MINING.

Otago Witness, Issue 3869, 8 May 1928, Page 34

MINING.

THE WEEK’S NEWS. UPPER NEVIS. DREDGING COMPANY. Mr S. C. Fache, of the Upper Nevis Gold Dredging Company, Ltd., telegraphed as follows on April 30: — “ One hundred and thirteen ounces were obtained for 218 hours’ working." TARANAKI OILFIELDS. GISBORNE, May 1 The latest report of Taranaki Oilfields, Ltd., is as follows:— Gisborne No 1 well depth 2665 ft in shale 6iin in dian cter, casing to 26.4 ft. Gisborne No 2 well, drilled open hole to 2bOit In sandstone, then sandy .shale to 315 ft MOUNT LYELL COMPANY. The secretary of the Dunedin Stock Exchange has been advised that the dir'ehors of the Mount Lyell Mining Company have declared an • interim dividend of Is per share. AVIATION AND MINING. In view of the vast exent of arid country within Australia and the difficulties sxpenenced hitherto in carrying out prospecting, it is to be assumed that now that aviation has developed so rapidly it will be found of great assistance in keeping the miner in the back country (says the Australasian). An example of the mauler aviation has rendered great aid is supplied in the case of the northern Manitoba, where 20 flying machines are shortly to be used to open up connection with the Flin-Flon area. Already in New Guinea the gold mining near Edi Creek has been vastly accelerated by the fact that instead of taking a considerable time to get to that locality from the seashore the distance can be traversed in an hour or two by aeroplane. It only needs a discovery of gold to be made in any of the dry portions of Australia, such a Tanami, for the aviator to perform his part m furnishing miners with supplies of food.and water. Hitherto it has been a question of how long parties could remain in the field without assistance. Now every requirement can be brought to them with comparative ease. Friday Afternoon. • A bright tone has been maintained on the Stock Exchange during the past week. A steady volume of business has been done, and in many cases there has been % marked firming of values. Banking shares, as usual, have attracted plenty of attention, the most active stock being Bank of New Zealands. Several lots nave exchanged hands at 60s, which is on a par with last week’s, price. New South Wales are now in demand, after a quiet period, at £47 10s, with Bellers at £4B. Commercials have firmed and have been placed at 28s 7d. Buyers are now offering 28s sd, sellers declining to part at less than 28s 9d. E.S. and A.’s have eased and can be pbtained at £8 7s. Buyers are not prepared to give more than £8 ss. National Bank of New Zealands, however, have continued on the up grade, and up to £7 3s 6d has been offered. Sellers Will part at £7 4s 6d. National Bank of Australasias, especially the contributing shares, have had better inquiry. Buyers of the contributing shares will give £9 Is, but holders of both issues are reticent. Unions are firm. New Zealand Breweries shares for some time -were not in demand and the most recent quotations show a weakening. Sellers are now willing to take 46s 3d, but buyers’ best offer is Is below that price. Up to 23s 9d has been offered for Debentures, for which sellers demand 245. Prices for Insurances are firm, although they have not been active. Nationals are unchanged, and the best offer for New Zealands is 40s 6d, sellers giving no encouragement. Steady demand has been made for P. and O. Deferred Stock at £250. Union Steams have had inquiry at 245, at which price a transaction was recorded last week. Westport Coals firmed to business at 80s 3d, and subsequently they have not been available at less than 31s.

Prices for Westport-Stocktons are on a par with those of last week. Goldsbrough, Morts are among the improved stocks, a parcel changing hands at 50s 2d.

The steady improvement noticeable in paid-up New Zealand Refrigeratings during previous weeks has been continued, and buyers are now prepared to give 17s. This price, however, does not attract sellers at less than 17s 4d. The contributing shares are unaltered. Gears have twice been turned over at 89s 6d —a considerably improved price. Miscellaneous issues have not undergone any outstanding changes. Dominion Rubbers have inquiry at 245, but sellers’ demand of 30s leaves no chance of business.

Preference D.l.C.’s, ex dividend, have been dealt in at 20s 6d.

