MINING.

Otago Witness, Issue 3864, 3 April 1928, Page 34

MINING.

THE WEEK’S NEWS. While prospecting in the Buller ..aver Mr Lance Heaphy, proprietor of Berlin’s Hotel, Buller Gorge, secured an ounce of gold, comprisng a small nugget and free gold weighing up to nine grains. The gold, which was found just opposite the hotel, could be plainly seen in the river, which -s exceptionally low at the present time. POSSIBLE REVIVAL ON WEST ' COAST. There are pleasing possibilities of a mining revival in Westland (says the Greymouth correspondent of the Lyttelton Times). Prospecting is going on, and, according to reports, definite developments are expected to take place in the near future. At. Re<] Jacks, near Goldsborough, attractive prospecting results have led to the flotation of a mining company which will operate with electric power for pumping and sluicintr operations. Beach rospcctinp- south of Okarito has -culminated in results which are considered certain to result in definite mining operations as soon as tho plant can be placed on the ground. Again, attractive prospects were obtained at Five Mile and other beaches which proved highly auriferous in the eirlv mining davs, when alluvial de posits were worked b.y hand in quite a nrimit>ve way. In the recent prospectin'? tests taken into lower and still richer ground, the presence of. water has been overcome by petroldriven pumps Pome of the ground has tested at very , high values, and as a result a dredge is to derate in the proved field at no distant date. A healtbv revival in the gold mining industry would be a very accentable result at this Tho c e • familiar with the auriferous character of Westland will not be surprised if it comes to pass. Industrial development alon" these lines is one of the immediate possibilities, and it must (rive the district a useful filHn.

KAWARAU HIGH LEVEL COMPANY, lhe Dunedin Stock Exchange has been notified by the secretary of the Kawarau High Level Gold Mining Company that recently a few boxes were opened and 16oz of gold lifted. In view of tne fact that very little bullion had been reached this was considered by the directors to be very satisfactory UPPER. NEVIS DREDGING COMPANY. .Mr F. C. Fache, dredgmaster for the Upper Nevis Gold Dredging Company, writing under date, March 31, reports as follows : — The dredge took 70oz of gold for 137 hours, during which period the water has been very low, but the volume has improved since, the recent rains, but more rain is required yet to give full power. The wash is improving. DUNEDIN STOCK EXCHANGE. Friday Afternoon. There has been no falling-off in the amount of business transacted on the Dunedin Stock Exchange during the past week. Prices have been well maintained, and several stocks have made a substantial increase in value. There has, however, been no movement of outstanding importance. Bank of Australasias are still to be obtained in the vicinity of £l5 2s. but they are not in demand. The present offer of £47 15s for New South Wales shows a weakening of ss. Sellers, however, will not accept Jess than £4B 10s. Bank of New Zealands show a marked firming tendency. Up to 59s 6d has been offered, but holders at present are reticent. The long D shares have been placed ’at 265. Commercials have been dealt in at 28s, but when buyers quoted at the same price afterwards sellers made no reply. E.S. and A. Banks firmed to business at £8 5s 6d, and recent offers-have been little below that figure. Some demand is now made for Unions, which can be placed at £l4 13s 3d. Gradual increases in buyers’ quotation for New Zealand Breweries have failed to break sellers’ reticence. They are being sought at 44s 3d, an improvement of Is txl for the week. Debentures and Stock have also been affected. For the former, buyers will give 23s sd, and only a penny less is offered for Stock. Staples are wanted at 375.

