MINING.

Otago Witness, Issue 3833, 30 August 1927, Page 34

MINING.

THE WEEK’S NEWS. TARANAKI OILFIELDS. GISBORNE, August 23. Taranaki Oilfields, Limited, reports that the Waiapu No. 2 well, which has reached » depth of 2050 feet in grey shale, is caving jn badly and is’making about 50 gallons of water per hour. The Gisborne No, 2 well has readied a depth of 430 feet, in alternate beds of sand and shale, with goft grey sandstone from 400 feet, and is rna-king 100 gallons of water per hour. BIG BEACH GOLD MINING COMPANY, LTD. The Secretary of the Big Beach Gold Mining Company, Ltd., advises that the following telegram was received on Friday evening from the manager: — Commenced yesterday to sluice No. 2 face. Expect start on No. 1 face to-day. M ater very effective.’’

DUNEDIN STOCK EXCHANGE. Friday Afternoon. Business has brightened considerably on the Stock Exchange during the past week. The activity provides a welcome change from the dullness of several previous weeks. Banks generally are steady, though the returns on investment are in no case high. Bank of New Zealands are unchanged, with a buyer at 58s and a seller at 58s 6d. Paid up D issue shares are wanted at 265, and for contributing shares a premium of 6s 3d is offered, a sale being effected at that juice recently. Commercials are slightly easier, with a buyer at 27s 4d. z-t Nationals have been turned over at xb 15s, and the present quotations are Is on either side of that price. Several lots of Unions nave changed hands at £l5, and other lots can be obtained at that price. N.Z. Breweries shares remain the same. Staples are firmer, with a buyer at 38s, and a seller at 39s 6d.

Inquiry for National Insurances is easier. Buyers offer 765, but sellers will not base less than 775. South British are better, but there is so reply to buyers’ offer of 57s 6d. Huddart, Parkers (ord.', for which an offer of 46s 6d is made, show a tendency to weaken. For P. and O. Deferred Stock £2(9 is still offered. Ordinary Taupiri Coals are wanted at 23s 6d, and the preference shares have a. buyer at 235. . Inquiry for Westport Coals has improved to 33s 3d, sellers asking 33s 9d. Westport-Stockton preference shares, which have been turned over at 2s 9d, now have a buyer at 2s lOd, but sellers require 3s. Goldsbrough, Morts found a buyer today at 45s 3d. other lots being on offer at the same price afterwards. Rights are offered at 9s premium. National Mortgages are in demand at 62s 6d, sellers’ quotations having a margin of is 6d. Gear meats have unproved, buyers offering 35s 9d compared with 34s 6d last week. Refrigeratings are ex dividend. For - the paid up issue 13s 6d is offered, and tne contributing shares are wanted at ,6s Id. Auckland Amusement Parks arc considerably stronger. Buyers of the ordinary shares will give 13s‘9d. sellers price leaving a margin of only threepence. British Tobaccos have advanced in value. Buyers are offering 54s 6d. Dominion Rubbers are als o among the improved stocks. Inquiry at 38s 6d, However, has failed to attract a seller at less than 41s.

Milburn Lime and Cements are attracting more attention, and both the old and new issues have firmed. The former are wanted as 27s 6d without sellers, and new shares are in demand at a premium of 3s 9d. An offer of 9s 3d is made for Guarantee Corporations. There is still no better offer than sixpence for Kawaraus. Waihis, however, have advanced in value and buyers are prepared to give 19s 4d. Molyneux Electrics, after a quiet period, changed hands at 15s. Several lots of Upper Nevis shares have been placed at 255, and the present quotations show no alteration either way. Government Stock is a shade easier. This is partly due to general conditions, and some sharebrokers believe that the large number of new issues by banks are a contributing factor. Two lots of 4j per cent. 1938 Bonds were turned over at £96 10s during the week. Saturday, Noon. There was more than the usual amount of activity on the Stock Exchange this morning. A parcel of Wcstport'Stockton preference shares found a buyer at 3s. New Zealand Breweries Shares changed hands at 425, but further inquiry at that price failed to attract a seller at less than 42s 6d. Business in National Banks at £6 15s and Unions at £l5 was reported. Standard Insurances were on offer at 61s 6d. August 23.—Sales: Upper Nevis, 25s (five parcels). Sales reported: 54 per cent. Inscribed Stock (1936), £lOO 12s 6d; Union Bank. £l5; Upper Nevis. 255. August 24. —Sales reported: Christchurch Gas. 23s Id; Westport-Stockton ,(pref.), 2s 9d. August 25.- —Sales: N.Z.. Sugar of Milk, 21s 3d: Molyneux Electric, 15s; Upper Nevis, 255. Sales reported: Union Bank, £l5 (two parcels) • Upper Nevis, 255. August 26. —Sales: Goldsbrough, Mort, 45s 3d.

