MINING.

Otago Witness, Issue 3886, 4 September 1928, Page 34

MINING.

THE WEEK’S NEWS. The directors of Paddy’s Point Gold Mining Company report that the directors and a number of shareholders visited the company’s property last week-end. An inspection of the existing water races was made, and these were found to be in excellent condition, and, apart from the new pipes required for the syphons, only a few minor repairs will be necessary. A number of prospects were taken out, and in every instance a showing of gold was obtained. On the return to Dunedin a meeting of directors was held for the purpose of allotting a further 6130 shares. TARANAKI OILFIELDS. GISBORNE. August 28. The latest Taranaki Oilfields report Jtates: Gisborne No. 1 well has been cleaned out to 3025 feet, with 6Jin diameter casing run to 3017 feet. Gisborne No. 2 well has been drilled to 1530 feet in sandstone, and lOin diameter casing has been run to 1500 feet. / NEW BIG RIVER. The twenty-first aniitfl report of the directors of the New Big River Company states: “Early in the new year prospecting operations were carried out in one of the upper sections of the mine by driving a crosscut from No. 2 level in under the reef known as Cosgrove’s, and the following assays have been taken: — £8 2s, £2 Is lOd, £8 15s, £1 8s Bd, £2 Is lOd, £1 6s, £2 4s 4d per ton. About 150 tons of ore had been broken and stored, but further work had yet to be done on the reef before crushing would be justified. The Government had granted a small subsidy on a footage basis, and the directors had asked for a straightout subsidy by way of loan of £2OOO, to be repaid out of first profits, in view of the promising nature of developments. The company’s indebtedness was £5293, and future capital must be provided to enable operations to be continued. Total capital invested was £26,000; gold won, £488,720; dividends paid, £162,489. No reserve fund had been established, but the directors stated that ‘ the mine cannot be said to be worked out, and, in fact, only a small area has been worked.’ It is therefore proposed to issue 24,000 new' shares of 5s each, which will bring the total capital of the company up to £12,000, divided into 48,000 shares of ss. On 24,000 shares already issued 2s has been paid.” DUNEDIN STOCK EXCHANGE. The following sales were recorded during the week: — August 29. —Sales: Mahakipawa, 2s 5d (two), 2s 4d (seven), 2s 3d (three). Sale reported: New Zealand Breweries, 47s 6d. August 30. —Sales reported: Bank of New South Wales, £5O 2s 6d; E.S. and A. Bank, £8 13s 6d; New Zealand Refrigerating (paid),- 19s; Mahakipawa, 2s 3d. August 31. —Sale: Bank of New Zealand, 61s 6d. Sales reported: New Zealand Breweries (shares), 47s 6d (two), debentures, 24s J<d; Dalgety and Co., £l5 2s; Mount Lyell, 355. September 1. —Sale reported: New Zealand Paper Mills, 16s 9d. Friday Afternoon. Business on the Stock Exchange has shown an appreciable increase during the past few days. In banking shares business has been brisk, a larger number of transactions than usual having been recorded. A number of parcels of Bank of New Zealands have changed hands at 61s 6d, buyers’ closing offer being 61s 3d. The D issue has also been dealt in at 28s, the best