There has been little movement in insurances, although New Zealands have been turned over at 40s 9d, and inquiry is still made at that price. Ordinary Huddart, Parkers made a sudden leap in value, ending in a--tran-saction at 47s 6d. Buyers’ offer has since been 47s 3d, but sellers will not be content with less than 48s 3d. Union Steams have changed hands at 20 s 3d. Westport Stocktons have continued to improve, and the ordinary shares have found buyers at Is _ lOd. Buyers of the preference shares will give 2s lOd, sellers asking 3s. Dalgetys are wanted at the improved figure of £l4 3s, but sellers require £l4 10s. Xew Zealand. Refrigeratings have shown a decided . firming tendency. An offer of 16s for paid-up shares has failed to result in business, but there has been some movement in tho contributing issue at Bs. Buyers’ offer for Dominion Rubbers has firmed to 28s, but sellers’ quotation of 35s leaves a wide margin „ On the whole, however, little of note has occurred in. miscellaneous issues. Buyers of Waihis are offering 10s 6d, compared with 10s 9d last week, sellers asking Ils. Ordinary Electrolytic Zincs have been sold at 31s, and offers of that price still hold good. Mount Lyells are better, with a buyer at 30s 6d, and Mount Isas are in demand at 30s 3d. There has been a certain amount of activity in Government Stock, prices for which are unchanged. 4J per cent. Bonds and Inscribed Stock have been placed at £97 12s 6d. Saturday, Noon. There were no sales on the Dunedin Stock Exchange this morning, but business was reported in E.S. and A. Banks at £8 5s 3d, and two sales were reported in Dalgety and Co.’s at £l4 5«,-

March 28. —Sales reported: WestportStockton (ord.), Is lOd; New Zealand Insurance. 40s 9d. March 28. —Sales reported: Union Steam .(pref.), 20s 3d; E.S. and A. Bank, £8 5s 6d; Electrolytic Zinc (ord.), 31s; 44 per cent. Bonds (1930), £9B 2s 6d. and 214 d. March 29. —Sale reported: Huddart, Parker (ord.). 47s 6d. March 30. —Sales reported: Commercial Bank, 28s; New Zealand Refrigerating (cont.), 8s (two). March 31. —Sales reported; E.S. and A. Bank, £8 5s 3d; Dalgety. and Co. (two parcels), £l4 ss. The following are Saturday morning's buying and selling quotations, which are subject to the usual brokerage: — BANKING. Bank of Australasia —Sei £l5 Is. Bank of N.S. Wales —Sei £4B 10s. Bank of New Zealand —Buy 59s 6d, sei 60s. • Bank of New Zealand (D issue) —Buy 265. Commercial Bank—Buy 28s. E.S. and A. Bank —Buy £8 4s 6d, sei £8 6s. National Bank of N.Z.