MINING.

Otago Witness, Issue 4028, 26 May 1931, Page 30

MINING.

CENTRAL OTAGO. Numbers o£ men are at present prospecting for gold in different parts of Central Otago with varying success. One party of miners received £4 16s 5d per ounce from the Bank of New Zealand for a recent parcel of gold shipped to Australia. CORNISH POINT COMPANY. Mr J. Symes, the newly-appointed manager for the Cornish Point Company, has arrived and taken charge of the mine. With several of the crew a start has been made overhauling the pumps and the electrical fittings, and it is expected that pumping will commence in a few days. With the present very low state of the rivers the work of draining the mine should not take long. The general opinion to-day is that seldom, if ever, has so little water passed down the rivers as at present. The level is certainly a remarkably low one. There is a very general desire to have the Kawarau dam closed to enable the unemployed to operate on the stream. With the amalgamation proposals completed successful work by miners should aid rather than hinder future operations. NORTH BROKEN HILL LIMITED. The secretary of North Broken Hill, Ltd., reports that in consequence of the continued low metal prices, the board of directors of North Broken Hill, Ltd., regrets that it is unable to declare a dividend for the quarter ending June 30. GOLDEN PROGRESS REPORT. The following report has been received from the Golden Progress Quartz Mining Company, Ltd.: — The batterj r —lo head stamps—was put in motion on Saturday afternoon, May 9, in the presence of about 400 spectators, who had come from all quarters to witness the official opening. On Monday, May 11, the battery was run all day and has been kept running ever since, day shift only- On Tuesday, May 12, the directors paid a visit of inspection, and found everything running very smoothly. A fair amount of gold was showing on the plates. It is estimated that the battery is crushing 10 to 12 tons per day, and at that rate the quartz at grass should keep the battery going for a month or five weeks. The quartz to be crushed is taken from all parts of the mine, where the prospecting and development work has been done, and when crushed and cleaned up should give a fair average value of the whole of the reef. That is the opinion of the directors, who have instructed the manager to carry out the work accordingly. Since the 12th everything has been working well, and the amount of gold showing on the plates is satisfactory. The underground work for the last two months has been confined to driving along the reef at the 150-foot level, with a view to connecting with the prospecting shaft for ventilation. The tunnelling is now completed, and a rise is being put up. When the distance (about 70 feet) is pierced, the mine will have proper ventilation and more men will be put on to stope out the quartz, with an effort to keep the battery going at least two shifts a day. At present this cannot be done as air has to be pumped into the face, where two men only can work. It is anticipated that by the time the quartz at grass is all crushed and cleaned up the mine will be well ventilated.

MOUNT LYELL REPORT. The following is the latest progress report received from the Mount Lyell Mining Company:— North Mount Lyell Mine. —Tons extracted, 5729; 600 ft level, No. 14 crosscut to 100 ft through quartzite containing small seams of bornite, and completed by holding through to No. 2 cross-cut; 850 ft level, north drive deviation. No. 4, to 76ft through very hard mineralised quartzite. At the 925 ft level, south-east drive, to 20ft through pyritised quartzite; 1200 ft level, No. 5 rise, to 48ft through low grade I quartzite ore. Crown Lyell Mine.—Tons extracted, 233. Royal Tharsis Mine. —1100 ft level, transport drive to 148 ft through heavily pyritised schist. Lyell Comstock Mine.—Tons extracted, 1141. No. 2 level, No. 2 rise to 69ft through schisty ore, and completed by holing through to No. 1 winze; No. 1 winze to 6ft through schisty ore. No. 4 level, No 2 rise, to 105 ft through schisty ore, and completed by holing through to No 1 winze. No. 5 level, east drive, to 2lit through low grade ore. No. 1 drive, commencing from 690 ft point in No. 5 tunnel, advanced to 30ft through mineralised schist. Reduction Works.—Furnace in blast 6 2-3 days during period; 4956 tons refinery anodes made for current year. Concentrator. —Mill operated 320 hours, and treated 8150 tons ore, producing 1326 tons concentrates. . Copper Refinery.—Tankhouse in operation throughout fortnight, 498 tons of cathode copper being produced during the period; total for current year, 6392 tons. Treatment Plant Extension.—Coarse crushing section: All construction work proceeding satisfactorily. Fine grinding section. Erection of new marcy mill, classifier and new flotation machine completed. BLENHEIM OIL WELLS. A report received from Blenheim Oil Wells states that, on May IS and 19, 782 gallons of crude oil were obtained. The oil was in good order. NEW PLYMOUTH OIL WELLS. WELLINGTON, May 21. The New Plymouth (New Zealand) Oil Wells, Ltd., report to-day as follows: — Commenced testing cement; shut off at depth of 2027 ft; cased to 2020 ft. COAL OIL (N.Z.), LTD. WELLINGTON, May 20. Coal Oil (N.Z.), Ltd., Omata No. 1 bore, drilling report for the week ended May 16: —When the cement plug had been drilled out and the well drilled with a fishtail bit in sandy mudstone at a depth of 2600 feet the drill stem was pulled up to change bits. While the new bit was

