MINING.

Otago Witness, Issue 4048, 13 October 1931, Page 30

MINING.

KAWARAU. One or two parties are engaged in mining at various pointe on the Kawarau. One enterprising party, operating on the land of the old Ranfurly claim, is pumping water from the river for sluicing, a tractor providing the motive power. The Cornish Pointomine has been making good progress into the flat. Nothing payable lias yet been struck, but there has been a marked change from the hard scoured bottom to softer reef, with three feet of promising looking wash. OKARITO DREDGING COMPANY. The secretary of the Okarito Five-mite Beach Gold Dredging Company, Ltd., reports that the wash-up for the week ended October 3 has yielded 370 z 12dwt for a total dredging time of 128 hours. ALEXANDER MINES. A telegraphed report from Reefton states that the clean up of the Alexander Mines for September resulted as follows:—One hundred and fifteen tons of ore crushed for 218 oz of melted gold. The cyanide plant treated 36 tons of sands for 520 z 9dwt bullion. The total estimated value amounted to £ll4O, which includes the premium, estimated at £lO2, on the sale of gold. KILDARE CONSOLIDATED MINE. _ A report to hand of the operations carried out at the Kildare Consolidated Gold Mining Company’s claim states that work is proceeding steadily, and the plant has been moved to the top end of the claim where the prospects are such as to ensure a profitable working. In addition to the operations at the top end of the claim a heavy layer of wash lias been exposed on the hillside close to the M and E. pipe line, about 50 feet above the level or the water in the M. and E. paddock. The wash is carrying splendid prospects, and a pipe line is being laid and boxes are being erected in order that the gold from this part of the claim might be saved. PADDY’S POINT MINE. The secretary of the Paddy’s Point Gold Mining Company, Ltd., reports that a paddock was finished on Tuesday and yielded 330 z Bdwts. The size of the paddock was approximately three-quarters of an acre. MOUNT LYELL REPORT. The Mount Lyell report for the fortnight ended September 23 is as follows: North Mount . Lyell Mine.—Tons extracted, 7530; 500 ft level, No. 2 north contact drive, to 335 ft through grey pyritised schist; 1100 ft level, No. 19 rise, to 55ft through heavily pyritised quartzite carrying a fair amount of chalcopyrite. Crown Lyell Mine. —Tons extracted, 780. Royal Tharsis Mine. —Tons extracted, 832; 1100 ft level, transport drive, to 440 ft through schisty ore; No. 1 rise, to 39ft through schisty ore; shg.ft rise, commencing from 100 ft point in Tharsis drive, lifted to 26ft through pyritised schist, carrying a little chalcopyrite. Lyell Comstock Mine. —Tons extracted, 4870; No. 5 level,-No.-3 rise, commencing from No. 16 stope, lifted to 21ft through ore.