buying quotation being 27s 9d. Inquiry for E.S. arid A. Bonds has improved, and buyers have offered up to £8 12s 6d. Sellers, however, have been reticent. A transaction at £8 13s 6d has been reported earlier in the week. A parcel of Commercial Bank of Sydneys has found a buyer during the past few days at £27. For Bank of New South Wales shares the demand has been easier, buyers’ latest offer having been £5O. A transaction has been recorded at £5O 2s 6d. New Zealand Breweries shares have been in steady demand. Several sales at 47s 6d have taken place, the latest buying quotation being 475. The debenture issue has also been dealt in, a parcel having changed hands at 24s 3d. For National Insurances buyers have been prepared to give 16s sd, but sellers have refused to accept less than 16s 7d. Shipping and coal shares have remained steady with little variation in values. Earlier in the week Dalgety and Co. shares were the subject of business at £l5, but more recently a parcel has changed hands at £l5 2s. The best closing offer by buyers was £l5 Is. Ordinary New Zealand Loan and Mercantiles have been in stronger demand at £ll2, but sellers have not been interested. Paid-up New Zealand Refrigeratings have changed hands at 19s, but on ’Change buyers have not offered more than 18s 9d. For Southland Frozen Meats buyers have offered 34s 6d, but sellers have failed to respond. Inquiry for Bruce Woollens has improved, buyers having offered 13s 6d. Sellers, however, have not come forward Preferred Kaiapoi Woollens have been in easier demand at 15s, sellers having been reticent. The demand for Mount iyells has gradually improved, and buyers’ latest offer has been. 34s 9d, to which sellers have replied with 35s 6d. A. transaction has been recorded at 355. Mahakipawas have been very actiye, and a large number of parcels have changed hands. Prices have gradually eased from 3s 3d, the largest number of transactions having taken place from 2s 3d to 2s sd, inclusive. In all 14 lots have been disposed of. The latest buying quotation has been Is lOd. Government War Bonds have been in steady demand, but sellers have not come forward. Saturday, Noon. . A transaction in New Zealand PaperMills was reported at 16s 9d this morn-

ing. Buyers’ closing offer on ’Change was 16s 6d, sellers asking 17s. New Zealand Breweries shares were in demand at 47s 6d, but sellers were not interested. For New Zealand Insurances buyers were prepared to give 43s 6d. but no response was received from sellers. Inquiry for P. and O. Deferred Stock advanced to £235, but sellers did not come forward. Buyers offered 80s for National Mortgages, without response by sellers. The demand for Mahakipawas was easier, buyers offering Is Bd. Sellers, however, refused to accept less than 2s Id. The following are Saturday's buying and selling quotations, which are subject to the usual brokerage:— BANKING. Australian Bank of Commerce—Sei 34s 3d. Bank of Australasia—Sei £l5 ss. Bank of N.S. Wales —Buy £5O. Bank of New Zealand—Buy 61s 3d, sei 61s 9d. Bank of New Zealand (D issue) —Buy 27s 6d. Commercial Bank—Buy 30s 6d, sei 31s. E.S. and A. Bank—Buy £8 12s 6d, sei £8 14s. National Bank of New’ Zealand—Buy £7 2s 6d, sei £7 ss. National Bank of Australasia (cont.) —Buy £9 9s. Union Bank —Buy £l5 3s, sei £l5 6s. BREWERIES. N.Z. Breweries, Ltd.