MINING.

Otago Witness, Issue 3912, 5 March 1929, Page 34

MINING.

Mr S. C. Fache, dredgemaster of tha Upper Nevis Gold Dredging Company, Ltd., reports as follows: —Sixty ounces of gold were obtained for 125 hours’ working. UPPER NEVIS GOLD DREDGING COMPANY. The second annual meeting of the Upper Nevis Gold Dredging Company, Ltd., was held on Wednesday evening, and about 30 shareholders were present. Mr James Goodger (chairman of directors) presided. The. report and balance sheet were adopted, and the retiring directors, Messrs A. J. Campbell and J. Foweil, vzere reelected, as were also the auditors, Messrs W. E. C. Reid and Co. The chairman announced that Mr J. A. Sparrow had been elected to the board in place of Mr John M’Leod, who had resigned owing to his change of residence from Milton to Greymouth.

- In response to the chairman’s request, Mr Sparrow, who had some years’ dredging experience in the locality in which the company is working, explained to those present the nature, extent, and depth of the ground, and furnished some particulars regarding the dredge. He considered there was sufficient payable ground there to carry a number of dredges for many years to come. The chairman stated that the_ telegram received that afternoon announcing a return of 60 ounces for 125 hours’ dredging indicated that the company was working on improved ground. He was still convinced that this was one of the. most likely dredging fields left in the Dominion. DUNEDIN STOCK EXCHANGE. Friday Evening. Business on the Stock Exchange has been fairly quiet during the past week. E.S. and A. Banks have been inquired for at £8 15s, but sellers have not agreed to accept less than £8 18s. For National Banks buyers have been prepared to give £7 4s 6d, but sellers have been reticent.

There has been a slightly easier demand for New Zealand Breweries debenturies, buyers’ latest offer being 265, while sellers are now asking 26s 6d. Business has been recorded during the week at 26s 4d.

After having advanced to 43s 9d, the demand for Staples’ Breweries has now eased again to 43s 3d. Sellers latest requirement is 445. Several parcels of National Insurances have changed hands at 16s 3d, the market closing with buyers offering 16s 2d and sellers asking 16s 6d. ' Ordinary Taupiri Coals have been inquired for at 25s 9d, but sellers have not responded. There has been an easier demand for Dalgety and Co. shares, buyers now offering £l5 12s without response by sellers. Perpetual Trustees have also been quieter, buyers’ latest offer being 645. Paid-up New Zealand Refrigeratings have improved steadily and are now inquired for at 16s 3d. Sellers, however, have not agreed to accept less than 16s 9d.

Preferred Australian Iron ■ and Steels have been inquired for at par, but no sellers have been forward. An improvement has been noted in Dominion Rubbers, for •which buyers are now offering 35s 3d, while sellers ask 37s 6d. Business has been done at 355.

Ordinary Kaiapoi Woollens have advanced in inquiry to 14s 3d, but sellers have not shown any interest. For New Zealand Drugs buyers have been prepared to give 74s 6d, but sellers have not agreed to accept less than 75s 6d.

Malay Rubbers have improved steadily and are now. inquired for at 28s 6d, the same price ruling for both ordinary and preferred shares.

New Zealand Paper Mills have been dealt in at 18s 3d, the market closing with a buyer at the same figure and no sellers forward.

For Taranaki Oils buyers have offered ss, but sellers have not quoted below 6s 6d.

There has been an easier demand for Waihis, buyers’ latest offer being 13s Id, while sellers have required 2d more. Business has been recorded at 13s 3d. Preferred Electrolytic Zincs have been on offer at 36s 9d, ex dividend, but buyers have not offered more than 36s 3d. Ordinary shares have been offered for sale at 35s 9d, ex dividend, but the best buying quotation has been 35s 3d. Mount Lyells have shown considerable improvement, and are now inquired for at 43s 9d. Sellers, however, refuse to accept less than 44s 6d.

Government War, Bonds have been in good demand, but for the most part sellers have not come forward. A transaction in 5 a per cent. Inscribed Stock, 1932, has been recorded at £99.

