MINING NEWS.

New Zealand Graphic, Volume XXI, Issue XIII, 24 September 1898, Page 310

MINING NEWS.

SHAREMARKET.

Business on the Exchange showed decided improvement this week. The excellent return this month from the Talisman mine caused shares in that Company to sell at 10/, and there were further buyers at 9/9. May Queens also changed hands at 5/ to 5/1, ami there were steady buyers of Komata Reefs at 3/. Woodstock buyers advanced up to 11/3. Buyers came in for Waitekauris at 21/6, but no shares changed hands at that price. In cheaper stocks, Sheridans were wanted at 21d, Victorias at 3d, lonas at 2Jd, Waihi Souths at BJd. with sales at 9d, and Four-in-Hands at as high as lOd. Barrier Reefs had steady demand, buyers advancing from 4/6 to 4/9, with no quoted sellers under 5/6. Great Barrier shares also sold up to 2/8, and had regular inquiry daily at 2/7. Another stock that firmed this week was Waihi-Silvertons, for which shares buyers advanced from 5/4 to 5/6, and a shade more than the latter figure would have been paid for a good parcel. Holders of this stock, however, asked 6/6. It is one of the peculiarities of the market at the present time that buyers seem unable to overtake sellers. If buyers advance sixpence, sellers do likewise; consequently little business is transacted. The return from the Crown mine this month, though large, is not so satisfactory as the former one. owing to the average value of the ore treated not being so good. The gold returns during the past week tot up to £8687, the bulk of which was from the Crown and Talisman. A dividend of 1/ per share was paid by the old Waiotahi Company during the week, making the 48th declared during the 30 years this Company has been continuously carrying on operations. CARDIGAN. Driving seaward on the No. 2 reef is the work in hand at this property. The recent trial parcel was obtained from this lode. (TTY OF GISBORNE. The City of Gisltorne claim Matamataharakaki obtained a return of 7<>z Sdwts of gold, value £2O, from a small parcel of ore treated. NEW ALBURNIA. The erection of the new winding plant at the New Alburnia mine is nearly completed. This will enable development work to be more vigorously prosecuted. GREAT BARRIER. The 40 tons of ore now being obtained from the Great Barrier mine for shipment to Te Aroha for treatment by the Rev. J. Campbell is ready and will probably be at once sent by scow to Te Aroha. TE PUKE GOLD REEFS. The No. 3 level has l>een extended 23ft, making length driven 236 ft. September : Night shift men cut into body of stone which looks like No. 1 lode Cut into it 3ft Gin, colours of gold showing in dish. NEW FOUR IN HAND. The excavations for the battery site will l>e shortly completed. Messrs Chambers and Son, who have the contract for erecting the five stamp steam battery, are getting the timber on the ground. MOANATAIARI. Since the management of this property decided upon letting tributes, no less than 34 blocks have l>een granted, and further applications are being made daily. In each block there is an average of three men. NONPAREIL. In this mine during the week several nice dabs of gold were seen in the quartz broken down from the Wade reef. In the leading stope the quartz continues to show, and r. couple of pounds of picked stone were selected. IMPERIAL. The main adit low level tunnel is in 341 feet. Excellent sandstone country is now lieing penetrated interlaced with

