MINING NEWS.

Dominion, Volume 4, Issue 1128, 16 May 1911, Page 8

MINING NEWS.

WELLINGTON SHAKE MARKET. . Although prices were firm, thoro was very little business done in mining shares yesterday, only two transactions being recorded. A sate of Tairua mines at Is. sd. was reported at the mid-day call, and Waitangi changed hands at 2s. Id. at tho afternoon call. The buying and selling quotations were as under:— Buyers. Sellors. £ s. d. £ 5. d. Blackwater — ■. 18 0 Con. Goldfields 0 15 0 - Kapang.a 0 0 6 0 0 8 Kuranui Caledonian — 0 12 May Queen 0 17 - New Big Eiver 313 0 .400 New Sylvia ft 2 9 0 2 10 Old Hauraki 0 19 0 I 10 Saxon 0 2 2 0 2 4 Tairua Mines 0 14 — Talisman 2 10 0 210 6 Waihi 3 4 0 3 4 9 Waihi Extended — 0 18 Waihi Grand Junction... 18 0 18 6 Waitangi 0 1 11 0 2 1 Koss — 0 2 0 Tho following telegram was received by tho Wellington Stock Exchange yesterday from tho Talisman:—Sent to London the following cablegram:—No. 13 level, south drive, from 1380 to 1388 ft., width of reef 12in., value low; from 1388 to 1398 ft., width of reef 42in., assay value £4 18s. STOCK EXCHANGE. (By Telegraph.—Press Association.! Auckland, May 15. Business done on 'Change this morning: Occidental, 6d., sJrt. Saxon, 2s. 3d., 2«. 4d. Tairua Golden Hills, 2sd. Hauraki, Is. lCd. Kapanga (con.), 7Jd. Tairua Monarch, Is. 6d. Waihi, £3 4s. Talisman. £2 10s. 3d., £2 lCs. Waihi Extended. ].\ Bd. Taupiri Coal, £1 Is. 3d. The following business was done at the 3.15 p.m. call to-day:^ Occidental Consolidated, 5Jd., sd. Tairua Mines, Is. 6d. Saxon, 2s. 3d., 2s. 4d. Duncdin, May 15. On the Stock Exchange to-day tho following tales were reported:— Waihi Grand Junction, £1 85. 6d. (eight weeks' delivery), £1 85. 3d. Westport Coal, £1 Bs. 9d. (two parcels). The following are the Stock Exchange quotations:— Dredging stocks: Blackwater (paid), sellers 125.; Electric, buyers Is. 9d.; Hartley awl-'Riley, buyers 10s., sellers 15s. 6d.; No Town Creek, sellers 75.; Ilise and Shiiie, buvcrs £1 13s. Od. Mining stocks: Consolidated Goldfields. sellers 175.; Kuranui Caledonian, buyers U.. sellers Is. Id.; Saxon, buyers 2*. 3d., sellers 2s. 4d.; May Queen, sellers Is. 9d.; New Sylvia, buyers 2s. 7d., sellers 2s. 10d.: Now Zealand Crown, rollers 3s. 9d.; Old Hauraki. buyers Is. 7d.. sellers Is. 104; Watchman, sellers 2s. 3d.: Talisman Consolidated, buyers £2 9s. 9d.. sellers £2 10s. 6d.; Waihi, buyers £3 3s. 9d., sellers £0 4s. 6d.; Waihi Grand Junction, buyers £1 Bb., sellers £1 Bs. 6d^

