MINING.

Otago Witness, Issue 3829, 2 August 1927, Page 34

MINING.

THE WEEK’S NEWS. MOLYNEUX ELECTRIC DREDGING ' COMPANY. ; The directors of the Molyneux Electric Dredging Company paid a visit to the claim on July 22, returning to Dunedin ( the following evening. Up till July 21 the dredge had been operating on worked ground. On the following day very rough, solid ground was met with, and a stop was made to run out a heavy headline to a suitable anchorage some distance ahead of the dredge. On July 23 the 17dwt for 140 hours’ dredging. Very little solid ground was treated for this return, about half of which was comprised of rough gold, one piece weighing 2dwt sgr. Some very large stones were brought up by the buckets, necessitating short stoppages to enable them to be lifted off by tackle. Everything in connection with the dredge was found to be Tunning well, with the exception of the jnain string of buckets, which were running much too fast to permit of the ground being worked satisfactorily and with safety. A smaller driving pulley has been procured for the main motor. The rate of delivery of the buckets will be reduced from 15 per minute as at present to 11 per minute, which should result in a marked improvement as far as dredging conditions are concerned. The depth of the ground being dredged is 40ft, and the bottom is a soft blue schist. , As far as can be ascertained, a long stretch of virgin ground extends up-stream from where, the dredge is now working. , may, therefore, be expected that with the dredy? in good working order and operating on virgin ground satisfactory returns should b forthcoming, as long as the river remains at a favourable level. Mr John Theyers, who has had a long experience of dredging, is in charge of the dredge, having been appointed acting dredgemaster in place of Mr E. M'Donald, who some two weeks ago suffered a broken ankle, and is still unable to attend to the duties of dredgemaster. PROSPECTING FOR OIL. NEW PLYMOUTH, July 26. Tlie Taranaki Oilfields Company reports that Waiapu No. 2 well has been drilled to 1919 ft in hard shale. The water has not been effectively shut off, and preparations are being made to cement again. Gisborne No. 1 well commenced drilling yesterday. MOLYNEUX ELECTRIC DREDGE. The dredge-master of the Molyneux Electric Dredge advised on Thursday night that the depth of the ground being worked has increased to 45ft as compared with 40ft at the beginning’-of the week. The river has risen about six inches’during the week. The dredge is working steadily and some rough gold is showing in the ripples. The wash-up will take place on Saturday. The return obtained by the Molyneux Electric Dredge last week was 22 ounces, nearly all rough gold, for 138 hours dredging. For the last three days, the 'hedge has been working on very hard schist rock of an uneven nature—a bottom from ■’’hich it would be impossible to win gold by means of a bucket dredge. On Saturday the dredge was pulled ahead a distance of 40 feet. Should a softer bottom not be met with there, the machine will lie moved further ahead and the ground tested until more favourable conditions are encountered. The dredge is working steadily, but the now pully for the main motor, although railed from Dunedin on Thursday last, has not yet arrived in Alexandra, in consequence of the interruption in the railway service on the Central Otago line. DUNEDIN STOCK EXCHANGE. Friday afternoon. The amount of business done on the Stock Exchange during the past week was about on a par with that of the previous weekly period. No section is outstanding. Bank of New South Males arc still without inquiry. Sellers ask £45 ss. Bank of New Zealands are on offer-at 58s 9d, with a buyer at 58s 3d. Better inquiry is made for the debenture issue which is wanted at 26s 3d. Commercials are slightly easier, buyers quoting at 28s 9d. The new issue is unaltered. E. S. and A. Banks are not in demand. Sellers will take £8 3s fid. For Nationals £6 15s is offered, sellers asking only Is more. New Zealand Breweries’ shares are weaker. Buyers will not give more than 41s. Sellers require 445. Debentures are on offer at 23s lOd, With a buyer at 23s 3d. National Insurances are firmer. Buyers’ quotation is 76s 6s, but sellers will not take less than 79s 9d. New Zealand Insurances have been turned over at 39s fid. The market dosed at 39s 4d (buyer) and 39s 9d [(seller). South British, which were wanted at the beginning of the week at 565, changed bands yesterday at 575, and further lots were wanted at 56s 9d.