Sales reported: Auckland Amusement Park, 13s 9d ; National Bank of New Zealand, £6 15s; Union Bank, £l5 (two parcels).

August 27. —Sales: Westport-Stockton (prof.), 3s; N.Z. Breweries Shares. 425. Sales reported: National Bank, £6 15s: Union Bank. £l5. Tire following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage: —

BANKING. Bank of N.S. Wales (ex div.)—Sei £44 10s.

Bank of New Zealand —Buy 58s, sei 58s

Bank of New Zealand (D issue, cont.) — Buy 6s prem. Commercial Bank—Buy 27s 4d, sei 28s.

E.S. a nd A. Bank—Sei £B. National Bank of N.Z.—Buy £6 14s 6d. P. and O. Bank —Buv £9 7s 6d, sei £9 17s 6d. Union Bank —Buy £l4 18s, sei £l5 2s. BREWERIES. N.Z. Breweries, Ltd. —Buy 425, sei 42s 6d. N.Z. Breweries Debs. —Buy 23s 6d. Staple’s Brewery—Buy 38s. INSURANCE. National Insurance Co. —Buv 765, sei 76s 6d. N.Z. Insurance Co. —Buy 39s 9d, sei 40s 9d. South British Insurance Co.—Buy 57s 6d. Standard Insurance Co. —Buy 60s, scl 61s 6d. SHIPPING. Huddart, Parker (ord.) —Sei 47s 9d. Huddart, Parker (pref.)—Buv 20s 9d, sei 21s 3d. P. and O. Deferred Stock —Buv £279, sei £287. COAL. Taupiri Coal (ord.) —Buy 235. Westport Coal Co. —Buy 33s 3d sei 33s 9d. Westport-Stockton (ord.) —Buv Is 6d, sei Is lid. Westport-Stockton (pref.)—Buy 2s lOd, sei 3s Id. LOAN AND AGENCY. National Mortgage—Buy 62s 6d, sei 645. N.Z. Loan and Mercantile (ord.) —Buy £9l. Perpetual Trustees—Buy 61s. Trustees, Executors and Agency—Buy 58s. Wright. Stephenson (pref.)—Sei 16s 9d. MEAT PRESERVING. Gear Meat Co. —Buy 365. N.Z. Refrigerating (paid)—Buy 13s 3d. N.Z. Refrigerating (cont.) —Buy 6s Id, sei 6s 6d. MISCELLANEOUS. Auckland Amusement Park (ord.) —Buy 13s 6d. Auckland Amusement Park (pref.)—Buv 18s 6d, sei 20s. British Tobacco—Buy 54s 6d, scl 55s 6d. D.I.C. (ord.) —Buy 8s 6d prem. D.I.C. _ (pref.)—Buy 20s 9d. Dominion Investments —Buy 225. Dominion Rubber —Buy 38s, sol 425. Donaghy's Rope and Twine —Buy 335, sol 34s 6d. Dunedin Stock Echange Ppy.—Sei 90s. Milburn Lime and Cement —Buy 27s 6d. Milburn Lime and Cement (new issue) — Buy 4s, sei ss. Mosgiel Woollen Co.—Buy £6 3s. N.Z. Drug Co. (£2 pd.)—Buy 63s 6d.N.Z. Express (ord.) —Sei 21s. N.Z. Guarantee Corp.—Buy 9s 2d, s el . 9s Bd. N.Z. Paper Mills (ord.) —Buv 15s 9d scl 16s 3d. i N.Z. Sugar of Milk —Sel 22s 6d. Otago Daily Times —Sel 755. ■ Whitcombc and Tombs —Buy 69s 6d. sel • 70s 9d. Wilsons (N.Z.) Cement —Buy 34s 3d. ’ MINING.