™ . Saturday Morning. iwo transactions in Dominion Rubbers at 36s were reported on the Stock Exchange this morning, the market clos.a bu ? er at 35s 6d and a seller at 37s 6d. Contributing New Zealand Refrigeratings were also dealt in at 7s 9d, buyers closing with an offer of 7s Bd, while sellers required 7s 9d. Mount Lyells changed hands at 445, buyers offering the same price on ’Change. Sellers, ’ owever, required 9d more. National Bank were inquired for at Xl9 7s 6d,' but sellers were reticent. For Westport Coals buyers were prepared to give 32s 6d, but sellers would not accept less than 32s 9d. South Otago Freezings were in demand at 50s, but

sellers were not interested. Kauri Timbers were on offer at 18s 9d, but no buyers were forward. There was an improved demand for Waihis, buyers being prepared to give 13s 3d. Sellers, however, required 13s 6d. The following are yesterday after--oon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia—Sei £l5 2s 6d (cum div.). P nk of N.S. Wales—Sei £5l 10s. Bank of New Zealand—Buy 63s 3d. sei 645. Bank of New Zealand (D issue) —Buy 28s 3d. Commere : al Bank—Sei 29s 2d. National Bank of N.Z. —Buy £7 4s. National Bank of Australasia—Buy £l9 7s 6d. Union Bank—Buy £l5 7s 6d, sei £l5 Us. BREWERIES. N.Z. Breweries, Ltd. —Buy 57s 6d, sei 58s. j N.Z. Breweries Debent. —Buy 265, eel 26s 4d. Staples Brewery—Buy 43s 3d, sei 445. INSURANCE. National Insurance Co. —Buy 16s 2d, sei 16s 6d. N.Z. Insurance Co.—Buy 46s 6d. A.P.A. Insurance Co.—Buy Bs. Standard Insurance Co.—Buy 64s 6d (cum div.). SHIPPING. Huddart, Parker (ord.) —Sei 46s 9d. Huddart, Parker (pref.)—Buy 21s. P. and O. Deferred Stock—Buy 625, sei 655. U.S.S. Co. (pref.)—Buy 20s 6d. COAL. Kaitangata—Sei 8s disc. Taupiri Coal (ord.) —Buy 25s 9d. Westport Coal Co.—Buy 32s 6d, sei 32 e 9d. Westport-Stockton (ord.) —Sei 3s 6d. LOAN AND AGENCY. Dalgety and Co.—Buy £l5 12s. Goldsbrough, Mort—Buy 52s 6d, eel 53s 3d. National .Mortgage—Sei 90s 6d. N.Z. Loan and M. (ord.) —Buy £124. Perpetual Trustees —Buy 645. Trustees, Ex., and Agency—Buy 58s 6d. Wright, Stephenson (ord.) —Buy 24s 6d. Wright, Stephenson (pref.)—Buy 17e lOd.

MEAT PRESERVING. Gear Meat Co. —Sei 445. N.Z. Refrigerating (paid)—Buy 16s 3d, sei 17s.

N.Z. Refrigerating (cont.) —Buy 7e Bd, sei 7s 9d. South Otago Freezing—Buy 50s. MISCELLANEOUS.

Australian Iron and Steel (pref.)—Buy 20s 3d. Auckland Amus. Park (ord.) —Sei 3s. Auckland Amus. Park (pref.)—Sei 16s. British Tobacco—Sei 495. Browny Ewing (pref.)—Buy 20e 6d. Bruce Woollen Co.—Buy Ils 6d. D.I.C. (ord.) —Buy 10s 6d prem. D.I.C. (pref.)—Buy 21s. Dominion Investments—Buy 23s 6d. Dominion Rubber—Buy 35s 6d, sei 37s 6d.

Donaghy’s Rope and Twine —Buy 33s 3d. . Dunlop Rubber—Buy 27s 6d, sei 28s 9d. Eclipse Petrol—Buy 15s.' Kaiapoi Woollen (ord.) —Buy 14s 3d. . Kaiapoi Woollen (cont.) —Buy 4s 3d. Kaiapoi Woollen . (pref.)—Buy 15s. Kauri Timber —Sei 18s 9d. Milburn Lime and Cement —Buy 37s 3d. Mosgiel Woollen Co.—Buy £7 10s. M’Leod Bros.—Buy £3O. National Electric—Buy 9s, -sei Ils. N.Z. Drug Co. (£2 paid)—Buy 74s 6d, sei 75s 6d. NJZ. Guarantee Corp.—Buy 8s 9d. N.Z. Malay Rub. (ord.) —Buy 28s 6d, sal 33s 6d. N.Z. Malay Rub. (pref.)—Buy 28s 6d. N.Z. Paper Mills (ord.) —Buy 18s 4d. N.Z. Sugar of Milk—Buy 20s, sei 23s (cum rights). Otago Daily Times—Buy 745, sei 76s 3d. Taranaki Oil—Buy 4s 6d. sei 5s 9d. Wellington Woollen (ord.) —Sei £7 7s 6d. Regent Theatre—Buy 235, sei 24s 6d. Blenheim Oil—Buy 60s, sei 80s (ex rights). Wilsons (N.Z.) Cesaent —Sei 40s 6d. MINING. Waihi—Buy 13s 3d, sei 13s 6d. Waihi Grand Junction—Buy Bd, Electrolytic Zinc (ord.) —Buy 35s 3d, sei 35s 9d.

