MINING NEWS

Dominion, Volume 7, Issue 2207, 21 July 1914, Page 8

MINING NEWS

'..; WELLINGTON SHARE MARKET. ' There were no transactions in- mining shares yesterday. The quotations wero as under;— . l . . , v . Buyers. Sellers. , ■ '. ■ £ e.d. £s. d.' Blackwater ..:,.: :.....:... — 018 6 Eoes Reconstructed ...... 018 0 2 0, Talisman.' 113 0 1 13 3 Waihi - 2 13 Waihi Grand Junction ... — 16 9 Waitangi 0 10 0 16

STOOK BXOHANQE. . ; (By Teloßraph.—Pr«s»—Aiuoolatlon.) . . Auckland. July 20., i H-des:- '..•'■'■. Grand Junotion, £1 65. 6d. llevonport Stenm, £1 13e. 6d. ' •' Taliapuno, Trams, 12s. ' 1 . -'■.■■.■•• ' ■■' ■ Duiudin, ;July 20. ■' 1 Sale reported—Union Bank, £52 7s: 6d. The following are yesterday's latest quotations, subject to the usual brokerage:— , Dredging Stocks.—lii6e and Shine, buyers, £1- 55.; sellers, £1 83. 6d. ; Mining Stocks:-Hoss Goldfields, sellers, 2s. 2d. Progress Mines of New Zealand, stllere, lls. 3d. ■ Saxon, buyers, 6d. May Queen, buyers.'2d. New Sylvia, buyers, 6d. Talisman Consolidated, sellers, £1 14a. Waihi, buyers, £2 os. 6a.; eellors, £2 Is. 6d. Wftihi Grand Junction, buyers. £1 6s. •6d.; sellere, £1 6s. 9d. .' Investment StocJ(S.-National Bonk,, buyers,: £5 17s. National Insurance, ■ buyers, £2 13s. 6d. Standard Insurance, sellers." £1 17s. 3d. Union Stedm,Ship Company, sellers, £1 <s. Bd. > Union Steam Ship Company (pref;), £1 Os. Bd. Westport Stockton, sellers, 3s. , 3d. New Zealand Col. and Oil, buyers, 3s. National Mortgage Company, buyers, '£4 ss. Dominion Rubber, buyers, 16s. 9d. Dunedjn Stock Exchange Proprietary, buyers, £3 7s. Kaiapoi Woollen Company (ord.). sellers. £5 6s. 9d. Milburn Lime and Cement, sellers, £1 13s. Moe'giel Woollen Factory, sellers, £3 16s. 6d. Otago Daily Times, buyers, £2 16s. Kauri Timber, sellers, 19s. 6d. Taupiri Coal, buyers. £1 Is. 3d.; sellers, £1 Is. 9d. Wright, Stephenson, buyers, £6 Hte.

TALISMAN CONSOLIDATED. The report, of Tulisman Consolidated, Ltd.. for the year ended February 28, Btate6 that owing to the general strike in New Zealand the accounts practically cover a working 'period of: only ten, monthfi, and the directors aTe glad to be able to submit for that period almost as satisfactory results as those for the whole of the preceding year. The total receipts amounted to £228,475, and the working expenses, in-eluding mine development, to £107,195,. leaving • a gross profit of £121,280, to- which, has to be added £17,000 transferred from bullion reserve account, and £23,748 brought forward, making together £162,028 to the credit of appropriation account. Of this sum, £120,7£0 was distributed, in four dividends of Is. 9d. each'per share during the year, anil after providing £12,306 for Dominion and income taxes, and £7851 for depreciation of machinery, plant and tramways, the directors recommend that the balance of £21,121 be carried forward. Work in the mine was retarded considerably by the general strike in New Zealand, which commenced ot the end of October-last. Although the employees of the company did not take part in such strike,'the mine had to be closed down for two months on account of fuel supplies not being available; this not only had the unfortunate Bett'ect of hampering • development work, and consequently reducing the tonnage of the ore; reserves as compared with those, of the previous year, but also ot preventing the past year from being the most profitable in the history of the company. The topographical position of the mine, renders the storage of 'coal in sufficient quantity to meet a contingency such as that in question one of very great difficulty and expense. Owing to the strike, the coal contracted for could not be de.livered. making it necessary to confine operations' to pumping. The development work carntd out during the year resulted' in the opening up of a further 31,540 tons of ore, and, after deducting the ton* na-go milled, the resident manager estimates that there were 37,513 tons of oro blocked out in the mine at February 28 last, having an average assay value 'of £5 sii. 6d. per ton. It must bo borne in mind that this estimate does not include any ore existing and partially developed below the' No. 14 level, or the payable ore bodies disclosed by the south drive during, the past year in the northern, end of the Dubbo section at the No. 14 level owiug to tho absence of sufficient flata upon which to base an estimate. In view of the fact that the development work in the mine was retarded for even a longer period than that during which the mill was stopped, the directors consider the posiUon of the ore re-serves satisfactory The directors report that they have been able to effect an exceedingly satisfactory compromise-in connection with the claim for royalt!<B made by the Moore Filter Company. That claim, as at first indicated, amounted to a very large sum, but the Bcttloment effected involved a comparatively trilling amonnt.

BOSS GOLDPIELDS. Reporting on the pa«t weck'6 work, tho Jllno Superintendent of the Jtoss Goldfields Mine, says:—Mine, 6th level workings.—So. 7 Sontli line been extended a dietancc of 20 feet and is now 60 feot from the opening in payable wash, which I expect, will increase in value as the drive Is advanced. No. 3 North has reached tho' required distance to enable the new shoot to be rlfcn. This will bo commenced immediately and should bo completed by Monday. Tho construction of this shoot will greatly facilitate the removal of wash nt this level mid will enable the output, to be increased «« well as improve the ventilation. No. 2 East has reached n. distance of 152 feet from No. 5 South. This drive is in poor wash and has been worked ehort-handed.