Ordinary Kaiapois, following business at 9s, have not been in keen demand. There has been little life in the mining section. The dividend announcement has not altered Mount Lyells for the better, but they are firm with inquiry at 325. There have been no signs of a revival in the demand for Upper Nevis, for which Bellers ask 18s.

; Government Stock shows little alteration, and sellers have been in a marked minority. 4J per cent. Bonds (1939) have ben placed at £97 17s 6d. May 1. —Sale reported: Southland Frozen Meat. 32s 6d. May 3.—Sales reported: Westport Coal, 80s 3d (two); Bank of New Zealand, 80s (two). May 3. —Sales reported: Commercial Banks, 28s 7d; Goldsbrough. Mort, 50s 2d.

- May 4.—Sales reported: Gear Meat, 39s 6d; D.I.C. (pref.), 20s 6d (ex div.). Saturday, Noon. N.Z. Refrigerating Contributing shares were in demand at the improved price of 8s Id on the Exchange this morning, a margin of only Id preventing business. N.Z. Insurances were wanted at 40s 9d,

but sellers would not part at less than 41s 9d. Dalgetyg were in keener demand at £l4 7d. An offer of 9s for ordinary Ka.iapoi Woollens failed to attract a seller. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of New South Wales —Sei £4B ss. Bank of New Zealand —Buy 59s 9d, sei 60s 3d. Bank of New Zealand (D issue) —Buy 26s 4d. Commercial Bank—Buy 28s sd. E.S. and A. Bank—Buy £8 5s 6d. National Bank of New Zealand—Sei £7 4s 6d. National Bank of Australasia —Buy £lB. National Bank of Australasia (eont.) — Buy £9 Is. Union Bank—Buy £l4 14s 9d. BREWERIES. N.Z. Breweries. Ltd.—Sei 46s 6d. INSURANCE. National Insurance Co. —Buy 15s Bd, sei 15s Ud. N.Z. Insurance Co.—Buy 40s 9d, sei 41s 9d. Standard Insurance Co.—Buy 62s 6d. SHIPPING. Huddart, Parker (ord.) —Buy 475, sei 48s 6d. Huddart, Parker (pref.)—Buy 20s 9d. P. and O. Deferred Stock—Buy £247, sel £255 U.S.S. Co. (pref.)—Buy 20s 3d. COAL. Kaitangata—Sei Is dis. Westport Coal Co.—Buy 29s 9d, sei 31s. Westport-Stockton (ord.) —Buy 2s 7d, sei 2s 9d. LOAN AND AGENCY. Dalgety and Co.—Buy £l4 7s. Goldsbrough, Mort.—Buy 49s 9d. National Mortgage—Buy 745. N.Z. Loan and M. (ord.) —Buy £lOl. Perpetual Trustees—Buy 625. Wright, Stephenson (ord.) —Buy 22s 6d, sei 255. Wright, Stephenson (pref.)—Buy 15s 7d. MEAT PRESERVING. Gear Meat Co. —Buy 395, sei 40s. N.Z. Refrigerating (pd.)—Buy 17s. N.Z. Refrigerating (eont.) —Buy 8s Id, sei 8s 2d. MISCELLANEOUS. Auck. Amus. Park (ord.) —Sei Us. British Tobacco—Buy 40s. Brown, Ewing (ord.)—Sei 31s 3d. Colonial Sugar—Buy £57. D.I.C. (pref.)—Buy 20s 4d, sei 21s. Dominion Investments—Buy 235. Dominion Rubber—Sei 30s. Dunedin Stock Exchange Ppy.—Sei 795. Eclipse Petrol—Buy 8s 9d, sei 10s 6d. Kaiapoi Woollen (ord.) —Buy 9s. Kaiapoi Woollen (pref.)—Sei 14s 9d. Milburn Lime and Cement (new issue) —Buy 9s 9d prem. N.Z. Drug Co. (£2 pd.)—Buy 68s-. N.Z. Express (ord.) —Buy 20s 9d. N.Z. Paper Mills (ord.) —Sei 16e 3d. Smith and Smith (pref.)—Sei 17s 9d. Wilsons (N.Z.) Cement—Buy 38s 3d. MINING. Kawarau G.M. Co.—Buy 6d. Waihi—Buy 12s, sei 13s. Electrolytic Zinc (pref.)—Buy 31s 10d. Electrolytic Zinc (ord.) —Buy 31s. Mount Lyell—Buy 325. North Broken Hill—Buy 86s. Broken Hill South—Buy 465. Upper Nevis—Sei 19s. WAR BONDS. 44 per cent. Bonds, 1930—Sei £9B 10s. 4J per cent. Bonds, 1938—Buy £97 15s, sei £9B. 5} per cent. Soldiers’ Bonds, 1933—8uy £lOO 2s 6d. 41 per cent. Inscribed, 1938—Buy £97 15s, sei £9B. 5 per cent. Postal Inscribed, 1929 —Buy £9B 10s. 5J per cent. Bonds, 1930—Buy £9B. 54 per cent. Bonds, 1936—Bijy £lOO 2s 6d. NORTHERN EXCHANGES. The following business was done on 'Changes during the week: — Tuesday. Auckland.—Sales: 52 per cent. M unt. Eden Borough (1961), £lOO 10s; Bank of Australasia (fractionsi 8s; ~i t New Zealand, 60s; Goldsbrough, Mort, 50s; Huddart, Parker, 47s 6d, 47s 9d; British Tobacco, 40s 6d; Electrolytic Zinp, 31s; Electrolytic Zinc (pref.), 325; New Zealand Farmers’ Fertiliser, 90s; Auckland Gas, 22s 9d. Wellington. Sales on ’Change: New Zealand Refrigerating (10s paid), 7s lOd. Sales reported: Westport-Stockton Coal (ord). 2s 9d: Um.m tiank (Melbourne register), £l4 15s 6d (two parcels); National insurance, 15s 9d; South British Insurance, 58s 9d. Christchurch. —Sales on 'Change: Bank of Adelaide, £9 Ils; Goldsbrough, Mort, 50s 3d; Bank of Australasia, £l4 4s; Bank of Australasia (fractions), 9s; Bank of New South Wales, £47 17s 3d; Mahakipawa, Is 3d (three parcels), Is 4d (two parcels). Sales reported: 5J

