MINING.

Otago Witness, Issue 3862, 20 March 1928, Page 34

MINING.

THE WEEK’S NEWS.

A mild sensation was caused recently at Greenhills (says the Southland Times) when a rumour was circulated that a resident near the Mokomoko stream had discovered a gold-bearing quartz reef on his property. A company composed mainly of Greenhills people was quickly formed and samples of surface stone were sent to the Otago School of Mines in Dunedin. The returns from the quartz submitted assayed 3dwts to the ton. The finders at once applied to the Warden’s Court at Riverton for prospecting and protective license over 20 acres of ground in the line of the reef, which was granted. They immediately started sinking, but were hampered by an inrush of water and development work has, as a consequence, been retarded. That there is gold in the vicinity is well known to old-timers, as prospects cf gold of a fine quality have been panned out on the beaches back of Greenhills some years ago.

CONTESTED MINING APPLICATION. A mining application of considerable interest was heard at the monthly sittings of the Warden’s Court at Queenstown. The Big Beach Gold Mining Company holds a big area of dredging ground in the Shotover at Arthur’s Point as well as a sluicing claim at the Sugar Loaf. Operations at the latter have been in progress for the past 12 months, and it is now proposed to devote some attention to the development of the Big Beach portion of the company’s claim. As a nreliminary the company conceived the idea of generating electric power out of the Shotover for running the necessary dredging plant. To this end application was made to the court for a water-race in yvhat is known as Ovenbudge’s tunnel, situated, about half a mile above the Arthur s Point bridge; also for a certificate of easement over the said tunnel. This would constitute what is described by the company as a magnificent right adjacent to the beach. However, the Shotover Gold Claims, Ltd., already hold the right to the tunnel for a tailrace, hence objection was lodged by this syndicate to the granting of the application. Mr Robert Gilkison appeared in support, and Mr Patrick, of Riverton, for the objectors, who characterised the attempt of the Big Beach Company, to secure the rights as a direct attack upon the operations of the Shotover Gold Claims, Ltd. Mr Gilkison contended that there appeared to be no reason why both concerns should not operate their schemes concurrently. The Gold Claims People only held the rights to the tunnel as a tailrace, whereas the Big Beach Company just wanted the water out of the race for the generation of power. To overcome the objection that drift might accumulate at the outlet of the tunnel and cause storage with attendant damage and danger to the interests of the Gold Claims, Ltd., the applicants had offered to build a dam 4ft higher than the present one which was being used to divert the Shotover through the tunnel.

After hearing the evidence the warden refused the application as he could not see how the two companies could possibly both use the tunnel ; further, it was his duty to protect the rights of the people who were already in possession of the mining privilege.

HARTT EY RILEY CONSOLIDATED GOLD DREDGING CO.. LTD. Cable advice has been receiver! that negotiations have been completed with an English firm for a powerful all-British steam dredge specially designed for the Hartley and Riley Consolidated Gold Dredging Company s requirements, and fitted with all the latest improvements known to the engineering world, together with tools extra duplicate parts, and two British motor trucks at a price very much less than that quoted by the American dredge manufacturers. The dredge is to be delivered at Cromwell, erected and working to the satisfaction of the company, by March. 1929 NEW BIG RIVER MINE.

It _ is reported that prospecting operations at the New Big River Goldmining Company’s mine in the Reefinn district have disclosed a payable reef in No. 2 level. The company recently decided to put a drive in from No. 2 level, with a view to locating a block of stone known as Cosgrove’s block, and Uje reef was discovered after about 60ft of driving. The news has caused a stir in the Ree on district, as the Big River mine has yielded some of the richest stone on the Reefton field, and for many years Was a handsome dividend-payer to the shareholders. UPPER NEVIL ' GOLD DREDGING COMPANY. .. Mr TI S ’ C. Fache (general manager of the Upper Nevis Gold Dredging Company) reported as follows on Saturday:— 81oz for 212 hours’ dredging. The water has been slack for the whole period, and the return is good under the circumstances. Good rain fell last night.” DUNEDIN STOCK EXCHANGE. m. x . Friday Afternoon. ,,li paSt - Y, eek . 011 t , ho Stock Exchange opened quietly, but later business was brisk. Bank of Australasias, which had inquirers at £l4 18s at the end of last week have not been in demand- since. Sellers will take £l5. Bank of New South Wales are better. Buyers are prepared to give £47 12s 6d, but there are no immediate sellers. i Bank of New Zealands have been quiet for some days. The best offer recently has been 58s 6d, sellers asking 59s 3d. There are no buyers of the D issue, which are offered at 59s 3d. Commercials are still in demand at 27s 6d, although 27s 8d has been offered. Sellers will take 27s 9d. ... E,S._ and A.’s have change-1 hands in the vicinity of £8 2s 6d, ai. . still have

