MINING NEWS,

Dominion, Volume 6, Issue 1772, 10 June 1913, Page 8

MINING NEWS,

WELLINGTON SHARE MARKET. A Bdlo of Now Sylvia at Is. Id., reported at tlio afternoon call, was tko only transaction recorded yesterday. Tho quotations wero as under:— Buyers, tellers. £ s. d. £ e. d. New Sylvia 0 10 0 1 1 Swastika — _ 22 9 Saxon 00 2J 00 3 Talisman 1 17 0 1 17 6 Waihi 1 15 0 1 15 6 Waihi Grand Junction. ... 0 17 3 0 17 9 Waitangi 0 0 3 0 0 5 Worksop Dredge 3 3 0 — Ross Reconstructed 0 6 3 — •Premium. WAIHI GOLD. The report of the Waihi Gold Mining Company, Ltd., for the year ended December 31, states that owing to tho strike of niinerc, tho raino and uiills wero entirely closed down from May 13 until October 2, when work was partially resumed. Dunn? 'the period of working 147,828 tons (of 2000 lb. dry weight) were .treated. Tho gold and silver sold during the year, excluding the £54,348 referred to below, realised £278.439. This amount, together with £15,352 for interest, made the total of £293,791. Tho expenditure in New Zealand and London, including development work at the mine, amounted to £174,078, leaving a balance of £119,713. During, the strike a general cleaning up of cyanide solutions and bullion in the refinery wqq mode, end bullion was produced which realised £54,348. As the output of the mine will bo less in future, it is not necessary now to carry such a largo stock in tho solutions and in the refinery; consequently this amount lias been "brought into the revenue account. Tho above fnin, added to tho balance of £82,401 brought, forward, and the profit of £119.713 made during the year, makes p total of £256,461. Dividends havo been paid equal to 6a. per share, or 39 per cent, tae against 55 per cent, last year). Tho sura of £31,701 has been reserved for incometax in London and New /zealand in respect of tip year 1912, ae against £38.863 m 1911. TheMJum of £32,726 has been writ-ten ofl for dopreciationi on plant and machinery, qq aa-ainst £35.228 last year. A further £25,000 has also been transferred to Ilora

Ilom account" After these appropriations the balance remai"in«r t--> th« credit of revenue account at December 31 -was £17,957 which the directors recommend showM bo carried forward. Tho sum of .€5399, has been, spent oil capital account, but this expenditure lias not been charged to rcvenuo account. As stated iu the circular of January 24, tho mining developments have been go seriously delayed by tho strike that it will bo inadvisable to attaront to ineren.se the output beyond about 15,000 tons during each four-weekly period. This t/wnogo is climated to yield a return of about £25,000, and it ds calculated thnt this 11 euro will support a quarterly dividend on Is. per share. In tho opinion of the superintendent in Now Zealand, the above output can be maintained for at least four years. tho dato of the account to Starch 15, 37,443 tons (of 2A£X)lb.) of ore havo been, treated, yielding A dividend of Is. per share was paid on March 1, absorbing* £24,795, and a dividend of Is. "per share was paid on June 2. Very littlo development work has been done since the last general meeting, as tho mine was closed down owing to tho, strike on' May 13, and though miners returned to work on October 2 no work could bo undertaken in tho lower levels until tho water had been pumped out. The tenth lovel was not cleared until February 25. Work was resumed on the tenth level on March 6, and No. 2 -shaft has been, gtudk to a depth of 1210 ft., or 131 ft, below the ninth level, and No. 4 shaft to a depth of C2ft. below tho No. 10 level, and it is. expected that sinking of No. 5 shaft, which is at present 117 ft. belovr No. 10 level, will bo rosumed in about three weeks. Sinking will bo pushed on as quickly as poesiblo eo a.3 to open out further levels, but the problem of handling tho water is an increasingly difficult one, and prevents sinking being carried out as fast as could bo wished. Every endeavour is being made to accelerate it, but tho difficulties encountered are great. Oro in sight at December 31 was estimated at 750.634 short tons of payablo oro. Besides this there are 711,541 short tons of payablo ore m arches and pillars, which support levels and shafts, a. great deal of which can be taken out gradually as the levels bccome obsolete, but at additional expense, as furthor drives in. tho country rock may have to be driven, to citract it eafely. No damage was sustained by any of tho pumps during the stoppage, ond thoy have been workins? continuously since. The large Cornteh "C" pump was started on November 4 t> and tho electrical pumps working in conjunction, with tho "B" pump commenced work at the beginning of the year. The expenses incidental to tho strike amounted to £13,983. Tho directors rcuort that according to latest Advices sufficient labour is available, and that tho great majority 1 of the men are working in a friendly spirit. A conference between the representatives : of tho mining companies at Waihi and tho representatives of tho New Miners' Union was held on January 25, under tho presidency of the New- Zealand Government Conciliation Commissioner, when an amicable agreement was arrived at, giving certain increases in wages involving a total 'additional payment of about £2505 per annum. and a three years' agreement was fiigned. Tho result of the referendum o! shareholders showed a majority of thoso voting of rather more than two to one in favour of taking up otlior properties. Some 63 propositions hayo been brought to tho notico of tho board, and a considerable amount of timo ha,s been expended in examining' into their merits. Some were obviously unsuitable for the company, and were at once declined. Several others wcro declined after careful inquiries into their prospects by the board and the staff in London and Now Zealand. Tho board took advantage of tho presence in Canada of Mr. Evored (late one of the underground managers in the mine) and arranged with him to examine properties that had been offered in Alaska, British Columbia, and Ontario, but in all eases Mr. Evercd reported that the prices aelied were not justified by tho ore in sight. llr. Williams, the assistant superintendent, also visited Australia for a short time during tho strike, and inquired into several mines in Queensland and New South Wales, and his report was to a similar effect. Others are still being inquired into. Tho approval of the shareholders to the policy of taking up other properties has been at present given on the basis that particulars of any niine3 offered should bo submitted to tho shareholders before the company is committed to a purchase involving any large expenditure, it has been manifest during tho year, say the directors, that this restriction may prove prejudicial to tho company, as some of the propcrliee oflorcd, which might have suited the company, wcro withdrawn when it was found that this condition would have to be carried out. In. fact, it sceuis clear in most cases that tho better tho property the less likely is it that its owner will givo an option on it and liavo the reports and terms discussed publicly. The directors propose to persevere 'in the esdsting tints for the present, but if tliey continue to find that nothing can bo dono under theso restrictions they will proposo modifications to tho shareholders at a later date. With regard to the Hora Dora hydro-electric works, it if) stated that work has been greatly hindered by strikes and by tile scarcity of suitable skilled labour, but it is anticipated that unless further delays occur the undertaking will bo completed by about tho end of tho year. Owing to various unforeseen causes, =uch' as the strike in New Zealand, the necessity of laving underground some portionPi'of the Government telephone wires (so (is to avoid induction), the higher price of materials, freight, etc., and also in consequence of ccrtain alterations and additions which suggested themselves ns the work proceeded, a further sum beyond that already set asido will be required to complete the works, and JE25.0C0 lias been transferred this venr for the purpose. The additional £54.340 recovered from solutions and tho rcfinory enables this to bo dono without trenching on this year's profits.

