MINING.

Otago Witness, Issue 4042, 1 September 1931, Page 30

MINING.

GOLD SEEKING. The washing of the black sand on some the beaches, notably Bates, at Port Molyneux, has been resumed by some seekers after gold. Many years ago, it is said, good wages were made on those beaches, especially where a mechanical washing apparatus was used. CORNISH POINT REPORT. The following telegram has been received from the mine manager of the Cornish Point Company:—“ Face looking much better, softer bottom gradually dipping, four feet of wash, widening out, going to crosscut south.” PADDY’S POINT RETURN. The secretary of the Paddy’s Point Gold Mining Company, Ltd., advises that a wash-up has yielded 360 z. Together with the gold previously obtained from a number of partial wash-ups, this makes a total of 80oz lldwt won since May 28, 1931. A considerable quantity of ground has been stripped in addition to the paddock from which this wash-up was obtained, and it is expected that the next waeh-up will take place in from three to four weeks’ time. SYMES’S REEF. The Gold Alining Development Company, Ltd., advises that the manager in charge of the prospecting guides at Symes’s Reef reports that the level has been driven in 56 feet. The level is in good driving country, but a fair amount of timbering is still necessary. GOLDEN POINT COMPANY. The manager of the Golden Point mine reports as follows under date August 21:— No. 2 cross-cut has been driven for a total distance of 204 ft. It passed through veins of quartz and sheelite at 190 ft. The drive west from No. 1 rise has been driven a distance of 14ft. There is a good reef in this face carrying good values. The drive east from No. 3 rise (to connect with No. 1 rise) has been driven 24ft. There is 3ft of stone in this reef carrying good values. Work underground during the last fortnight has been impeded on account of the change over to power and adjustments to the power plant. However, the units are running smoothly this morning, all but one being in operation. The mill has run four hours. We had to stop after starting to fit inside shields to protect the screens, and the mill is now doing excellent work. The battery manager reports amalgam forming on the plates. This is very satisfactory after such a short run. The engineer states that the Diesel engine has still plenty of reserve power, and it is running well. Continuous running has been prevented by adjustments to the alternator, but there is no reason why we should not run continuously from now on. MOUNT LYELL PRODUCTION. Statistics of the Mount Lyell Alining and Railwaj' Company, Ltd., appearing in the annual report of the Secretary' of Alines, Tasmania, reveal that production of copper since the inception of the company to December 31 last was 237,251 ‘ons (fine), silver 14,160.4880 z (fine), and gold 397,8840 z (fine). Dividends have aggregated approximately £5,174.069. The ore won during 1930, totalling 193,359 tons, was the largest output for any one year The company is maintaining a progressive mining and treatment policy. Important additions to the concentrating and refining plants are being made which will bring their total capacity to 13,000 tons per annum of fine copper.

KING SOLOMON DEEP LEAD. INVERCARGILL, August 27. A message received from Gore to-night states that the mine manager of the King Solomon Deep Lead, Ltd., reports that to-day the wash was struck in the main drive south to Radford’s garden. August 28. The mine manager of the King Solomon Deep Lead, Ltd., reports that the wash-up for the week totalled 230 z 6dwt. NEW PLYMOUTH (N.Z.) OIL WELLS. NEW PLYMOUTH, August 24. The refining of crude oil into benzine and other products is to be commenced at the New Plymouth oilfields in October. The trustees of the Refinery Company in the course of registration to-day signed an agreement with the Blenheim Oil Company to purchase crude oil up to 5,000.000 gallons at 5d a gallon. WELLINGTON, August 30. -he New Plymouth (N.Z.) Oil Wells, Ltd., weekly report, dated August 24. states:—Depth 2540 feet. Remarks: After four days circulating mud we killed the gas and attempted to cement on Saturday last. A joint of casing which split under the pump pressure caused the job to fail but all is now satisfactory for recementing. • REPORT FROM AIOTUROA. NEW PLYAIOUTH, August 28. The Aloturoa No. 2 well produced 100 barrels in the last 24 hours. A two-ineh pipe has now been inserted in an endeavour to obtain a continuous flow. Eight hundred barrels have been collected already, and accommodation for it is taxed. THE STOCK EXCHANGE. BUSINESS OF THE WEEK. Friday Afternoon. The following is a list of the sales recorded on the Dunedin Stock Exchange during the past week:— Goldsbrough, Mort, 18s 9d. New Zealand Refrigerating (cont.), 3s 8d (three parcels), 3s 9d (two parcels), 3s 8d (three parcels). New Zealand Paper Mills, 18s 3d. New Zealand Breweries, 28s 6d. Okarito, 9s 6d (two parcels). King Solomon, 3s 2d (four parcels), 3s 3d (two parcels), 3s IJd (two parcels) .

