MINING.

Otago Witness, Issue 3899, 4 December 1928, Page 34

MINING.

TARANAKI OILFIELDS REPORT. GISBORNE, November 27. Taranaki oilfields report: Gisborne No. J well drilled to 1930 ft in shale of lOin diameter, easing to 1896 ft. KAWARAU GOLD MINING COMPANY. In their report for the half-year ended September 30, the directors of the Kawarau Gold Mining Company, Ltd., State that “ it is now definitely known that the amalgamation scheme as originally propounded cannot be carried through, as a considerable proportion of the claimholders are unfinancial and others are unwilling to contribute further funds under any scheme whatsoever. It has been decided, therefore, to take immediate steps to notify all claimholders in arrears with the payment of calls that unless payment is made within 14 days the company will have to resort to the remedies provided for in the agreement. This will mean that those claimholders who do not wish to lose their claims wr'l have to pay their arrears immediately, and the claims of those who do not pay will be liable to forfeiture.” Since this decision was arrived at a meeting of claimholders was held in Dunedin on October 30, and as a result definite proposals for the amalgamation of financial claimholders with the parent company were submitted the following day for consideration by the directors. The proposals briefly are that a ne.v company be formed to take over all the assets and liabilities up to £4OOO. The parent company is 'to take in fully-paid shares one-eighth of the nominal value of all the shares issued to claimholders in exchange for their claims. The new company is to purchase claims up to £B7O and issue £lOOO worth of shares paid up to £B7O. The promoters of the new company require until March 31 next to form the concern. The object of the new company will be primarily to obtain the report of an expert engineer on the possibilities of mining in the Kawarau River. The accounts show that the revenue received during the year amounted to £264, of which £263 was received in interest from the Public Trustee on the £lO,OOO deposit held by the Public Trust Office. The expenditure for the year was only £l5B, and the accumulated deficit was reduced from £4512 Jo £4407.

DUNEDIN STOCK EXCHANGE. Friday Afternoon. The volume of business recorded on the Stock Exchange during the past few days has been very moderate. Bank of New South Wales shares have been on offer at £5l, ex dividend, but buyers have not come forward. Inquiry for Bank of New Zealands has improved slightly, buyers’ latest offer having been 61s 9d, but sellers have not responded. Several parcels of Commercial Banks have changed hands at 30s sd, quotations having closed with buyers offering 30s 2d, and sellers asking 30s 6d. Preferreds have been in demand at £7 6s, sellers not

coming forward. A sale of E.S. and A. Banks at £8 Ils 6d has been reported, the best buying offer received on ’Change being £8 10s. There has been a slight improvement in the demand for New Zealand Breweries shares, buyers having offered 55s 3d. Business has been recorded at 56s 6d and 56s 3d. Ward and Co.’s shares have been on offer at 445, but buyers have not been interested. National Insurances have been dealt in at 16s 6d, ex dividend, quotations having closed with a seller at 16s 6d, and no buyers forward. For ordinary Huddart, Parkers, buyers have been prepared to give 48s, but sellers have not agreed to accept less than 495. Sellers have been prepared to accept 4s 6d discount for Kaitangatas, but buyers have been reticent.

Inquiry for Dalgety and Co. shares has eased slightly to £l5, sellers remaining steady at £l5 6s. Transactions have been recorded at £l5 5s and £l5 4s, ex dividend. Auckland Amusement Parks have been offered for sale at 9s, but the best buying quotation received has been 3s. There has been a stronger inquiry for British Tobaccos, buyers having offered 455. Sellers’ latest requirement has been 45s 6d. Colonial Sugars have been inquired for at £5B ss, but sellers have been reticent. Crystal Ices have been the subject _of business at 255, buyers’ closing quotation being 24s 6d. Business has also been done in New Zealand Drugs at 72s 6d, buyers’ closing offer having been 71s. Waihis have been on offer at 15s 3d, buyers’ best quotation being 14s lOd. Two parcels of Kildares nave changed hands at 2s. quotations having closed with a seller at 2s 3d, and no buyers forward. Government War Bonds have been in good demand, but sellers have not been interested. Saturday Morning. No business was recorded on the Stock Exchange this morning. For Bank of New Zealands buyers were prepared to give 625. but sellers did not come forward. There was an easier inquiry for New Zealand Breweries shares, buyers’ best offer being 55s 6d. Sellers would not accept less than 56s 6d. * Ordinary Huddart, Parkers were on offer at 48s 9d, but buyers would not give more than 48s. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Australian Bank of Commerce —Sei 345. Bank of N.S. Wales—Buy £5O, sei £5O 10s. Bank of New Zealand —Buy 625. Bank of New Zealand (D issue) —Buy 27s 9d. Commercial Bank—Buy 30s 2d, sei 30s 7d. National Bank of N.Z. —Buy £7 2s. Union Bank —Buy £l5 7s. BREWERIES. NZ. Breweries, Ltd. —Buy 55s 6d, sei ISOs 6d. N.Z. Breweries Debent. —Buy 25s 2d.

