MINING.

Otago Witness, Issue 4029, 2 June 1931, Page 32

MINING.

MAHAKIPAWA GOLDFIELDS. A communication received by the secretary of the Dunedin Stock Exchange from the Mahakipawa Goldfields, Ltd., states that advice has been received from the Bank of New Zealand at Dunedin with reference to the premium received from the Commonwealth Bank of Australia in connection with the first Consignment of gold. The first parcel of melted gold shipped to the Commonwealth Bank gave a melted weight of 108 oz Idwt 12gr, and on this quantity a premium has been credited to the company of £99 18s. lid, which is therefore approximately 18s per oz premium. The net return to the company on the gold sent to Dunedin is consequently £4 14s 6d per oz. The directors, in making an estimate of the quantity of gold required to pay working expenses. based their figures on gold of a value of £4 10s per oz. The company’s finances are now in a sound condition, the deposit due by the Marlborough Electric Power Board having been repaid and a sum of £lOOO placed on deposit in Christchurch. CENTRAL OTAGO. The work of overhauling the pumps at Cornish Point mine has been completed, and the pumps are now in operation emptying the mine after six months’ idleness. The pumps are doing excellent work, and the task of draining should be completed at a very early date. The river is low, and at a favourable level for work. A general meeting of the Cromwell District Mining Association was held last week. Information was to hand that the concerns, the claims of which had been urged by the association, had been accorded Government assistance. The association is busy making inquiries in respect to a boring plant for the purpose of testing a supposed lead on the Crown terrace. Representations from local mining interests in the direction of the closing of the Kawarau dam have been replied to by the Minister of Public Works (Mr W. B. Taverner). The chief obstacle is that the Amalgamation Bill provides that the money released by the Public Trust in terms of the Act must be redeposited before a closing can be permitted. Against this local representatives have pointed to a precedent that in the earlier closings of the dam a heavy insurance policy was necessary, but-in the last two seasons this was not enforced. It is hoped that the Minister will exercise any powers he has to meet the position. A closing would be on sufferance, and subject to the lake being released immediately a' storm threatened. For the relief of unemployed there could be no better provision, as it has been proved conclusively that with a low river and the lake closed profitable work could be done. The Act provides for closings for almost everything except actual mining. ZINC CORPORATION. The following cablegram has been received by the secretary of the Dunedin Stock Exchange from the Zinc Corporation:— “The directors announce that, after making provision to meet the fall in the value of stocks, metals, and concentrates on hand at December 31 last, they are unable to recommend payment of a final dividend for 1930. Reports and accounts will be issued to shareholders towards the end of June, and the annual meeting will be held at the beginning of July. A dividend on cumulative preference shares for the half-year ending June 30 will be paid, Jess English income tax, on July 1 next in English currency to shareholders on both the English and Australian registers. Transfer books will be closed at 4 p.m. on June 3. and will be reopened on June 5.” KING SOLOMON DEEP LEAD.

The following report has been received from the mine manager of the King Solomon Deep Lead, Ltd.:— The south drive has been extended for 7ft in quartz drift, dipping with a heavy grade to the south. The drive 10ft east of the main north drive was extended for lift in drift, making a total distance of 35ft; the wash is underfoot. A drive was started from the main west drive heading north and to the west of the bore hole. Twenty-nine feet were driven on wash, averaging about 9in. The wash is rising fast. . Ten feet east of this drive 14ft of driving has been done to the south, the wash dipping away underfoot. A pump, and a winch will be necessary to work this section of the dip. OKARITO FIVE-MILE BEACH. The following report has been received from the secretary of the Okarito Fivemile Beach Dredging Company:— “Trial run this afternoon; machinery running perfectly; abundance of power.” A written report was also received from the engineer, in which he stated that he anticipated that all adjustments to the gold-saving boxes and tables would be completed so as. to enable dredging to be commenced within a fortnight. . A further telegram reads as follows: — “ Expect start dredging middle next week; start shift following week.” NORTH BROKEN HILL, The following cablegram has been received from the secretary of North Broken Hill, Ltd.:— “ 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.” BIG BEACH REPORT. The following information has been received from the manager of the Big Beach Gold Mining Company:— “ Posted to-day 530 z. Expect to clean up paddock in three weeks’ time.” UPPER NEVIS. The secretary of the Upper Nevis Gold Dredging Company, Ltd., reports having received the following telegram last week from the dredgemaster (Mr A. Williamson) :— Dredge benched. Finished up on Saturday. Return 24 ounces. The wash-up