Inquiry for Standards is also stronger, buyers offering 60s.

Huddart, Parkers (ordinary issue), in which business was reported at 47s lOld, are now in demand, without sellers, at 47s 6d.

P. and O. Deferred Stock has advanced in value. Buyers will give £2BO, and sellers’ quotation leaves a £lO margin. Dalgety’s are wanted at £l3 12s. Goldsbrough, Morts, ex rights, have a buyer at 46s 3d, but there are none on offer. Inquiry for rights has improved by more than Is. There was a margin of Sixpence between the quotations yesterday, buyers offering 9s 2d.

Paid-up Refrigeratings have been placed at 15s, and the contributing issue has increased in value. To-day’s quotations for the latter were 6s 6d (buyer) ami 7s

fid (seller). Auckland Amusement Parks have eased. They were turned over to-o.;v ut, .... ft*.

Bruce Woollens were turned over at 10s and 9s 9d on the same day, but at present there is no better offer than 9s, leaving a margin of Is fid between the quotations. Dominion Rubbers are in better demand. Buyers will give 335, but sellers will not accept less than 38s. Milburn Lime and Cements have buyers at 2fis 6d, but no sellers. For the new issue a premium of 3s Id is offered. Wilsons Cements are firmer, with a buyer at 34s 3d and a seller at 355. Kawarau changed hands early in the week at Is Id, but they have since weakened, and buyers will give no more than lOd. Sellers will take Is. Nokomais are inquired for at 28s. Waihis are easier. Buyers are offering 19s 3d, compared with 19s 7d last week. There was no inquiry for Natural Bridges to-day, when a seller offered to take Is discount. Molyneux Electrics have suffered a further decrease in value. They are on offer at 20s, with no buyer above 19s. In Government Stock 41, per cent. Bonds, 1930, are better, with inquiry at £97 10s. Other 4$ per cent, issues are on offer at £96 17s 6d. Saturday, Noon. A parcel of Commercial Banks (new issue) found a buyer at Bs'premium this morning, but there was no further inquiry. Two transactions in National Electrics at 13s 3d were reported, and further lots were wanted at 13s. New Zealand Breweries shares were wanted at 42s 6d. Inquiry for the contributing issue of New Zealand Refrigeratings at 6s lOd attracted a seller at 7s 2d. Molyneux Electrics improved, buyers offering 20s, and Upper Nevis were in demand at 22s 9d. July 26.—Sales: Auckland Amusement Park ford.), Ils; Kawarau, Is Id (two parcels). July 28. —Sales: New Zealand Refrigerating (paid), 14s 9d; Bruce Woollen, 10s, 9s 9d.

Sales reported: 44 per cent. Bonds (1938), £96 15s; Huddart, Parker (ord.), 47s 103 d. July 29. —Sales: South British Insurance. 575; New Zealand Insurance, 39s 6d. Sales reported: Auckland Amusement Park (ord.), 10s 9d; New Zealand Refrigerating (paid.), 15s (two sales). July 31. —Sale: Commercial Bank (new), 8s premium. Sales reported: National Electric, 13s 3d (two parcels). The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales —Buy £44 15s, sei £45 ss. Bank of New Zealand —Buy 58s 3d, sei 58s 9d. Bank of New Zealand (D issue) —Buv 265. Commercial Bank—Buy 28s 6d, sei 29s 3d. E. S. and A. Bank—Sol £8 3s. E. S. and A. Bank (rights)—Sei 30s. National Bank of New Zealand—Sei £6 16s 6d. National Bank of Australasia—Buy £l7 Is. National Bank of Aust, (cont.)—Buy £8 10s 6d. Union Bank (ex div.)—Sei £l5 2s. BREWERIES. N.Z. Breweries (Ltd.) —Buy’ 42s 6d, sei 44s 6d. Manning’s Brewery—Buy 18s 9d, INSURANCE. National Insurance Co. —Buv 76s 6d, sei N.Z. Insurance Co.—Buy 39s 6d, sei 39s lOd. South British Insurance Co.—Buy 56s 3d. SHIPPING. Huddart, Parker (ord.) —Buy 47s 6d. Huddart, Parker (pref.)—Buy 20s 9d. P. and O. Deferred Stock—Buy £2BO, sei £290. U.S.S. Co. (pref.)—Buy 20=, sei 20s 4d COAL. Westport Coal Co. —Sei 33s *9d. Westport-Stockton (ord.) —Sei .2s. LOAN AND AGENCY. Dalgety and Co. —Buy £l3 12s. Dalgety and Co. (new) —Sei 70s prem. Goldsbrough, Mort—Buy 46s (cum rights).' Goldsbrough, Mort (rights)—Buy 9s prem. _ National Mortgage —Sei 665. N.Z. Loan and M. (ord.) —Buy £9O. Perpetual Trustees—Buy 61s. Wright, ‘ Stephenson (pref.)—Buy 15s 9d. MEAT PRESERVING. ' N.Z. Refrigerating (pd.)—B<y 14s 9d. j N.Z. Refrigerating (cont.) —Buy 6s lOd, I sei 7s 2d.

