MINING.

Otago Witness, Issue 4014, 17 February 1931, Page 30

MINING.

ALEXANDER MINES. The following is the report for January on progress at the Alexander Mines:— Intermediate north of M'Kay No. 1 winze: This level has been extended 17ft; total on reef, 34ft. The face shows 24in of fairly clean stone on the footwall, and the same width of mixed country on the hanging wall. Average width sampled, 48in; value, 47s 6d per ton. Intermediate south of M'Kay winze: Eight inches were driven on stone Gin in width; value, 35s 7d. Winze below intermediate (M'Kay): The lode looking very strong underfoot in the intermediate level. A winze was started 14in north of No. 1 winze, and is-down 9in on ore of an average width of 30in; value, 42s sd. New adit M'Kay: There being insufficient faces to secure stone for the battery, this level was started on the out crop between No. 1 and No. 2 winzes, and is now in 34in from the surface on reef width 30in; value, 295. No. 1, Mullocky Creek: A small amount of stoping has been carried out in this level on reef averaging 22in in ■width; value, 57s sd. Gold returns: The battery crushed 150 tons of stone for a return of 440 z I9dwt melted gold by amalgamation, and 121 tons of sands were treated by the cyanide plant for 420 z 6dwt of bullion; total estimated value, £285 (exclusive of premium on gold, which will be approximately £3O). KING SOLOMON REPORT. Reporting on the work done at the King Solomon deep lead mine during January, the manager states that opening out from -the shaft at a depth of 186 ft was finished, and driving south towards the rich ground -was completed for a distance of 60ft. At this point a cross-drive west towards the nearest bore hole was produced for a distance of 73ft, making a total distance driven of 133 ft. Breaking ■away from the shaft was slow owing to the nature of the work, and the first 50ft of the drive was in drift sand, and had to be breasted with face boards; this also tended to make the progress slow, but from this point on quartz drift came in, and the face boards were then discarded and progress was more rapid. At a point 60ft along the cross-drive pay wash first made its appearance. In extending the drive the wash gradually rose to the rise until the full depth of 18in showed across the bottom of the face; the wash is lying on a false bottom. So far a fine quality of wash is exposed, and from five and a-half cubic yards treated Boz 4dwt of gold was obtained —an average value of about IJoz to the cubic yard. The gold is a fine even sample and heavy. It is evenly distributed throughout the wash, prospects being 6gr to 26gr to the dish. Driving for the ground, proved to have a depth of 9ft of wash, is about to commence. BLENHEIM OIL. The following report has been received from the secretary of the Blenheim Oil Well Company:— Blenheim well obstruction 20ft-34ft apparently either casing or whipstock. Evidence of rock blown from bottom also present. Obstruction being drilled out. Work delayed two days repairing tools. TARANAKI OIL REPORT. GISBORNE, February 10. The Taranaki oil report is as follows:— Waitangi No. 1 well drilled to 1290 ft in shale; considerable delay experienced owing to caving in below 1100 ft; pumped large quantity 'of mud into formation, which has shut off gas and apparently stopped caving in. No. 2 cleaned out practically to bottom. Condition of hole now more satisfactory. DUNEDIN STOCK EXCHANGE. Friday Afternoon. Though 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, the sales have been scattered over a greater number of sections, and have not been confined to the mining section, as was the case last week. There has been some activity in the banking section, but the insurance, shipping, coal, and loan and agency departments have all experienced an extremely quite period. Contributing New Zealand Refrigeratings have been dealt in, and, in the miscellaneous section, there has been business in Mosgiel Woollens and Paper Mills. New Zealand Breweries have also seen business. In the mining section there has been business in King Solomons, which have eased very considerably after the sharp rise of last week, and also in Okaritos, Okarito debentures and Kildares. Bank of New Zealands, which were first offered at 44s and later at decreasing figures, were eventually dealt in at 42s 6d. This figure was being offered at the close of the market, but no seller come for-ward There was a sale of Commercial Banks at 13s Bd, after which the shares were quoted at 13s Gd (buyers) and 13s 9d (sellers). By the end of the week, the demand had fallen to 13s Id, sellers then asking 13s sd. Union Banks have been on offer at prices ranging from £6 19s to £6 15s and there was a sale at £6 12s 6d. The closing offer was £6 8s when sellers’ quotation was £6 13s. New Zealand Insurances were being offered at 41e when the period commenced, but they eased as time, went on until, at the close of the week, the shares were being offered at 38s with a buyer forward at_34s. Kaitangata Coals have continued in demand at 2s discount with a seller in the market at par. The early offer for contributing New Zealand Refrigeratings was Is 9d, sellers then asking 2d more. There was a sale at M f»d and the offer then fell to Is 7d,

