MINING.

Otago Witness, Issue 3865, 10 April 1928, Page 34

MINING.

THE WEEK’S NEWS. BIG BEACH COMPANY. The Secretary of the Big Beach Gold Mining Company, Ltd., advises that the manager reports as follows:—’‘Owing to the approach of the Easter holidays a ■wash-up of the first three boxes was made in th. No. 1 tail race, lOloz of gold being obtained for the 26 days’ sluicing carried out since the deepening of the race. No. 2 tail race has now been deepened, and after Easter sluicing operations will be started on both tail races. No paddocks have yet been cleaned up, but it is expected that this will take place at the end of May. Despite the dry season, a plentiful supply of water has been available.” KAWARAU DAM. With the dry conditions prevailing during the summer months the Kawarau River fell to the lowest summer level known for many years, and two weeks ago, in the wide stretch at the town, it was 15in below the level at the time of the closing of the gates last year. From past experience it was found that a one-foot fall at the town represented about a 3ft fall in the narrow gorges where the stream was free of obstructions. On top of this, most of the side streams were low, and many of the creeks dry, and the majority of the water was coming from the lake. Thus a closing would have been more effective, as far as the lake was concerned, than it would have been last winter. Realising the possibilities of a trial closing, local claimholders approached the representatives of the Development Company, who were chiefly concerned, in an endeavour to Lave the gates closed over a week-end for two days. While the mining company representatives were met very fairly, it was found to be against the Development Company’s interest to close. Nevertheless the claimholders were given some encouragement of a closing about the middle of April if conditions were favourable. With the rain recently the river rose three feet, but at the town this morning it is again 4in below the level of last year’s closing, and will fall quickly with the prevailing frost and warm days. A closing now would be interesting, and local companies are keeping in touch with the position.Several local claimholding companies on the Kawarau will hold their annual meetings at an early date. It is evident that all favour the proposal for the amalgamation of all interests. The last return of 70oz for 134 hours’ works from the Upper Nevis dredge is highly satisfactory, when it is realised that the company is suffering from a shortage of water power, the result of a dry season. NATURAL BRIDGE COMPANY. The annual report of the directors of the Natural Bridge Gold Mining Company includes the following items: — The river level during the last season did not permit of more than a limited amount of spasmodic prospecting. From the experience on the river it is now quite evident that until the quantity of water coming from tributary sources is greatly reduced little prospect can be entertained of achieving much more success. The directors are quite sanguine as to what the results would be in the company’s claim provided the water problem was solved. The proposal to form a new company to be called the Kawarau Claims Limited has now taken definite form, and the object will be primarily to prospect the river and secure from a world-renowned engineer a report as to the potentialities of the scheme. The company would subsequently sell to a developing company with the required capital or in crease its own capital. The directors have gone fully into the whole matter, and feel they have no alternative but recommend the shareholders to adopt the proposition and join the amalgamation. In accordance with the company’s articles, Messrs Ernest Jolly and R. G Varcoe retire, and both offer themselves for re-election. DUNEDIN STOCK EXCHANGE. Thursday Afternoon. There has been a fair amount of activity in the Stock Exchange during the past week, and prices have been well maintained.

Bank of New Zjalands have undergone a further improvement, without resultant business. Buyers are now prepared to 'give 59s 9d, sellers’ quotation, leaving a margin of only 3d. Inquiry for Commercials is a little quieter, the quotations closing with a buyer at 27s lOd and a seller at 28s 2d. E.S. and A. Banks have been dealt in at £8 5s 3d. A parcel was offered at that price to-day, and buyers’ quotation was only 3d less. New Zealand Breweries shares are still on the up grade. Buyers will give 455, but sellers are reticent. The Debentures are in demand at 23s 6d. National Insurances have also shown a tendency to firm. They have changed hands at 15s Bd, and that price is still offered. New Zealands can be obtained at 41s 3d, and South British at 60s 3d.

Among shipping stocks only P. and 0. Deferred Stock has shown any movement. Buyers will give the enhanced price of <244, but sellers will not part at less than £251.

Westport-Stocktons show a further increase in value. Holders are disinclined to deal, though Is lid is offered for the ordinary shares and 3s Id for the preference issue.