buyers at £3 Is 6d sellers’ quotation leaving the comparatively narrow margin of 2s. National Bank of New Zealands are still in. keen demand at £6 18s. The improvement in New Zealand Breweries’ shares has been maintained, buyers’ quotation of 42s remaining unchanged. A margin of only threepence separates the quotations for the Debentures, which are wanted at the improved price of 235. Only a penny less is offered for Stock. Several lots of National Insurances have been placed at the enhanced price of 15s 7d, the quotations closing to-day with a seller at that price and inquiry at 15s 6d. New Zealands are also better with a buyer at 41s, and South British are steady at 58s. . The shipping section ha s not undergone any change. Union Steams have been dealt in at 20s Id. Ordinary Westport-Stccktons have made a further advance and have changed hands at Is 6d. Dalgetys came into prominence again when a transaction at £l3 18s was reported to-day. Afterwards only sixpence less was offered, but holders would not part at less than £l4. Both issues of N.Z. Refrigeratings have increased in value. For the paid-up shares inquiry is made at 15s 4d, but sellers require 15s 9d. A parcel of the contributing shares found a buyer early in the week at 7s 6d, but the present offer of 7s 4d still shows an improvement on last week’s quotation. The quotations for British Tobaccos have been close, without resultant business. Ordinary Kaiapoi Woollens are better with a buyer at 9s. but no sellers. There is no inquiry for Milburn Lime and Cements, which can be obtained at 32s 9d. New Zealand Drugs, which have been turned over at 68s 3d, are now in demand at 68s, sellers failing to quote. The quotations for Kawaraus are still separated by a penny margin, buyers offering 6d. Better inquiry i s made for both issues of Electrolytic Zincs. The preference shares have a buyer at 31s 6d, and the ordinary issue is in demand at 30s ICd. Mount Lyells have been placed at 30s 3d._ Upper Nevis shares have been quiet with a seller at 20s 6d, but no buyers. Four and a-half per cent. Bonds' are in demand at £97 ss. Saturday, Noon. There were two transactions in Smith and Smith preference shares at 17s 9d on the Stock Exchange this morning. South British Insurances were in demand at 595, but sellers failed to quote. Standards had a. buyer at 62s 6d. Inquiry for ordinary Westport-Stocktons at Is 6d failed to attract a seller at less than Is 9d. For contributing Refrigerating shares buyers were prepared to give 7s sd, sellers asking 7s 7d. March 14. —Sale reported: Mount Lyell, 30s 3d. March 15.—Sales reported: E.S. and A. Bank, £8 2s, £8 2s 6d; National Insurance, log 7d; Auckland Gas, 22s 3d. March 16.—Sales: National Insurance, 15s 7d; Westport-Stockton (ord.), l a 6d (two). Sales reported: Dalgety and Co., £l3 18s; Otago Daily Times, 80s; N.Z. Drug. 68s 3d; Mount Lyell, 30s 3d; National Insurance. 15s 7d. March 17.—Sales: Smith and Smith (pref.), 17s 9d (two). The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerages; — BANKING. Bank of Australia—Sei £l5 2s 6d. Bank of New South Wales—Buy £47 15s. Bank of New Zealand—Sei 59s 3d. Bank of New Zealand (D issue) —Sei 26s 6d. Commercial Bank—Buy 27s 6d, sei 27s lOd. Commercial Ban!; (new issue] —Buy 7s 3d prem. E.S. and A. Bank—Buy £8 Is 6d sei £8 3s 6d. National Bank of New Zealand—Buy £6 18s, sei £6 19s. BREWERIES. N.Z. Breweries, Ltd. —Buy 425. N.Z. Breweries Debs. —Buy 23s Id. N.Z. Breweries Stock—Buy 22s lid. INSURANCE. National Insurance Co.—Buy 15s sd, sei 15s Bd. N.Z. Insurance Co.—Buy 41s. South British .Insurance Co. —Buy 595. Standard Insurance Co. —Buy 62s 6d. SHIPPING. - Huddart, Parker (ord.)—Buy 48s 3d, sei 49s 9d. Huddart, Parker (pref.)—Buy 20s 10d. P. and O. Deferred Stock—Buy £230, sei £246. U.S.S. Co. (pref.)—Buy 20s. COAL. Westport Coal Co.—Sei 31s. Westport-Stockton (ord) —Buy Is 6d sei Is 9d. Westport-Stockton (pref.)—Buy 2s 10d, scl 3s -2d. LOAN AND AGENCY. Goldsbrough,- Mort —Buy 48s 9d. National Mortgage—Buy 71s, sei 735.