Reduction Works. —Furnace in blast full period; 9661 tons refinery anodes made for current year. Concentrator. —Mill operated 3241 hours, and treated 13.250 tons ore, producing 1875 tons ’ concentrates. Copper Refinery. l —Tank house in opera tion throughout fortnight, 410 tons cathode copper being produced foi period; total for current year, 10,608 tons. Treatment Works Extension. —Coarse crushing section; all work practically completed. MOTUROA OILFIELDS. The following report regarding the No. 2 well of Moturoa Oilfields, Ltd., has been received: — “ Pulled out screen and experimented with swabbing to see effect on production. Swabbing produced 123 barrels of clean oil, but brought too much sand into well; now cleaning out.” WAIHI CRUSHING RETURNS. , The following information has been cabled to the London office of the Waihi Gold Mining Company: — I'or the period ended September 19. covering 22 crushing days, 17,771 tons of ore were crushed for a result of 5780 fine ounces of gold and 38,733 fine ounces of silver. This includes 2509 tons mined from the Grand Junction area, which yielded 849 ounces of gold and 8137 ounces of silver. h , *°.- 5 Level.—ln Grand Junction area: Driving south-west on the Dominion lode the next 14 feet assays Ils per ton. The lode is about three feet wide. Driving is stopped. Driving north-east on the Dominion lode the next 15 feet assays 27s 9d per ton. The width of the lode is about six inches. Driving is stopped. No. 10 Level.—State reef, in Grand Junction area: Driving east the next 18 feet shows occasional high assays. The width of the lode varies from one to three feet. Driving is stopped. Drive west on the reef at 103 feet in Junction No. 1 shaft north-west crosscut: For the next 19 feet the lode is disturbed, and we are now crosscutting. BROKEN HILL SOUTH. The effect of the slump in metal prices is seen in the results of operations of Broken Hill South, Ltd., for the year ended June 30. Net profit is £50,276, as against £282,268 for the previous year. The mining section actually shows a loss of £65,422, compared with a profit of £175,062 last year, and is arrived at after providing £33,337 for plant depreciation. The profit of the investment section is £115,698 (against £107.207 in 1929-30), and is responsible for the net result. Adding £181,711 brought forward, and an unexpected plant and development appropriation of £17,853, the sum available is £249,841. Two dividends, amounting to 2s 6d per share, absorbed £60,000, and, after

appropriating £65,000 for plant and development, a balance of £124,841 is carried forward. The directors comment that the ‘‘ disappointing result was due to the abnormally low prices which ruled for lead, silver, and zinc throughout the year. During the period the London price of lead declined to £lO 7s 6d per ton early in June, or within £1 7s 6d of the lowest quotation on record, viz., £9, in 1894.” The report refers to the substantial assistance from the additional revenue derived from exchange premiums on metal realisations, the average premium rate for telegraphic transfers being £l7 Ils 7d per cent. A final payment of £5500 completed the redemption of the £200,000 debenture issue made in 1915. Ore reserves are estimated at 4,000.000 tons, or 250.000 tons less than a year earlier. Costs of mining, development, and treatment were 30s 1.2 d per ton of crude ore, against 35s 5d for the previous year. The directors point out that, despite the reduction of 5s 3.8 d per ton. costs are out of line ■with the reduced metal prices, and further substantial economies are essential.

MAHAKIPAWA GOLDFIELDS. The Mahakipawa mine manager’s report for the month ended September 30 is as follows: — South Face.—Advanced 21ft, making a total of 573 ft south of shaft crosscut. The course of the drive seemed to be following a roll of the bottom rock, and no gold values were detected. We have commenced crosscutting east at 543 ft, where gold values were seen. No. 4 East Wing Drive.—Advanced 17ft, making a total of 144 ft from the south drive. Good grade wash dirt on a soft bottom rock has been followed here As there was some difficulty in draining the water off in this section, a connection was effected with No. 6 east crosscut, and we have now 2ft more fall for the drain. No. 3 East Crosscut.—This has been resumed and advanced 20ft, making a total of 50ft east of the south drive. We have been following a narrow gutter, which we expect connects with the payable wash dirt found in No. 4 east. Fair grade wash dirt has been found in this gutter. A short blocking strip between this crosscut and the south drive is following a crevice containing very good grade wash. Blocking south of No. 4 west crosscut was carried out during portion of the period, but this area of payable wash dirt is now worked out. Influenza has been prevalent in the district of late, and this fact, together with the falling-in of a small arch drive, delayed operations, and has meant a considerable amount of broken time. Gold Return.—For the month 265 cubic yards of wash dirt were put through the sluice-box, and returned 1250 z of melted gold. KING SOLOMON DEEP LEAD. INVERCARGILL. October 9. The mine manager of King Solomon Deep Lead. Ltd., reports that the washup for the week was 30 ounces. NEW PLYMOUTH OIL WELLS. WELLINGI ON, October 8. New Plymouth (N.Z.) Oil Wells, Ltd., reports as follows for the week ended October 5: —After drilling limestone ami sandstone to 2695 feet, we entered oilbearing sandstone. Oil in small quantities is entering the well, and this oil, upon analysis, proved to be of good quality We are drilling ahead, searching for porous stratum capable of acting as an oil reservoir. Gas is entering the well freely, and is being used as fuel. The present depth is 2725 feet, and the oil flow is definitely increasing. The following report has been received from the secretary of New Plymouth Oil Wells, Ltd.: — After drilling limestone and sandstone to 2695 feet, we entered oil-bearing sandstone. Oill in small quantities is entering well, which oil, upon analysis, proves to be of good quality. We are drilling ahead searching for porous strata capable of acting as oil reservoir. Gas is entering well freely, and is being used as fuel. Present depth 2725 feet, and oil show is definitely increasing. KANIERI ELECTRIC, LTD. HOKITIKA, October 9. Kanicri Electric, Ltd., has completed its new water race and power station, enabling an increased supply of electric power for working the new dredge at Rimu Flat and power for Hokitika. The new plant commenced working on Sunday and transmitted power to the new dredge which was completed last week and commenced dredging operations on Monday morning. The whole plant is working smoothly. 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:— Bank of New Zealand, 435, 43s 3d. I National Bank of New Zealand, £3 12s I 6d (two). Union Steam Ship Company, 20a.