MISCELLANEOUS. - • 1 Auckland Amusement Park (orcf) —Buy 10s 6d, sei Ils 3d. Brown, Ewing (ord.) —Buy 30s. Brown, Ewing (pref.)—Buy 20s 3d. • Bruce Woollen Co. —Sei 10s 3d. D.I.C. (pref.)—Buy 21s. Dominion Rubber —Buy 335. Kauri Timber —Buy 21s. Milburn Lime and Cement —Buy 26s 6d. Milburn Lime and Cement (new ssue — Buy 3s Id prem. Mosgiel Woollen Co. —Buy £6 3s. National Electric —Buy 13s, Scl 13s fd. N.Z. Drug Co. (£2 pd.)—Sei 655. N.Z. Milk Products (bonds)— Buy 21s 3d. N.Z. Paper Mills (ord.) —Buy 16s, scl 16s 9d. Wilsons (N.Z.) Cement —Buv 345, sei 355. MINING. Kawarau G. M. Co. —Buy lOd, se] Is. Nokomai Sluicing—Buy 28s 6d, sei 32s 6d. Waihi—Scl 19s 9d. Waihi Grand Junction —Buy Is 3d. Mount Isa —Scl 265. Molyneux Electric —Buy 20s, sei 21s td. Upper Nevis —Buy 22s 9d, scl 23s 9d. Big Beach —Sei par. WAR BONDS. 44 per cent. Bonds, 1930 —Buy £97 10s. 44 per cent. Bonds, 1938 —Scl £97. 44 per cent. Bonds, 1939 —Scl £96 17s Cd. 41, per cent. Inscribed, 1938 —Sei £96 17s 6d. 5a pci- cent. Soldiers’ Inscribed, 1933 — Sei £lOl. 5 per cent. Postal Bonds, 1927 —Buy £99 ss. 5 per cent. Postal Inscribed, 1927 —Buy £99 ss. 5 -per cent. Postal Inscribed, 1929 —Buy £9B ss. 54 per cent. Bonds, 1936 —Buy £lOl. 5£ per cent. Inscribed, 1936—Sei £lOl. NORTHERN EXCHANGES.

The following business was done on 'Changes during the week: — Tuesday.

Auckland. —Sales: 41 per cent. NewZealand Inscribed Stock (1938). £96 15s; 41 per cent. New Zealand Inscribed Stock (1939), £96 15s; New Zealand Breweries Debentures, 23s 6d; National Bank of New Zealand, £6 16s 3d; Bank of New South Wales, £45 2s 6d; South British Insurance, 56s 6d; Huddart, Parker, 47s 9d; Hill and Poumnier, 225; Waihi, 20s. Wellington.—Sales reported: New Zealand Breweries Bonds. 23s 7d (two parcels) ; New Zealand Guarantee Corporation (ord.), 9s. Christchurch.—Sales reported: 51 percent. New Zealand Government Inscribed Stock (1933), £lOl 2s 6d: New Zealand Breweries Bonds, 23s 7d; Commercial Bank of Australia, 29s Id; National Bank of New Zealand, £6 16s: L’nion Bank, £l5 Ils (two parcels). Sales on ’Change: Union Bank, £l5 10s; Goldsbrough, Mort, 45s 3d; Goldsbrough. Mort (rights), 9s 3d; Union Steam (pref.), 20s Id; Mason, Struthers (10s paid), 10s 9d. Wednesday.

