MINING NEWS.

Dominion, Volume 6, Issue 1805, 18 July 1913, Page 10

MINING NEWS.

WELLINGTON SHARE MARKET. There wero no transactions at tho morning call. In tho afternoon sales of Waihi at 435. 6d. and 435. 9d. wera reported. The quotations were as under:— Buyer* Seller#. £ b. d. £ k. d. Murray Creek — 17 6 Murray Creek (old) 0 7 0* — New Sylvia 0 12 0 14 Ross Reconstructed 0 9 0 0 9 3 Talisman 1 18 6 1 19 9 Waihi 2 3 9 — Waihi Grand Junction ... 1 0 3 110 Waitangi 0 0 7 0 0 9 Worksop Dreclgo 3 0 0 3 7 6 •Premium. STOCK EXCHANGE. (By Telegraph—Press Association.) Auckland, July 17. Sales on 'Change:— Waihi, £2 3s. 3d., £2 4s. Grand Junction, £1 os. 9d. Watchman, 2s. 9d. Takapuna Trams, 7s. 3d. , Chrlstchuroh, July 17. Salcß reported:—Wellington Gas, £16 45.: Christchurch Meat (£5 paid), £7 10s. and (£3 paid) £4 10s.; Union Steam Ship, £2 3s. 9d. (two parcels); Booth, Macdonald, and Co., £1 65.; New Zealand Formers' Co-op-'cratfvo. £2 10a. (two parcels). Dunedin, July 17. The following sales were reported on the Stock Exchange:—New Waitora, le. 2d.; Waihi, £2 4s. 6d.; Kaiapoi Woollen (preference), £5 3s. TALISMAN CONSOLIDATED. The report of tho Talisman Consolidated, Ltd., for tho year to 28th February last states that the profit end loss account shows that, after deducting ail working expenses in New Zealand and London, the year's operations resulted in a profit of £143,810, which, with £7000 transferred from bullion reserve and,£23,834 balance.brought forward, makes a total of £174,645 to tho credit of appropriation account. Out of this sum £11,669 has been provided for depreciation of machinery, plant and tramways, and £9953 for Dominion and income taxes, and £129,375. or 7s. 6d. per share, has been paid in dividends during the year, thus leaving a balance of £23,747, which the directors recommend should bo carried forward. The amount of the dividends distributed during tho year undor review constitutes a record, and exceeds the greatest total hitherto distributed in any ono year by £9375. In tet year's report tho estimated ore blockcd out was stated to bo 56,791 tons, averaging £6 36. 3d. por ton, and the probable ore believed to exist in the bonanza, section below tho No. 14 level, and in tho Dubbo seotion below the No. 13 level, was 42,014 tons, averaging £5 15s. 6d. per ton, making together 98,805 tojis of an average value of £6 per ton. During the year under Tcview 42,980 tons of ore, averaging £6 3s. 5(1. per ton, have been extracted, and the mine manager estimates tho actual ore blocked out at February 28 last at 47,653 tons, of an average assay value of £6 ?.s. lOd. per ton. This is exclusive of all ore existing below the No. 14 level, which has not been estimated in the above total, while recent developments in tho Dubbo section are also excluded. Owing to the labour troubles "experienced during tho past year, and to the heavy quantity of water met with in sinking tho Talisman, and Wopdetock shafts, development work liaf, been retarded considerably, and in view of this the board feel that the position 'of tho ore reserves at the end of February last is not unsatisfactory. The dividends paid, freo of taxes, since the incorporation of the company, total £788,658.

WAITANC.I CONSOLIDATED. The report of the mine manager lor the week ended July 12 is as under:— Driving at Ko. 1 leader, a further distance of 3ft. was driven, makincr a total distance from the crosscut 25ft. - Very little quartz was broken down for the weok on account of having to remove the men to do some necessary timbering in tho main rise. Rising oil Ko. 2 leader, a. further height of 3ft. was attained, and the third stope was driven north for a distance of 6ft. The leader was broken down and showed nice dabs of gold and tellui'ide. About 61b. of picked stone was selected. A start was made in the No 4 bcach level to drive we?t on a 2ft. 6in. reef, which was cut in this level at a point 25C0ft. from mouth of drive. 'Illiis a- likely-looking body of oro. and carries first-class minerals, but .it happened to be cut at the junction of a. break, aiul there is a good deal of pug on the wall, but t am in hopes that when it gets into firmer country there ought to lie a good chance of getting gold; 7ft. was driven for tho week, an'J the reef in the face is now about 3ft. in width, and nhows nice mineral.