MINING.

Otago Witness, Issue 3995, 7 October 1930, Page 30

MINING.

The hope that gold mining will be rerived on the West Coast is now at a stage when it is considered that this may be realised (states the Grey River Argus). The Hatters’ Gold Mining Company at Stafford contemplates commencing operations on its claim in Hatter’s Gully at an early date. A tunnel has been driven from the Government race through Hatter’s terrace to supply the claim with water. The company has a large area of aluvial country and to ascertain the scope of gold-bearing wash, it was found essential to sink a number of shafts. The claim will be worked hy hydraulic methods.

WAIHI REPORT. The following is the latest report reteived from the Waihi Gold Mining Company:— No. 13 Level.—Martha lode in Williams S.E. crosscut: The level is being heightened east and west of the crosscut to ascertain how far payable ore extends upwards. No 11 Level.—Dominion lode, east of Brooks S.E. crosscut: Driving was continued to 58 feet, the reef being about five feet wide. A connection was made to level under M’Namara open shrinkage stope, and in order to avoid this stope a deviation drive has been commenced on the north side at 31 feet east and driven 19 feet. Empire Lode, South Wall Gangway.— The crosscut north at 142 feet was continued, the particulars being as follow: - From 37ft to 42ft. 5s 2d per ton (mixture) ; from 42ft to 4ft, 5s Id per ton (mostly country) ; from 44ft to 49ft, 19s 4d per ton (quartz with little country) ; from 49ft to 54ft, 42s 3d per ton (sulphide ore); from 54ft to 57ft (country rock). Driving was commenced at 49 feet in and 23 feet driven eastward. The average assay value to 20 feet is 30s Id per ton. Width of quartz is about five feet. Westward 26J feet was driven, and the average assay value to 15 feet is 29s lOd per ton. At 17 feet a fault strikes in from the north side crossing the level diagonally and passing out on the south side of drive at 22 feet. A short crosscut will be driven to the north at 24 feet to ascertain if the lode has been thrown in this direction. No. 10 Level. —State Reef east of junction, south crosscut (in Grand Junctionarea): The drive was advanced to 145 feet. At 116 feet the full width of reef was 13 feet, average assay value. 46s 9d per ton. From 120 to 130 feet the reef is split up. At 129 feet a crosscut was run north 25 feet and connected to level on Republic Lode. From 130 to 145 feet the average assay value is 21s per ton over five feet of quartz and country mixed. The level was resampled from the commencement of driving to 48 feet east, the result obtained being 90s 3d per ton. No. 9 Level.—Martha Lode east of 440 ft crosscut (in Grand Junction area): The drive has been continued to 181 feet. The average assay value from 116 to 169 feet is 37s Id. the width of quartz varying from 3J to 5 feet.

PADDY’S POINT COMPANY. The secretary of the Paddy’s Point Gold Mining Company, Ltd., reports that a return of 320 z 12dwt has been obtained from the final section of the paddock which has just been completed. The return from the first part of the paddock was 390z,_ lOdwt, and this, along with the present return, makes a total of 720 z 2dwt for the paddock. OKARITO REPORT. The secretary of the Okarito Five-mile Beach Gold Dredging Company, Ltd., reports that telegraphic advice has been received advising that heavy floods during the latter end of the week have caused extra water to enter the paddock from the low-lying surroundings, in consequence of which the washup will be delayed for a few days. KING SOLOMON MINE.

The mine manager of the King Solomon Deep Lead, Ltd., reports as follows on the work done at the mine:— Steady progress has been made with the squaring up of timber in the shaft, as it was left by the old company. Sixteen feet of centres have been put in down to within 12 feet of the bottom of the shaft. Frame sets here are now being put in, and laths driven down closely, as the sediment in the bottom is being removed. We are down on the heavy wash in the north-western end of the shaft, but before starting to sink further I intend completing the timbering. This will probably take a week or 10 days. We will then be ready to penetrate the wash. Samples taken of the wash reveal heavy iron stones (Maoris) and black sand, and gold is showing. The Tangye steam pump recovered from the bottom of the shaft was put in order, tested, and placed in the shaft. Within a fortnight I anticipate being well down in the wash. The gqld-saving boxes are being placed in position, and also a storage hopper at the tip-head. The storage dam that was built tip some time ago, if required, will hold sufficient water to treat 25 to 30 yards of wash at a time, but at present there is sufficient water for our requirements, without the dam. The race from the Kaka Creek is being cleaned out, and about 85 chains are already completed. When this water