per cent Wellington Harbour (19401 £9B 10s; Australian Bank of Commerce. 345; Bank of New Zealand, 60s 3d (four parcels); Christchurch Gas, 23s lOd; Mahakipawa, Is 4d (three parcels): Waihi, 12s 7£d. Wednesday. Auckland.—Sales: 64 per cent. Auckland Gas Company (1935), £102; 5£ per <_ent. Inscribed Stock (1:733). £lOO 12i 6d; 5j per cent Inscribed Stock (1936), £101; Commercial Bank of Australia, 23s 8d; Auckland Gas Company, 22s 9d; Auckland Gas Company (cont.). 16s 9d; Electrolytic Zinc (ord.), 3Js 3d; Wilsons C'< ment. 395; Ohinemuri .Gold and biivei. ’b. Wellington.—Sales reported: Bank o: Australasia (fractions), 9s 6d (3pareils); Wellington Deposit. 9s (2 panels) Sales ol ’Change: Wellington Deposit, 9s (2 parcels). Bank of Australasia (rights), 59s 3d Sales reported: National Baux of New Zealand. £7 3s; Wellington Gas, 28s; Geai Meat. 39s 6d Christchurch.—Sales on ’Change: Bank ot Adelaide, £9 He; Commercial Bank of Australia, 28s 6d; Bank of New South Wales, £47 17s 6d (2 parcels), £47 18s; South British insurance. 58s 9d (3 par cels); Goldsbrough Mort.. 50s 2d. Saies reported: Beath and Co.. 335; Mahakipawa, Is 6d.