being lowered two breaks were discovered in the casing. These have been located and are being repaired preparatory to cementing to support the casing and prevent further breaks. TARANAKI OILFIELDS, LTD. GISBORNE, May 22. Taranaki (N.Z.) Oilfields, Ltd., has issued the following report for May 22: — Waitangi No. 2 well, 16-inch casing run to 340 ft and cemented; expected to resume operations June 1. ZINC CORPORATION. WELLINGTON, May 22. The secretary of the Stock Exchange Association of New Zealand has received the following cablegram from the Zinc Corporation, London:—The directors announce, after making provision to meet the fall in the values of stocks, metals, and/or concentrates on hand on December 31 last, they are unable to recommend the payment of a final dividend for 1930. Reports and accounts will be issued to shareholders towards the end of June. The annual meeting will be held at the beginning of July. The dividend on the cumulative preference shares for the half-year ended June 30 will be paid, less English income tax, on July 1 next in English currency to shareholders on both the English and Australian registers. The transfer books will be closed at 4 p.m. on June 3, and will be reopened on June 5. DUNEDIN STOCK EXCHANGE Friday Afternoon. The volume of business transacted on the Dunedin Stock Exchange during the past week has not been quite so great as that of the previous period, but the sales have again been well scattered over the various sections. No sales have been recorded in the banking section, and there has been some easing in the demand generally. Commercial Bank of Sydneys were asked for at the close of the market at £l3, but no seller was attracted. Union Banks have been in steady request at up to £7 10s. but sellers have been unwilling to do business at less than £7 13s. In the insurance section, Nationals have been wanted at 12s lOd, and there was a sale at that price. The market closed with a buyer forward at 12s 9d, sellers asking Id more. Offers of 4s for A.P.A.’s have failed to meet with any response on the part of sellers. The shipping section has again experienced a quiet period. Preferred Huddart, Parkers have been inquired for at 17s 6d, but sellers have been firm at 20s. The demand for Kaitangatas has eased off completely, no buyer being attracted by offers of these shares at Is discount. There was a sale of Westports at 25s 3d, the demand remaining firm until the close of the market at 255, sellers then demanding 25s 9d. There has been an unsupplied buyer of Trustees Executors at 58s 6d.

Buyers of paid-up New Zealand Refrigeratings have been offering up to 9s lOd for these shares, but sellers have proved unwilling to accept business at less than 1 Is. The contributing issue has been in steady demand at 3s. but sellers have been firm at 3s 4d. The offer for preferred Kaiapoi Woollens has been increased to Ils 9d, but sellers have failed to quote a better figure than 13s 6d. A steady demand for Mosgiel Woollens at £6 6s has failed to attract a seller. Up to 39s 6d has been offered for Wilsons Cements, and the market closed with a buyer at that price and a seller at 40s 6d There has been some inquiry for Christchurch Gases as 255, and a seller has come forward at 25s 6d. A sale was reported at the end of the week at 25s Id, and the market closed at the former quotations The early offer for New Zealand Breweries shares was 33s 4d, sellers then asking Ud more. The demand improved during the week until a sale took place at 35s 3d. The close of the market found buyers offering 345, with a seller in the market at 35s 3d. The debentures have been in steady demand at 2lg without attracting a seller. In the mining section, business has been done in Mahakipawas at lOd. The market closed with a seller at this figure and no buyer forward. There was also a sale of Okaritos at Bs. The demand for these shares has been somewhat easier, the best offer being 7s 9d. Sellers, however, have remained firm at Bs. King Solomons were firm at the commencement of the period at 2s (buyers) and 2s 3d (sellers). There were sales at 2s and Is lOd, and the close of the market found buyers offering Is 9d with sellers demanding Id more. The demand for Government loans has eased. Saturday Morning. A sale of Bank of New Zealand shares was recorded on the Stock Exchange this morning at 50s, the market closing with a seller at 51s, and _ no buyers forward. Bank of Australasias were on

