MINING NEWS.

Dominion, Volume 6, Issue 1844, 2 September 1913, Page 10

MINING NEWS.

WELLINGTON SHAKE MARKET. ' At tho morning call yesterday a sale of Ross Reconstructed at 13s. 3d. was reports ed; at the afternoon call the transactions wero New Sylvia at Is., and Uos? .Reconstructed at 1&. 4d. and 13s. 6d. Tho quotations were as under:—BuyeM. Sellers. £ s. d. £ s. d. Kuranul Calcdonilau 0 0 4 — Ko,v Sylvia 0 0 lli 0 12 Projrrees ~ 0 8 3 Roaß Keconetructed 0 13 3 0 13 6 Talisman 2 16 — Waihi ... - 2 5 9 Shariand's preference ... — 1 1 9 WaiHL-Pocroa — 1 5. Weitonci 0 C 7 0 0 9 Worksop Dredge 5 2 6 — Taraaaki Oil — 0 13 0 STOCK EXCHANGE. (By Teleirapli—Prces Asaoctation.) Auckland, September 1. The following sales wero made on tho Stook Exchange to-day:— Boss Goldfields, 133. 5d., 13«. 6d. Auckland Trams, (ord.), £1 3s. 9d. The following sale was reported:—New Sylvia, Is. Chrlstchurch, September 1. •Sales reported :—New Zealand National Bank, £5 ?«.; Bank oi New South Wales, £39 155.; Ohristciiiuroh Building Society, £1115s.; -Taranaki Oil Wells, 12s. 6d. , Dunedln, September 1. The following roles wero made on the Stock Exchange to-day:— Union' Steam, £2 <6. 3d. (three parcels). The following sale 3 were reported:—Waihi (ex div.), £2 ss. 3d.; WaiJrt Grand JuncUon, £1 Is. 6d., £1 Is. 3d.; Bank of New Zea- - land, £10 10s.; . Union Steam, £2 4s, 3d. (three parcels). Stock Exchange Quotations:— Dredging stocks: .Electric, -sellers 4s. 6d.; If.vVnd Block, sellers 3s. 3d.; llieing Sun, Eellein £1 63, ... Minting stocks: Ross Goldfields. buyers 135., isellftrs 143.; Consolido-ted GMdfieids. fillers 145.; New Sylvia, sellers Is. 2d.; Old Hanraki. sellers 35.; Saxon, buyers 6d., peelers 10d.; Wotchiman-. buyers 2s. 6d., eellers 2s. lOd.: Waihi (ex dividend), buyers £2 *5. 6d;, sellers £2 fie, 5d.; Waihi Grand Junction, buyers £1 Ca. 9d v soilers £1 Is. 6d. Invo9f.ment ftockt?: Nntional Bank, buyera £5 63. ed.: Bank ot New Zealand, sellers £10 15j. : Xa,tio™.l iTwuronoo. buyers £2 7s. 3d., sailers £2 83. M.: U.S.S. Onmanrv. hnyera £2 45., Rollers £2 4s. 3d.: Westpnrt Ctea.l Co., buyerw £1 os., sellers £1 Rs. 9d,; National Mortgage Co.,''buyers £3 19s. 6d.: DomiVi'/yn Rubliers. hiiycirs 193., sellers £1 I*.; Jttlbum In me buyers £1 lis. 6d.; Woollen "Factory, £3 12*. 6di.: N.Z. Paner MilK buyers 16s. 6d.; Wright, Stephenson, and Co., buyers £6 sa. DREDGING RETURNS. Dunedln, Ausrnst 30, Dredcing RtitiC' 1 !? Sun. 290z.: Rise and Shine, 19oz. 3dwt.; Olrig, lloz. 2dwt. CONSOLIDATED GOLDFIELDS OF NEW ZEALAiND, Tho report of the. Consolidated Goldfields of isotV Ltd., lor iviz, wubinvued at tne mc&owK neia ou July 3i, states that in coiusequonoe of tlio laicour <trouujea releiTed to in tho last, anuiiiad repori havwj; o'ulmin-atea in a K-yiiDral tftriKe of miners in tho mouth, ot itay, 191iJ. and a 6-oiiLlemtiiit, oi the impute ai-ji arrive a at until the isovember. tlio full working operations of the company hav.e oiuy covered a period oi less than half tho ■j-ciar. The revenue amounted to £19.855, and exptuioiituiro or £16,633, ieitving a balance ot £Sl9'/. This sum added to the bal- ' anco of £M,599 from the preceding year, gives a total of £54,796, cut of which. £'/0&l ' lias been written otf development, shaft 1 Uniting, and'proiipeoting, and lor depreeia- ' tk>n of r'iant, inaoiiiticry, and investments/ ' aiul £919 for income tax, leaving a balance of £46,816, wiidcli has been carried forward. Developments ait tho Wealth, of Nations Tm'nfl Jiave continued satisfactory. -DevelopmeiLt work of the mine has necessarily been grtatly Tes.nricted and amounted to only 1102.5 ft., consisting of 425.5 ft, driving, 3osft. croascutting, 234 ft. rising, and 108 ft. c>haft sinking. The ore reserves at the end of the year wero not recalculated, but are estimated by the general manager at 34,C00 * tons, of an average assay value of lldfWit., and', in addition, 10.CC0 tons of partially .developed ore, which, if taken to* would make a total of probable and possible ore of 44,000 tons. The general manager, however, a-gain calls at- , tcnition to tho erratic distribution of tho ' gdid contents in the Reefton fiold, which may possibly cause" considerable variation in the gold actually recovered. Since the date of the annual report developments of earne importance have taken place, a prac- ' tically now and parallel reef, to be known