INSURANCE. National Insurance Co. —Sei 16s 6d. N.Z. Insurance Co. —Sei 475. South British Insurance Co. —Buy 645. Standard Insurance Co. —Buy 63s 6d, sei 65s 6d. SHIPPING. Huddart, Parker (ord.)— Buy 48s, sei 48s 9d. Huddart. Parker (pref.)—Buy 21s. P. and O. Deferred Stock —Buy 545. U.S.S. Co. (pref.)—Buy 20s 9d. COAL. Westport Coal Co. —Sei 30s 9d. Westport-Stockton (ord.) —Sei 3s 4d. Westport-Stockton (pref.)—Sei 4s 6d. LOAN AND AGENCY. Dalgety and Co.—Sei £l5 ss. Goldsbrough, Mort —Buy 51s 6d, sei 52a 6d. National Mortgage—Sei 91s. Perpetual Trustees —Buy 64s 6d. Trustees, Ex. and Agency—Buy 58s. Wright, Stephenson (pref.)—Buy 16s. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 19s. N.Z. Refrigerating (cont.) —Buy 9s 4d, sei 9s 7d.

MISCELLANEOUS. Auckland Amusement Park (ord.) — Buy 3s, sei 10s. British Tobacco—Buy 455, sei 45s 6d. Crystal Ice Co.—Buy 24s 6d. D.I.C. (ord.) —Buy 10s prem. Dominion Investments—Buy 235. Dominion Rubber—Sei 28s. Donaghy’s Rope and Twine —Buy 33s 3d. Dunlop Rubber—Buy 23s 6d. Eclipse Petrol—Sei lbs. Kaiapoi Woollen (ord.) —Buy 13s 6d. Kaiapoi Woollen (cont.) —Buy 4s. Kaiapoi Woollen (pref.)—Buy 14s 6d. Kauri Timber—Sei 20s 9d. Milburn Lime and Cement—Buy 355. Mosgiel Woollen Co.—Buy £7 3s. National Electric—Sei Us 9d. N.Z. Drug Co. (£2 pd.)—Buy 70s. N.Z. Guarantee Corp.—Buy 8s 4d. N.Z. Sugar of Milk—Sei 265. Otago Daily Times —Sei 78s.

MINING. Nokomai Sluicing—Buy 20s,- sei 22s 6d. Waihi —Buy 14s 6d. Waihi Grand Junction —Buy 9d. Mount Lyell—Sei 39s 6d cum div. Molyneux Electric—Sei 12s. Big Beach —Sei 9s. Kildare —Buy 2s, sei 2s 3d. Okarito—Sei 7d prem. Mahakipawa—Buy Is, sei Is 3d. WAR BONDS. 4J per cent. Bonds, 1930 —Buy £99. 4J per cent. Bonds, 1938 —Buy £99 7s 6d. 4J per cent. Bonds, 1939—8uy £99 7s 6d. 41 per cent. Inscribed, 1938 —Buy £99 7s 6d. 4-1 per cent. Inscribed, 1939—8uy £99 7s 6d. 5 per cent. Postal Inscribed, 1929 —Buy £9B. 5J per cent. Inscribed Bonds, 1941—Buy £99. S:J per cent. Bonds, 1930 —Buy £9B 10s. SALES ON ’CHANGE. The following business was done on ’Change during the week: — November 27. —Sales : Kildare. 2s (two). November 28. —Sales: New Zealand Breweries shares, 56s 6d (two). November 29. —Sales. New Zealand Breweries shares, 56s 6d, 56s 3d. Sales reported: New Zealand Drug Co., 72s 6d. • November 30.—Sale reported: E.S. and A. Bank, £8 Is 6d. NORTHERN EXCHANGES.

