COMMERCIAL.

Dominion, Volume 2, Issue 523, 2 June 1909, Page 10

COMMERCIAL.

' THE SHARE'MARKET. » Sales of Wellington Deposit at Bs. 6i,!Gear Meat, .81 paid, at JC2 13s, and Meat Export, ' £2 12s 6d. paid, at £3 0s 6d, wero reportedyesterday. Tho,quotations were very the market is inclined to be quiet. Bank, of New Zealand,'buyers £D; National Banks, buyers £5 6s, sellers £i 7s. Gd ; South British ■Insurance; sellers' £2 9s. 6d.;' Standard Insurance, sellers JCI 3s ; Equitable Building,.sellers £d 7s 6d ; Wellington Investment, bnyors lis 6d., Wellington Trust and Loan, sellers JC7 2s Gd.; Tedding Gas, buyers £1; Wellington Gas, ,£lO paid, buyers .£lB, Chriitoburch Meat, bnyors £W 9s ; Gear Meat, £4.'.paid,, buyers J!10 ?s. 6d , £1 paid, buyers .£2 115..6 d.; Meat Export, .-C2 12s Gd paid, buyers ~£3, sellersQ!3 Is.; Timber, buyers 14s. od., sellers 155.; Now Zealand Portland Cement, buyers £2 0s 9d, sellers £1 2s ; Taranaki Petroleum, buyers ss, sellors 7s\, Miramar,' Ltd, preference, sellors £1. / •THE MINING MARKET. '■';:.:;' At the morning call yesterday two sales pj. Talisman at £2 9s. 6d. and Waihi Grand , Junction at £2 7s. 3d wero made oh 'Change,' and, in tho afternoon, Talismans made ,10s. on 'Change The sales reported were Saxon. Is IOJd, Waihi Grand Jnnction £2 - £2 6s, £2 Ss, Waihi Extended Gs Gd, WaihiConsolidated 2s 6d , Waitangi 4s. Gd , ,45.:.71 d.,'. Watchman Is Id,, Tangiaro 2d, Now, Alpine," 9s 3d. paid, at 8s The quotations with ,the , last-recorded sales wero as under— ;■.•..-■■.'.;.■;'-, 1 Buyers. Sellers.'-'Sales.' £a d. £b d '..'£ s.d.'Waihi Grand June- ■■ ' tion .. "... 2 8 6 2 9 0 2 8.0 Waihi Extended . 0 6 5 0 6 6 0' 6 C 6 Waihi ConsoUdated 0 2 5 - 0 .2 6 Waihi . ..900020- '■" ■ Waitangi 0 4 7 0 4 8 0 ,4. 7} Watchman ..010 Oil 01,;' l NZ Crown .. 0 5 2 0 14 .- ■ Saxon , 01 10 02001,10J Tairua Broken Hills 0 16 0 110 ,>—:.'. Talisman . .. 2 9 6 210 0 2"10 o'.' New Sylvia ..025 026.— . Tanginro . . 0 0 2 0 0,4 0,.0.2 ; Naw Alpino, 9s 3d. , '■' ' -•' paid .. — — 0 B,o' Komata Reefs ..010 013 : :.;-.:tt.'/.;^ Noiv Big River' .. — 3 0 0 : . —.: ' ' \ X'-.w BANK OF NEW SOUTH WALES/ " ' The balance-sheet of tho Bank of Now South Wales for the hilf-ycar ended March.3l; last shows that tho net profit for the-period 'amounted to .£186126 2s lid, and, witn the' balance of £36,916 0s 3d. brought 'forward from tho provious half-year, tho amount ■ at; credit of profit and loss account 'totalled £223,342 3s. 2d. Tins has been allocated ,as ( follows—To dividend at tho rate of;'lo, : ' per cent, per annum, £125,000, augmentation'df the resorvo fund, £50,000, officers' provident; fund, £10,000; balance earned forward,' £38,342 Ss 2d Tho reserve fund now stahds'at--1 of whiclf £730,000 is invested';in British Government securities, the balance; being employed in tho business of the bank; • The bank has added £90,000 to the /reserve' fund in tho past twelve months, as;against - £60,000 in tho previous twelve months... '..The, balance-sheet items compare as under:—;::.