Wilsons Cement, 35s 6d. New Zealand Breweries, 28s 9d. Okarito, 9sld. Golden Point, lOd (two). King Solomon, 2s Id (two), 2s 4d, 2s 7d (three). 4J per cent. Bonds (1938), £95. 44 per cent. Stock (1939), £97. 54 per cent. Bonds (1937), £94 17s 6d. 54 per cent. Stock (1937), £94 17s 6d (two), £94 15s, £9B 10s. A parcel of Bank of New Zealands changed hands on the Dunedin Stock Exchange during the past week at 435, and a further sale took place at 43s 3d. At the close of the market, the latter figure was being offered for the shares with a seller forward at 43s Bd. National Bank of New Zealands have also seen business, two parcels changing hands at £3 12s 6d. There was a seller at £3 13s when the market closed, buyers failing to come forward. There has been a buyer of National Insurances at Us 6d, but no business has resulted. An offer of 21s for P. and O. Deferred Stock has found sellers firm at 245. Union Steams have been in demand for some time at 19s lOd, and there was a transaction this week at 20s, further offers of 19s lOd have failed to attract a seller Westport coals have had a steadj - demand at 225, but no business has resulted. There have been no further inquiries for Kaitangatas. The present offer for Dalgetys is £5 16s, but sellers are unwilling to accept less than £6 ss. New Zealand Guarantee Corporations continue in demand at ss, no seller coming into the market. Further offers of around 9s 9d for paidup New Zealand Refrigeratings have found sellers firm at 10s 3d. The contributing shares are still being asked for at 3s 7d. sellers demanding 2d more.

There is an unsupplied buyer of South Otago Freezings at 555. British Tobaccos have been in demand during the week at around 21s 6d. There was a buyer at that price at the close of the market, sellers then asking 22s 9d. Ordinary D.l.C.’s, which have long been on offer at 14s, have had a buyer at 12s, but no business has resulted. New Zealand Drugs are now being asked for at 435, with no seller in the market. There was a sale of Wilsons Cements at 35s 6d, and these shares have since been offered at 35s 9d without attracting a buyer. New Zealand Breweries, which were inclined to ease a little at the commencement of the period, were dealt in at 28s 9d, and the demand has since improved to 29s 6d. no seller coming forward. The demand for Mount Lyells now stands at around 16s 3d, but no business has been done in these shares. There was a sale of Okaritos at the end of the period at 9s Id, further offers of 9s failing to attract a selling quotation. Kildares have shown a decided improve ment during the week and they are now in demand at Is 2d, sellers demanding Is 6d.