N.Z. Loan and M. (ord.) —Buy £9B. Perpetual Trustees—Buy 61s. Trustees, Executors and Agency—Sei bls. Wright, Stephenson (ord.)—uy 21s. Wright, Stephenson (pref.)—Buy 15s. MEAT PRESERVING. Gear Meat Co.—Buy 37s 3d, sei 38s 3d. N.Z. Refrigprating (pd.)—Buy 15s 3d, sei 15s 9d. N.Z. Refrigerating (cont.) —Buy 7s sd> sei 7s 7d. Southland Frozen Meat (ord.) —Buy 31s. MISCELLANEOUS. British Tobacco—Sei 40s. Brown. Ewing (ord.) —Scl 31s. Bruce Woollen Co. —Buy 12s. Crystal Ice Co.—Buy 20s. D.I.C. (ord.) —Buy 9s 9d prem. D.I.C. (pref.)—Buy 20s 9d. Dominion Investments—Buy 225. Dominion Rubber—Buy 255. Donaghy’s Rope and Twine— Buy 33s 9d. Dunedin-Kaikorai Trams—Buy 32s 6d. Dunedin Stock Exchange Propriety—Sei 80s. Kaiapoi Woollen (ord.) —Buy 9s. Kaiapoi Woollen (pref.)—Sei 14s 9d. Kauri Timber—Buy 20s. Milburn Lime and Cement—Sei 32s 9d. Milburn Lime and Cement (new issue) — Buy 9s prem, sei -10 s prem. M’Leod Bros.—Buy £3O. National Electric—Sei Us 6d. N.Z. Drug Co. (£2 pd.)—Buy 6Ss. N.Z. Express (ord.) —Buy 20s' 6d. • N.Z. Express (pref.)—Se 18s 9d. N.Z. Guarantee Corp.—Sei 8s Bd. N.Z. Paper "Mills (ord.) —Buy 15s 3d, sei 16s 6d. N.Z. Sugar of Milk—Sei 21s. Otago Daily Times—Scl 80s. Smith and Smith (pref.)—Buy 17s 6d, tel 17s 9d, Taranaki Oil—Buy 9s, sei 10s 3d. MINING. Kawarau G.M. Co.—Buy 6d, sei 7d. Nokomai Sluicing—Sei 34s 6d. Waihi—Buy 9s 6d. Electrolytic Zinc (pref.)—Buy 31s 6d. Electrolytic Zinc (ord.)— Buy 30s 6d. Mount Isa—Buy 275, scl 29s 9d. North Broken Hill—Buy 82s. Broken Hill South—Buy 425. Big Beach—Sei 18s. WAR BONDS. 44 per cent. Bonds, 1930—Buy £9B. 4-4 per cent. Bonds, 1938—Buy £97 ss. 44 per cent. Bonds, 1939—8uy £97 ss. 54 per cent. Soldiers Bonds, 1933 —Sei £lOO 15s. 44 per cent. Inscribed, 1938—Buy £97 2s 6d. 44 per cent. Inscribed, 1939—8uy £97 2s 6d. 54 per cent. Soldiers’ Inscribed, 1933— Sei £lOO 12s 6d. 51 per cent. Inscribed Bends, 1941- Sei £99 ss. 54 per cent. Inscribed, 1936—5 cl £.OJ 15s.

NORTHERN EXCHANGES. The following business was done on ’Changes during the week: —

Tuesday. Auckland. —Sales: 44 per cent. Inscribed Stock (1938), £97 15s; 54 per cent. Inscribed Stock (1936), £lOO ss: Goldsbrough, Mort, 49s 3d; Pukemiro Collieries, 655; Renown Collieries (cont.), 13s; Auckland Gas 225. Wellington.—Sales reported : Gear Meat Co., £1 17s 6d; Wellington Woollen Co. (ord.), £6 2s 6d.