-'.! March, 1908 March'i'imi Liabilities £ ..'£:• Notes 1,063,121 1,016,306' Deposits 2C,<WU 27,297,301. Bills 3,575,53-1 3,793,668 Capital 2,493,720 2;500,000: Reserve fund i .. ._ 1,530,000 1,600,000 Profit and loss 195,719 " 223,342Confangent 621,874 - >703,27336,412,305 37,139,391' I i •, March, 1908, March,l9o9. Assets , £ •'■£:■'• Cash 8,205,432 7,406,543 « Cash in London >.. 1,005,000 H ; 945,000Investments 2,537,437 :2,547,072 Bills, etc, ' 2,612,406 >3,929,353 Advances, etc 20,737,153 - 20,918,150 Promises 690,000 ,685,000 Letters of credit . 624,874 ;.';708,273

'SM'ij\ V ' : § "S V 3G;412,302 ';',• vi V37,139,39i; t'jfix i ,; that the Bank'.of Engy ;r *?'■'&, land discburit':rate'^was'raiscd'in 1 January:frorir to.':3.;per;-.cent;,:ahd:.was hot'agnin'reduced. ..'iUvyiiin til .'April ;i;'''.The:.baiik;'lpst'a.corisiderablo': y'iM'.C'.";:quantity,;;offgold,-.- which; was l .beirig-'attra'Cre'd: s^'i'-o?/toyjFranbe;.• and';: the ,',rate?'was-raised 'to; stop., lisffiy|theieflux'.of -the: metal; : -.' How" w.elli-thi's V.was y.;',f;';.::ac'comJ)lished.;.is, shown'.by ;.the;,m"oyements: of. % : :5-':: ; ..jgold: ?of:;March,:y.whe'n-gold,..tb'.. "} t " ft:;;; the; vaniouhtffof K, £8,154,000,' wra's/v received^'lof. pA.'Sll^whibh'£4,o3B,ooo-Came'mtheishape.of unrofined By:y ; :yygold,:£i;oß9,ooo:iri the': shape; of. sovereigns/and, «;:;>.;y; : £l;l96,opo,an'ithey'shape';bf ''foreign "gold „coin.< :,'"; iheseJ.enormous.shipmen'ts :the; exports;^wprf'pnl^;'came!t6;£l,726,ooo.:SPor:.the three,months, .>•;-;•$ I'rtdyMaroh:,3i; : >the. ;im'pofts .-'of gold in) all. its, :;-,sy;;:V;fofms;cauie;tb:£i6,i3l,ooo,:.and;.the .exports; to :?, ; ., : S:'-.:£lO,lß4,ooo,7s6Hhat:iust"'upoi ?^ o<<rt ;^n -'-^^i?^' a '?''^-.« :^ : -- '■ '■' -<• ■ ■•'• -^' exports! fromyWellington;v last'.'month; " : ,L- Ji-i'wero asl'uhde'r, the value being given in-paren-#v i: « :v thesis'-^^utteri'y^Scwt;.(£8626); 'oh'eese,' 4143. ;, ; ;''; ; !:'vbwt; ; ,(£ll,443); frozen;beof;'lo,Bo2cwt. (£11,156): S : .?.;:s : «frozen:.'mutton, :.'29,8390wt;; : .'(£35,73G);.:'fr0zen.j (£73,251);'/f1ax,"1239' lons'! *Sl;:v(£2s;o44)Vtbw; ; ;l9i; ;tbnsv(£id4o); -'7576' hides !;?:S;;m(£Bs97); 214,879'5kiii5:(£15,848);; tallow,'losß;tbns V^: 'wool,';;*,788,8201b. .(^137,830).^ ivj ;j v. ,©! ft ;;IN L ; v ? "\fiyc£'.j Acobrdihg^'tq.'; Lloyd's, - Register were,'.'. wa3 : , a y.-!