Mount Lyell—Buy 445, sei 44s 9d. Broken Hill South—Buy 57s 6d. Upper Nevis—Sei 6s. Upper Nevis (pref.)—Sei par. Big Beach—Buy 6s 3d, sei 8s 9d. Kildare—Buy 2s 9d, sei 3s. Okarito—Buy 4d prem., sei Is prem. Mahakipawa—Buy Is 3d, sei Is 4d. WAR BONDS. 44 per cent. Bonds, 1938—Buy £99 15s. 44 per cent. Bonds, 1939—8uy £99 15s. 4i per cent. Inscribed, 1938—Buy £99 17s 6d. 44 per cent. Inscribed, 1939 —Buy £99 17s 6d. 54 per cent. Soldiers’ Inscd., 1933—8uy £lOl. 5J per cent. Insc. Bonds, 1941 —Buy £9B 10s. 54 per cent. Bonds, 1936 —Buy £lOl ss. 54 per cent. Inscribed, 1936 —Buy £lOl ss. SALES ON ’CHANGE. The following business was done on ’Change during the week:— February 26. —Sales reported: National Insurance, 16s 3d; Kildare, 3s. February 27.—Sale reported: Dominion Rubber, 355. February 28.—Sales reported: 54 per cent. Inscribed Stock (1932), ~ £99; National Insurance, 16s 3d; Staples Brewery, 445; New Zealand Paper Mills, 18s 3d. March I.—Sale: Waipahi, 13s 3d. Sale reported: Mahakipawa, Is 44d. March 2.—Sales reported: Dominion Rubber, 36s (two); Mount Lyell, 445; New Zealand Refrigerating (cont.), 7s 9d.

NORTHERN EXCHANGES.

The following business was done on northern exchanges during the week: —

Tuesday. Auckland.—Sales: Commercial Bank of Australia, 295; National Bank of New Zealand, £7 ss; Bank of New Zealand, 63s 9d; National Insurance, 26s 2d; Renown Collieries (pref.), 2s lid; Gisborne Gas, 10s 3d; Huddart Parker, 46s 9d; New Zealand Farmers Fertiliser, 20s 6d; Sanford, Limited, 18s; Taranaki Oil, 4s 6d; Waihi Mining, 13s 6d. Wellington.—Sales reported: Union Bank, £l5 8s 6d; Ward and Co., 34s 6d; Sharland and Co., 20s 6d; New Zealand Refrigerating (10s paid), 7s 6d. Christchurch. —Sales on ’Change: Bank of Australasia, £l5 Is, £l5; National Bank of New Zealand, £7 ss; New Zealand Guarantee Corporation, 9s, 9s Id; P. and O. Deferred Stock, 64s 9d; New Zealand Refrigerating (£1 pd.), 16s 2d; Christchurch Gas (10s pd.). 12s lid; New Zealand Breweries, 57s 9d; Staples Brewery, 445; Australian Distilleries, 24s 9d; Beath and Co., 30s 3d; Beath and Co. (new, Is paid), 8s lid; Dunlop Rubber, 28s, 28s 2d; Mount Lyell, 43s 3d, 43s 4d (four parcels), 43s sd, 43s 2d, 43s 3d; New Zealand Sugar of Milk, 23s (three parcels), 22s 9d; Wilsons Cement, 40s Id; Taranaki Oil, 4s 9d; Mahakipawa, Is 5d (five parcels).