sellers asking Is lOd. The easing tendency continued, and the market closed with a buyer forward at Is 3d and a seller at Is 7d. There has been some demand for British Tobaccos at up to 275, but the best seller was 28s. New Zealand Paper Mills were offered at 18s 9d at the commencement of the period, and there was a sale at 18s. An offer of 17s then found buyers asking IBs 6d. The first offer for New Zealand Breweries was 30s, sellers asking 2s 3d more. There was a sale at 31s and the close of the market found buyers offering 31s 3d with a seller forward at 31s 9d. Business has been done in King Solomons at Is 9d, Is 5d (two parcels) and Is 6d. The best offer at the close of the week was Is 3d with a seller in the market at Is 7d. Okarito debentures were sold during the week at £6, and they have later been offered at £6 5s without attracting a buyer. There were two sales of ordinary Okaritos at 5s 9d. This figure was the latest buying quotation, sellers asking 3d more. A sale of Kildares at Is 3d marked the best price offered for these shares. They were afterwards quoted at Is Id (buyers) and Is 4d (sellers). Saturday Morning There were three sales of King Solomons on the Dunedin Stock Exchange this morning, the price realised in each case being Is 3d. There was a buyer of these - shares later at Is Id, but sellers would not do further business at less than Is 4d. The “rights” were in demand at Id. sellers asking 2d more. There was an offer of £22 for Bank of New South Wales shares, but the best selling quotation was £26 10s. An offer of 31s for New Zealand Breweries failed to attract a seller. The debentures and stock were both asked for at 22s but no response was made. There was little demand for stocks in the other sections The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. W’ales—Buy £22, sei £26 10s cum div. Bank of New Zealand—Buy 43s 3d. Bank of New Zealand (long “D”) — Sei 265. Commercial Bank—Sei* 13s 6d. National Bank of N.Z.—Sei £4 17s 6d. INSURANCE. National Insurance Co.—Sei 13s 3d. N.Z. Insurance Co.—Sei 38s 6d. ex div. SHIPPING. U.S.S. Co. (pref.)—Buy 19s 6d. COAL. Kaitangata—Buy 2s dis., sei par. Westport Coal Co.—Sei 265. LOAN AND AGENCY. Goldsbrough, Mort.—Sei 17s 6d. National Mortgage (“B” issue) —Sei 30s. MEAT PRESERVING. N.Z. Refrigerating (cont.) —Sei Is 6d. MISCELLANEOUS. Bruce Woollen Co. (ord.) —Buy 10s, sei 12s 6d. Milburn Lime and Cement—Sei 30s. Mosgiel Woollen Co. —Sei £6 12s. M'Leod Bros. —Buy £l9. N.Z. Express (ord.) —Sei 12s 9d. N.Z. Paper Mills (ord.) —Sei 18s Gd. Regent Theatre—Sei 20s. Wilsons (N.Z.) Cement—Buy 355. BREWERIES. N.Z. Breweries, Ltd.—Buy 31s. N.Z. Breweries Debent.—Buy 225. N.Z. Breweries Stock—Buy 225. Dunedin Brewery—Buy 14s. MINING. Waihi—Buy 15s. Electrolytic Zinc (pref.)—Buy 14s Gd. Mount Lyell—Buy 18s 4d, sei 19s. Mahakipawa—Buy 7d. Kildare —Buy Is, sei Is 4d. Winding Creek (pd.)—Sei 4d. Paddy’s Point—Buy 2s, sei 3s. Cornish Point (pd.)—Buy 2d. Golden Progress—Sei 9s prem. King Solomon (ex rights)—Buy Is Id, sel Is 4d. King Solomon (rights)—Buy Id, sel 3d. WAR BONDS. 4J per cent. Inscribed, 1938—Sel £95 10s. 5| per cent. Soldiers’ Bonds. 1933 —Buy £99. SALES ON ’CHANGE. The following business was done on 'Changes during the week:— February 10.—Sale : King Solomon, Is 5d Sales reported: Mosgiel Woollen, £6 9sNew Zealand Refrigerating (cont.). Is 9d, Union Bank, £6 12s 6d. February 12.—Sale : King Solomon Is sd. Sales reported: Okarito (debs.), £6New Zealand Paper Mills, 18s; Com’ mercial Bank, 13s 8d; King Solomon, Is 6d. ■ ,