/;j;.s-satasfactpry^ : ihcreaso^^ ,;i: v of: the.'ybar; exclusive .of war-. •:K-.',- '.:' ships,.;.'399lyesselslof gross.:toils'.Under V;;;i ,:■.;: Icbhstructibn; ;'as I against; 415 fvessels of;-' 84,7,500 :;:->y;i,:;;gros3.,tons;.at":,.thb corresponding .date,'"of."last ; abont;6s,ooo ; tons; ::-'f;.'v';on ; iho'.first:-qnarter;!of la'st.year.'ahd of;'about! ;j;;; : ::yi.i'l4B,op|):i;Qns , on''the:DecemboT; quarter./;,Of.,the £..">"■'"'; tonnage "building"in/.the: United ' Kingdom un-! ; l:;--'; : ;-: ! : : der Lloyd's'.supbrvision',44si7,oo-toiis isfbr : Homo' 7yy". -S accouht,'-and '.97,700}tons,for;;fbrefgh : ;dnd: colonial. '■'&%& : r accovrn,t/-- In: audition;' 59 vessels,of ,152,900.' tons' I PiV.'y vare underi'eoristru'ction"abroad undbrthe'.'super-. Mys.'.-,!'v.visibn'lof: Lloyd's • Register;' : ; v Thiß i give's! an ;&• $}.;■}?•;: dicatipn'-'bf ;the,'.'improying cohditidns,' although' ''V ; t,:';..,it|*miist>.bb.' ! Bta i ted:-'th'at!,::the,;'increase'.:;in:'shipT .; '■/'.■ i- building -lis; due; 'nit a'■little!'t'b :T '-';' ; ';■ 3; bu{lders!::afe' makiiig r; little";or.-no profit,; but J:-!':,si:i ; 'merZ''tbgbther;':;Shijown'brs,have!experienced a. ;.';:'} : ;,'.;:;:dull! , J .ehcouragb-l ;Vy ■'••.•* -".:: v. M'K--!K|;S';!CTJNARp : & ~pf .;the, Cuhard; Steamship! Com v ..".'.'^ 1 :.-'; in'..fj^iyjeipobl"-'oh'. April : 22, stateslthat. thb pro'-" ; ',, ? :;fitsJfbr.lho'!:year,: including £109,882 .'brought 'i ■sCy.ttforw'ard,'' amount! to' £295,036.^ :'S .' ;^ ilvtheldirectprs hav.o 'added £100,000 from the in-'

:*::.;•{'.lvsnrance..fnnd :.and' 250,000 'from ;tho ":■ reservo' :':-N;^;v;.fund,-, makingsthe .total .at the'.'credit side'-of *fe;-.~,, profit and 'loss;.£44s,o3o.'.•:After.debiting income fc''■"S-lax*and: interest.'and reserving : i£296,779.f0r de:"f.V.il;'peciatibn' v of."ships and -wharf! properties,' and A'K : .'/- : ?-:tranrferring .£6491; to the insurance fundi there ;>;i ;? 'S#rernainS/;a -balance; off ;83582 which; the: com ; . forward to the;credit of, profit and : rirj."- :! There' has ;been paid dur-. :the. 'yearr.£l3o,ooo to 'the sinking. fund.; for Sv} ! ;v;::.;the;red«mpti6n;of::the; stock, established' nnder thus reducing tho .riVA'v'V.' liability-to - tho' ! ,Gove'rnmcnl by;. that'.amount. .- ;.&'•"• ;?:-: : vToVprpndei. for, the;: consolidation ''.of the com£s.£'• v.- pany's;: outstanding."' liabilities'; on'. : shipbuilding. i-i. J'./'' ; account, an issue.;of; iil,6oo,ooo;four and a-half p';.v '■ :V per.}'eent;>:debeUtiire'.fstocK;'-\TOs-';or«iited-,'diir-. ; ,i4v:^:Wink the year, ,'of has been issued." if-' , .dV^'::Th'e':.'eifeot(bf : ;'the;'.financial>d]gturlijincß which; ;,;::.- ;. iiKthe.'Uhited States; in. 1907; continued; :■ '?>: : ';i'; in, an; cven- ; inbre- acute'.fbrm, and. rc•v;:?: S''suited in Va; complete;:, disorganisation. ;6f f .tha '{:' : :x, ;,- ;third-class -: passengers;: traffic',.''. tho ;';';.; "-V total'riumberj'of'third-class /passengers'.landed ■^i''''''- : "'nt<Now' ! :T6rki.'and\ r ßost6n-~having"'fallcn''fr6m' : ;:te.;¥;:;l,116,OOOMn. : I907.;:tb;;a35;000 in 1908.•fTheithird-' :business .•.:-.'from;'; 1 ., th 0..;.; JJnited. |: % '■'_ ':■ v vSt'atos .