Kawarau G. M. Co. —Buy 6d, sel lid. Waihi—Buy 19s 6d, sel 19s 10d. Waihi Grand Junction —Buy Is 3d. Molyneux Electric —Buy 13s, sel 17s. Upper Nevis —Buy 24s 6d, sel 25s 6d. Big Beach—Buy 2s disc, sel par. Alburnia —Sel 3s lOd. WAR BONDS. 4-J per cent. Bonds, 1930—Buy £97 10s. 4i per cent. Bonds, 1938 —Buy £96, scl £96 15s. 54 per cent. Soldiers’ Bonds, 1933—8uy £lOO 10s. 4j per cent. Inscribed, 1938 —Sel £96 15s. 54 per cent. Soldiers’ Inscribed 1933—5 el £lOl. 54 per cent. Bonds. 1936 —Buy £lOO 12s 6d5> per cent. Inscribed, 1936 —Sel £lOl. NORTHERN- EXCHANGES. The following business was done on 'Changes during the week: — Thursday.

Auckland. —Sales: Auckland Electric Power Board, 1945, 54 per cent., £96 10s; Bank of Australasia, £l4 15s; Commercial Bank of Australia, 27s 10d;; Hikurangi Coal, 3s 4d; Northern Steamship, 14s 3d; Bycloft. Limited, 30s; Sanford, Limited, 21s; Alburnia, 3s Id; Moanataiari (cont.), Is Id; New r Waiotahi (cont.), Bd.

Wellington.—Sale reported: New Zealand Guarantee Corporation (ord.), 9s sd. Christchurch.—Sales reported:: Australian Bank of Commerce, 32s 9d; Union Bank, £l5; Bank of New South Wales (cum div.), £44 15s; British Tobacco, 56s (two parcels). Sales: Gisborne Sheepfarmers 7 J per cent., 1931, £B7; Bank of New Zealand, 58s 3d (odd lot) : National Bank of Australasia (£lO paid), £l7 Is; New Zealand Refrigerating (£1 paid, ex div.), 13s 6d; British Tobacco, 55s 3d (three parcels); Stockton Coal (pref.), 3s Id; New Zealand Guarantee Corpora-

tion, 9s 3d (odd lot) ; Mercantile Finance Corporation "(5s paid, cum div.), 2s 7d; New Zealand Farmers’ Co-op. (first pref.), 565. Friday. Auckland. —Sales: Inscribed Stock, 1939, 44 per cent., £96 ss; Commercial Bank of Australia, 27s 8d; Union Bank of Australia, £l5; New Zealand Insurance, 40s; Renown Collieries (cont.), 7s; Waipa Coal, 15s 6d; Auckland Gas (cent.), 16s 8d; British Tobacco, 55s 6d; Majestic Gold Mining, 3d; Waihi, 19s 6d. Christchurch. —Sales reported : Commercial Bank of Australia, 27s lOd (two parcels) ; Beath and Co., 325; Goldsbrough, Mort, 455. Sales: New Zealand Government 5 per cent. Inscribed, 1929, £99 ; Kaiapoi Woollens (17s pd.), 8s 9d; pref. cum. div., 12s 6d. Saturday. Auckland. —Sales: South British Insurance, 58s; Renown Collieries (cont.), 7s. Wellington.- —Sale reported: British Tobacco (ord.), 55s 6d. Christchurch. —Sales reported: Bank of Austdalasia (£5 paid), £8 Us; Wellington Gas, 27s 9d; New Zealand Sugar of Milk (cum div.), 21s 6d; Westport Coal, 33s 6d. Sales: Commercial Bank of Australia (pref.), £6 17s; Goldsbrough, Mort, 45s (three parcels) .