Golden Point, Is 3d. 5J per cent. Bonds (1937), £9B. The most noticeable feature of the transaction on the Dunedin Stock Exchange during the past week is the very great fall ing off in the volume of business done in mining shares compared with the sales of previous weeks. Only three lines of shares have found business —Okarito, King Solomons, and Golden Point. There has been a considerable easing in some other lines, notably Bank of New Zealands, but the market has been steady in other sections. There has been no demand whatever for Government Loans and the prices asked by sellers have decreased steadily. Bank of New Zealands, which sellers would not release for less than 47s 2d at the commencement of the period has eased steadily until, at the close °xr t , mal 'ket, the shares were being 44s 9d with a buyer forward at 43s 6d. has also been some easing in National Bank of New Zealands which were being asked for to-day at 67s 6d, with a seller at 71s. No business has been done in the insurance section. Nationals are now being offeied at 12s lOd with no buyer in the market. Kaitangata Coals, which were last offered at 3s discount, have not been quoted lately. n < Th^ e ? s a , seller of Westport Coals at 24s 6d, but buyers have failed to come forward. Up to 18s 9d is being offered for Goldsbrough, Morts with a seller asking 19s T“Cre was a sale of these shares at 18s 9d during the week. Early in the week there were inquiries for paid-up New Zealand Refrigerating shares at 10s 3d. The demand has not been maintained, however, and the 1 close of the market found buyers offering 9s and sellers demanding 10s Id. There has been some activity in the contributing issue, the demand for which has been fairly’ steady. Business was first done at 3s Bd, at which price three nagrcels were turned over. There were then two sales at 3s 9d and three more at the former figure. The best offer at the close of the market was 3s 6d, sellers demanding 2d more. The demand for British Tobaccos has been steady at 22s 9d, sellers asking about Is more. New Zealand Paper Mills have been dealt in at 18s 3d, the market closing with an unsupplied buyer forward at 18s. New Zealand Breweries commenced the week with a buyer at 29s 9d and a seller at 29s Ud. There has been a further easing in the demand for these shares and business has been done at 28s 6d. The closing offer was 28s 4d, sellers asking 5d more.

Buyers of Waihi Grand Junctions have been offering around 3s 8d for these shares, but sellers have been firm at 4s Id. There were two sales of Okaritos at 9s ud, later offers of 9s 4d failing to find a ■letter seller than 9s 9d. King Solomons," which experienced an improvement during the week, have now returned approximately to the same position as they occupied at the commencement of the period when they were being asked for at 2s sd. There have been sales a L 2d, 3s 3d, and 3s 14d. The closing offer of 2s 6d found sellers firm at 2s Ud. Golden Points were dealt in at 1§ 3d, and they have since been offered at the same price, buyers refusing to give more than Is 2d. The only business done in the Government Loans section was the sale of a parcel of 1937 54 per cent. Bonds at £9B. These were offered yesterday at £9B 5s with no buyer forward. Saturday Morning. No business was done on the Dunedin Stock Exchange this morning, but a sale of Bank of New Zealands was reported at 445. These shares were being offered at the close of the market at 44s 6d, but buyers were not attracted. An offer of £3 8s for National Bank of New Zealands found sellers firm at £3 12s. There was a buyer of preferred Huddart, Parker at 15s, but sellers were unwilling to do business at less than 18s. Sales of contributing New Zealand Refrigerating shares were reported at 3s Sd and 3s 7d, the market closing with a buyer forward at 3s 6d and a seller at 3s Bd. The best offer for King Solomons was 2s 4d. sellers demanding 5d more. There was still no demand for Government loans. The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia—Sei £8 Bs. Bank of N.S. Wales—Buy £24, sei £24 7s 6d. Bank of New Zealand—Sei 44s 6d Bank of New Zealand (long “D”) — Buv 255. Commercial Bank—Buy 13s 3d, sei 13s 6d. E.S. and A. Bank—Sei £3 18s. Bank of N.Z.—Buy £3 Bs, sei Union Bank—Buy £(’> 7s 6d, sei £6 9s. INSURANCE. National Insurance Co.—Sei 12a 9d. N.Z. Insurance Co.—Sei 38s. South British Insurance Co. —Buy 495. sei 51s. Standard Insurance Co. —Sei 425.