- to : the 'fifeditefranean; was ""likewise in £iv;,'. v;-a;disturbed'eohditibn,lowing 'to the low rates ;';a;^; :^;pr<)vailing,'.but.' a,'tentative agreement has .been KO' -''entered into;w.ith:the;lines engaged*which"will, ;;vi';.'.:;it'.;is : hoped,-.placedthis business on a more •;>;'-;1 -'^profitable'';.b'osis: : :■-. Xoy/- rates of freight wero V>f:\:~ generally'; prevalent .throughout the-'yoilri' '■ |£K. Wot ':[' ":-S : \?\ ;'!':NOTES.' ■,'''';.' : .;. V,',Y." • : '"- '■ ?;• , ; 7. The;lbnn-recently, floated in London-by New ?v..'.; South:Wales;raises the.debt of that State to T-'. : -,'- : ''K---. : --ie89,M0;325 1 ' exclusive.-.of..the ,£1,230,000 Trcas- .:■;.;. ;'.. : ';',:/mT..Bilhi;, raised temporarily, in, London... "p;;;: ■';: -respect':to '"the ;rabnetai'y.":position-'in, vf';'.':- ,' .'A'ustraliA;- the ".."Insurance .and Bankins Ro..;'Va'-:;. cord" has tho following :—"Monetary conditions. %:[ ;;c-1; in Australia have become easier, large'procecds :':-'■'■ ;, t:'fr.oai ..the late-season., nnd cautious : advancing ;v;*::;^:,naving improved.the ■. bonking position;.... The; S'W;::..returns; for: the March quarter,, which are ro- '■':■ ■■■ , ,'.'viewed .in7n special article, show that a con-/'■-'i''''•'-■.: ;siderable _ improvement has taken ■ place. : The ';- '■>.. :■ ..:■. ■;,position is':hot, however,', much stronger than ; "v : : : ;; ■-'; it "was a .year ;agb.,...But. the .prospects as re- '',;/,; v r ' gards. market 'prices 'as well ;ris' production for A>'J,':::■::,the coming -season;are. and there is ; fur : v./;; ..loss cause for' anxiety : : than''at-this, time last' ;:.:;'.r.: ; ;;;:year."- :; V;.;:;f :.;V. .'/ : ' : V' .<■; ;/'-:- '■■;'-. -;■'; ,'..' ■ %'■■:;■>-.;-. ■-.; ; .According : to.the.vL'fve Stock: Branch of the i'ji: : :'\: : ': .Department':of;Agriculture, the annual woo! KJ.v■■ : : :-.clip of ;Cana,da,,ainounts'.,to-.about. 12,108,00011).;

distributed amongst the nine provinces as follows s—Prince Edward/ Island, 585,500ib.;. Nova 5c0tia,.1;189,5001b.; New Brunswick,.9B6,ooolb.; Quebec, 2,670,0001b.; Ontario,-. 5,519,5001b.; Manitoba,; .-.' 135,5001b. J". Saskatchewan, 496,0001b.; Alberta, 631,0001b;; and British Columbia, 95,0001b. i-: : -V.. ■? : ' ■'':',- ''.;.-; .','■' '.< ' , According; ,to reports, .theTO are about 35 flourmills"in" "China now 'producing 1,500,000 barrels o| flour per year, which naturally comes into competition with foreign imported flour. La tho near future this competition will be mora: keenly felt, for several more mills are being erected, and more land is being placed under wheat' cultivation. The wheat-raising of ■ tho! Chinese Empire, so authorities • state, will, before many years, prove an important factor in the supply of broadstuffs needed internally.;, Soma go so far as to aver:that at ho ,'very distant period China will become an exporter of flour and a competitor in the markets now being supplied from India'and Australia.