quartz and mineral veins, which are looked ii|>on as favourable indications that the reef is not far distant. NEW GOLCONDA. Boi.li the country and the leader in the face have improved since last re|>ort, and during the latter part of the week seven or eight [siiinds of stone were got, showing strong dabs of gold. From present indications the manager hopes for still greater improvement. GRAND JUNCTION MINE. The water in the west section is now down within four feet of the bottom of the shaft, and driving operations on the lode will probably commence to-morrow. In the Grand Junction section the drive from the main shaft is in 315 feet. The country at present is rather tight. WAIOTAHI. This famous old Thames Company has declared another dividend of Is per share. The register will lie closed from the 15th to the 17th, inclusive, and the dividend is payable on the 19th instant at Mr G. S. Kissling’s office, Chamber of Mines. This makes the 48th dividend declared by the Waiotahi Company. HAURAKI ASSOCIATED. The best quality ore yet won from No. 3 block is now coming to hand, the improvement in the country mentioned last week having had a very good effect upon the lead. Should this continue we have several months of payable work before us here. The cross reef is turning out ore which shapes well at the battery. WELCOME FIND. Communication in this Coromandel mine has been secured between the winze sunk on the southern lode and the bottom level. The lode looks well at this point. Colours of gold are occasionally seen in the stone. In the stopes on the southern lode at No. 2 tunnel north of the main crosscut colours of gold are seen at each breaking down. The stone is from two to four inches in thickness. Picked stone may be obtained here at any time. BARRIER REEFS. The low adit level is in 920 ft. 2ft Lack from the face a two inch stringer of white quartz was cut, and considerable water is flowing from it. The character of the ground in the face is aliout thesame as it has been for the last two weeks. In the west drive the reef is 4ft wide and the quartz looks well. The hangingwall is well defined and has the same dip as at the shaft. The East drive is in 32ft. The reef there has improved very much during the week. There is over a foot of quartz rubble, and ribbon quartz is showing in the face. Arrangements are being made for an assay plant. WAI HI-SILVERTON. A change in the local management of this Company has taken place, Mr A. P. Griffiths having resigned. Mr S. S. Sorrenson, of the Melville Corporation, has been appointed to fill the position. During the two years Mr Griffiths had charge of this mine he thoroughly re organised the staff, and succeeded by economical management in considerably reducing the cost of working, which at the present time compares very favourably with that of any mine about the district. At the same time the monthly output of ore has Iteen increased. At present the total cost of mining and milling has been reduced to 25s per ton, so that the last return from the mine was a payable one. Mr S. S. Sorrenson, who now takes charge of the Waihi-Silverton, is in every respect a fitting successor to Mr Griffiths. HAURAKI NORTH G.M. CO. At a special meeting of shareholders in the Hauraki North G M. Co. held this week, it was stated that owing to the shareholders not taking up a sufficient number of shares in the proposed new company the project would have to be abandoned, and the matter left in the hands of the Official Assignee as liquidator. This was emliodied in the report of the Committee and was adopted. A meeting of the creditors of the Company was subsequently held in t.he Official Assignee’s office. The statement of assets and liabilities was as follows : — Leaseholds and freeholds, .£483 2/7; due on calls, £958 8/1; sundry debtors, £329 15/; cash in hand, £27 1/7; bullion in bank at Coromandel. £3 6/3; total, £1,806 13/6. Liabilities, £1,009 0/2. Surplus. £797 13/4. The assets had been estimated to realise £693, leaving a de-

ficiency of £316. The liquidator explained that owing to the limited tenure of the leaseholds it was desirable to realise without delay, and it was decided to eall for tenders for the unsecured leases and the freehold properties of the Company. THE NEW ZEALAND TALISMAN. £2,554 FROM 706 TONS. During the month of August the mill erushed 706 tons of ore, for a yield of 3,753 ounces of bullion valued at £2,554 0s sd, or at the rate of £3 12s 4d per ton. The small tonnage crushed is due to relining of the revolving ore dryer with replaceable segments, which necessitated the complete stoppage of the whole plant for nearly four days. This is one of the liest- returns obtained from the Talisman mine when the small tonnage of ore treated is taken into consideration. Last month 794 tons yielded £1,954 2s 9d, so that although nearly 90 tons less of ore were treated this time, the yield of bullion showed an increase of £609. Last January the average value of the ore was £3 5s lOd. NEW ZEALAND CROWN MINES RETURNS £5,453 FOR THE MONTH. The average value of the ore treated by this Company during the past month showed a considerable decrease upon that of the former yield, being £1 18s per ton as compared with £2 7s 2d tor the August return. On the other hand it must be remembered that last month’s return was a record one. This time the battery was running full power, and during the month 2,870 tons of ore were treated for a return of bullion worth £5,453, which is exactly £2,000 more than the output for July. GREAT MERCURY RETURN. £660 FROM 202 TONS. This Kuaotnnu mine continues to produce payable ore. The return for the past month's operations was £660, which was obtained from 202 tons treated. WEEK’S GOLD RETURNS.

Companies. Tons. £ s. d. N.Z. Crown .. 2,870 5,453 0 0 N.Z. Talisman 706 2,554 0 5 City of Gisborne .. trial 20 0 0 Great Mercury 202 660 0 0 Total .. £8.687 0 5