—Buy £6 18s 3d. " National Bank of Aust, (eont.) —Buy £8 15s. sei £8 19s. Union Bank —Buy £l4 13s. BREWERIES. N.Z. . jweries, Ltd.—Buy 445. N.Z. Breweries Debent. —Buy 23s sd. N-.Z. Breweries Stock —Buy 23s 4d. INSURANCE. National Insurance Co. —Buy 15s 6d, sei 15s Bd. N.Z. Insurance Co. —Buy 40s 9d, sei 41s 3d. Standard Insurance Co. —Buy 625. SHIPPING. Huddart, Parker (ord.) —Buy 47s 3d. Huddart, Parker (pref.)—Buy 20s 6d. P. and O. Deferred Stock—Sei £246. - U.S.S. Co. (pref.)—Buy 20s. COAL. Kaitangata—Buy 5s dis., sei 3s dis. Westport Coal Co. —Sei 31s. Westport-Stockton (ord.) —Buy Is 9d, eel 2s. Westport-Stockton (pref.)—Sei 3s Id. LOAN AND AGENCY. Dalgetv and Co. —Buy £l4 14s, sei £l4 Bs. Goldsbrough, Mort —Buy 495, sei 50s. National Mortgage—Buy 725. N.Z. Loan and M. (ord.) —Buy £97. Perpetual Trustees —Buy 61s. Wright, Stephenson (ord.) —Buy 21s 3d. Wright, Stephenson (pref.)—Buy 15s 3d. MEAT PRESERVING. Gear Meat Co, —Buy 375. N.Z. Refrigerating (paid)—Buy 16s, sei 16s 4d. N.Z. Refrigerating (cont.) —Buy 7s lid, sei 8s 3d. South Froz. Meat (ord.) —Buy 31s 6d. MISCELLANEOUS. British Tobacco —Buy 39s 6d, sei 40s. Brown. Ewing (ord.) —Sei 30s 6d. Bruce AVoollen Co. —Buy 12s 9d. D.I.C. (ord?) —Buy 9s Cd p. D.I.C. (pref.)—Buy 20s 9d. Dominion Investments —-Buy 225. Dominion Rubber —Buy 28s. Donaghy’s Rope and Twine. —Buy 33s 9d. Dunedin Stock Exchange Ppy.—Sei 80s. Dunlop Rubber—Buy 225. Eclipse Petrol—Sei 10s. Kaiapoi Woollen (cont.) —Buy 9s. Kaiapoi Woollen (pref.)—Sei 14s 9d. Milburn Lime and Cement —Buy 325. sei 32s 6d. Milburn Lime and Cement (new issue) —Buy 9s 6d p. Mosgiel Woollen Co.—Buy £6 15s. National Electric —Sei Us 6d. N.Z. Drug Co. t£2 paid)—Buy 68s 3d. N.Z. Express (ord.) —Buy 20s 6d. N.Z. Express (pref.)—Sei 18s 9d. N.Z. Guarantee Corp.—Buy 8s 3d, sei 8s 7d. N.Z. Paner Mills (ord.)—Sei 16s 6d. Otago Daily Times —Sei 81s. Smith and Smith (pref.)—Sei 18s. Wilsons (N.Z.) Cement —Buy 37s 6d, sei 38s. MINING. Kawarau G.M. Co. —Buy 6d. Waihi—Sei Us 3d. Waihi Grand Junction —Sei Is 6d. Mount Lyell—Buy 30s' 3d, sei 31s. Upper Nevis—Sei 20s. WAR BONDS. 4J per cent. Bonds, 1930—Buy £9B. 44 per cent. Bonds. 1938—Buy £97 10s. 44 per cent. Bonds, 1939 —Buy £97 10s. 5j per cent. Soldiers’ Bonds, 1933—8uy £lOO, sei £lOO 7s 6d. 44 per cent. Inscribed, 1938—Buy £97 10s. 4J per cent. Inscribed, 1939 —Buy £97 10s. 54 per cent. Soldiers’ Inscd., 1933—Sei £lOO ss. 5i per cent. Insc. Bonds, 1927-41—Buy £9B 10s.