is brought in we Can be sure of having sufficient water for treating the wash during the dry season. At present there .are fully six heads of water in this creek. WESTPORT COAL COMPANY. The output from the Westport Coal Company’s mine for the month of September was 20,863 tons compared with 38,864 tons for. the same month last year, a decrease of 18,001 tons. WESTPORT-STOCKTON OUTPUT. - The September output from the West-port-Stockton mines was 10,171 tons, and that for September, 1929, was 13,742. The decrease is 3517 tons. TARANAKI OILFIELDS. The following report, issued for the week ended September 27, has been received from the Taranaki (N.Z.) Oil-

fields:—“.Waitangi No. 1 well: Transport continuing, with more promising weather conditions.”

OKARITO DREDGING COMPANY. The secretary of the Okarito Five-mile Beach Gold Dredging Company, Ltd., reports that a return of 183 oz has heen obtained from the paddock just completed, 21oz being taken from the tables and 1620 z from the head boxes. The return is for a period of seven weeks’ elevating and the area of the bottom of the paddock is approximately | acre. The average depth of the ground is from 20 feet to 24 feet, and the average value of the ground over all is therefore not less than Is 6d per cubic yard. Before shifting the elevator it is intended to take out another small paddock alongside the elevator in its present position.

PUKEMIRO COLLIERIES. AUCKLAND, September 30

The annual meeting of shareholders in the Pukemiro Collieries was held to-day, the chairman of directors (Mr J. Catchpole) presiding. In moving the adoption of the annual report and balance sheet the chairman said that although the profit on the past year’s operations was much below that of the previous year, the directors considered the balance sheet a very satisfactory one in view of the fact that the past year had been one of the most difficult and trying periods experienced since the inception of the company. Competition had been particularly keen, and some of it had been unfair. A large amount of trade in the Taranaki district had been lost to the company by the establishment of the Egmont Collieries whose geographical situation had enabled them to reach in a short time an output of something like 400 tons per week. The extensive introduction of electrical power had also been a big factor in reducing the consumption of coal. Referring to the rumours that had been circulated regarding a creep in the mine, the chairman said these were quite unfounded. The motion for the adoption of the report, including the payment of a dividend of 3s per share, making 25 per cent, for the year, was carried.

DUNEDIN STOCK EXCHANGE. Friday Afternoon. The total number of sales recorded on the Dunedin Stock Exchange during the past week was 13, which, if anything, is slightly better than the number for the previous period. The sales were again scattered over several sections, the banking, miscellaneous, and mining departments seeing most activity. Bank of New Zealands continued to ease during the week, but picked up a little towards the close. At mid-week, buyers were offering 49s with a seller at 50s. However, the close of the market saw buyers asking for the shares at 50s 6d, with sellers demanding 2s more. National Bank of New Zealands were offered at £5 7s at the commencement of the period, but they also tended to ease, and sales took place at 99s 6d and 97s 6d. No buyer was forward when the market closed, but sellers were offering the shares at £5 10s. /

The earliest quotation for' Union Banks was £8 12s (sellers). Business was done at £8 10s, and there was a buyer then at £8 7s 6d. The closing offer was £8 15s, no sellers coming into the market. No business has been done in the insurance, shipping, coal, loan and agency, or meat sections.

Kaitangata Coals improved slightly. 3s discount being offered without attracting a seller.

Gear Meats were on offer to-day at 36s 6d, no buyer coming into the market. Business was done in Auckland Amusement Park ordinary shares at lOd. Buyers would not give more than 8d later, and sellers were firm at Is.