talisman consolidated. Tile followiiic cableßram lias been received by tlio New Zealand otllce Irom London —Tlio directors' report ami balancesheet will be issued oil Juno 7, and tlio annual meeting will be held on Juno 17. The accounts show gross profits to bo £143,810, «ii<l net profit?, after providinc for depreciation mid taxe."', £129,288. The dividends paid amounted to £129,375, utter Including tie balance from last year, Jeav. JgjC ?. caralefl LofAjwdi jejw

machinery anil plant sta-mta at X7O.CCO, lifter adding £5569 for now plant erected durin" tlio vc.it ami writing oil for depreciation £11,469. The'cash balance is £21,686; investments, £17,969; bullion transit £11,206; nuiulrv debtors, £592; sundrv creditors, £7271; oro received fitunds at 47,653 tons, of an average valuo of J>6 <ss. lOd. per ton. In making up the estimates of reserves all below the 14ft. level, partially developed, and by No. 12 winzo workin":?, 11n3 been excluded, also no estnnato lias been mado of ore bodies rccontly Intersected by tlio .south driven 14ft. level, in ilubbo section.

TALISMAN O.M. CO. RETURN. (By Telegraph— Fresa Association.) Auckland, .Time 9. During tlio month of Jlny Uio Talisman Gold Hilling Company crushed and treated 4370 tons of oro for a return, to bullion valued at £20,2-64 lCs. 6d. Compared vratli the return for the corresponding period of lost year, when 4CCO tons yielded £21,824 lis. Id., this shows a decreaso of £1560 2s. 7d Tho coiMh for t.ho month were 41s. cd„ made up as follow:—Mine development, 12s.- mining, Ms. 7(1.; milling, 12s. lid.; eener.il,' Is. 9d. The costs for April wero 65s 4d. per ton. The total value of bullion won from tho miuo to uato Is £1,938,107 10s. v STOCK EXCHANGE. (By Telegraph.—Prcas Association.) Auckland, Juno 9. Sales on 'Ohango tills morning:— Jlonoivai, Bd. Waihi, £1 15s. Auckland tla-s, £1 9s. 9fl. Union Steam, £2 Is. 9(1. Kauri limber Co., 17s. Gd. Chrlstcluirch, Juno 9. Sales reported on 'Change.—National Insurance, £2 45.; Kalapoi Woollens, par; Booth, Macdonald, and Co., par. Duncdln, Juno 9. Stock Exchango quotations:— Dredging stocks:. Icland Block, buyers 3*. sellers 35. 9d.; Rise and Shine, buyers £1 93. 9d.; IMetoe Bun, buyers £1 55., seller? £1 6d. , , < . » Mining stock©: Roxburgh Amalgamated, Fellers K 6d.; Nokomcd Hydraulic, buyers £1 Is.; New Sylvia, buyers Is., eel era to. 2»d.; Waihi. buyers £1 lte. 9d„ sellers £1 15s. 3d.; Waihi liranl Junction, buyers jl7a. National Eink, buyers £5 Is. 6d., sellers £5 to.: National Bank (now issue), sellers £4 19a 6d.: National Insurance, buyers £2 3s. 6d„ sellers £2 45.; Standard Insurance, buyers £1 10».. Ml™ £1 10f>. 9d.; N.Z. Shipping Co.. • bin ers -15 125 • TJ S.S. Co.. sellers £2 2s. 3d. : WcsVport Coal Co.. buye'rs £1 6s. 103.. *<%***& 3d.; West-port-Stockton, sellers 3s Id National Mortgage Co., buyers £3 179. 9d„ sellers £3 18s. 6d.: Cromwell. RannocMnirn, buyers Is. 6d.; D.I.C. (pref.), feUers . £1 25,, 9d.'; N.Z. Drug Co. (£M,■.EcUers £2 16s. 3<1:; Douaghy'6 Ropo and Tvrlne, Ecllers £1 w.