Thursday. Auckland.—Sales: 4j per cent. VVar Loan (1938), £97 17s 6d; 5J per cent. Inscribed Stock (1933), £lOO 12s 6d; New Zealand Breweries debentures, 23e 9d; Commercial Bank of Australia, 28s 8d: Farmers” Co-operative Auctioneering (B pref.), 14s 3d; New Zealand Loan and Mercantile, £lO5 10s; Hikurangi Coal. 4s; • Pukemiro Collieries, 64s 6d; New Zealand Farmers’ Fertiliser, 92s 6d; New Zealand Refrigerating (cont.). 8s: Union Oil. 41s 6d.

Wellington.—Sales: Bank of New Zealand, 60s (2 parcels). Sales reported: Bank of New Zealand, 60s; 4$ per cent. Bonds (1938), £97 15s; Bank of New South Wales, £4B; New Zealand Refrigerating (20s paid), 1725; Sharland and Co., 20s.

Christchurch. —Sales on ’Change: 5} per cent. New Zealand Government Inscribed (1933), £lOO 2s 6d; Commercial Bank of Australia. 28s 6d (2 parcels). 28s 7d; New Zealand Loan and Mercantile Stock (ord.), £lOB, £109; Bank of Australasia (fractions). 8s; Bank of Australasia (rights), 60s; Dalgety and Co. (cum. div.). £l4 8s; Tiniaru Brewery, 14s 9d; Mahakapiwa, Is 5d (3 parcels); Mount Lyell (cum. div.). 32s 3d. Sales reported: Commercial Bank of Australia, 28s 7d. 28s 8d (2 parcels): Bank of New Zealand. 60s 3d; Goldsbrough, Mort., 50s Id: Howard Smith, 26s 6d; Matakipawa, la 6d (3 parcels); New Zealand Refrigerating (£1 paid). 17s; New Zealand Refrigerating (cont.). 7s lid.

Friday. Per cent - War Bonds (1938), £97 17s 6d; 4j per cent. Inscribed Stock (-935), £97 15s; per cent InscriiiedStock (.’933). £lOO 1?.« 6d; Bank of Australasia (fractions), 8s; English, Scottish and Australian Bank, £8 fcs; Bank of New South Wales, £47 17s 6d; New Zealand Insurance, 41s 6d; Auckland Gas. 235; Auckland Gas (cont.), 16s 9d; New Zealand Farmers’ Fertiliser. 94s 6d: Kawarau Gold Mining, 6d. Wellington.—Sales reported: Bank of Australasia, £l4 3s 6d; Bank of New Zea land, 60s; Gear Meat. 39s 6d; D.I.C. (pref ), 20s 6d; 6j per cent. Farmers’ Cooperative Bonds (1930). £80; English. Scottish, and Australian Bank. £8 6s. £8 6s 6d. Christchurch.-Sales on ’Change -. Australian Bank of Commerce. 345, Commercial Bank of Australia, 28s 7d; National Bank of Australasia (£5 paid, cum div.), £9 3s: Howard Smith, 26s 6d: Bank of Australasia (fractions). 8s 9d. 8s 6d; New Zealand Refrigerating (cont.). 8s (two parcels); Bank of New South Wales. £47 17s :xl; British Tobacco, 40s 4d (two parcels); New Zealand Guarantee Corporation. 8s 4d; Mahakipawa Is 6d. Sales reported: 6j .'er cent. Christchurch Trams (1934). £104; New Zealand Breweries Inscribed, 23s o { ]. New Zealand Refrigerating (cont.). Bs. 8s Id: Mahakipawa, Is 7d.

Saturday. Auckland.—Sales: English, Scottish, and Australian Bank, £8 6s; New Zealand Brewereis Debentures, 23s 9d; Colonial Sugar (ex div.), £57; New Zealand Refrigerating (cont.), 8s Id; Sanford. Ltd. (pref.), 20s 3d; Wellington Woollens, £6 ss. Christchurch.—Sales: Christchurch Gas, 235; Tooth’s Brewery, 43s 3d; British Tobacco, 40s 6d. Sale reported: New Zealand Refrigerating (10s paid), 8s Id.