British Tobaccos were first asked for at 28s 6d, sellers asking 30s. At the close of the market there was a buyer at 29s 6d, no seller coming forward. The quotations for Crystal, Ices have been 21s (buyers) and 23s (sellers) during the week. There was no change at the close of the market, but a sale was recorded at 225.

D.I.C. preferences were asked for to-day "at 20s 6d, sellers asking Is more. There has been a steady demand for Mosgiel Woollens at £-6 10s, no seller being attracted. National Electrics have tended to ease. The closing quotations were 8s 3d (buyers) and 9s (sellers). A shilling separated buyers and sellers of New Zealand Drugs at the commencement of the period, the offer being 575. There was a sale at 57s 6d. They were later offered at 57s 9d, no buyer coming into the market.

Paper Mills have been in demand at 19s. There was a sale at 19s 3d, and the shares were offered to-day at 19s 9d without attracting a buyer. The first offer for New Zealand Breweries shares was 425, sellers asking 455. Business was done at 435, and buyers later offered 43s 6d, sellers remaining firm at 455.

Waihi Grand Junctions were dealt in at 2s Id. The shares w’ere later on offer at 2s 3d, but no buyer came into the market.

Okaritos eased again, sales taking place first at 7s 7d and later at 7s 3d and 7s.

The closing quotations were 7s Id (buyers) and 7s 5d (sellers). There was an offer of 10s for Electrolytic Zinc ordinaries to-day, no seller coming forward. The new issue of Mount Lyells was asked for at 16s, but sellers were reticent.

Business -was done in Mahakipawas at 6d. Buyers later offered 7d, but sellers would not take less than lOd.

Saturday Morning

There were two sales of Okaritos on the Dunedin Stock Exchange this njorning, one parcel changing hands at 7s Id and the other at 7s 2d. Buyers were offering 7s for these chares at the close of the market, but sellers would not take less than 7s 2d. Offers of £8 15s for Union Banks failed to attract a seller at less than £lO. There was a buyer-, of D.I.C. preferences at 20s 3d, sellers demanding 21s. Gisborne Gas shares were asked for at 25s 6d, but no seller came into the market. New Zealand Breweries improved again slightly, the offer being 445. Sellers, however, would not do business at less than 46s 6d. The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:—

BANKING. Bank of N.S. Wales—Buy £3l. Bank of New Zealand—Buy 51s. Commercial Bank—Buy 15s. E.S. and A. Bank—Sei £5 Bs. Union Bank —Buy £8 15s, sei £lO. INSURANCE. National Insurance Co. —Buy 13s 6d, sei 14s. Standard Insurance Co. —Sei 565. SHIPPING. Huddart, Parker (pref.)—Buy 19s 6d, sei 20s 6d. P. and O. -Deferred Stock—Buy 425. U.S.S. Co. (pref.)—Buy 20s, eel 20s 9d. COAL. Westport Coal Co.—Buy 28s 6d, sei 30s 6d. LOAN AND AGENCY. Goldsbrough, Mort—Buy 19s, sei 20s 9d. National Mortgage (“ B ”) —Sei 355. Perpetual Trustees —Buy 68s. MISCELLANEOUS.' British Tobacco—Buy 28s 6d. Brown, Ewing (ord.) —Sei 30s. Brown, Ewing (pref.)—Buy 20s. Bruce. Woollen Co. (ord.) —Buy 9s 6d. Crystal Ice Co.—Sei 235. D.I.C. (ord.) —Sei 21s. D.I.C. (pref.)—Buy 20s 3d. sei 21s. Dominion Rubber—Sei 12s 6d. Milburn Lime and Cement—Sei 325. Mosgiel Woollen Co.—Buy £6 10s. National Electric—Buy 8s 3d, sei 9s 3d. N.Z. Express (pref.)—Buy 15s 9d. N.Z. Farmers’ Fertiliser—Sei 18s. N.Z. Malay Rubber (pref.)—Sei 20s. Regent Theatre—Sei 20s 6d. Gisborne Gas—Buy 25s 6d. 'BREWERIES.