Dalgetys have been placed at £l4 ss, and £l4 4s is now offered. Goldsbroughs have inquirers at 495, and Perpetual Trustees are wanted at 625. There has been considerable activity in New Zealand Refrigeratings, both issues tof which have. changed hands at an enanced figure. The paid-up shares'have een turned over at 16s 6d. and there have been numerous transactions in the contributing shares at up to 8s 2d,

Dominion Rubbers are quiet, with no buyer above 23s 6d. Kauri Timbers have advanced considerably in value, and buyers are willing to give 30s 6d. Sellers, however, will not take less than 40s. Guarantee Corporations were turned over a couple of days ago at 8s 6d, but the closing quotations were 8s (buver) and 8s 3d (seller). Electrolytic Zincs are better, the preference shares having inquiry at 32s 9d and the ordinary at 31s 3d. Government Stock is unchanged. April 3— Sales reported: New Zealand Refrigerating (cont.), Bs. 8s Id, 8s 2d; New- Zealand Guarantee Corp., 8s 6d (two 4 - per eent - Bonds (1939),’ £97 12s 6d. April 4— Sale reported: New Zealand Refrigerating (cont.), 8s Id. April sr—Sales reported: National ning a i6s 6d 5S 8d ’ eW Zealand RefrigeratThe following are Thursday morning’s buying an d selling quotations, which are subject to tne usual brokerage: — BANKING. Bank of Commerce—Sei 34s Bank of New South Wales—Buy £47 is s 6( B an k of New Zealand—Buy 58s 9d, sei X H Zealand <D Bank—Buy 27s Wd, sei 28s Commercial Bank (new issue)—Buy 7« 3d Eb. and A. Bank—Buy £8 ss, sei £8 os 3d. National Bank of New Zealand.—Buv duo 18s 6d. National Bank of Aust, (cont.) —Buy £8 las. Union Bank—Buy £l4 13s. BREWERIES. . N.Z. Breweries, Ltd.—Buy 455. N.Z. Breweries Debs.—Buy 23s 6d. INSURANCE. National Insurance Co.—Buy 15s Bd, rel 15s lOd. N.Z. Insurance Co.—Se] 41s 3d. South British Insurance Co.—Sei 60s 3d. Standard Insurance Co.—Buy 62s 6d. SHIPPING. Adelaide Shipping—Buy 25% 3 Huddart, Parker (ord.) —Buy 47s 3d. Huddart. Parker (pref.)—Buy 20s 6d. P. and 0. Deferred Stock—Buy £1.4 scl £251. U.S.S. Co. (pref.)—Buy 20s. COAL. Westport Coal Co.—Sei 31s. Westport-Stockton (ord.) —Buy Is lid. Westport-Stockton (pref.)—Buy 3s Id. LOAN AND AGENCY. Dalgety and Co. —Buy £l4 4s. Goldsbrough, Mort.—Buy 495, sei 49s td. National Mortgage—Buy 725. N.Z. Loan and M. (ord.) —Buy £97. Perpetual Trustees—Buy 625. Wright, Stephenson (ord.) —Buy 21s 9d. Wright, Stephenson (pref.)—Buy 15s 3d. ' MEAT PRESERVING. Gear Meat Co. —Buy 375. N.Z. Refrigerating (pd.)—Buy 16s 3d, sei 16s 9d. N.Z. Refrigerating (cont.) —Buy Bs, sei 8s 2d. Southland Frozen Meat (ord.) —Buy 325. MISCELLANEOUS. British Tobacco—Buy 40s, sei 40s 6d. Bruce Woollen Co. —Buy 12s 9d. Crystal Ice Co. —Buy 21s. D.I.C. (ord.) —Buy 9s 3d prem. D.I.C. (pref.)—Buy 20s 9d Dominion Investments—Buy 225. Dominion Rubber—Buy 23s 6d, sei 325.Donaghy’s Rope and Twine—Bu-v 33s 9J. Dunedin Stock Exchange Proprietary — Sei 80s. Kaiapoi Woollen (pref.)—Buy 13s 6d, sei 14s _9d. Kauri Timber—Buy 30s 6d, sei 40s. Milburn Lime and Cement (new issue', - Buy 9s 6d. National Electric—Sei Ils 6d. N.Z. Drug Co. —Buy 66s 6d. N.Z. Express (oid.) —Buy 20s 6d. N.Z. Express (pref.)—Sei 18s 9d. N.Z. Guarantee Corp.—Buy Bs. sei 8s 3d. N.Z Paper Mills (ord.) —Sei 16s 9d. N.Z. Sugar of Milk—Sei 21s. Smith and Smith (pref.)—Sei 18s. Taranaki Oil—Sei 9s 6d. Wilsons (N.Z.) Cement—Buy 37s 6d. MINING. Kawarau G. M. Co.—Buy 6s, sei Bd. Waihi-Sel Ils 3d. ; Waihi Grand Junction—Sei Is 6d. Electrolytic Zinc (pref.)—Buy 32s 9d. Electrolytic Zinc (ord.) —Buy 31s 3d, Mount Lyell—Buy 30s sd, sei 31s. Mount Isa—Buy 30s, 'sei 32s 6d. North Broken Hill—Buy 85s. Broken Hiil South—Buy 43s 6d. Upper Nevis —Sei 20s. Big Beach—Buy 9s 6d, sei 12s. WAR BONDS. 44 per cent. Bonds, 1930—Buy £93. 44 per cent. Bonds, 1938—Buy £97 7s 6d. 44 per cent. Bonds, 1939—£97 7s 6d. 4J, per cent. Inscribed, 1938—Buy £97 7s 6d. 44 per cent. Inscribed, 1939—8uy £97 7s 6d. 51 per cent, Inscribed Bonds 1941—Buy £9B, '

