MINING.

Otago Witness, Issue 3994, 30 September 1930, Page 30

MINING.

Blackwater is rapidly approaching a revival of its old gold digging days, through the establishment of an extensive sluicing claim, situated on Caribos Hill, a short distance from the township isays the Grey River Argus). The Mount (avid Sluicing Company has already made a good start inasmuch as that over 50 men are employed in cutting the water race from the Big River to the claim, a distance of five miles and a half. The construction of the race, which is at present being surveyed, will provide employment for over 250 men in the course of a few weeks, when the survey is completed. The change which the establishment of this claim has made at Blackwater is very marked, and it should be n factor in helping the West Coast to flourish in the near future.

NOKOMAI SLUICING COMPANY.

ANNUAL METTING OF SHAREHOLDERS.

The annual meeting of the shareholders of the Nokomai Sluicing Company was held on Thursday in the offices of the company, Stafford street, Mr H. L. Gill occupying the chair. The annual report stated that owing to the dry season experienced, the expectation of more speedily completing the paddocks had not been realised. _ The area of bottom cleaned was three-eighths of an acre, resulting in a return of 6890 z 4dwt, valhdd at £2619. Negotiations with the Siamese Tin Syndicate. Ltd., London, were still in abeyance, owing to no decision having been given by the Minister of Mines. This decision was expected daily, and until it was issued negotiations were marking time. Just as the report was going to press word was received that the final wash-up from the last paddock was 120 oz 151dwt. In moving the adoption of the annual report and balance sheet, the chairman stated that they would see by the balance sheet that they had won 6890 z 4dwt of gold, valued at £2619. The area of bottom cleaned was three-eighths of an acre. This was up to the end of March, when the water gave out. Had the supply kept up, as it usually did at that time of the year, the 120 oz 15dwt would have been in their last year’s returns, and every likelihood of another paddock being finished as well. When they washed up in March a small portion of the paddock was left, because if they had cleaned up the -whole of the bottom they would not have been able to lodge the gold with the bank before its annual balance. 'Another 10 days’ full supply of water would have finished that paddock, and owing to the exceptionally dry spell it took till a few weeks ago to get a final wash-up. It was a most unusual thing to have a water famine in mid-winter, and had there been a normal supply of water during the autumn ,he felt sure that they would have had another paddock producing from 400 oz to 500 oz, which would have made the difference between a dr. and cr. balance. The water races had been maintanied in their usual efficient state. Interest on the overdraft added very considerably to their already large dr. balance. He was extremely sorry that he had not a better report to place before the shareholders, and he sincerely trusted that the incoming year would at least give a credit balance on the year’s •work. In connection with an application made by the company to have an area of 40 acres of freehold resumed for mining. this application was lodged in November last, and owing to the Christmas and New Year holidays, the Warden’s Court did not sit till February, when the company’s evidence was taken. The warden eventually decided to visit the ground, and on receipt of the warden's report, the Under-secretary of Mines (Mr Kimbell) was authorised to visit the ground with a view to arranging an amicable settlement between the contending parties. Nothing definite was decided at this meeting, and negotiations were still proceeding. The motion was seconded by Mr E. W. Beck, and carried. Th“ two retiring directors, Messrs F. Goodwin and J. A. Roche, were re-elected, and Mr G. H. G. Smith was re-appointed auditor.

The meeting concluded with votes of thanks to the. manager and staff at the company’s claim, to the secretary (Mr Hum Poy) and to the chairman.

DUNEDIN STOCK EXCHANGE. Friday Afternoon. The volume of business transacted on the Dunedin Stock Exchange during the past week has not been so great as that of the previous period. Again, however, the. sales have been scattered over the various sections, no particular’ department seeing any great amount of business. There was business in Bank of New Zealand “ Long D ” shares at 26s lOld, but the demand for these did not continue and no further quotations were made. Commercial Banks, which were first on offer at 18s, eased .throughout the week until, at the close of the market, the best offer was 14s lOd, sellers demanding 15s. Business was done at 15s and 15s Id. The demand for National Insurances has been steady at around 13s lOd. There has been business at that figure, and the close of the market found sellers offering the shares at 14s Id, no buyer coming into the market.

Sellers of~New Zealand Insurances have been asking 42s during the week, but the shares -were on offer to-day at 40s 6d without attracting a buyer. The demand for Huddart. Parker preferences has eased to 19s 3d, no sellers coming into the market. Kaitangatas have continued in demand at 3s 6d discount, but sellers have been reticent.

Westport Coals have also been asked for at around 295, sellers asking Is more. Gear Meats'were on offer yesterday at 375, no buyer being attracted. Milburn Limes were first asked for at 30s, sellers demanding 32s 6d. The offer continued the same, and the close of the market found buyers offering 30s and sellers demanding -2s more. At the commencement of the week there was a buyer of National Electrics at 8s 9d and a seller at 9s 9d. Business was done at 9s 3d, and sellers later offered to

do business at 10s, no buyer coming forward.