There has also been some improvement in King Solomons, which have been priced at about 2s during the week. There were sales at 2s Id, 2s 4d, and 2s 7d, and the market closed with a buyer forward at 2s 5d and a seller at 2s 9d. Golden Points, however, have eased and business has been done at lOd. The shares were offered at that price yesterday, but no buyer came into the market. Owing to the assurance that the interest rates will not be reduced, there has been a considerable improvement in the market for Government loans. 44 per cent. Bonds (1938) have been dealt in at £95, and the 1939 44 per cent. Stock has seen business at £97.” 54 per cent. Bonds (1937) have had sales “at £94 17s 6d, and a similar price was paid for two parcels of the 5A per cent. Stock of the same year, whicn was also dealt in at £94 15s and, at the close of the week, at £9B 10s. ’lhe demand throughout this section is now much better than has been the case for some time. Saturday Morning. Business was done in King Solomons an the Dunedin Stock Exchange this morning at 2s 6d, two parcels changing hands at"that figure. Further offers of the same figure found sellers firm at 2s 7d. Several parcels of Government stock were reported to have been sold at £9B and £99 for the 44 per cent, and 54 per cent, reand the demand for these stocks was well maintained, sellers being reticent. After the call, a sale of Commercial Banks was reported at 13s, the market having closed with a buyer at that price and a se’ler at 13s 2d. Okaritos were asked for at 9s Id. but sellers were unwilling to do business nt less than 9s 4d. Sales: King Solomon, 2s 6d (two). Sales reported: National Bank of New Zealand (late sale Friday), £3 12s 6d; 41 per cent. Stock (1938), £9B; 44 per cent Stock (1938), £9B; 54 per cent. Bonds (1937), £99. Sales reported after the call: Commercial Bank, 13s; 44 per cent. Stock (1939). £9B 10s. The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of New Zealand—Buy 43s 3d, sei 445. Commercial Bank —Buy 13s. sei 13s 2d. Commercial Bank (pref.)—Buy £5 12s. National Bank of New Zealand—Buy £3 Us. Union Bank —Buy £6 10s. INSURANCE. National Insurance Co. —Bny Us 9d. N.Z. Insurance Co.—Buy 37s 3d. South British Insurance Co.—Buy 50s. Standard Insurance Co.—Buy 375. SHIPPING. P. and O. Deferred Stock—Buy 21s, sei 245. U.S.S. Co. (pref.)—Buy 19s lOd. COAL. Westport Coal Co.—Buy 22s 3d. LOAN AND AGENCY. Dalgety and Co.—Sei £6 7s. Goldsbrough,- Mort —Buy 19s. National Mortgage (“ B ” issue) —Sei 30s. N.Z. Loan and Mercantile (ord.) —Buy £4O. MEAT PRESERVING. N.Z. Refrigerating (paid)—Buy 9s lOd, sei 10s Id. N.Z. Refrigerating (cont.) —Buy 3s 7d, sei 3s 9d. South Otago Freezing—Buy 555.