NORTHERN EXCHANGES.

The following business was done on Changes during the week:— Tuesday. Auckland.—Sales: 6 per cent. Borough of Devonport (1936), £102; 44 per cent. War Loan (1941),. £97 7s 6d; 44 per cent. Inscribed Stock (1938), £97 10s; 44 pe r cent Inscribed Stock (1939), £97 10s; Commercial Bank Of Australia. 28s: National Bank ° £ , ew „ Zea * and ? £7 ; Bank of New South cr> a £4B 7s 6d; South British Insurance, 59s 9d; Queensland Insurance, £3 4s-Westport-Stockton Coal, Ils 2d; WestportStockton Coal (pref.), 3s 6d; Huddart, Parker, 47 s 9d; Wilsons Cement, 38s Christchurch.—Sales on ’Change; ’Bank of New Zealand, 60s; Union Bank, £l4 13s; New Zealand Refrigerating (cont.) 7 S lid (six parcels); Stockton Coal (ord.) Is lid; Tooth’s Brewery, 425, 42s 6d (two parcels), 425; Colonial Sugar, £5B 12s 6d • Goldsbrough, Mort, 49s Id; New Zealand Guarantee Corporation (ex div.), g s 3d; Mahak Ipawa, Is sd; Mason, Struthers (£1 pd.), 19s 9d; Wilsons Cement, 38s. „ T %) les reported: Bank of New South Wales, £4B 4s; Union. Steam (pref.), 20s 2d; New Zealand Refrigerating (cont.) 8s (two parcels); Stockton Coal (ord.). Is lid.

Wednesday. Auckland.—Sales: 5 per cent. Auckland Gas Debs. (1932), £92; National Bank of New Zealand, £7; Union Bank of Australia, £l4 15s; South British Insurance, 59s 9d; Westport-Stockton Coal 2s 2dAuckland Gas. 225; Howard Smith. 8s; Huddart. Parker, 47s 9d; Hill and Plummer, 235; Wilsons Cement, 38s. Wellington.—Sales reported: New Zealand Refrigeratinc (cont.). 7s llAd; 44 per cent. Bonds (1938), £97 12s 6d; 5J per cent. Bonds (1933), £lOO ss; Wilsons Cement (two parcels), 38s Christchurch.—Sales on ’Change: New Zealand Government 54 per cent. Bonds (1933), £lOO 2s 6d; Union Bank of Australia, £l4 14s (two parcels); Mercantile Mutual, 275; Goldsbrough, Mort, 49s 4d (two parcels); Stockton Coal (ord.), 2s; Electrolytic Zince (pref ), 32s lOd (two parcels) ; British Tobacco, 40s 6d; New Zealand Drug Co. (ex div.), 68s, 67s 9d.

Thursday. Auckland.— Sales: National Bank of Nqw Zealand, £7; Goldsborough, Mort, 49s 9d; Westport-Stockton, 2s 3d; Ohinemuri Gold and Silver, 7s. Christchurch.—Sales: Union Bank of Australasia, £l4 14s 6d; New Zealand Breweries, 46s (two parcels), 45s Id (two parcels), 46s 2d (five parcels); Holden’s Motors, 26s lOd; Mahakipawa, Is 3d. Sales reported: Canterbury Frozen Meat, £9.