prior to this was on May 15. The dredging season at the Nevis is now finished. TARANAKI OIL FIELDS, LTD. WELLINGTON, May 25. The latest Taranaki Oilfields report is as follows: —Omata No. 1 bore: Cemented cavity between bottom of 16-inch casing and 2044 feet with 50 tons of cement; drilling will be resumed on June 2. GOLDEN TERRACE REPORT. INVERCARGILL. May 30. The manager of the Golden Terrace Extended Dredging Company reports that the wash-up was 650 z for six days’ dredging. The ground is improving, with better prospects. DUNEDIN STOCK EXCHANGE Friday Afternoon. There has been only a moderate amount of business transacted on the Dunedin Stock Exchange during the past week, and that has been well divided between the various sections. A parcel of Bank of New Zealands changed hands at 50s. the demand easing later to 495, at which figure it stood at the close of the period, when sellers were asking Is 3d more. Commercial Banks have continued in demand at 14s, and sellers have been firm at 14s 6d. The preferred shares have also been asked for at £5 3s 6d without attracting a seller. The demand for the long “ D ” issue of Bank of New Zealands has been firm at 265, and two parcels of these shares have been turned over at 26s 6d.‘ In the insurance section the only shares to see business were Nationals, two transactions being recorded at 12s 6d. The latest offer made for these shares was 12s Bd, and the market closed with a seller at 12s lid. Offers of 4s for A.P.A. Insurances have failed to attract a seller. Howard Smiths have been on offer at 7s, but no buyer has come into the market. There has been no demand for Kaitangatas, which have been on offer throughout the week at Is 6d discount. Up to 25s has been offered for Westport Coals, but no business has been attracted, sellers being firm at around 25s 6d. There has been a buyer of Trustees, Executors at 58s 6d, and later at 58s, but no seller has quoted. The demand for New Zealand Refrigeratings has been increasing, and the close of the market found an unsupplied buyer forward at 10s 6d. Business has been done in the contributing issue of these shares at 3s 4d, 3s 6d, and 3s Bd, and the close of the market found a buyer offering 3s 7d, with a seller forward at 3s 9d. There has been some inquiry for Crystal Ices at 21e, but no seller has been attracted. A continued demand for ordinary Kaiapoi Woollens at 7s 6d has failed to attract a better selling quotation than 10s 6d. Mosgiel Woollens have long been in demand at from £6 6s to £6 Bs, and there was a sale at the latter figure. The same price was offered later, but no seller came forward. There has been no business in the breweries section. The early offer for New Zealand Breweries was 33s 6d, but the demand has improved until, at the close of the market, 34s 9d was being offered. Sellers, however, would not do business at less than 365. Okaritos have been in demand at 7s 9d, with sellers asking around 8s 2d. The. offer was increased by Id at the end of the week, but sellers remained firm. Business has been done in Mahakipawas at Bd. These , shares have since been on offer at 10d, but no buyer has come forward.

King Solomon’s have shown a tendency to ease a little, but the closing prices were much the same as those of the end of last week. There was a sale at Is lOd, and another at Is 9Ad, the market closing with buyers offering Is 9d and sellers demanding Is lid. There has been some demand for bonds and stock, but no business has resulted.

Saturday Morning. No business took place on the Dunedin Stock Exchange this morning, but two sales were reported in E.S. and A. Banks at £4 4s, and there was also a reported sale of contributing New Zealand Refrigeratings at 3s 9d. There was a buyer of E.S. and A.’s at £4, but sellers were not attracted. Refrigeratings were inquired for at 3s 7d, the best selling quotation being 3s lOd. Preferred U.S.S. shares were asked for at 19a lid. but sellers failed to come forward. Westport Coals were quoted ex dividend at 24s 3d (buyers), no sellers coming into the market. There was a buyer of New Zealand Breweries at 355, sellers demanding Is more. A margin of 2s separated buyers and sellers of Dunedin Breweries, the quotations being 15s and 17s respectively. The offer for Waihi Grand Junctions improved to 2s Bd, sellers demanding 3s Id. There was a buyer of Paddy’s Pointe at 2s 3d, but sellers would not accept less than 3s. The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:— « BANKING. Bank of Australasia—Sei £9 2s 6d.