MISCELLANEOUS. Brown, Ewing (pref.)—Bel 20s 3d. Bruce Woollen Co. (ord.) —Sei 12s. 2T2 - ( ol 'd ) —Buy 12s, sei 14s. D.I.C. (pref.)—Buy 19s. Dominion Rubber—Sei 7s. Eclipse Petrol —Sei ss. Kaiapoi Woollen (cont.)—Sei l fi 3d. Mosgiel Woollen Co.—Sei £6 9s. National Electric—Sei 10s. N.Z. Drug Co.—Buy 435. N.Z. Paper Mills (ord.)—Buy 17s 6d. Otago Daily Times—Buy 425, sei 465. Wilsons (N.Z.) Cement—Sei 355. BREWERIES. N.Z. Breweries, Ltd.—Buy 29s 3d, sei 30 s. N.Z. Breweries Debent.—Buy 21s. MINING. Waihi Grand Junction—Buy 3s 6d sei 4s. Kildare —Buy Is Id, sei Is 6d. Okarito—Buy 9s Id, sei 9s 4d. Golden Point—Sei 11 Ad. Paddy’s Point—Buy 2s Id. Cornish Point—Sei 6d. Golden Progress—Sei 27s 6d. King Solomon—Buy 2s 6d, sei 2s 7d. GOVERNMENT LOANS. 44 per cent. Bonds (1938)—Buy £9B 2s 6a. 44 per cent. Bonds (1939)—8uy £9B 2s 6a. 44 per cent. Bonds (1941)—Buy £9B 2s 6d. 44 per cent. Inscribed (1938) —Buy £9B 2s 6d. 44 per cent Inscribed (1939)—8uy £9B 2s 6d, sei £9B 10s. 54 per cent. Soldiers’ Bonds (1933) — Buy £9B. 54 per cent. Soldiers’ Inscribed (19331 —Sei £99. 54 per cent. Inscribed Bonds (1941) — Buy £9B. ’ 54 per cent. Bonds (1936) —Buv £9B ss. 5J per cent. Bonds (1937) —Buy £94 10s. 54 per cent. Inscribed (1937) —Buy £94 10s. 54 per cent. Ronds (1937)—8uy £9B 15s, sei £99 2s 6d. _ 54 per cent. Inscribed (1937)—8uy £9B

NORTHERN EXCHANGES The following business was done on ‘Changes during the week:— Tuesday. Auckland. —Sales: Bonds (1933), 54 per cent., £96 ss: Inscribed Stock (1933), 5' per cent, £96 ss; (1937), 54 per cent., £95; Tamaki West Road Board (1959), 5J per cent.. £99; Commercial Bank of Australia, 13s; Bank of New Zealand (late sale Monday), 43s 6d. 43s 3d; South British Insurance, 50s 6d: Union Steam (pref.), 20s (late sale Monday); New Zealand Breweries, 28s 9d; Robinson Ice. 15s; Golden Dawn, 5s 3d; Waihi Grand' Junction, 3s 7d. Wellington,—Sales reported: New Zeal rl " d Go Y C - rn , , , ncnt per cent. Bonds (1937), £9a (late sale Monday); Dunedin City 54 per cent. (1940), £97; National Bank of New Zealand £3 12s 6d (late sale Monday), £3 12s Gd; Bank of New Ze-1-land - £ ? ’I s < two Parcels). £2 3s; Union Bank of Australia, £6 Us 6d, £6 U 6 6dSouth British Insurance, £2 10s 3d- NewZealand Breweries, £1 8s 9d, £1 9s Christchurch.—Sales: New Zealand Government 54 per cent. Inscribed (1941) £93; National Bank of Australasia (£5 paid), £4 ss; Bank of New Zealand, 43sUnion Bank of Australia, £6 12s: New Zealand Breweries, 28s lid, 29s 29a 2d 29s 3d; Amalgamated Wireless (cont., cum oo (two Parcels); British Tobacco, " s , < two parcels) : King Solomon, 2s 14d (four parcels); Golden Point, Is IdOkarito, 9s. Sales reported: New ZeaMoloi per cent - Inscribed (1J33), £96; Commercial Bank of Australia, 13s; New Zealand Breweries 29s 3d (three parcels); New Zealand Government 54 per cent. Inscribed (1937), £95 (two parcels); Bank of New Zealand 435. Auckland.—Sales: Etectric Power Board (1946) 5} per cent.. £96; Mount Eden Borough (1957) 64 per cent £102; Union Bank, £6 Us; National limber, 5s 6d: Cornish Point, 2d: Kin" Solomon, Is U’d. ° Wellington.—Sale reported: Bank of New Zealand. £2 3s (late sale Tuesday). Christchurch.—Sales: New Zealand Government 44 per cent. Bonds (1939) £97; Bank of New Zealand. 43s (seven parcels); New Zealand Breweries, 29s Id; Mount Lyell. 17s; Cornish Point, Ud; Okarito . 9s (three parcels) ; Golden Point, Is 114 d. Sales reported: Bank of New Zealand, 435, 43s 3d. Thursday. Auckland.—Sales: Bonds (1937) 54 per cent., £9B 10s; Inscribed Stock (1933) 54 per cent., £9B. £9B 15s; Inscribed Stock (1936) 54 per cent.. £9B 10s; Commercial Bank of Australia, 13s (late sale Wednesday): 13s; National Bank of New Zealand. £3 12s 6d; Bank of New Zealand, £2 3s 4d £2 3s 6d (two parcels); Pukemiro Col lieries. £1 8s 3d: New Zealand Breweries £1 9s 2d; Moturoa Oil. 3s 6d: Wilsons Cement. £1 15s; King Solomon. 2s (late sale 'Wednesday); Waihi. 16s 9d; Mount Lyell, 17s. 'Wellington.—Sales reported: New Zea land 44 per cent. Government (1939), £95 10s (late sale Wednesday) ; New Zealand Breweries, £1 9s 6d: King Solomon Min ing, 2s 3d; Bank of New Zealand, £2 3s £2 3s 3d (two sales).

