parcels); Kaiapoi “VVoollens (pref.), 14s lOd, 14s 9d; New Zealand Breweries, 50s.

Thursday. Auckland. —Sales: 5 per cent. New Zealand Inscribed Stock (1929), £9B 10s; Bank of New South Wales, £45 10s; Bank of New Zealand, 60s 9d; South British Insurance, 58s; Hikurangi Coal (A pref.), 2s 9d; Northern Steamship, 13s 7d; Northern Steamship (cont.), 6s; British Tobacco, 54s 6d; Kawarau, 2s 6d; New Waiotahi (cont.), 9d; Waihi, 18s 7d; Waihi Grand Junction, Is sd. Christchurch. —Sales reported: 5 J per cent. New Zealand Government inscribed Stock (1933), £lOl 2s 6d; Bank of New Zealand (cum div. and bonus), 60s 8d; Bank of New South Wales (rights), £25 2s 6d, £25 ss; Bank of Adelaide (rights), 28s 6d. Sales on ’Change: Commercial Bank of Australia (pref.), £7 Is 6d (two parcels); Howard Smith, 32s 6d; Kaiapoi Woollens (17s paid), 10s sd; Christchurch Gas Company, 24s 4d (two parcels), 24s 5d (two parcels); British Tobacco (cuin div.) ~ 545; Kawarau, 2s sd. Friday. Auckland. —Sales: War Bonds (1938), £96 15s; Union Bank, £l5 14s 6d; South British, 58s; Farmers’ Co-operative Auctioneering (B pref.), 15s 6d; Hikurangi Coal (pref.), 3s 9d; Auckland Gas Co. (eout.), 15s; Huddart, Parker, 475; Northern Steam (cont.), 6s Id; British Tobacco, 54s 3d; Wilsons Cement, 34s Alburnia, 4s sd: Lucky Shot (cont.), 2s; Waihi, 18s 7d.

Wellington.—Sale reported: Bank of Australasia, £l4 14s. Christchurch.—Sales reported: Bank of Australasia, £l4 14s; Commercial Bank of Australia, 29s 9d; E.S. and A. Bank, £8 7s; Bank of Adelaide (rights), 28s 6d (two parcels); Queensland National Bank (rights), 665; South British Inscribed, 58s; Goldsbrough Mori (cum. div.), 49s 9d; Stockton Coal (ordj, Is 9d (pref), 2s lid, 3s; Victoria Nyanza Sugar Co., 51s 3d (two parcels); Kawarau, 2s 4d; Waihi, 18s sd, 18s 6d. Sales on ’Change: Comercial Bank of Sydney. £24 17s 6d; South British Inscribed, 58s; Goldsbrough Mort (cum. div), 49s 6d; Stockton Coal (ord.), Is 8d; Victoria Nyanza Sugar, 51s; Whitcombe and Tombs, 70s. Saturday. Auckland. —Sales: Hikurangi Coal (A pref). 3s; Pukeuvro Collieries, 595; British Tobacco, 54s 6d; Kawarau, 2s. Christchurch. —Sales reported : Bank of Adelaide (rights), 28s 9d;‘ E.S. and A. Bank, £8 7s; Waihi, 18s 6d. Sales on ’Change: Commercial Bank of Aust, (pref.), £7 Is (two parcels); Bank of Adelaide (rights), 28s 3d (two parcels), 28s; Goldsbrough Mort, (cum div.), 49s sd; British Tobacco (cum. div.), 54s 6d.