offer at £9, but buyers remained firm at £8 15s. Buyers of Dominion Rubbers were prepared to give 5s 6d, but sellers would not accept less than 12s 6d. Staples Breweries were inquired for at 31s. sellers requiring 345. King Solomons were in demand at Is lOd, but sellers were not prepared to take less than Is lid. The following are Saturday morning's buying and selling quotations, which are subject to the usual brokerage: — BANKING. Bank of Australasia—Buy £8 15s, sei £9. ■ Bank of New Zealand—Sei 51s. Bank of New Zealand (long “D”) — Buy 265. Commercial Bank—Buy 14s Id, sei 14s sd. Commercial Bank (pref.)—Buy £5 6s. National Bank of N.Z.—Sei £5 Is. Union Bank—Sei £7 14s. INSURANCE. National Insurance Co. —Buy 12s Bd. sei 13s. N.Z. Insurance Co.—Sei 42s 3d. A.P.A. Insurance—Buy 4s. SHIPPING. U.S.S. Co. (pref.)—Buy 19s. lOd. COAL. Kaitangata—Sei l a dis. Westport Coal Co.—Buy 255. Westport-Stockton (pref.)—Sei 3s. LOAN AND AGENCY. Mortgage (“ B ” issue) —Sei Trustees, Ex. and Agency—Buy 58s. Wright, Stephenson (pref.)—Sei 16e. MEAT PRESERVING. N.Z. Refrigerating (paid)—Buy 9s lOd. N.Z. Refrigerating (cont.) —Buy 3s. South Otago Freezing—Sei 80s. MISCELLANEOUS. Bruce Woollen Co. (ord.)—Scl Ils 6d. Bruce Woollen Co. (pref.)—Sei 19s. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber—Buy 5s 6d, sei 12s 6d. Kaiapoi Woollen (ord.) —Buy 7s. Kaiapoi Woollen (pref.)—Buy lie 9d, sol 13s 6d. Milburn Lime and Cement—Buy 30s. Mosgiel Woollen Co.—Buy £6 6s. M’Leod Bros.—Buy £l9 10s. National Electric—Sei 10s 3d. N.Z. Drug Co. —Sei 54s 3d. N.Z. Express (pref.)—Buy 15s. N.Z. Paper Mills (ord.)—Buy 17s 9d. BREWERIES. N.Z. Breweries, Ltd.—Sei 35s 6d. N.Z. Breweries Debent. —Buy 2fs. Staples Brewery—Buy 31s, sei 345. Carlton Brewery—Sei 25s 6d. Waihi—Buy 14s 6d. Waihi Grand Junction—Buv 2s 6d. Mount Lyell—Buy 16s 9d.'sel 17s 9d. Mahakipawa—Sei 10d. Kildare—Sei Is. Okarito—Se] 8s 3d. Paddy’s Point —Sei 3s. Cornish Point (paid)—Sei 7d. Golden Progress—Sei 295. King Solomon—Buy Is lOd, sei Is Ud. WAR BONDS. 41 per cent. Bonds, 1938—Buv £9B 10s. 44 per cent. Bonds, 1939—8uy £9B 10s. 4| per cent. Bonds, 1941—Buy £9B 10s. 44 per cent. Inscribed, 1938—Sei £99 44 per cent. Inscribed. 1939—Sei £99. 54 per cent. Soldiers’ Bonds, 1933—8uy £99 2s 6d. 54 per cent. Bonds, 1936—8uv £99. 54 per cent. Inscribed, 1936—8uy £99. SALES ON ’CHANGE. , The following business was done on Change during the week: — May 19.—Sale : Mahakipawa, lOd Sale reported: Okarito, Bs. Sale reported after last call: New Zealand Refrigerating (cont.), 3s 2d. May 21.—Sale : New Zealand Breweries, 35s 3d. Sales reported: Wesport Coal, 25s 3d: King Solomon. 2s. May 22.—Sales : National Insurance, 12s lOd; King Solomon. Is lOd. Sales reported. Christchurch Gas, 25s Id. May 23. —Sales: Bank of New Zealand 50s. Sales reported: Bank of New Zcalana (long “D”), 26s 6d. NORTHERN EXCHANGES. The following business was done on 'Changes during the week: — Tuesday. Auckland.—Sales: Inscribed stock (1938) 44 per cent., £9B 10s; ditto (1930) 4J per cent, (two parcels), £9B 10s; ditto (1933) 5J per cent., £99 10s; City of Auckland (1940) 5.J per cent., £97; Bank of Australasia "(late sale Monday), £9; Commercial Bank of Australia, 14s 3d; Bank of New South Wales, £25 17s 6d; Bank of New Zealand, £2 10s 9d; New Zealand Insurance, £2 Is 9d; Auckland Gas, £1 3s Id; Kaiapoi Woollens, 8s; New Zealand Breweries (late sale Monday), £1 15s, £1 16s; New Zealand Paper Mills. 18s; Wilsons Cement, £1 19s 6d. £1 19s 9d; Waihi Mining. 14s 7d; New Zealand Breweries (deb.), 21s 3d; Mahakipawa (late sale Monday), BAd; Westport Coal, 25s 14d. ‘Wellington.—Sales reported: New Zealand Government 44 per cent. Stock (1939), £9B 10s; Bank of New South Wales. £25 15s; Union Bank of Australia. £7 14s; Kaiapoi Woollen (ord.), 8s 3d. Christchurch. — Sales: New Zealand Government 5J per cent. Inscribed (1933), £99 ss; Commercial Bank of Australia, 14s 3d; National Insurance, 13s Id: Goldsbrough, Mort., 19s 9d; New Zealand Breweries, 35s 6d, 365, 36s 3d (three parcels), 36s 6d, 37s (three parcels); British Tobacco, 29s 3d; King Solomon, 2s; Winding Creek (Is paid), l|d. — Sales reported: New Zealand Refrigerating (10s paid), 3s Id; British Tobacco, I 29s 6d. Wednesday. Auckland.—Sales: Bonds (1933) 54 per cent., £99 10s; Inscribed Stock (1933) 54 per cent., £99 10s; South British Insurance (two parcels), £2 Us 6d; Auckland Gas, £1 3s Id; Auckland Gas (con.), 17s; Colonial Sugar (late sale Tuesday), £35 10s; Wilsons Cement, £1 19s 9d; Mount Lyell (late sale Tuesday), 17s. "Wellington.—Sales reported: New Zealand Government 54 per cent. Stock (1933), £99 ss; Bank of New South Wales, £25 15s; Bank of New South Wales (on ’Change), £25 15s; Bank of New Zealand, £2 10s 6d; New Zealand