-',.:;:.;■-''■;■'-',...;.-.. '■•. 'Since, 'Marojj-14. JJIOO, there have been chartered 4108 'now national banks in tho. United States, V with : an ■ authorised, capital of J?50,63C,533. ■• The;-nnmber 'of. national banks organised under'various Acts i5'9372. , There have discontinued business 24GG national banks, leaving in existence 0906 banks, with author--isod;capital of £192,371,342, and 'circulation out-standing;'secured--.by,"b0nd5£131,813,057. ' The! 'report' .'of, the. Orient Steam' Navigation Company,:for tho year, ended December 31 last, just issued/in London, states that-after allowing the/full amount for depreciation, dividends 6£;X'p.ef,:cent.:_will be paid on the-prefer-ence;■' and ordinary shares, carrying < forward £15,981;-;Si3iilar dividends were.paid both for ■■;]■-;:■ ':, .-. :- ■. .-. ■.'Official ; information about,'the'.jute..industry of''lndia/reveals the fact that' there are now injindia,so mills with a capital of £7,919,000, 562,30.0',! spindles, and: 27,200, looms,'. and employing 187,800 persons; All: but three of the mills ■ are in/or: near Calcutta, and all but two of them.are worked byjoint-stock,companies.'. The mills and capital, have practically doubled within- the last.-ten years.;' The increase in. actual production has even greater than -tho'grpwt.h.in .productive, power,: owing to the 'improveuVbrganisation of the .'.industry;■'-.' The r average"arinaal exports of "gunny bags: in the period between 1879-80 and 18834' was-54,900,000, and 4,400,000 yards of gunny cloth; while in 1907-8 the corresponding figures w.ere 293,000,000 bags and 790,000,000. yards. The exports of raw jute;haye.,^riseh.. I with .the increase: in' the jute manhf a'ctnre.v but"' riot in -a', proportionate d& .'g'ree. ..The last .estimate of the season's juto orop; was 6,310,800: bales,. or; 35 ,• per 'cent, less "than the previous 'season; ■'"'■■ ',;.;;:::; ;;, "'. ' tBT TlUOnApa—riilSS iSSOCIATIOH.) "-.-..;' ■.:', Auckland, '. June 1. ; :, The, share market.was" fairly ,brisk to-day.' Talismsns' sold at 505..6 d. and' 50s. 9d., sellers closing "at 51s.. ; and, buyers 50s. Od.: Waihis fell ■'t"6,%£9 2s.' 6d;''and'i£9 35., with late sellers at £9 3d.; and buyers at JB9 2s. 6d.;' Grand Junctions agairi'.'advariced, iselling.:. at from,.47s. to ,475. ' '3d;;' '475.: 1 9d.;f485., .'485.,v3d.,.485. ;Cd., 495.,; to' 495..3d., with late sellers quoting-495. 6d. and buyers 495. 'Grand Junction .options again rose, in price' to 215., '21s. 3d., and up to 225. 9d./ with late sellers at 235.. 9d. and buyers 225. ■ : 9di ; .'Waihi- Corisolidateds '.sold'' at 25..-3d. 'to. '2s.' Bd;,';'.and;;.Wai.hi.;'Extendeds: at 6s.- 6d. .to 6s. ,Bd., while some of the other cheaper fairly freely; South: British shares went .'off at .'4Bs. -9d;, '■with.'late*sellers'- at thatfigure, and, buyers" 48s. Northern Steams (paid. ; up).6old:-at'.l2s.:9d,v-and' Burfoot;Wheels at . ,39s. J ,. -v/'l; -;. ; :.