MINING NEWS.

Dominion, Volume 4, Issue 967, 7 November 1910, Page 10

MINING NEWS.

WELLINGTON SHAREHAHKET. A fair business was dono in mining shares on Saturday morning. Talismans, Waihis, and Junctions wore steady, but

New Sylvias were weaker. The sales re-1 corded were as under:— Talisman, 555. (first call); 545. 9d. teecond call). Waihi, £6 Us. (second call).' Waihi Grand Junction, 325. 6d. (first call). The quotations and last sales aro appended:— Buyers. Sellers. Sales. £s. d. £s. d. £8. d. Bonanza 0 0 2 — — Bremner's 0 0 9 — — Kuranui Oaledon'n 0 13 0 16 — May Queen 0 3 9 0 311 — New Sylvia _.. 0 3 B 0 311 — Old llauraki 0 2 4 0 2 7 — Old Kapanga 0 0 4 0 0 6 — Saxon 0 14 0 16 — Talisman 214 6 214 9 214 9 Talisman (new) ... 116 0 — — Waihi 610 0 610 6 611 0 Waihi G'd Junct'n 112 6 113 6 112 6 Blackwater .. — 114 0 — Con. Goldfields 10 0 1 o'6 — New Big Eiver 3 2 0 — — Progress - 014 3 - Eoes Goldfields ... 0 2 4 0 2 9 — Muddy Terrace _..-• — 110 — Tho course of sate during the past week, was as under:— Champion, 4d. May Queen, 3s. lOd. New Sylvia, 3s. s>d., 3s. 6d., 3s. 6d., 3s. 9d., 3s. lOd. Old Hauraki, 2s. Bd., 2s. sd„ 2s. 6d. Tairua Broken Hills, Is. 3d. , Talisman, 555. 3d., 555., 553., 545. 9d. Talisman, new, 365. Waihi, £6 Us. 6d., £6 125., £6 Us. 6d., £6 Us. Waihi Grand Junction, 345. 9d„ 325. 6d„ 325. 6d. Ross • Goldfields, 2s. Bid. Muddy Terrace, 21s-, 21s. LONDON MINING SHAEES. By Telegraph—Press Association—Copyright. ■ (Eec. "(November 7, 0.35 a.m.) '. .! ;\ ' London, November 6. I Waihi Goldmining . Company shares aro quoted at :-=-Buycrs, 1235. 9d.; sellers, 131s. 3d. Waihi Junction: Buyers,-131s. 3d.; sellers,'- 1335. 9d; . ■ ■ STOCK' EXCHANGE. . 'By JTelcgraph'.-Press Association.) Auckland, November 5. Sales on 'Change this morning:— May. Oueenr. 3s. 9d: ■' . • Hauraki, 2s.'6d, 2s. 5d., Waihi,-" £6 12s. 6d. ' Waihi Beefs (con.), 35.-. sd;, 3s. 6d. Grand Junction, £1 135.. 3d., £1 15s. Waitangi. (con.), Bd. (penny, call). . Talisman, £2 15a. 3d., ,£2 15s. Auckland Gas, new, £2 ,155.. Duns'din'i November ,6. Stock Exchange sales:— ■ Waihi, '£6. 125., £6.'115. 6d. ■ ! Waihi Grand Junction, £I'l2s. 9d., £1 13s. 6d. ' Sales reported :—Waihi 'Grand Junction, £1' 13s. 9d.; Island Block,, Us: 9d. CONSOLIDATED GOLDFIELDS. . i.The: Wellington; Stock Exchange received the ' following. telegram.' on' Saturday from the• .Consolidated .Goldfields Company:— ' "Progress:—Crushed' 4191' tons, yielding bullion value £4309; cyanided 2780 tons, yielding £862; concentrates make value £701: .