The following business was done on ’Changes during the week: — Tuesday. Auckland. —Sales: Debentures, Borough of Devonport (1936), 6 ‘ per cent., £lO2 10s; Borough of Mount Eden (1961), 5f per cent., £102; War Loan (1936), 5j per cent, £lOl 10s; Pukemiro Collieries, 655; Auckland Gas, -23 s 3d; New Zealand Breweries, 555; Colonial Sugar, £59, £5B 10s; Waihi Mining, 14s 9d. Wellington.—Sales reported: 5} per cent. Government Stock (1932), £99; Mahakipawa, Is 2d. Christchurch.—Sales on ’Change: Huddart, Parker, 48s (two parcels); New Zealand Refrigerating (10s paid), 9s 5d (two parcels); New Zealand Breweries, 565; Wilsons Cement (ex div), 41s; Mahakipawa, Is 2d. Wednesday. Auckland. —Sharemarket sales: War Loan (1939), 4J per cent., £99 7s 6d; National Bank of New Zealand, £7 2s; National Bank of Australasia (cont.), £9 ss; National Insurance, 16s 6d; Auckland Gas (cont.), 17s 3d (two sales): Northern Steamship, 13s 4d; New Zealand Breweries shares, 56s (two sales); Colonial Sugar, £5B 15s; Taranaki Oil, 4s 6d; Wilsons Cement, 40s 6d; Waihi, 14s lOd; Mount Lyell, 38s 6d. Wellington. —Sales on ’Change: Union Bank, £l5 8s 6d. Reported: 4J per cent.

Government Bonds, £99 12s 6d; 51 per cent. Government Stock, £lOl ss; Burns, Philp and Co., 45s 3d.

Christchurch. —Sales on ’Change: Commercial Bank of Aust., 30s sd; New Zealand Breweries, 575; Mount Lyell (cum div.), 39s 2d; Mahakipawa, Is 2d. Sales reported: New Zealand Breweries, 56s 3d, 575.

Thursday. Auckland.—Sales: New Zealand Breweries debentures, 25s 3d; National Bank of Australasia (ex div.), £lB 14s 6d; Bank of New Zealand, 62s (two sales) ; National Insurance, 16s sd; Auckland Gas, 23s 3d; New Zealand Breweries, 565, 56s 3d, 56s 2d, 56s 9d, 575; Colonial Sugar, £5B ss, £5B 10s; Waihi, 14s lOd. Wellington.—Sales reported: Bank of New Zealand, 625. Christchurch.—Sales: Australian Bank of Commerce, 33s 8d; National Bank of Australasia (£lO pd., ex div.), £lB 12s 6d; Goldsbrough, Mort, 52s 4d; Christchurch Gas, 12s 8d; New Zealand Breweries, 57s 2d (six parcels). 56s 9d (two parcels) ; Tooths Brewery, 48s 3d;, Colonial Sugar, £5B, £5B ss; Mahakipawa, Is 3d, Is 2d (two parcels). Sales reported: South British Insurance, 64s 6d; Goldsbrough, Mort (cum div.), 52s 3d; Auckland Gas, 23s 4d; Christchurch Gas, 12s 9d; New Zealand Breweries, 57s 3d (two parcels); New Zealand Guarantee Corporation, 8s 7d. • Friday. Auckland. —Share market sales: New Zealand Breweries Debentures, 25s 3d; National Bank o fAustralasia, £lB 14s 6d, £lB 14s; Bank of New South Wales, £5O 2s 6d; South British Insurance, 64s 6d; Hikurangi Coal (pref.), Us 2d; Auckland Gas, 23s 4d; Wellington Woollen, £7 4s; New Zealand Breweries shares, 56s 3d, 565; Ohinemuri Gold and Silver, 7s sd; Waihi, 14s lid (three parcels) . Wellington.—Sales reported: Bank of New South Wales, £5O ss; New Zealand Breweries, 56s 3d.

Christchurch. —Sales on ’Change: National Bank of Australasia (£lO paid, ex div.), £lB 12s 6d; Union Bank of Australia, £l5 8s; National Insurance, 16s 5d (two parcels) ; New Zealand Refrigerating (10s paid), 9s 6d; Christchurch Gas (10s paid), 12s 9d; New Zealand Breweries, 56s 5d (three parcels), 56s Id, 565; Tooth’s Brewery, 48s 7d; Colonial Sugar, £59 (two parcels); Mount Lyell (cum div.), 39s Id. Sales reported: Bank of New South Wales (ex div.), £5O ss; New Zealand Breweries, 56s 6d.

Saturday. Auckland. —Sales: National Bank of Australasia (cont.), £9 6s 6d; New Zealand Insurance, 46s 9d; Pukemiro Collieries, 655; Auckland Gas (cont.). 17s 3d: Wilsons Cement, 41s; Mount Lyell. 395.