I Investment stocks: Bank of New Zealand, buyers £11 12s. 6d.; National Insurance (ex div.\ buyers £1 15s. 6d.; Westpon Coal Co., buyers XI Bs. id.; Wesiport-tjtockton, rollers -is.; D.I.C. (ordinary), buyers ss. 3d.; Milburn Lime and Cement (£1), buyers £2. NEW BIG BIVEE.JIINE. The New Big Kiver mine during the mouth of April crushed and treated 575 tons of ore for a yield of .bullion valued .£2140. The total value of the bullion wou from tho mine to date is £195,034 lis. 8d„ as shown in the following tabic of details:— £ s.d. To December, 1908 148.967 3 .4 In 1909 5434 tons 26,133 6 3 In 1910 3040 tons 15,724 1 1 190,824 10 0 Januarv. 191!. 600 tons 2,200 0 0 February, 1911, 430 tons 1.670 0 0 March, 1911, 235 tons I.OCO 0 0 April, 1911, 575 tons ■ 2,340 0 0 193,034 10 8 Tho total amount of dividends paid to date is £91,693 15s.,'which is equal to £3 16s. sd. per share. BOSS GOLDHELDS BECON3TETJCTED. (To the Editor.) Sir.—As your paper has one of tho largest circulations in the Dominion, I would ask you to insert the following:—l would not havo intruded upon your valuable space but for tho .fact that tho management of tho above company have done me and all West Coast shareholders a very serious injustice by issuing a most damaging report upon the company's plant. This report, together with a notice of the statutary meeting of the company, has reached mo and other shareholders here, so that it is impossible for us to return our proxies to Wellington in time, even if posted the samo day as the notice wa3 received. We arc, therefore, prevented from appointing anyono who could deal with this report on our behalf at the meetiug, and are reluctantly driven to deal with it in a more public manner. I might preface my remarks by making a personal statement for the benefit of those who do not know me. I am a fully qualified engineer, and have had considerable experience in the application of electricity to deep alluvial mining in Victoria, having had charge of the biggest hightension electric power-house there, and large cloctrieally-drivon pump 3 of the turbine, cornish, and three-throw ram type. This position I resigned to como to New Zealand to take charge of the Boss Company's plant.

I resigned this latter position some months before tho company went into liquidation, and after tho shut-down I took a contract to unwater the mine with tho present sinking pumps, and recover the plant at the bottom of the mine. This I did, aud handed over the whole of the plant to the liquidator. Mr. W. D. Vic.Uery, in perfect running order, after which tho plant was shut down, and the mine flooded. Later a flood in tho Kanieri Bivcr damaged the transmission line, which has not yet been repaired.

This is tho only damage done to my knowledge. There a.re, however, several insulators which require replacing. Some £200 will go a long way towards nutting everything in working order. The directors' statemout that £4510 is required to do this is inaccurate. It is most important that a reliable stand-by plant be provided, but this should certainly not be a steam plant for many reasons. (1) To he of any use at the mine the stand-by plant must be capable of being started at a- moment's notice. (2) The stand-by charges should be small. (3) The working exnenses should be light. M) It should be' capable of being driven by such men as are doing other surface worl: about the machinery, not engineers holding firstclass certificates. Having had charge of a large steam-driven plant. I know from practical evpericnro that steam does not fit. this bill. But suction gas or crude oil engines do. A Diesel crude oil engine, for example, can be started instantly, costs nothing excent when working, requires uncertificated drivers, and works on cheapest material, such a? crude oil direct from wells. This type of engine is being largely installed in power-houses at Home and on the Continent, and also by tho Admiralty in all modern warships. The New Zealand ononis havo nuoted for surh an engine, capable of dcab'u" with the water handled b'v the Bos- ttoldf'plds. and b'"'cd at Boss, dmv paid, at slightly over .f2frn. Another .flfM can be put down for erection, generator, etc.: si that nllowine for all -rontinsreTK-ies WO should nut. cverythine in th->"ough wording order with a reliable s*r"-d-bv nvmHary plant.

To ncivtmnlipii Ihh f.imo "ml the directors rcnort that an exner-iiture of rt, I»nst £1i.3F0 rr.iTt he T liono I I-pro shnwn tl'» fnlln-v of t!'e dir.-vtors' Ftntoinput.. Whv F re"H .f!I.3M of the pl'nro--I'.oM»rs' rnoncv fsnlts enn ho r>ttnin<"l for .-SW!? TF ivh.it T fn!?->=f v^

done, n.ntl the vre r "n' Tiljint. nrH, the miie f.ould hn df?vMo""d rnrl proved at a very trodnnte expenditure.

With regard to fie numns, T ran claim to have hart the W. oTrcnenro in the ratter of deep nl'nvi.il pppipin". and consider the nre<-.e.nt. nupips and. from all points of view, capahle of doins thn work.

The proposal to sell +he Tivdrn-electrjn plant end it with s+eapi is nn n nar with the re»t of the mn.-irf. Tt ii> impossible tn work a steam nlapt as rher>nIv as a hvdrn-"lectri>. Kvnp if. for t ,; -> snhe of errrmnent, yon rnnM. the one is there, and ran b? rvde re"e'''" (if "~-n. advice is ohtrinedh therefore. wW replace it by an expensive pl?nt. wh]Vh is pot srning to be any saving in working ' 1 shareholders who may sf*« this letter will it reenrdip? th-Mr vntes on Tnepd.av in direction of mhfirrnip<? rnnn-t npd T nnly re-tret. that, the Wort fnajt 'k.nr c . holders cannot vote in the matter—l am, A. FALKLNBACH. ' Hokitika, Way U.