Guarantee Corp, (ord.), 5s 4d; Union Bank of Australia, £7 13s. Christchurch.—Sales: Commercial Bank of Australia, 14s 3d (four parcels); Commercial Bank of Australia (pres.), £5 6s (two parcels); King Solomon, 2s (four parcels); Winding Creek (Is paid). lid. Sales reported: Coinereial Bank of Australia (late sale 19th), 14s 4d; Dalgety and Co., £6 7s 6d; Commercial Bank (pref.), £5 7s.

Thursday. Auckland.—Sales: Inscribed Stock (1936) 5J per cent., £99 ss; Bank of New Zealand, 50s 6d; Bank of New Zealand (“D” mortgage), 26s 6d; Auckland Gas, 23s Id; Auckland Gas (cont.), 17s; "Huddart, Parker, 20s 6d; Dental and Medical Supply, 5s 6d; Mount Lyell (late sale Wednesday). 17s 2d; King Solomon, 2s; Waihi, 14s 9d (two parcels) ; Mahakipawa, Bd.

Wellington.—Sales reported: Bank of Australasia, £9 2s ; Commercial Bank of Australia (ord.), 14s 2d; Australian Bank of Commerce 14s 8d; Union Bank of Australia, £7 12s 6d, £7 13s, £7 12s 6d Christchurch.—Sales: Australian Bank of Commerce, 14s sd; Commercial Bank of Australia. 14s Id; Dalgety and Co. £6 4s fid; New Zealand Breweries, 35s 5d (two parcels) ; Mahakipawa Goldfields 8d J three parcels) Sales reported: New Zealand Breweries. 35s 3d; Australian Bank of Commerce, 14s 6d.

Friday. Auckland.—Sales: Inscribed Stock (1927-41), 5.} per cent., £97: War Bonds (1938), 44 per cent, (late sale Thursday), £9B 10s; Bank of New Zealand (D mort.), £1 6s 6d; South British Insurance (late sale Thursday), £2 12s; Auckland Gas (con.), 17s; Waihi Mining, I4s 8d (three parcels); Waihi Junction. 2s 7d. Wellington.—Sales reported: Union Bank of Australia, £7 12s (two parcels) ; Staples and Co., 34s Bd. 345, and 33s 9d; New Zealand Government 54 per cent. Stock (1936), £99 ss. Christchurch.—Sales: Australian Bank of Commerce, 14s 2d, 14s; Commercial Bank of Australia, 14s 2d (two parcels); National Insurance, 12s lOd; Goldsbrough Mort, 19s 6d; New Zealand Breweries. 35s 2d; Electrolytic Zine (pref.). 14s lOd Sales reported: National Bank of New Zealand, £5 Is; Union Bank of Australia, £7 12s (two parcels), £7 Ils (two parcels); New Zealand Drug Company, 525. Saturday. Auckland. —Sales: New Zealand Farmers’ Fertiliser, 12s lid; Wilsons Cement, 39s 9d. Christchurch. —Union Bank of Australia. £7 9s; New Zealand Breweries, 34s 3d; Mount Lyell (cum div.), 17s; Winding Creek (Is paid), id; Mahakipawa Goldfields, Bd. Sales reported: Australia Bank of Commerce, 14s.