Bank of N.S. Wales—Sei £26. Bank of New Zealand—Scl 50s. Bank of New Zealand (long.“D”) — Buy 265. Commercial Bank—Buy 14s, sei 14s 3d. E.S. and A. Bank—Buy £4. National Bank of N.Z.—Sei £5 Is. Union Bank—Buy £7 7s. INSURANCE. National Insurance Co.—Sei 12s lOd. N.Z. Insurance Co. —Buy 41s. A.P.A. Insurance —Buy 4s. SHIPPING. Howard Smith—Sei 7s. Huddart, Parker (pref.)—Buy 18s. U.S.S. Co. (pref.)—Buy 19s lid. COAL. Kaitangata—Sei Is 6d dis. Westport Coal Co.—Buy 24s 3d (ex div.). Westport-Stockton (pref.)—Sei 3s. LOAN AND AGENCY. National Mortgage (“ B ” issue) —Sei 295. Trustees, Ex and Agency—Buy 57s 6d (ex div.). MEAT PRESERVING'. N.Z. Refrigerating (paid)—Buy 10s. N.Z. Refrigerating (cont.) —Buy 3s 7d, sei 3s lOd. MI SCELLANEOUS. British Tobacco—Sei 295. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber—Buy 6s 6d, sei 12s 6d. Eclipse Petrol—Sei 10s. Kaiapoi Woollen (ord.) —Buy 7s. Kauri Timber—Buy 7s 6d. Milburn Lime and Cement—Sei 31s. Mosgiel Woollen Co.—Buy £6 Bs. M‘Leod Bros.—Buy £l9 10s. N.Z. Drug Co.—Sei 52s 6d. N.Z. Farmers’ Fertiliser—Sei 14s. N.Z. Paper Mills (ord.) —Buy 17s. BREWERIES. N.Z. Breweries, Ltd.—Buy 355, sei 365. N.Z. Breweries Debent. —Buy 21s. Dunedin Brewery—Buy 15s, sei 17s. MINING. Waihi—Buy 14s 7d. Waihi Grand Junction—Buy 2s Bd, sei 3s Id. Mount Lyell—Buy 17s. Kildare—Sei Is. Okarito—Buy 7s 9d, sei 8s 2d. Paddy’s Point—Buy 2s 3d, sei 3s. Cornish Point (paid)—Buy 6d, sei 7d. Golden Progress—Sei 30s. King Solomon—Buy Is 9d, sol Is lid. WAR BONDS. 10s CeDt ’ ' Bonds U 938) —Buy £9B per cent. Bonds (1939)—8uy £9B 4J per cent. Bonds (1941)—Buy £9B 10s. 4J per cent. Inscribed (1938)—Buy £9B ss, sei £99. Per cent. Soldiers’ Bonds (1933) — Buy £99. 7 54 per cent. Soldiers’ Inscribed (1933) —Buy £99. ’ 5i per cent. Inscribed Bonds (1941) — Buy £96. 7 5| per cent. Bonds (1936)—8uv £99 sel si £99 r 7s e 6d In9cribed < 1936 ) — Buy £99, P er cent - Inscribed (1933)—Sei £9B 1/s 6d. SALES ON ’CHANGE. )r ,T be following business was done on Change during the week:— May 20.—Sales: New Zealand Refrigerating (cont.), 3s 4d. n e >R ort o e / : ® ank of Xcw Zealand (long “D”), 26s 6d. May 26.—Sales reported (late sales Monday): Mosgiel Woollen, £6 8s- Kin" Solomon. Is lOd. ° May 28.—Sales: New Zealand Refrigerating (cont.) 3s 6d, 3s 8d; National Insurance, 12s 9d. Sales Reported: King Solomon, Is 9’d; Mahikipawa, Bd.' May 30.—Sales reported : E.S. and A. Bank, £4 4s (two); New Zealand Refrigerating (cont.), 3s 9d. NORTHERN EXCHANGES. , The following business was done on Changes during the week:— . ~ , Tuesday. Auckland. Sales: Bank of Australasia, 19s; Commercial Bank of Aust., 14s Id; Bank of New Zealand (D mort.). £1 6a 6d (two parcels); Union Bank, £7 9s; South British Insurance, £2 Us 104 - Auckland Gas, £1 3s; Mosgiel Woollen (late eale Monday), £6 8s; Waihi Mining, £2 14s 7d: King Solomon, Is Ud (two parcels. Is Wellington.—Sales reported: New Zealand Breweries, £1 14s 3d; New Zealand Refrigerating Co. (10s)., 3s 2d; New ~e ^?d Government 54 per cent. Bonds (1936), £99 10s; National Bank, £5 0s 6d. Christchurch.—Sales: New Zealand Breweries, 34s 9d, 34s lOd; Beath and Co., 235; King Solomon, 2s, Is lOd; Mahakipawa, 9d; Golden Point (10s paid), 8s 6d (two parcels). Sales reported: New Zealand Government 44 per cent. Inscr. (1938), £95 7s 6d; New Zealand Government 54 per cent. Inscr. (1936), £99 ss; Christchurch Tamway 44 per cent. (1934) £94 (four parcels): New Zealand Breweries (late sale 25th, 34s 4Jd. Auckland.—Sales: ColoniaT Mount. Lyell, 17s Id (late sale Tuesday).’ Wellington.—Sales reported: New Zealand Government 54 per cent, stock (1933), £99 (on ’Change); bonds (1933), £99 10s; 4j per cent, stock (1939), £9B 10s; Bank of New Zealand (two sales), £2 10s; Union Bank of Australia, £7 7s 6d £7 9s, £7 9s 6d; English, Scottish, and Australian Bank, £4 4s; South British Insurance £ O- ’ An \ 2s i Refrigerating Co. (10s), 3s 3d (on ’Change). Christchurch.—Sales: Commercial Bank of Australia, 14s Id; National Insurance, 12s 9d; New Zealand Refrigerating (£1 E^ ld Z’ 1 2?- 9d; Wilsons Cement (cum div.) 39s 6d; King Solomon. Is 9d, Is Bd. Sales reported: Commercial Bank of Australia, 14s 2d; New Zealand Government 44 per cent. (1938) Inscribed, £9B 10s. P Auckland—Sales: Australia, 14s Id, 14s 2d; Bank of New Zealand, £2 10s; New Zealand Insurance. £2 Is 6d; Auckland Gas, 235; Auckland Gas (cont.), 17s; Farmers’ Trading ComP a , n yi® B , 9d ’ Robinson Ice Cream (late sale Wednesday), 21s 3d; Waihi, 14g 7d. Wellington.—Sales reported: Commercial Bank of Australia (ord.), 14 9 id 14s 2d; Farmers’ Trading Company, 6s 8d;