—Buy 47s 6d. N.Z. Breweries Debs.—Buy 23s lOd. INSURANCE. National Insurance Co.—Buy 16s 4d, sei 16s 7d. N.Z. Insurance Co.—Buy 43s 6d. Standard Insurance Co.—Buy 655. SHIPPING. Huddart, Parker (o'rd.) —Buy 48s 6d, sei 49s 6d. Huddart, Parker (pref.)—Buy 21s. P. and O. Deferred Stock—Buy £235. U.Sffi. Co. (pref.)—Buy 20s 4d. COAL. Westport Coal Co.—Buy 30s 6d, sei 31s. Westport-Stockton (pref.)—Buy 4s 3d, sei ss. LOAN AND AGENCY. Dalgety and Co.—Buy £l5, sei £l5 ss. Goldsbrough, Mort —Buy 51s, sei 51s 9d. National Mortgage—Buy 80s. N.Z. Loan and M. (ord.) —Buy £ll2. Wright, Stephenson (ord.) —Buy.23s 6d, MEAT PRESERVING. N.Z. Regrigerating (pd.)—Buy 18s lOd. ’N.Z. Refrigerating (cont.) —Buy 9s, sei 9s 4d. South Frozen Meat (ord.) —Buy 345. MISCELLANEOUS. Auckland Amusement Park (ord.) — Sei 7s. British Tobacco —Buy 435, sei 445. Brown, Ewing (ord.) —Buy 30s 3d. Bruce Woollen Co.—Buy 13s. Crystal Ice Co.—Buy 225. - D.I.C. (ord.) —Buy 10s prem. D.I.C. (pref.)—Buy 21s. Dominion Investments—Buy 22s 6d. Donagliy’s Rope and Twine—Buy 33s Dunedin-Kaikorai Trams—Buy 335. Dunlop Rubber—Buy 245. Kauri Timber —Sei 235. Milburn Lime and Cement—Buy 33s 3d. Mosgiel Woollen Co.—Buy £7 4s. N.Z. Guarantee Corp.—Sei 9s Id. N.Z. Paper Mills (ord.J- —Buy 16s 6d, sei 17s. N.Z. Sugar of Milk—Buy 20s 6d. Whitcombe and Tombs—Buy 71s 3d. Wilsons (N.Z.) Cement—Sei 39s 3d. MINING. Kawarau G. M. Co.—Buy 3d, sei 6d. Waihi—Sei 12s 6d. Mount Lyell—Buy 34s 9d, sei 35s 6d. Upper Nevis—Buy ss, sei 7s. Mahakipawa—Buy Is Bd, sei 2s Id. WAR BONDS. 41 per cent. Bonds, 1938—Buy £99 2s 6d. 41 per cent. Bonds, 1939—8uy £99 2s 6d. 4J per cent. Inscribed, 1938—Buy £99 2s 6d. 41 per cent. Inscribed, 1939 —Buy £99 2s 6d. 51 per cent. Soldiers’ Inscribed, 1933— Buy £lOl 2s 6d. 51 per cent. Inscribed Bonds, 1941— Buy £9B 15s. 51 per cent. Bonds, 1930—Buy £9B 10s. 51 per cent. Bonds, 1936—8uy £lOl 2s 6d. NORTHERN EXCHANGES. The following business was done on ’Changes during the week:— Tuesday. Auckland.—Sales: Inscribed Stock (1930), 51 per cent., £99; New Zealand Breweries Debentures, 245;- Bank of New Zealand, 61s 6d; Goldsbrough, Mort, 51s 4d, 51e sd; Westport-Stockton Coal, 3s 8d; Auckland Gas. 235; Kaiapoi Woollen (cont.), 3s 9Jd; New Zealand Refrigerat-

ing, 19s; New Zealand Refrigerating (cont.), 9s sd; Wilsons Cement, 395. Wellington.—Sales reported: P. and 0. Deferred Stock, £236; New Zealand Refrigerating (20s paid), 18s ltd; 44 per cent. Bonds (1938), £99 ss; Commercial Bank of Australia, 30s lOd; Union Bank of Australia, £l5 ss; New Zealand and River Plate, 31s 3d. Christchurch.—Sales: Commercial Bank of Australia, 30s 9d; Bank of New South Wales (ex div.), £5O 2s 6d; Kaiapoi Woollen (17s paid, cum. div.), 13s 2d, 13s 3d, 13s Id; Kaiapoi Woollen (7s paid, cum. div.), 3s lOd; Electro Zinc (pref, cum. div.), 34s lOd (three parcels); Mahakipawa, 3s (fou rparcels), 2s lid (two parcels, 2s lOd (four parcels), 2s 9d (eight parcels), 2s 8d (four parcels). Sales reported: New Zealand Government 5} per cent. Inscribed (1933), £lOl 2s 6d; Commercial Bank of Australia, 30s 9d; Wilsons Cement, 3 9s; New Zealand Breweries, 47s 6d; Kaiapoi Woollen (7s paid, cum. div.), 3s lid. Wednesday. Auckland.