^'..l;- i: _vj_j'^, ;; -',- .■>. '."■■ ■'-' ':'':■ t ''v ; : STOCK' : E!xCHiNGE.., : ,> ; ;,; ,•:.; '.r,(I)T 'rELEOBiPH—PBBSSVASSOCUTION.) ~ !' ■:':..■;'■'■'■: -.'£'?'■; : r : \■'■a-:-'A ■■!: Diincdin, June,!. , . Stock tilxehange: 6ales;-Talisman Consolidated, £2 10s; 9d. (three parcels); 'Waihi Extended, iflsl- 7di. : . (two ' parcels); Waihi Grand function; .£2-7s'.,' £2 -7s. -6d.,; .£2-83., 6d. (four parcels), jE2 85..7Jd. ! :Sales, reported: -Waihi Grand Junction, .£2 7s;' 6d..'(two parcels),;X2 Bi., £2 'fa 3d.: Donaghy-s Rope and Twine!(ex 3d.:.,,: :,;■/..',:.';.. ;, „ ~ -. ; !V; -NEWS;V,' ■;:/' I^^TALISMAN'- CONSOLIDATED.;-- V;',;V: The-folibwing'is : the report :ofi the Talisman .Consolidated' for the' fortnight .ending April 24—;^;. ::■ ,,:.;l■';;'■ k : V '-. : -;'.-: '.'<:■'!/'■ .'.' : :-.'y''^..';^"No;V..ll-'-'leTel..:. : .'''''..--' ',"■','■'■ -: - ,-' No. 8 .Crosscut: Advanced' 22ft.; total, - 722 ft.; no' change';... No;rlO i Crpeso'ut:' Advanced 16ft.; total,";2o7ff.'; ;'no~cfiange~in .ground; ,'.-'Stopihg: .The"assays:from.:stopes:off N0..5 rise average ;J1!-.'15sj; 6d.;.,;tqn's]senty to;mill, 591.., •; ''. '•;:■, ■South'' Drive:', Advanced 28ft.; total,: 1420 ft.;; reef; wider'than dfivo; ; assays average,. Is. 2d., Avcrossout.'.-was: started' eastward-,; at ' 1407 ft. south;''arid advanced 14ft; without 'cutting anything of'value. The. crosscut/westward 'at •1272 ft; has' been extended 41ft.'; total,'Bsft.,: No 'change L .to.-roport.',' No;' 3 riso (north): This was started 523 ft; north. of ; shaft. } . Progress, 21ft.; reef wider,than ! rise;'.average of.assays>lßs." lld.i,^Stopihg;>3?h'e''assays from stopes off No. : 12: nse?'ayerage , .>£7.ss. 9d.;' :tons 'sent .to .'mill,, 260.; «The.i■ valueavfrpm..:stopes'.off 'No.- 5, rise ■ average; i£9.15.',6d.; ; ,-tons senttomill, 10.''.The east' vein .stopes have' given: values' fhat average',i£3.os.:3d:) tons-'sent.to'mill, 295.. The "No.; l:6outh'block stopes values average £1 2s; 3d.; tons ;sent.'.,to. : mill; 320.. r Customs revenue- collected■at'.Wellington yestorday amounted'to i£2349.85/,8d.:, ; '; -\ ■';.;' .;.:v ■'.'■' ;^waihl;gra^d'/jtjnctk)N. : ■?;-; :• .',- wi;:Tit.R.OßArn : r-pnE3s ..issiiciATioif.)'.--' '- v ■';'''■ ! -.'l-! *■'.'■;■■■'/■:'-■-''■ /■H; r -.::.i'';:. ■'■: -.-■,':.." : .v.Wathii ; : Jnio -i.": ■; . '.Thejdriye through ,tho Empire-lode at No. 5 ' lovilko'fkthe" Grand' Junction- is still continuing. :The.-ex£elit. f of ore 6blfar.op'ened ; 'put.is.6o.feet. k'x^k^DAXTNTEDi,G.m: : c6m?ANT;c .\, .' ,'The'Wellington'Stock,Exchango'has received 'the following ; telegram: from- the .manager, of :the"'UndauntjEd,,.;Gold, :Mipihg■■'■' Company :—: "Return-from^'portion : of..tail-race andkboxes ■is ;!310z." ■■'.(■■ > r_ -,); : ;'':-'";, :.-- ,: v.'' .:■':' '.'.'