New Zealand Breweries have continued to ease, the latest quotations being 44s (buyers) and 45s 6d (sellers). Business was done in Mahakipawas at sd, buyers later offering 4Jd, and sellers asking 6d. Okaritos have attracted considerable attention, but there has been little change in the market. The shares were first quoted at 7s (buyers) and 7s 5d (sellers). There were five sales at 7s. and the close of the market saw 7s 4d being offered, with sellers demanding 5d more. During the week King Solomons were listed on the Dunedin Exchange, buyers then offering Is, with sellers at Is 3d. There was a sale at Is, and buyers were offering 9d at the close of the market, when a seller was forward at Is Id.

A parcel of 51 per cent. Inscribed Stock (1941) changed hands yesterday at £95 10s, no further quotations being made.

Saturday Morning. The quotations on the Dunedin Stock Exchange this morning were more or less of a formal nature. The demand for Westport Coals eased slightly. The best offer ~was 28s 6d, sellers demanding 2s more. Okaritos improved, buyers offering 7s sd. Sellers, however, would not accept less than 7s Bd. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales—Sei £3l. Bank of New Zealand—Sei 545. Commercial Bank —Buy 14s 6d. sei 15s 3d. E.S. and A. Bank—Sei £5 10s., National Bank of N.Z.—Sei £5 7s. INSURANCE. National Insurance Co.—Sei 14s 3d. N.Z. Insurance Co. —Sei 40s 6d. Standaid Insurance Co. —Sei ,575. SHIPPING. Huddart, Parker (ord.) —Sei 335. Huddart. Parker (pref.)—Buy 19s 3d. P. and O. Deferred Stock —Sei 465. U.S.S. Co. (pref.)—Buy 20s 2d. COAL. Kaitangata—Buy 3s 6d dis. sei par. Westport Coal Co.—Buy 28s 6d, sei 30s 6d. Westport-Stockton (pref.)—Sei 3s 6d. LOAN AND AGENCY.

Dalgety and Co.—Sei £8 10is. National Mortgage (~B ”) —Sei 355.

Perpetual Trustees —Buy 68s. Trustees, Ex. and Agency—Buy 595. Wright, Stephenson (ord.) —Sei 19s. Wright, Stephenson (pref.)—Buy 15s. MISCELLANEOUS. British Tobacco—Sei 325. Brown, Ewing (ord.) —Sei 30s. Brown, Ewing (pref.)—Buy 20s. Bruce Woollen Co. (ord.)- —Buy 9s Gd, eel 12s. Crystal Ice Co.—Buy 21s, sei 235. Dominion Rubber —Sei 15s. Milburn Lime and Cement—Buy 30s, sei 325. Mosgiel Woollen Co.—Buy £6 10s. M'Leod Bros.—Sei £24. National Electric —Sei 10s. N.Z. Drug Co.—Buy 575, sol 58s. N.Z. Farmers’ Fertiliser—Sei 18s. N.Z. Malay Rub. (pref.)—Sei 22s Gd.

N.Z. Paper Mills (ord.) —Buy 19s. Regent Theatre—Sei 21s. Wilsons (N.Z.) Cement—Sei 41s. BREWERIES. N.Z. Breweries, Ltd.—Sei 45s 3d. N.Z. Breweries Debent.—Buy 21s. Staples Brewery—Sei 41s 6d. Dunedin Brewery—Sei 265. MINING. Kawarau G.M. Co. —Sei sd. Electrolytic Zinc (pref.)—Scl 20s 6d Mahakipawa—Sei 6d. Kildare—Buy Bd. eel Is. Okarito—Buy 7s sd, sei 7s Bd. Paddy’s Point —Buy 3s, sei 4s. King Solomon—Buy 6d, sei Is. AVAR BONDS.

44 per cent. Bonds, 1938—Buy £99 10s, sei £lOO ss. 44 per cent. Bonds, 1939 —Buy £99 10s, eel £lOO ss. 4J per cent. Inscribed, 1938 —Buy £99 10s. sei £lOO ss. 4} per cent. Inscribed, 1939—8uy £99 10s, sei £lOO ss. 5| per cent. Inscribed Bonds, 1941 — Buy £95 7s Gd. SALES ON ’CHANGE. The following business was done on ’Change during the week:— September 23.—Sale reported: National Electric, 9s 3d. September 24. —Sales: Okaritos 7s (four). September 25.—Sales: National Electric, 8s 9d; Okarito, 7s; King Solomon, Is; Commercial Bank,' 15s. Sales Reported.—Bank of New Zealand (long D), 26s 104 d; National Insurance, 13s lOd. -

September 26. —Sale: Mahakipawa, 5d

Sales reported: Commercial Bank. 15s Id; 5i per cent. Inscribed Stock (1941), £95 10s.

Sale reported after last call: Commercial Bank, 15s.

NORTHERN EXCHANGES. The following business was done on ’Changes during the week: —

Tuesday. Auckland.—Sales: Commercial Bank of Australia, 16s 3d (two parcels) ; Bank of New South Wales, £3l ss: Bank of New Zealand. 555; Australian Glass, 255; British Tobacco, 31s 3d; Kempthorne, Prosser, 59s 6d; Waihi Grand Junction. 2s.