Christchurch.—Sales on ’Change: Christchurch Gas, 23s lOd (three parcels). Sales reported : Staples Brewery, 37s 4d: Sanford, Ltd., 19s".

Wednesday. Auckland. —Sales: 41 per cent. Inscribed Stock (1938), £97 12s 6d, £97 15s; Renown Collieries (cont.), 13s; Sanford, Ltd., 19s 6d. Wellington.—Sale on ’Change: Union Bank of Australia, £l4 14s. Sales reported: National Bank of New Zealand, £6 18s 6d; Bank of New Zealand, £2 19s. Christchurch.—Sales on’ Change: Commercial Bank of Australia, 27s lOd (three parcels) ; Bank of New Zealand, 595; English, Scottish, and Australian Bank, £B2; South British Insurance, 595, 60s. Sales reported: National Bank of New Zealand, £6 18s 6d; Union Bank, £l4 13s 6d. Thursday. Auckland.—Sales: New Zealand Breweries Debentures, 235; Commercial Bank of Australia, 27s 9d; Commercial Bank of Australia (pref.), £6 17s 6d; National Bank of N-w Zealand, £6 18s 6d; Bank of New South Wales, £47 12s 6d; Bank of New Zealand, 59ss Waipa, 17s, 265; Auckland Gas, 21s 9d (two sales). Wellington.—Sales reported: National Bank of New Zealand (three parcels), £6 18s 6d; Bank of New Zealand, £2 19s, £2 19s Id; N.Z. Breweries Bonds, £1 3s 3d; Wellington- Gas (ord.), £1 7s 9d; N.Z. Refrigerating (10s), an odd lot 7s 4d; o Wellington Woollen (pref.), £6 ss; Waihi Gold Mining, 9s lOd. Christchurch. —Sales: Commercial Bank of Australia, 27s lOd (four parcels); National Bank of Australasia (£lO paid), £18; Christchurch Gas, 7s 6d; D (paid), 8s 6d. Sales reported: National bank of bfew Zealand, £6 18s 6d; Bank of New South Wales, £47 16s; N.Z. Refrigerating (cont.), 7s sd. , , , , Friday. Auckland. —Sales: Bank of Australasia, £l4 19s; Commercial Bank of Australia, 27s 9d; Bank of New Zealand, 595; New Zealand Insurance, 41s 3d; Loan and Mercantile, £100; Auckland Gas, 21s 9d; Northern Steam, 15 s Id; British Tobacco, 39s 9d; Milne and Choyce Debenture Stock, 23s 9d.

Wellington.—Sales reported: National Bank of New Zealand, £6 18s 3d ; National Bank of Australasia (£lO pd.), £18; Gear Meat, £1 17s 44d • N.Z. Refrigerating (£1 pd.), 15s 4d; D issue N.Z. Refrigerating (10s) pd.), 7s 6d; D issue Waihi Mining, 9s lOd; Wellington Woollen (pref.). £6 5s Christchurch.—Sales on ’Change: Australian Bank of Commerce, 33s 9d (two parcels); Commercial Bank of Australia, 27s lOd; National Bank of New Zealand, £6 18s 6d; Bank of New Zealand, 58 3 lid; N.Z. Refrigerating Co. (10s pd.), 7s 5d (two parcels); Christchurch Gas. 245; Christchurch Gas (7s 6d pd.), 8s 6<l; Victoria Nyanza Sugar, 50s (two parcels), Sales reported: Australian Bank of Commerce, 345; Haywards Pictures, 19s

Saturday. Auckland.—Sales: National Insurance, 15s 6d; South British Insurance, 60s; Abraham' and Williams. 755; Auckland Gas, 225; Wellington-Woollen, 6s 2d; Checker Taxicab Co., 19s 3d.

Christchurch.—Sales on ’Change: National Bank of Australasia (£5 paid), £8 17s 6d; Goldsbrough, Mort, 49s Id; New Zealand Refrigerating (cont.), 7s 6d; Christchurch Gas (7s 6d paid), 8s 7d; Beath and Co., 33s 6d (two parcels); 4 J per cent. New Zealand Government Inscribed (1938), £97 12s 6d (three parcels). bales reported: New Zealand Refrigerating (cont.), 7a 7d.''x