—Sales: National Insurance, 16s 6d; Auckland Gas, 235; Northern Steamship Company, 14s 7d; New Zealand Breweries, 47s 6d; Auckland Amusement Park, ss; British Tobacco, 43s 6d; Hayward’s Pictures, 20s; Holden’s Motors, 32s 6d; Morris Hedstrom, 21s; New Zealand Refrigerating (cont.), 9s 3d; Taranaki Oil Fields, 9s. Wellington.— Sales reported: Bank of New Zealand (two parcels), 61s 6d; National Insurance, 16s 6d. Christchurch. —Sales: Goldsbrough, Mort, 51s 3d (two parcels); New Zealand Refrigerating (£1 paid), 19s; Electro Zinc (pref., cum div.), 35s Id; Mahakipawa, 2s 8d to 2s Id to 2s 3d (40 parcels). Sales reported: Commercial Bank of Australia, 30s 9d; National Insurance, 16s 7d; Howard Smith, 27s 3d; Kaiapoi Woollen (7s paid, cum div.), 4s (two parcels); Ward’s Brewery, 425. —Thursday. Auckland. —Sales: War Loan (1939), 44 per cent., £99 7s 6d; Hamilton Theatres (7 per cent, debentures), £97; Commercial Bank of Australia, 30s lOd; Bank of New South Wales £5O ss; National Insurance, 16s 6d; South British Insurance, 63s 6d; Taupiri Coal, 27s 3d; New Zealand Refrigerating (cont.), 9s 3d; Ohinemuri Gold and Silver, 8s; Waihi, 12s 7d. Wellington.—Sales reported: New Zealand Breweries (10 per cent. Bonds), 24s 3d; New Zealand Breweries (shares), 47s 6d; Electrolytic Zinc (ord.), 33s lOd. Christchurch. —Sales: Australian Bank of Commerce, 33s lOd; Commercial of Australia, 30s 8d (two parcels); South British Insurance, 63s 6d (two parcels) ; Goldsbrough, Mort, 51s 3d; New Zealand Refrigerating (10s pd.), 9s Id, 9s (four parcels); Westport Coal, 30s 6d; Staples Brewery, 38s; Electro Zine (ord., cum div.), 33s 3d; Mahakipawa, 2s ? <1 (two parcels), 2s 3d (three parcels), 2s 2d (three parcels), 2s Id. Sales reported: New Zealand Government 51 per cent. Inscribed (1933), £lOl 2s 6d; Bank of New South Wales, £5O 2s 6d; Dalgety and Co., £l5 2s, £l5 3s. Friday. Auckland.—Sales. Auckland Harbour Board debentures (1941), 6 per cent., £lO4 15s; New Zealand Breweries debentures, 245; New Zealand Insurance, 445; Westport Coal, 30s 6d; Northern Steamship (cont.), 6s 9d; P. and O. deferred, £235; Burns, Philp, 45s 6d; Waihi, 12s 7d. 12s 4d, 12s 3d. Wellington.—Sales reported: New Zealand Breweries bonds. 34s 3d (two parcels); New Zealand Breweries (bonds), 24s 2d (two parcels); Huddart. Parker (cum. div.), 495; New Zealand Breweries (shares), 475. Christchurch. — Sales: Goldsbrough. Mort., 51s 4d; Christchurch Gas, 24s lOd (two parcels); New Zealand Breweries, 47s 9d; Tooth’s Brewery. 47s sd; Colonial Sugar, £6l 12s 6d; New Zealand Farmers' Co-op. 64 per cent, stock (1930), £9O (two parcels) ; Mahakipawa. 2s 2d. 2s Id (six parcels). 2s (21 parcels).—Sales reported: Union Bank of Aust., £l5 5s 6d: Goldsbrough, Mort.. £2 Us sd, £2 Ils G<T: Dalgety and Co., £l5; New Zealand Breweries, 47s 9d.

Saturday. Auckland.—Sales: Bank of New South Wales, £5O ss; N.Z. Insurance 445; South British Insurance, 63s 6d. Christchurch.—Sales: Commercial Bank of Australia (new, fully paid)', 29s 9d; South British Insurance, 63s 3d; Hudart Parker (ord., cum div.), 48s 9d (two parcels); Mahakipawa, Is lOd, Is 9d. Is 8d (two parcels). Sales reported: Dalgety and Co., £l5 Is.