SHIPPING. Huddart, Parker (ord.) —Sei 225. Huddart, Parker (pref.)—Buy 15s, sei 18s. P. and O. Deferred Stock —Sei 255. U.S.S. Co. (pref.)—Buy 19s lOd. COAL. Westport Coal Co.—Sei 24s 3d. LOAN AND AGENCY. Goldsbrough, Mort. —Sei 19s 6d. National Mortgage—Sei 41s. r N.Z. .Guarantee Corp.—Buy 4s 6d, sei MEAT PRESERVING. N.Z. Refrigerating (pd.)—Sei 10s 3d. N.Z. Refrigerating (cout.)—Buy 3s 6d, sei 3s Bd. MISCELLANEOUS. British Tobacco —Buy 22s 9d. Brown, Ewing (pref.)—Sei 18s 6d. Bruce Woollen Co. (ord.) —Sei 12s. Bruce Woollen Co. (pref.)—Sei 19s. Crystal Ice Co.—Buy 20s. D.I.C. (ord ) —Buy 15s. D.I.C. (pref.)—Buy 19s. Kaiapoi Woollen (ord.)—Sei 7s 3d. Milburn Lime and Cement—Buy 265, sei 28s. N.Z. Drug Co.—Sei 51s. N.Z. Paper Mills (ord.)—Buy 18s. Otago Daily Times—Buy 425. Smith and Smith (pref.)—Sei 17s 6d. Wool worths—Buy 23s 6d. GAS. Christchurch—Sei 25s 9d. BREWERIES. N.Z. Breweries, Ltd.—Buy 28s 3d. N.Z. Breweries Debent.—Buy 21s. Dunedin Brewery—Buy 14s 6d. MINING. Waihi Grand Junction—Buy 3s Bd, sei 4s Id. Mount Lyell—Buy 16s 9d, sei 17s 3d. Mahakipawa—Buy 6Jd. Okarito—Buy 9s 4d, sei 9s Bd. Paddy’s Point—Buy 2s 6d, sei 3s 6d. Cornish Point (pd.)—Sei Bd. Golden Progress—Sei 28s. King Solomon—Buy 2s 4d, 6 el 2s 9d. Golden Point—Buy Is 2d, sei Is 3Jd. WAR BONDS. 44 per cent. Bonds, 1938—Sei £9B. 44 per cent. Bonds, 1939—Sei £9B. 4J per cent. Inscribed, 1938—Sei £97 10s. 44 per cent. Inscribed, 1939—Sei £97 10s. 5| per cent. Soldiers’ Inscribed, 1933— Sei £99. 54 per cent. Bonds. 1937 —Sei £9B. 54 per cent. Inscribed, 1937 —Sei £9B.

NORTHERN EXCHANGES The following business was done on ’Changes during the week: — Tuesday. Auckland.—Sales: Government Bonds (1937), 54 per cent., £99 12s 6d; Inscribed Stock (1937), 54-per cent., £99 10s; Commercial Bank of Australia, 13s sd, 13s 54d; Bank of New South Wales, £24 17s 6d; Bank of New Zealand, 46s 3d; Union Bank. £6 7s 6d (two parcels); New Zealand Insurance Mate sale Monday), 37s 6d; South British, 50s 6d; Auckland Gas. 23s 3d; Moturoa Oil, 4s 9d; King Solomon. 2s lOd (two parcels). Wellington.—Sales reported: New Zealand Government 54 per cent. Stock (1937), £99 (late sale Monday); New Zealand Government 5J per cent. Stock (1937), £99 ss; Dalgety and Co., £6 9s (late sale Monday); Tooths Brewery, 17s Christchurch.—Sales: Commercial Bank of Aust., 13s 4d; Goldsbrough, Mort, 18s lid (two parcels), 18s lOd; New Zealand Refrigerating (10s paid). 3s 7d (three parcels); Mount Lyell, 16s 9d; King Solomon, 2s lOd, 2s lid; Mahakipawa, 8d (four parcels); Okarito, 9s 9d (two parcels); Golden Paint (Is paid), Is 34<1 (three parcels. Sales reported: New Zealand Guarantee Corporation, 4s lOd (four parcels); Christchurch Gas (10s. paid), 12s; New Zealand Breweries, 28s 6d. Wednesday. Auckland.—Sales: Government Bonds (1937) 54 per cent., £9B 10s; Mount Roskill Road Board (1960) 5} per cent. £100; Commercial Bank of Australia, 13s 4a; Bank of New Zealand. 44s 6d (two parcels' ■ Auckland Gas, 23s Id (three par cels); Northern Steam, 7s 3d: Bycroft. Ltd., 26s Od: Farmed Trading (late - sale. Tuesday, 5s 8d). 5s 8d; Wilsons Cement. 36s 6d; King Solomon (late sale Tuesr’a4’;, Ud), 2s lid, 3s (two parcels); Waihi, 15s 7d, 15s 6d; Waihi Junction. 3s 9d (two parcels). Wellington.—Sales reported: New Zealand Government 5J per cent, stock (1937), £99-(late sale Tuesday); N. Z. Government 44 per cent, bonds (1938). £97 (late sale Tuesday); £97; Bank of New Zealand. £2 5s 7Jd and £2 5s 9d (late sale Tuesday) ; New Zealand Guarantee Corporation (ord.), 4s 9d; Golden Point Mining. Is 4d. Christchurch. —Sales: Goldsbrough. Mort 19s (two parcels); New Zealand Refrigerating (10s paid), 3s 6d (two parcels). 3s 7d (two parcels), 3s 7d (two parcels). 3s 8d: New Zealand Breweries. 28s 6d (two parcels), 28s 6d, 28s, 28s 2d 28s 4d. 28s sd; King Solomon, 3s Id, 3s 14d (three parcels); Cornish Point, 7d; Okarito, 9s 9d; Golden Point (Is paid). Is 3d (two parcels). Sales reported: Goldsbrough, Mort. ISs lid; Christchurch Gas (10s paid), 12s: Motor Oil. 4s 9d (two parcels); New Zealand Government 54 per cent bonds (1937), £99; New Zealand Government 4J per cent Inscribed (1939), £95 15s; 44 per cent. Inscribed (1938), £96; 44 per cent, bonds (1938), £96.