Auckland. —Sales; New Zealand Breweries Debentures, 23s 6d; Bank of New South Wales, £45; South British Insurance, 56s 6d; Taupiri Coal, 24s 9d; Auckland Gas (cont,), 17s 6d: Northern Steamship, 14s 3d; Moanataiari (5s paid), 2s lid; Ohinemuri Gold and Silver, 4s 3d; Waihi, 19s 6d.

Wellington.—Sales reported : English, Scottish and Australian Bank (rights), 295; Union Bank (cum. div.),. £l5 10s. Christchurch. —Sales reported : Bank of New Zealand, 58s 9d; Union Bank (ex div.), £l5 3s 6d; Goldsbrough Mort, (rights), 9s (two parcels); Union Steam (pref.). 20s 2d; P. and O. Deferred Stock, £288; Alburnia. 4s. Sales on ’Change: Bank of New Zealand, 58s 6d ; Goldsbrough Mort, (rjchts), 9s (three parcels); Union Steam Ship Co. (pref.), 20s 2d; Staples Brewery, 38s. Thursday.

Wellington.—Sa ->s reported: 44 per cent. Stock (1938), £96 12s (id; 54 per cent. Stock (1933). £lOl 2s 6d; Bank of New South Wales. £44 15s; Bank of New Zealand, 58s 9d; Union Steam (pref.), 20s 3d; Waipa Coal, 14s 8d; British Tobacco, 52s 6d: Kawarau Mining, Is Id. Christchurch. —Sales reported: Dalgety and Co. (new), £8 2s. Sales: Bank of New Zealand. 58s fid (five parcels) : Christchurch Gas, 24s sd: Dalgety and Co., £l3 14s fid: Goldsbrough Mort, 45s 3d (two parcels) Kaiapoi Woollens (17s paid), 10s 6d. Friday.

Auckland. —Sales: New Zealand Government War Loan, 1936, 54 per cent., £lOl 10s; New Zealand Inscribed Stock, 1930, 51 per cent., £99: Bank of New Zealand (D pref., 10s paid). 16s 16d, 16s 7d; New Zealand Loan and Mercantile, £92; Taupiri Coal. 255; Waihi, 19s 6d, 19s 7cl. Wellington. —Soles reported: N.Z. Breweries 10 per cent. Bonds. 23s 7d; National Insurance, 775. Christchurch. —Sales reported : Commercial Bank of Australia (pref.), £6_ 19s (two parcels); Bank of New South Wales, £44 16s, £44 17s 6d; Bank of New Zealand, 58s 9d; Dalgety and Co., £l3 15s; N.Z. Loan and Mercantile (o;d. stock). £92: Stockton Coal (pref.). 3s; Whitcombe and Tombs, 70s; Goldsbrough, Mort, 45s Id. Sales: Bank of Australia, £l4 14s (four parcels); Commercial Bank of Australia (pref.). £6 18s 6<l; Dalg<ty and Co., £l3 15s; Goldsbrough, Mort (rights); 9s 4d; Union Steam (pref.), 20s Id (four parcels); N.Z. Refrigerating (10s paid, cum div), 7s, 7s Id, 7s (two parcels) ; Kaiapoi Woollens (17s paid), 10s Id; Stockton Coal (pref.), 2s 9d; Christchurch Gas, 24s sd; Mason, Struthers (10s paid), 10s 9d. Saturday. Auckland. —Salos : .Auckland Electric Power Board, 1945, £9B 10s; Auckland Gas, 235. Christchurch.—Sales reported : National Bank of New- Zealand, £6 15s (two parcels); Bank of Australasia, £l4 14s; Union Steam (pref.), 20s. Sales: Goldsbrough, Mort, 45s (two parcels); (rights), 9s.