N.Z. Breweries. Ltd.—Buy 445, sei 46s 6d. T N.Z. Breweries Debent.—Buy 21s. Dunedin Brewery—Sei 275. MINING.

Electrolytic Zinc (pref.)—Buy 15s, eel 18s. Mount Lyell—Buy 16s 4d, sei 17s 6d. Molyneux Electric —Sei 4s. Kildare—Buy Bd, sei Is. Okarito—Buy 7s. sei 7s 2d. Paddy’s Point—Buy 2s 6d, sel 3e 6d. King Solomon—Sei Is.

WAR BONDS. 41 per cent. Bonds, 1938—Buy £99 10s. sei £lOO 2s 6d. 41 per cent. Bonds. 1939—8uy £99 10s 51 per cent. Soldiers’ Bonds, 1933—8uv £99 2s 6d. 41 per cent. Inscribed, 1938—Buy £99 10s, sei £lOO 2s 6d. 51 per cent. Bonds, 1936—8uy £99 2s 6d. SALES ON ’CHANGE. The following business was done on ’Change during the week: — September 30.—Sales: New Zealand Drugs, 57s 6d. Sales reported: National Bank of New Zealand, £4 19s; Union Bank, £8 10s October I.—Sales reported: National Bank of New Zealand, 97s 6d; New Zeaiand Paper Mills, 19s 3d; Okarito. 7s 3d. October 2.—Sales: New Zealand Breweries. 435; Okarito, 7s (two) Sale reported: Crystal Ice’, 225. October 3. Sale: Auckland Amusement Park (ord.), lOd. Sale reported: Waihi Grand Junction, 2s Id.

October 4. —Sales reported: Okarito, 7s Id, 7s 2d.

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

. a „ , Tuesday. Auckland. —Sales: Commercial Bank of Australia. 15s, 15s Id, 14s 9d; Bank of New South Wales, £3O ss; Bank of New Zealand, 51s, oOs; New Zealand Insurance, 38s 6d; Auckland Gas, 23s 9d; Australian Glass, 22s 9d; British Tobacco 295; Farmers’ Trading (B, pref.), 12s. Wellington.—Sales reported: Commercial Bank of Australia (ord.), 14s 7d; Bank of New Zealand, £2 Ils; Bank of New South Wales, £3O; Gear Meat Company, £1 16s. Christchurch. —Sales: Commercial Bank of Australia. 14s 7d, 14s 6d, 14s 7d; National Bank of New Zealand. £5; Bank of New South Wales, £3O (four parcels); Goldsbrough, Mort, 17s 4d; New Zealand Breweries, 43s (two parcels), 42s 9d; Mahakipawa Goldfields, 71d, 7d (three parcels), 6Jd (two parcels), 7d (two parcels, 7Jd. Sales reported: National Electric, 8s 3d; New Zealand Breweries, 43s 3d (two parcels), 435; Christchurch Gas, 25s 6d; New Zealand Government 4| per cent. Bonds (1938), £99 15s; National Bank of Australasia (£lO paid), £lO 2s 6d; Bank of New South Wales, £3O (four parcels).

Wednesday. Auckland.—Sales: War Bonds (1939), 4J per cent., £100; Inscribed Stock (f 938 4J per cent., £99. 17s 6d; Inscribed Stock (1936). 54 per cent., £99 7s 6d; Commercial Bank of Australia, 14s lid, 14s 9d, 14s 8d; Bank of New Zealand, 50s (four parcels); Union Bank, £8 10s; Farmers’ Co-op. Auctioneers (B pref.), 16s; New Zealand Breweries, 42s

6d, 42s (late sales Tuesday), 43s 3d, 435; Taranaki Oil, Is 6d; Mount Lyell, 15s; Farmers’ Trading, 7s 3d; Waihi, 14s lid. Wellington.—Sales reported: Commercial Bank of Australia (ord.), 14s 8d and 14s 9d; Union Bank of Australia, £8 Ils 6d; New Zealand Breweries, £2 3s 3d; Napier Borough 5 per cent. (1944), £92 ss; British Tobacco (ord.), £1 8s (ex div.).