~. ' '- "Wealth of Nations.—Crushed 1950 tons for £2701; cyanided 1263 tons for £829. "Blackwater.—Crushed 3604 tons for £6678; cyanided 1767 tons.for £580." CONSOLIDATED GOLDFIELDS OF NEW ZEALAND., The report of the Consolidated Goldfields of New Zealand, Ltd.. for 1909, calls attention to tho provision in the articles of association of tho company under which the founder's share becomes entitled to participate to the extent of 25 per cent, of tho annual profits after ' 100 per cent. (205.) per sharo has been distributed in dividends. The amount paid to date in dividends amounts to 16s. 6d. per share, in addition to a distribution equivalent to a further 2s. per sharo made in Progress shares. As explained at tho annual meeting last year, arrangements have been made under which this company has ac : quired an option until April 1, 1913. to commute this founder's interest by the issuo to tho holder of • 80,000 ordinary shares, should it be deemed, desirable. ■Tiring the year tho revenue of tho company may be summarised as follows:— Gold won from tho Wealth, of Nations 'ias amounted to £28,314; gold won from tho Humphrey's and Golden Fleece and received from tributers, £2916; dividends on investments amounted to £14,005; and rent, ■interest-and s-mrtry in New Zea- ••■ n.nd amounted 'to £576, making a total '6f £45,813.■« lixpendituro in New Zealand ind London'on mining''and milling and general -. ( i->--'.'-:•■• ; , expenses amounted £16.205, leaving a gross profit of £29.607. This sum, added to' the' balance of £36,693 from the preceding ■ year, gives a, total of £66,300, out of which the sum of £4004 lias been written off for depreciation of plant, machinery, development and investments, £3196; loss on realisation of investments, and £994. lis.- 6d. for income tax. leaving a balance 'of £58.105,-' which has been appropriated 'as follows:—Dividend Vo. 11), £12,118. The balance carried forward amounts to £45,986. For tho current -year a dividend (No. 12) of Is. per share (5 per cent.), freo of income tax, was declared payable on April 29, and a further dividend (No. 13) also of Is. per share (5 per cent.), free of income tax, has now been declared payable. on October 31. A syndicate with a capital of £22,500 • has been formed in London under influential support to tako over the options belonging to the Kotuku Oil Company. The.total capital has all been subscribed for in cash, and If* ji?r sViv «:-id up. this lany holding one-third interest in the syndicate. - ■