• northern exchanges, foll ° w i n K business was done on Changes during the week:—■ Auckland.— Sales: Commercial of Australasia, 27s lOd; Bank of New Zealand 59s 9d (two sales); Union Bank of 7 Aus’ traha £l4 12s 6d; New Zealand Insurant, : 1 ? P - CV ,° np f> t *>rry 24 s 9d ; Northern (cont.) 7s 2d; Kauri Timber, 2is-, Hill and -Plummer, 235; Waihi, Us (two. sales).; Ohinemuri, 7s. Weßington. Sale; P. And O. Deferred Stock, £233. Sales reported: 5A per tent Stock (1935), £lOO ss; Union Bank, £l4 13 ?.: P- and- O. Deferred Stock, £233 ' Christchurch.—Sales on ’Change-, mercial Bank of Australia, 28s; Commercial Bank of Sydney, £26 15s (two parcels); Union Bank, £l4 13s 6d; New Zealand Refrigerating (£1 pd.), 16s (two parcels); Christchurch Gas (7s 6d pd.). 9s; British tobacco (cum div.), 40s (two parcels)*; Victoria Nyanza Sugar, 49s 3d. Sales reported: National Bank of Australasia ,'£s pd.), £8 17s 6d; New Zealand Refrigerating (cont.), 7s lOd; 5 per cent. Christchurch City (1952), £9l. Wednesday. Auckland.—Sales: National Bank of New Zealand, £6 18 s 6d; Bank of Ne w South Wales, £4B 10s; Bank of New Zeiland, 59s 9d; North Auckland Farmers’ Co-op. (B pref.), 7s 6d; Auckland Gas, 21s lOd; British Tobacco, 40s; • Tonsen Garlick, 12s 2d; New Waiotahi • (cont.), Wellington.—Sales reported: Wilson’s Cement, 38=; Union Bank, £l4 13s 6d; British Tobacco, 40s. Christchurch.—Sales on ’Change: 5| per cent. New Zealand Government Inscribed (1936). £K>O 7s 6d; Commercial Bank of Australia, 28s; Commercial Bank of Sydney, £26 15s (two parcels); Bank of New Zealand, 59s 9d; Union Bank, £l4 13s 6d; Melbourne register. £l4 14s; Goldsbrough, Mort, 49s 5d (two parcels); British Tobacco (cum div.), 40 s. Sales reported: 5-j per cent. New Zealand Government Inscribed 1941), £99, £93 17s 6d; National Bank of New Zealand, £5 18s 6d ; New Zealand Guarantee Comporation (cum div.). 8s 7d Thursday. Auckland.—Sales: 5J- per cent. Mount Eden Borough (1961), £lOO 10s; 6 per cent. Ngajuawahia Borough (1958), £102; Commercial Bank of Australia, 28s; Bank of New South Wales, £4B 10s; New Zealand Insurance, 41s; Auckland Gas, 21s lOd, 21s lid; New Zealand Breweries, 445; Wilsons Cement, 38s; Ohinemuri Gold and Silver, ,7s; Waihi, Ils. Wellington.—Sale on ’Change: Bank of New Zealand, 59s lid. Sales reported: Bank of New Zealand. 59s lid; 4% per cent. Bonds (1939), £97 12s 6d; 41 per cent. Bonds (1938), £97 12s 6d (two parcels) ; National Bank of New Zealand, £6 19s; New Zealand Guarantee Corporation, 8s 7d; Wellington Gas, 28s; . Wellington Woollen (ord.), £6 2s 6d. Christchurch.—Sales on ’Change: Commercial Bank of Australia. 28s (two-par-cels); Christchurch Gas (7s 6d paid), 9s; Bank of New South Wales, £4B 2s 6d; P. and O. Deferred Stock, £240; Stockton Coal (ord.), Is lOd (two parcels); New Zealand Breweries, 44s 2d (three parcels) ; Victoria Nyanza Sugar, 49s 6d; Mahakipawa, Is 5d (three parcels). Sales reported: 5 per cent. Christchurch City (1952), £9l; Commercial Bank of Australia, 28s; Bank of New South Wales, £4B 2s 6d; Union Bank, £l4 13s 6d (Melbourne register). £l4 14s; Stockton Coal (ord.). Is 104 d; Dalgety and Co. (Melbourne register), £l4 ss. Friday. Auckland.—Sales : 5> per cent. Inscribed Stock (1936), £lOO 10s; 6 per cent. Hamilton Borough (1944), £lO2 10s; New Zealand Breweries debentures, 23s 9d; Commercial Bank of Australia, 28s 3d; Union Bank of Australia. £l4 14s; New Zealand Refrigerating (cont.), 8s; Whittome and Stevenson, 465; Waihi, Ils. . Wellington.—Sale: 44 per cent. Bonds (1939). £97 12s 6d. Sale reported: Wilsons Cement, 38s. Christchurch. —Sales on ’Change: E.S. and A. Bank, £8 4s; Union Bank of Aust. (Melbourne register), £l4 13s; Dalgsty and Co. (Melbourne register). £l4 3s (five parcels); New Zealand Refrigerating (10s pd.}, 8s (two parcels). Saturday. Auckland.—Sale reported: Ohinemuri Gold and Silver, 7s.

A representative meeting of the provincial executive of the Southern Hawke’s Bay Farmers’ Union reversed its previous decision respecting daylight saying by carrying unanimously a resolution “ that the abomination of daylight saving should cease.” Speakers considered that Sidey time was detrimental to rural communities. A correspondent writes to the Nelson Evening Mail: The snine have migrated from Farewell Spit. Every year on or about March 24 or 25 they depart in enormous droves for northen climes. Their exact destination is not known, but it is supposed to be Siberia, and before the final flight is embarked upon trial flights are held for about a week, gradually increasing in length and severity. All who are deemed to be unfitted for so great an ordeal are left behind, and these' remain in the Dominion during the whole of the winter months.