■':'■' ■'<'. '';"'.,■'■ fj:;: : ; ;V-LONpbNj!XCHANGE ;.' ; .'"ii :; ; .'--■. Th'e n ;f6llowing:'elichang'e. ratesJc'ome.into;forca, Juib'-li—;; ~.:■;'-:,:;;,: : V -;:;'■ ;•.' , ! " v ßuyihg;k'';M" ; "'' : , ; iVv^ ; V;,',, 'Mi' ; Selling..-; ..'Djscount.:: ,:■;';:'■: ? .:,- .-',..,. ■': 7/6 per.cent.:';: ~:' Demand. 1 :"-r,- r lO/- per'cent. 12/6 perlcent.',.., / 30.D/S '■■'■•'■•-,:.:■ ■'/ 5/-' per cent; a7/a.per:ceht. ,;;;' 60'D'S.- :--.-*-;'■: -Par. .-iy%>.' 27/6 per cent.'-.'"..•■> 90 D/S [.-'..-', •: ■':.'■ -', ■ ,37/6:per J .cflht.-',:;-';.VIM.'P/i3.,v;^.;V WW ; EIVER.^;/:,.|'';:;;/. i:;> J .:..tet-TElE'dl'ipa— rßEss associatiom.J...' .';':.'". ';.;.-... ■:?■.}>'-..■• ;'■ £&_■}::: ■>•'■ ; ; '■*;• New 1 Big River reports as follows;— ..'/;.;' . —No.' x 9-level east:-. The reef:in this, level has been cut out, so driving has been discontinued for -the' present. -This' level gave aV length of 60ft.' of reef .in; the leading ;'stope,, and- tho reef varied ; :frbm-2ft. to'3ft.'in w'idth.'.-1n.N0.. 2 stopo the v reef varies from. 18in/ to ( 12ft. in width,, bnt.\the. larger \ portion.' of 'the reef is very, broken :and mullooky. ■~..■''.."-;.,.: ; ' .'.N0... 9; ; »;inz6': Prospecting' has'been-; carried by means of small drives from the bottom, winze,' 100ft.'.belowvNd. 9 level-rone-.drive, into the", footwall'side., of: the, a ; from the end winze; "So far these.fha'vejno.tjilooated-stbne. .' : ■ Branoh-reef stopo': The stone won'during the month' came from -Nos. 9 and. 10,-stopes; : Tho reef in" the No; 9 stope varied;from.Bft. to.'6ft. in width.: In (the N0.'.10 stopo (of which, only a ; small portion is stoped) the reef varied from 15in. to 4ft. in width., A'small rise has been put up .from the old eastern stopes, and con;nected ,with' the, intermediate level that was driven .from.the'eastern: winze.,' The reef in the ,; rise averages 20in.,in,width; .-:.'■■' ." ..Ropairs have", been effected to the airway between the 'No; 8" and No! ,7' levels. No. 1 intermediate: level, is now, in: a-:distahco of ;103ft. from'.':.the.;:shaft,_ the', country being very hard. have'yot.to be' driven to get to the';lino of .Cosg'roye's block; of'stone. -The : winzo on 'Cosgrovos block is now down a total depth of 107 ft.'from the floor of/No. 1 level, which-leaves about ,43ft. :to sing to' connect with.the-:No.: 1-intermediate leyol. There has not. been any reef in this winze for the last '15ft;v-:', ; ,;;..::.::;:-: -, ; .. -v .:'■'■•• ..!. . A contract has been let;to sink'the main shaft a further distance of'2loft., and a-istart was made with this on. May 10 (two shifts), and a'shaft has .been sunk a distance of'2sft: making a' total of 35ft.' froniNo.' 9 chamber! The new outer' wall to the battery, dam, now completed, is 4ft. higher than. the.original wall. The' bywash has also' been .filled, up 'for a I height oft 4ft. '■■'~ . ' :,: *