: in Xuturo 03 the vrost reef, having .been in<- ' tensccted in a crosscut 301tt. north-west . of the main drive on tho No. 9 level. This [ reef is believed to be what was known . as the old "Energetic" reef, which many ' yeoj3 zi?o wag worked down to the No. 3 level, audi id reported <is havins been of high grade, but was there lost. T7p to ! date of last mail advices this reef had ' boon driven on a total of ?Gft., ! with higfli values in places and an average arsay value of 6.sßdwt. over 58.9 in. for tho i whole distance. Should this reef oontin.uo '■ to livo ,above and below, as appears probable, tho orro. reserves should be coireiuer- ' ably increased, thus rendering unnecessary for somo time to como the further sinking ' of tli© main -shaft, which at tho end of ' the year stood a.t a, vertical depth of EOCOft. ' Tiie companv'is interest in tlio Blackwater . Mines remains at 95.224 shares, and tho ' company still holds 169.943 Progressshares. ; At the meeting the follmv.inG: soacint reno- ' illuitions are to be considered: —"(1) That the ' directors he and they oro hereby anthor- ' feed to carry to gancra.t reserve the earn of £5437 14s. lid. standing t ; o tile credit of ' share premium account and tlio sum of : £46 816 ss. 3d. standing to the credit of ' profit and loss account, in tlio I p"ieet of tho convrnny as at December 01, " 1912. and representing undii-tnibuilcd profits of tho oomipany or ailor, part, rf such sum, wlirich they think fit." "(?•) Thmt tile director?' bo and tliey ore hereby farftar - authorised at any time when t.h?y conmiler • it dmirablo so to d*> in the toterost or the company to apply the whole or any ivrt , of the sum for the timn brim, pl/indi>mir s to general Tcserve in prrom-Ir.'? the exi tmznif.Vn».wt «r modificaf'on of the ri?lit'i e'.taelic'l bv rfa.u«e 5 of the mAmo-randim-i of nwociation to the Founder's sharr' in the • c.p't.i.l, o't.htr by_ payirT Mi.-> j pmrne to the holder. l ; fcr 4,he bein? s the Founder's «har© in. «f istoTi holder? Mcmta* to th* e? s ;,iit,Tii:,= I '- l nwnt or of tl>» rKhta ateioh- - c 4 >o <=Wh j*".re m. in «w.he ther manner i>. 93 they may think expedient." ; PHOGEESS MINES OF XEW ZKALAND. Tho report of the Progress Mines of >'ew J Zealand, Ltd.. tor IBIS, states that refer--1 eu'sc was maae in the laet annual report f to the l'act that tho labour disputes, which for isoiue time previously tail been hamner- ' ins the company's operations, had culmiiiii otcd in a strike of miners in tlio uiiauie ; of May last. year. A3 it wac not until » the following November that the dispute was settled, active operations at the miuo 3 were confined to a. period of than half the year; Tho total gross revenue for the year was £2fi,991, and expenses amounted to £21,220, leaving a, losb of £228. Arising out or tne coin'rany's position as iiret chairgecs, tho opportunity presented itself to acquire tho Founder's share in too Consolidated Goldiiclds of New Zealand, awd it was considered desirable to ina.ke ar- , rantxinciit-s for achieving thi:; object. An initio of not cxccMling JE&D.CCO I'ivo I'cr 'Cent. Debentures guaranteed by the Conftwiaatcd Company, <in<l cocryJtur tlio rißh* of conversion into Jllackwater shares at 225. 6d., has accordingly been made, and I these debentures form tho bulk of the consideration paid for tho acquisition of all interests in the Founder's share. It ih proposed to surrender to tho Consolidated Company tho rights attachoi to the Voander's sharo. aihl to thereby extinsulsli this com'pamy'a indebtodnoss to tho Consolidated Company.