MINING NEWS.

Dominion, Volume 4, Issue 1039, 31 January 1911, Page 8

MINING NEWS.

' WELLINGTON SHARE. MARKET. Waihi ; shares we're sold freely, and went down to as 10-, v ac 775. 6d., but towards the ■ closo there was a' recovery, the !a;t rale on 'Change being 7te. 9d. A fair business v,-as:done in .Waihi .Grand. Junctions. Tlio •sales-recorded ivcro as under:— . Kcv, r Sylvia, 3s. 9d. (second, call). Wailii, 785..' 70s. (second call); 77s .fid., 775. ;9d.,' 78b.-. 3a., 735., 735. 6d., 7Es. 9d. (third call). " Waihi Grand Junction, 30s. 3d., 3Cs. 6d. (first call); 30s. 6d. (third call). Tho buying and selling quotations wero as under:— : Buyers. Sellers. . .. £6. d. £s. d. : Kuranui Caledonian — D'l6 May Queen — 0 3 0 N.Z... Crown — 0 4 7 New Sylvia 0 3 9 0 3 11 Old Hauraki '. 0 17 — Saxon u 111 0 2 1 Talisman 2 10 0 2 10 6 Talisman (now) • . * 2 C 0 Waihi :. 3 18,6 3 19 6 Waihi Grand Junction... 110 3 110 9 Waitangi : 0 110 — Watchman 0 2 5 0 2 7 Blackwater .'. — > 1 11 0 Con. Goldfields ...... — 019 6 STOCK EXCHANGE ; (By Telegraph— I'ress Association.). DunEdin, January 30. Stock Exchange sales:— ■ Waihi, £3 15s. 6d., £3 155., £3 155., £3 155., £d.,■ .-T-3 155.'6 d., and-for forward delivery, £3 15s. Tho following are the Stick Exchange QuotatioDG:— Dredging Stocks: Blackwater, sellers. 143. 6d.: Golden Bel, buyers - 125... sellers 195.; Koputai, sellers 195.; Rte> and Shine, buyers £I|S3. ■ ' Mining Stocks: Muddy Terrace, buyers 17s. 3d.; Consolidated Ooldlields. sellers £1 Cfi. 6(1.; May Queen .sellers 53.; Nct.- Sylvia, sellers 45.; Old Hauraki. tellers 25.;. New Zealand Crown, sellers 4s. 6d.; Watchman, buyers 2s. 7d., sellers 2s. Sd.; Talisman Consolidated, buyers £2 JOs., .'collars £2 lln.i Waihi, buyers £3 155.. sellers £3 165.; WaihiGrand Junction, buyers £1 10s.', Ecllers £1 10s. 6d. ' ■' Investment Stocks: Union S.S. Co., buyers £1 16s. 9d„ sellers £1 17s. 3d.; Westnort,Stockton, buyers 55., sellers 6s. 9d.: Kaianoi Woollen Co., sellers £5 63.; ililburn Limo and. Cement (£1), buyori £2, . sellers £2 Is.: N.Z. Brus C-o .(2). /sellers £2 lOn.: N.Z. Paper Mills, sellers £1 3s.i 9d ; Donaghy's Ropo ana Twine, sellers ,£1 ss. Od.

waihi shares: . - j . Tho position of Waihi shares is naturally causing a good deal of discussion, and a 'variety.,of. opinions are oppressed. There arc; quite number who aro far from satisfied' with the official report, and doubt its. accuracy. Tho , r<?pprt of the mine manager. Mr. Williams, which is embodied in tho circular just issued: in London and New Zealand, must liavo been written at least six weeks - ago, more likely it was penned three months ago. Tho adverse charaeter of, that report 13 most marked. Yet,, go recently as a fortnight ago a newspaper representative,.'accompanied by Mr. 11. P. Barry, the superintendent, and •Mr. R. E. Williams, the assistant superintendent. mado a special inspection of tho. mine. This was ozi January 17 or 18. The correspondent said, in his report, that the faljihgroff in tho values on the north section of tho Martha reef at the 1000 ft. level, and that the Edward reef wa3 not opening up • well, wero noted and made public months, ago, "and yet, despite the 'fact that the position has becomo. no worse underground, phares continue. «o decline, and liQ.ve dropped back ctc-adily during the past few weeks; This is. somewhat surprising, in. view of recent developments, whieli.have proved reassuring, and point to improvement rather' than deterioration." This view was cxpreswd. a fortnight ago,, after an inspection in com-, pany with the superintendent and' assistant superintendent. These . officials "do not usually accompany visitors, to the mine,, and wo may tako it that the object . 01 the visit of. the newspaper correspondent was to ascertain tlic facts and reassure the-public. If tho position was- :o satisfactory just a fortnight ago, r.rc tho shareholders justified in .accepting the six wc-slcs' old report of Mr. Williams as tho last word on tho conditions and prospects ; of the- Waihi. It, seems, absurd to do so. on the contrary, it justifies any demand that the shareholders might make for .an. inspection, and report by a mino manager unconnected, with the. mine. Tho report of the newspaper correspondent' of January 18 was very reassuring, an no doubt it was intended to bo. : and that report discounts tho value of tho earlier report .by Mr. Williams. Another point in connection with the Waihi is tho attitude Of shareholders. . Whether it is wiser to throw the. shares on the market or hold them? . Most of tho shareholders have bought their, shares r.t £7 to .-68, and some paid a great deal morel .If wo assumo on average of £6 per share, it will probably bo well within tho mark. If the shares are sold, now they would realise under £4, so that a shareholder who bought at £8 would loso absolutely tho half of his capital; At best, the proceeds of the sale of the Waihi shares could not bo. reinvested at moro than 5 per cent., whercaa if the Waihi shaTes are retained tho dividend at the reduced rata would bo equal to about 10 per cent., allowing 5 per cent; for interest and.s per cent, for. sinking fund, with tho continpcrit prospect that'the'development work may result favourably. Many shirebrokers aro advising their clients to hold their Waihi shares, as beiug the best thinu to do under tho circumstances.

PROSPECTS AT EEEFTON. (By Telegraph—Press Association.) • Reefton, January 30.. Mining prosticcts in Ecefbos aro very satisfactory. Tho Consolidated Company's energetic mino development has resulted in very payable new. ore. bodies' being opened tin in Nos. 9, 10, and 11 level??, from 15C0 to 19W feet deep. The stone in No. 10 south is very rich, so rich that' it is bagged -from the face. There l is also so much stone that additional battery power of 15 heads is being constructed, making 35 head. The Pcrsovercnco mine, up the Murray Creek, onco abandoned by the Consolidated Company, is now being "worked under tho present management, and good values in tho reef aro being followed. Crushing recommences at the Progress mino on February 1. DREDGING. . (By Telegraph.—Press Associations Rccfton, January 30. Dredging returnsPactolus, 330z. for 113 hours.

During excavations for some new water mains at Doniiipton, Lincolnshire, a number of 4 curiously shaped clap pipes, of ancient origin, but in excellent preservation were unearthed.