Wellington.—Sales reported: Union Bank of Australia, £9 15s 6d; Bank of Aus. tralasia, £ll 2s 6d (cum div.) ; British Tobacco Company (ord.), £1 Ils 9d (cum div.); National Bank of New Zealand, £5 10s.

Christchurch.—Sales: Australian Bank of Commerce, 18s 9d (two parcels), 18s 8d; Bhnk of New South Wales, £3l; British Tobacco (cum div.), 31s 6d (two parcels) ; New Zealand Breweries, 46s 6d; Mahakipawa, sd; Okarito, 7s. Sales reported: Australian Bank of Commerce, 18s 8d; New Zealand Refrigerating (£1 paid), 8s 6d; Staples Brewery, 40s (two parcels), 40s 9d; British Tobacco. 31s 6d (cum div.). Wednesday. Auckland. —Sales: Commercial Bank of Australia, 16s Id; Bank of New’ South Wales (late sale Monday), £3l ss, £3l 2s 6d, (Sydney register) £3l (three parcels) ; South British Insurance, 56s 6d (two pareels); Bank of New Zealand (D mortgage). 275; Huddart, Parker, 30s. Wellington.—Sales reported: New Zealand Government 44 per cent. Bonds (1939), £lOO 2s 6d; Bank of Australasia, £ll 2s 6d, ’’and £ll (cum div.) ; New Zealand Breweries, £2 7s; Bank of New South Wales, £3l.

Christchurch.—Sales: Bank of New South Wales, £3l; Bank of New Zealand, 54s 6d; Union Bank of Australia, £9 ss, £9 4s 6d; Staples Brewery, 40s; Tooths Brewery. 22s 6d, 22s sd, 22s 4d (two parcels); British Tobacco (cum div.), 31s 4d, 31s 3d, 31s (two parcels) ; Wilsons Cement, 40s; Mahakipawa. sd, 44d (five parcels); Okarito, 6s lOd. Sales reported: Bank of New Zealand, 54s 6d; P. and O. deferred stock. 445; National Bank of New Zealand, £5 7s 3d; Union Bank of Aust., £9 ss; Bank of New South Wales, £3l 2s 6d, £3l 5s Gd (two parcels); £3l 2s Gd. Thursday. Auckland.-—Sales: Inscribed Stock (1938), 4J per cent., £100; Commercial Bank of Australia, 15s (three parcels); National Bank of New Zealand (late sale), £5 7s 3d; Bank of New South Wales, £3l; Union Bank, £9; National Insurance, 13s lOd; New Zealand Insurance. 39s 6d; Dominion Investment, 19s 6d; New Zealand Guarantee Corporation, 7s lid; Pukemiros, 48s (late sale), 48s; Auckland Gas, 23e 9d; National Timber, 8s 6d; Taranaki Oil, Is lid; Waihi, 14s lOd.

Wellington.—Sales reported: New Zealand Government 54 per cent. Stock (1933), £99 12s 6d; New Zealand Government 54 per cent. Stock (1933), £99 10s.

Christchurch.—Sales: Aust. Bank of Commerce, 18s 6d, 18s 4d; Union Bank of Aust., £9 2s 6d; New Zealand Breweries, 45s Id, 45« s (two parcels); Mount Lyell, 17s lid. 17s 9d; Mahakipawa, 44d; Okarito, 7s Id. Sales reported: New Zealand Government 5J per cent. Inscribed (1937), £96; National Bank of Australasia (£5 paid), £5 12s Gd. Friday.

Auckland.—Sales: Commercial Bank of Australia, 14s 9d; National Bank of New Zealand, £5 2s; Bank of New South Wales, £3O 10s. Bank of New Zealand (late sale), 54s 3d; Union Bank, £9; Australian Glass. 245.

Wellington.—Sales reported: Bank of New Smith Wales, £3O 12s 6d and £3O 10s; Union Bank of Australia, £8 16s 6d; New Zealand Breweries, 455, 44s 9d, 44s 3d. and 44s Gd; New Zealand Government 44 per cent. Bonds (1938), £lOO ss. Christchurch. —Sales: New Zealand Government 5$ per cent. Inscribed (1937), £96; Bank of New South Wales, £3O 10s (three parcels); Australian Bank of Commerce, 18s; Goldsbrougb. Mort, 19s (three parcels) ; New Zealand Breweries, 44s 6d, 44s sd; Tooth’s Brewery, 21s Gd (two parcels); British Tobacco (cum. div.), 30s (-two parcels), 29s lid. Mahakipawa Goldfields, 54d (three parcels), 6d (three parcels).—— Sales reported: Commercial Bank of Australia, 14s 7d, 14s 9d; Union Bank of Australia, £8 14s 6d; New Zealand Breweries, 44s 9d; Tooth's Brewery, 21s 9d. Saturday. Auckland.—Sales: New Zealand Insurance, 38s 6d; Inscribed Stock (1938) 44, £100; Mount Eden Debentures (1964) 54. £97 17s Gd; Waihi, 14s Bd. Wellington.—Sale: New Zealand Breweries, 43s 6d.