Christchurch.—Sales: Commercial Bank of Australia. 14s 8d (three parcels) ; Goldsbrough, Mort, 17s 4d (two parcels); New Zealand Breweries, 425, 41s 6d, 41s 4d, 41s 3d (two parcels) ; Mount Lyell, 15s 9d (three parcels) ; Taranaki Oil, Is 6d. —Sales reported: British Tobacco (ex div.), 28s 7d; Bank of New Zealand, 49s 9d, 49s 6d.

a , , , „ , Thursday. ~“u . c' 5 “a 1 ? 11 ’ — Sa^es: Inscribed Stock < 19 30J 4£ per cent., £99 15s; City of Auckland (1940) 5} per cent., £96; Commercial Bank of Australia (late sale Wednesday), 14s 9d; Bank of New Zealand, 49s 9d (three parcels), pref. 26s 2d; Union Bank, £8 10s (late sale Wednesday), £8 8s; New Zealand Insurance, 38s (two parcels); Farmers’ Trading (B pref.), 12s. Wellington.—Sales reported: Bank of ? ea | anc U £2 10s (two sales). Cm-istchurch.—Sales: Commercial Bank oi Aust., 15s 4d (two parcels), 15s 3d Aj W ?ii Pai ’ ce s ) ’ Bank of New Zealand, 49s 6d (three parcels), 49s 9d, 50s (two parems), 49s 10d (two parcels); New Zcala„nd Breweries 42s 2d, 43s (two parcels). 43s 3d, 43s sd; Mahakipawa, 8d (two parcels). Sales reported: Commercial Bank of Aust. 14s Bd, 14s 9d, 14s 7d; Bank of New Zealand, 495. 50s; British Tobacco, 28s 4d (two parcels).

Auckland.—Sales: War Bonds (1939), V per cent.. £100; Commercial Bank of a e UBt .i a n sale, Thursday), 15s sd, J a x- ’ Bank of New Zealand, 525, 52s 6d; New Zealand Insurance, 39sffid; New Zealand Breweries. 445, 44s 6d; Colonial Sugar. £29 15s; Waihi Grand Junction, 2s; National Bank of Australasia (£5 paid), £5 12s 6d; English, Scottish, and Australian. £5 7s 6d. Christchurch.—Sales: North Canterbury Hospital. 5J per cent. (1940), £99 10 s ; Glaxo; 64 per cent. (1945), £9O; Australian Bank of Commerce, 18s (four parcels); Commercial Bank of Australia, lbs 2d, 16s 3d, 16s 4d (three parcels), 16s sd, 16s 6d._ 4d, 16s 3d (two parcels); Bank of New Zealand (cum div.), 51s 6d; Union Bank of Australia, £9; Goldsbrough, Mort. 20s; New Zealand Breweries, 44s 3d, 44s 9d. 455; Tooth’s Brewery. 21s 6<l (two parcels) ; Mount Lyell, 18s; Mahakipawa, 74d (three parcels); Okarito, 7s 2d. Sales reported: Comm. Bank of Aust., 16s 6d (five parcels). 16s 7d (two parcels), 16s 5d (six parcels) ; New Zealand Government 54 per cent. Inscribed (1936), £99 17s 6d.

Saturday. Auckland. —Sales: Commercial Bank of Australia, 16s 6d. 16s 4d, 16s 4Jd: Bank of New Zealand. 52s 6d (late sale Friday) 52s 6d;. Waihi Grand Junction, 2s. Wellington.—Sales reported: New Zealand Government 5i per cent. Stock (1933). £9B 10s; New Zealand Government 44 per cent. Bonds (1938), £100; Commercial Bank of Australia (ord.), 16s 8d (five sales). 16s 9d; Bank of New Zealand. £2 12s (four sales); British Tobac-co (ord.), £1 Ils 7d (ex div). Sale: Electrolytic Zinc (pref.). 17s 4d.