Waihi Grand Junction, 2s 8d; English, Scottish, and Australian Bank, £4 4s; Union Bank of Australia, £7 10s; New Zealand Insurance Company, £2 Is 9d. Christchurch.—Sales: New Zealand Refrigerating (£1 paid). Ils; New Zealand Refrigerating (10s paid), 365; Beath and Co. (Is paid), 2s 9d; King Solomon, Is 9d (two parcels), Is 8d; Mahakipawa, 8d (two parcels).^—Sales reported: Bank of New Zealand (cum div.), 50s; New Zealand Refrigerating (£1 paid), Us.

Friday. Auckland.—Sales: Commercial Bank of Australia, 14s IJd; Bank of New South Wales, £25; Bank of New Zealand, £2 9s 6d; Goldsbrough Mort, 19s 6d; Auckland Gas, £1 3s; Waihi Mining, 14s 7d; Waihi Grand Junction, 3s; Colonial Sugar, £32 15s; Mount Lyell, 17s 3d. Wellington.—Sale reported: New Zealand Refrigerating Co. (10s paid), 3s 7d. Christchurch.—Sales: Bank of New Zealand (cum. div.), 49s 6d; Union Bank of Australia, £7 10s; National Insurance, 12s 7d; Goldsbrough Mort., 19s 4d (two parcels), 19s; King Solomon, Is 9d. reported: Goldsbrough Mort., 19s 6d; New Zealand Refrigerating (£1 paid). Us 3d.

Saturday. Auckland.—Sales: Commercial Bank of Australia, 14s lid; Bank of New South Wales, £25 (late sale Friday); Devonport Steam, 20s 6d; Auckland City (1949) 5J per cent., £95. 'Wellington.—Sales reported: Staples and Co., £1 13 s 6d. Christchurch. —Sales reported: Colonial Sugar, £33; Bank of New Zealand, 49s 6d; Refrigerating Company, Us 6d.