Sale after last call:' New Zealand Refrigerating (paid). 7s 9d, 7s 6d. February 12. —Sales : Okarito, 5s 9d (two). Sales reported: Bank of New Zealand, 42s 6d; New Zealand Breweries, 31s. February 14.—Sales : King Solomon, Is 3d (three). NORTHERN EXCHANGES. The following business was done on ’Changes during the week:— Tuesday. Auckland.—Sales: Government Bonds (1933), 5J per cent., £99 12s 6d; Bank of New Zealand, 42s 9d; Union Bank,, £6 12e 6d; Auckland Gas, 22s 9d; New Zealand Breweries, 31s 3d; Colonial Sugar. £29 15s; Mount Lyell, 18s 3d (two parcels) . Christchurch.—Sales: Bank of Australasia, £8 15s; Commercial Bank of Australia, 13s 9d; Bank of New South Wales, £25 ss; Bank of New Zealand, 42s Cd; Goldsbrough, Mort., 16s lOd; New Zealand Refrigerating (10s pd.), Is 8d; King Solomon, Is 6d, Is 5d (two parcels). Sales reported: Commercial Bank of Australia (pref.), £5 10s 6d; New Zealand Refrigerating (10s pd.), Is 7d, Is 9d; Staples Brewery, 30s 6d; New Zealand Breweries, 31s 3d. Wednesday. Auckland. —Sales: Inscribed Stock (1933) 5J per cent, (late sale Tuesday), £99 ss; Bank of New Zealand, 42s 9d (two parcels), 435; Union Bank, £6 12s (two parcels); New Zealand Insurance, 355; Colonial Sugar, £29 15s; ; Kuala Kampor, 5s 6d. Wellington.—Sales reported: Bank of New South Wales, £26 10s; Union Bank of Australia, £6 12s 6d;* New Zealand Refrigerating Co. (lOe), Is 8d; Waihi Gold Miniing, 15s 3d. Christchurch. —Sales: Commercial Bank of Aust, 13s 7d, 13s 6d; Bank of New Zealand, 42s 6d‘ (four parcels); Goldsbrough, Mort., 17s 2d; New Zealand Breweries, 31s 6d, 31s 3d (two parcels); British Tobacco, 27s 3d; Mount Lyell, 19s (two parcels); King Solomon, Is 7d; Mahakipawa Goldfields, 7id; Waihi Mining, 15s sd. Sales reported: New Zealand Government 5J per cent stock (1934), £9B; Commercial Bank of Australia, 13s 7d; Bank of New South Wales, £26 ss; New Zealand Refrigerating (10 paid), Is 7d (two parcels); New Zealand Breweries, 31s 6d; Beath and Co., 20s; British Tobacco, 27s 3d; Goldsbrough, Mort,, 16s 9d.

. , , , „ . Thursday. Auckland.—Sales: Takapuna Borough (1945), 6 per cent., £101; National Bank of New Zealand, £4 13s; Colonial Sugar, £29 10s; Farmers’ Trading (B pref.), 9s 3d; Kempthorne, Prosser, 50s; Wilson’s Cement, 35s 9d. Wellington.—Sales reported: Bank of New Zealand, £2 2s 9d; New Zealand Drug Company, £2 10s; Commercial Bank of Australia (ord.), 13s 7d; New Zealand Insurance Company, £1 15s; New Zealand Refrigerating Company (10s), Is 6d; Wilson’s Cement Company, £1 16s. Christchurch.—Sales: Australian Bank of Commerce, 14s; Commercial Bank of Australia, 13s sd; Goldsbrough, Mort., 17s 2d. 17s Id; New Zealand Refrigerating (10s paid). Is 7d (two parcels); Christchurch Gas, 24s 9d: Christchurch Gas (10s paid), 10s Gd; Beath and Co. (Is paid), Is 2d, Is 3d (two parcels); Mount Lyell, IBS' lid (three parcels); Winding Creek (Is paid), id, IJd. Sales reported: New Zealand Refrigerating (10s paid), Is 6d; Mount Lyell, 18s lid.

Friday. Auckland.—Sales: Auckland Gas (1935), 64 per cent., £100; Commercial Bank of Australia, 13s sd; Bank of New Zealand, 44e; South British Insurance, 50s; J. Staples, 30s 6d; Kempthorne, Prosser, 50s.

Wellington.—Sales reported: New Zealand Insurance Company, £1 15s; New Zealand Refrigerating Company (cont.), Is 6d; Wilsons Cement Company, £1 15s 6d.

Christchurch.—Sales: Comercial Bank of Australia, 13s 2d; Commercial Bank of Australia (pref.), £5 Ils; New Zealand Refrigerating (10s paid), l s 2d (three parcels); New Zealand Breweries, 31s sd; Beath and Co., 20s; King Solomon, Is 3d (two parcels); Mahakipawa, 7d, 7id, 8d (two parcels). Sales reported: Commercial Bank of Australia, 13s 2d; Mount Lyell, 18s lid.