81/ACKWATEK MINES. The report ol tneiHbcltw.itar ilines, Ltd.. 'or 1909, states that tile property consists if an area of 570 acres, together with water rights and a timber anil sawmill area of 354 acres, additional areas of 200 acres held under prospecting licenses on '■lie dip of. the : reef having been acquired during the year. The rcvenuo of the company during the year may be summarised as follows-.-The sum of £7J,199 was re.il-i-ed from gold. This amount, together with £170 for rent, interest, and sundry receipts in New Zealand, and £281 received for interest in London; makes a total grosa revenue, for the year of £73,652. Expenditure in New Zealand and Loudon on mining, milling, and general expenses, amount ; cd to £26.880. The sum of £1522 has been written off for depreciation of plant, machinery, buildings, etc., and £SGCO for development and prospecting, and £1300 placed to reserve for income tax. rates paid (New Zealand) amounted to £2095. leaving a, sum carried to balance-sheet of £36,853. From this the debit balance

brought forward from 1908, amountine to £6744, has been deducted. leaving a balance of £30,109, whjeli has been appropriated as follows:—Dividend No. 1, £12,498. The balance carried forward amounts to £17.610. For the current year a dividend (No. 2) of Is. 6d. per share (7* per cent) free of income tax, wag declared payable of April 29, and a further dividend' (No 3), also of Is. 6d. per share (7J per cent.), free of income tax. has now been declared payable on October 31. During the year 29,955 tons of ore were crushed, vieldin-* £73,281, or £2 Bs. 11.133 d. per ton. $0 working costs were £25,221, or 16s. 10 071 d per ton, leaving a gross working profit of £48,060, or £1 12s. 1.062 d. per ton Good progress has continued to bo mado with the development and cauipment of the mine, which has opened up in a satisfactory manner. The main shaft, which at tho cud of the year was down 523 ft.. ha« since been sunk to a total depth of 648 ft. The reef was intersected in the crosscut to tho No. 4 level at a distance of 65ft. from the shaft, the assay value being 23.87dwt over a width of 19ft. sin. To provide agaanst the recurrence of a shortage of water power a 136-h.p. suction gas plant has been erected at the mino, and p satisfactory trial run made. A tube mill has also been added to tho plant, incrcasin" its crushing capacity by approximately 25 tons per day. Tho ore reserves at.;the end of the year were estimated on a conservative basis to be 69.000 tons. A working option has been acuuired over the Prohibition lease, consisting of 115 aeres, and adjoining the company's property on the lino of reef. Work is being pushed on as quickly as possible with the object of proving the extension of the reef into the Prohibition area. PEOGEESS MINES OP NEW ZEALAND; The report of the Progress Mines of New Zealand, Ltd., for tho year ended December 31 last, states that during the year 35,414 tons of ore were treated, -.na the sum of £51,940 realised from gold. This amount, together whu £1446 net profit on realisation of investments, £4346 dividents on investments, and £1066 received for interest, etc., makes the total. gross revenue for the year £58,800, a decreaso over the previous year of £12,627, tho tonnago treated, being also 13.085 tons less, i'he expenditure in New Zealand and London on mining and milling and general expenses, amounted to £50,242, as ' compared with £55,602 for 1908. or £5360 less, and leaving a -profit of £8557, a decrease over 1908 of £7267. This Bum, added to the balance of £28,140, brought forward from the preceding year, gives a total

of £36,698, out of which £4572 has been written off as expended on shaft sinking and development, £4330 for depreciation on plant and buildings, and £1548 for income tax, leaving a balance of £26,246, whicn has been appropriated as follows:—Dividend No. 20, £13,750. The balance carried forward amounts to £12,496. For the current yenr a dividend (No. 21) of 9d. per hare (33 per cent.), free of income tax. has now been declared. During the year under review the development carried out consisted of 2455 ft., composed of 1872 ft. of driving and crosscutting and. 581 ft. of raising and sinking. Smelting, operations were "commenced in November' last, and about 10 tons of concentrates and residues are now being treated daily. KOMATO ItEEFS GOLD MINING. Tho report of the Komata Beefs Gold Mining Company, Ltd., for 1909, states that during the year 13,390 tons of ore of 2CCOIb. ' were crushed and treated, producing bullion to the amount of £24.731. Interest and sundry receipts amounted to £1194, making the total revenue for tho year £25,925. Deducting therefrom £23,554, tho total expenditure in Ntw Zealand and London, which includes £3801 for development work, leaves a profit of £2371. Every item of expenditure during tho year, both in London and New Zealand, has been charged, as in former years, to revenue account. The reservo- account, £5034, remains unaltered. Tho directors have carried out the programme mentioned in last year's report—namely, "to reduco the output so that the ore treated may be selected from the better grade stopes"—thus providing tho means to pay for development. The work has not as yet resulted in laying open any fresh run of ore, but the indications of success below the No. 8 level are encouraging, and other parts of the mine are presenting better appearances. The reefs are being opened ud in the various levels. A winze has been sunk below the No. 8 level, and is down nearly 100 ft. Drives will be started when that depth is reached. Tho drive on No. 2 reef, No. 5 level south, has opened ud about 50ft. of payable ore; the reef at last advices "averages 4ft. wide, value per ton £5." The manager recommends the continuance of the various workings which, have in. view the testing of the reefs in untried portions of the mine. The extraction during tho year compares favourably with that of the previous twelve months, the result being 94.2 per cent, of tho gold contents, 89.2 per cent, of silver contents, and of the total value 93.5 per cent. Tho value of tho final tail'ings was 2s. 6d. per ton.