. ~ , _ , _ Thursday. Auckland.—Sales: Government Bonds (1937), 54 per cent., £9B; Bank of Australasia, £8 Bs, £8 7 e 6d, £8 7s; Bank of New Zealand, 445; New Zealand Insurance, 37s 6d; South British, 50s 6d: Auckland Gas (con.), 17s; New Zealand Breweries, 28s 6d. 28s 4d, 28s 5d (two parcels); Kin<? Solomon (late sale Wednesday, 3s Id); Mount Lyell, 16s 9d. Wellington.—Sales reported: New Zealand Government (1938), £97 (late sale Wednesday); Bank of Australasia, £8 7s 6d; Bank of New Zealand, £2 4s 9d (late sale Wednesday), £2 4s 6d. Christchurch.—Sales: Commercial Bank of Australia, 13s 4d, 13s 5d (four parcels), 13s sd; Bank of New Zealand, 445; Union Bank of Australia, £6 8s 6d; Goldsbrough, Mort; 18s Ud: Christchurch Gas, 25s 3d; New Zealand Breweries, 28s 3d (three parcels), 28s 4d; Tooth’s Brewery, 17s 3d; Mount Lyell, 16s Ud; King Solomon, 3s_2d, 3s 2Jd (five parcels), 3s 2d; Mahakipawa, 8d; Golden Point (Is paid), Is 24d (three parcels). Sales

reported: New Zealand Refrigerating (10s paid), 3s 84d, 3s 7d, 3s 74d, 3s 8d; 44 per cent. Bonds (1938), £96 ss. Friday. Auckland. Sales: Auckland Harbour Board (1941) 54 per cent., £9B; City of Auckland (1957) 54 per cent., £9B; Bank ol New Zealand, 43s 9d (two parcels), 44suouth British Insurance, 50s 6d; Dominion Investment Banking, 18s; New Zealand Refrigerating Con.. 3s 8d; King Solomon, lss 6d (two parcels); Waihi Grand Junction, 3s 9d; Golden lo , l Jl t „Q s PaM), Is 3d; Cornish Point, 74d, ■ yellington. —Sales reported: New Zealand Government 44 per cent, stock (1939) £96; Bank of New Zealand, £2 4s 6d, £2 4s 3d .(two sales). Christchurch.— Sales: Commercial Bank ol Australia, 13s 5d (two parcels) ; Bank of New Zealand, 44s 3d; Union Bank ot Australia, £6 9s 6d (two parcels); New Zealand Refrigerating (10s paid). 3 e 8d oo 3- , pa U e ’ _A ew Zealand Breweries, 28s 6d; Mount Lyell, 17s; King Solomon, (three parcels), Mahakipawa, 8d; Golden Point (1 9 paid), l s 3d (eight parcels); Rawang Tin, 4s 6d. , r. . Saturday Auckland.—Sales: Hauraki Plains County (1962) 6 per cent., £100; Bank of New Zealand, 445; Cornish Point, 74d; King Solomon, 3s (two parcels); Waihi, 15s 6d; Waihi Grand Junction, 3s 9d, 3s lOd. Christchurch.—Sales: South British Insurance, 50s 3d; New Zealand Refrigerat(los paid) 3s 9d; King Solomon, 2s lOd, 2s 9d: Golden Point, l s 3d. Sale reported: Tooth’s Brewery, 17 s 3d.