Christchurch. —Sales: North Canterbury Hospital Board 54 per cent. (1940), £100: Australian Bank of Commerce. 13s; Com mercial Bank of Australia. 13s (two parcels) ; North Canterbury Freezing. Is 6d; King Solomon, 2s 3d. 2s 6d, 2s Bd, 2s 9d (two parcels); Okarito. 9s Id; Golden Point, 104 d. Sales reported: Lyttelton Harbour Board 54 per cent. (1933), £97: Invercargill Borough Council 54 per cent (1934). £97 (four parcels); North Canter bury Hospital 5J per cent. (1950), £100: Bea th and Co. (Is paid), Is; New Zea land Government 44 per cent. (1939) Stock, £97; Bank of New Zealand, 43s 6a (four parcels). Friday. Auckland. —Sales: Bonds (1937), 51 per cent., £9B 10s; Inscribed Stock (1938), 44 per cent, £97 ss; (1933), 54 per cent. £9B 10s; Auckland Harbour Board (1940), 54 per cent., £97 10s; Bank of New Zealand, 43s 9d (two parcels); “D” Mortgage, 26s 6d: King Solomon, 2s 9d. Wellington. —Sales reported:—New Zealand .Government 5 J per cent. Bonds, (1937), £93 (late sale Thursday); Rural Advances 5 per cent. Bonds (1947), £B5

(late sale Thursday); New Zealand Gov-• ernment 44 per cent. Bonds (1938), £97; Commercial Bank of Australia (ord.), 13s; Westport Coal Company, £1 3s. Christchurch.—Sales: Australian Bank of Commerce. 12s lOd; Bank of New Zealand, 43s 6d; Mount Lyell, 17s (two parcels); Mahikipawa, 6d; Okarito, 9s (two parcels); Golden Point, lOd, 9d (two parcels); Golden Dawn, 5s 6d, 5s sd. Sales • reported: New Zealand Government 4J per cent. Inscribed (1939), £9B; Commercial Bank of Australia, 13s; Bank of New Zealand, 43s 6d (two parcels) ; per cent. Inscribed (1937), £9B; New Zea--nnoi: ov ernment 54 per cent. Inscribed * ~ , „ Saturday. i j Bank of New Zea-- ’ Waihi, 17s; Kawarau, 6d. Wellington.—Sale reported: Broken Hili’ Proprietary, 13s 3d. Christchurch.—Sales: Commercial Bank Id; Bank of New Zealand,. 43s 9d; King Solomon, 2s 74d (four percels); Mahakipawa, 6)d (three parcels); Golden Point, lOd (two parcels). Sales’reported: National Bank of New Zea--land, £3 13s; New Zealand Breweries, 305.•