Wednesday. Auckland.—Sales: Auckland Harbour Board Debentures (1935), 5 per cent., £9B; National Insurance, 16s 2d; New Zealand Insurance, 475; Napier Gas (£lO paid), £10; Farmers’ Trading Company (B pref.), 13s; Fullers’ Pictures, 20s 6d; Hayward’s Pictures. 20s 7d; New Zealand Farmers’ Fertiliser. 20s 6d; Waihi Mining, 13s 6d; Kuala Lampor tin, 15s 6d.

Wellington.—Sales reported: Ward and Co. (in liq.), 34s 6d; 44 per cent. Stock (1938), £99 17s 6d; Bank of New Zealand, 63s 7d; New Zealand Insurance, 475; Mount Lyell, 43s 9d.

Christchurch. —Sales on ’Change: New Zealand Breweries (bonds). 26s 5d (two parcels) ; National Bank of Australasia (£lO paid), £29 9s; Goldsbourgh, Mort, 53s 9d; New Zealand Guarantee Corporation, 9s (two parcels); Staples- Brewery, 44s (three parcels) ; British Tobacco, 48s 9d (two parcels); Mount Lyell 43s 3d; Mahakipawa, Is 5d (two parcels). Sale reported: New Zealand Breweries, 57s 9d.

~ Thursday. Auckland. —Sales: War Loan (1930) 44 P er cent., £99; Commercial Bank of Australia, 295; National Bank of Australia, £l9 8s 6d; Bank of New Zealand, 63s 9d; Devonport Steam Ferry, 24s 14d; Northern Steamship /cont.), 6s Ud, 7s; Wilsons Cement, 39s 9d; Ohinemuri Gold and Silver, 8s sd; Waihi Mining, 13s 6d; Mount Lyell, 445. Wellington.—Sales reported: Blenheim Oil, 60s; New Zealand Guarantee Corporation, 9a..1d; New Zealand Breweries, 58s; Colonial Sugar, £6O. Christchurch.—Sales: New Zealand Government 54 per cent. Inscribed (1936), £lOl. 12s 6d; Goldsbrough, Mort, 52s Bd, 52s 6d; United Building, 16s 8d; Auckland Gas, 24s 3d; Christchurch Gas, 26s 3d; Christchurch Gas (10s paid), 13s; Mount Lyell, 44s (two-parcels), Taranaki Oil, 4s 9d; Victoria Nyanza Sugar, 42s Id (two parcels), Wilsons Cement (late sale yesterday), 41s, 40s 6d (two parcels); Mahakipawa, Is 44d. Sales reported: Commercial Bank of Australia, 29s Id; New Zealand Farmers’ Co-op. (64 per. cent. Stock, 1939), £9l (three parcels). Friday. Auckland.—Sales: Australian Bank of Commerce, 35s 6d; Commercial Bank of Australia, 295; National Insurance, 16s 3d; New Zealand Insurance, 475. Queensland Insurance, 68s 6d; Renown Collieries, 17s 3d; Auckland Gas, 24s 7d; Devonport Steam Ferry, 24s l|d; Nortligrn Steamship, 14s 6d; Waihi, 13s 3d, 13s 2d, 13s 3d; Kuala Lampar Tin, 15s, 15s Id. Wellington.—Sales reported: New Zealand Paper Mills (two parcels), 18s 3d. Union Bank, £l5 8s 6d. Christchurch. —Sales on 'Change: Mercantile Mutual, 34s (two parcels), New Zealand Refrigerating (£1 paid), 16s 6d (four parcels); New Zealand "Breweries, 57s lOd; Staples Brewery, 44s (two parcels); Mount Lyell, 44s (two parcels); Taranaki Oil, 5s 3d; Mahakipawa, Is 44d (eight parcels); Waihi, 13s 4d. Sales reported: Commercial Bank* of Aust., 29s Id; Tooth’s Brewery, 555.

Saturday. Auckland. —Sales: ‘Hikurangi Coal (pref.), 5s 63; Pukemiro Collieries, 67s

6d; Renown Collieries, 17s 3d; Australian Iron and Steel (pref.), 70s lOd; Milne and Choyce Debenture Stock, 26s 6d. Christchurch.—Sales on ’Change:' New Zealand Refrigerating (10s pd.), 7s 8d (two parcels); New Zealand Breweries, 57s lid; British Tobacco, 58s 8d; Mount Lyell, 44s (three parcels). Sales reported: Mount Lyell, 44s Id.