MINING.

Otago Witness, Issue 4030, 9 June 1931, Page 30

MINING.

PADDY’S POINT COMPANY. The secretary of the Dunedin Stock Exchange has received word from the Paddy’s Point Gold Mining Co., Ltd., that from the paddock which was recently completed of approximately nine-tenths of an acre in area, a total return of 52 ounces of gold was obtained. - CORNISH POINT MINING COMPANY. Advice has been received from the mine that the pumps were ready for use and that the actual work was delayed only owing to the fact that the Power Board engineer had to make an inspection. This has now been done, and the pumps have been started. The pumps are reported to be working very satisfactorily and, in fact, have to be stopped at intervals to allow the water to drain through from the tunnel. As soon as the mine is de-watered the mine manager will report on the condition of the face, etc. WESTPORT-STOCKTON CO AL COMPANY. The secretary of the Dunedin Stock Exchange has been advised that the West-port-Stockton Coal Company’s output of coal for the month of May was 12,692 tons. MAHAKIPAWA GOLDFIELDS. Advice has been received by the secretary of the Dunedin Stock Exchange that the wash-up for the month- from the Mahakipawa Goldfields claim yielded the return, of 1370 z of alluvial gold. KILDARE COMPANY. The secretary of the Dunedin Stock Exchange has received the following report from the secretary of the Kildare Consolidated Gold Mining Company, Ltd.:— “ The manager reports that, given favourable weather, there will be a wash-up at the end of this week. I have also to advise that the proceeds of 770 z 4dwt of gold have just come to hand. The total amount was £356 13s 9d, which works out at slightly over £4 12s 6d per ounce.” GOLDEN PROGRESS COMPANY. The following report has been received from the manager of the Golden Progress Quartz Mining Company, Ltd.: — “ Tapped the water in the prospecting level with a 10ft bore hole. Started 48ft above rails in the 150 ft level. Stopped rising to allow water to drain.”

MOTUROA OILFIELDS. The secretary of Moturoa Oil Fields, Ltd., reports that No. 2 well has been drilled 1829 feet in grey shale. A lOin casing has been sunk to a depth of 1805 feet. UPPER NEVIS GOLD DREDGING COMPANY, LTD. The fourth annual meeting of the Upper Nevis Gold Dredging Company, Ltd., was held on Tuesday last. There was a good attendance of shareholders, and Mr James Goodger, chairman of directors, presided. The report and balance sheet were adopted. The retiring directors—Messrs John Scott and J. A. Sparrow—were reelected, and Messrs W. E. C. Reid and Co. reappointed auditors. At the suggestion of one of the shareholders the dredgemaster, Mr A. Williamson, who was present, was asked to give some indication regarding the nature of the ground where the dredge was working.

Outlining operations for the last two seasons, Mr Williamson stated that after reaching the ground that Mr Fache had left in 1928, the red wash practically disappeared and river wash was struck on the western side, where the ground was about 12 to 15 feet deep. Later on he dredged to a depth of 40 feet from the rim reef on the west towards the eastern side, but on finding there was very little gold at the 40-foot level, he lifted the •ladder and dredged about 25 to 30 feet. The returns were a little better at these levels than the lower level of 40 feet. The dredge was now on the red wash up against the rim reef and prospects were much better. He considered that it would take about two months to get through Robertson’s old paddocks through which they were now making headway. They were down 30 feet here in tight wash. Adjoining Robertson’s paddocks the next ground was that of the old Pactolus Company. Thence on the whole of the ground was virgin to the end of the company’s claim, probably nearly three miles. The question of carrying on was then considered. The chairman drew’ attention to the probable cost of making a further two months’ test of the ground, and the necessity for providing new ropes and ladder line and putting in the lower tumbler which was being repaired. After some discussion as to finance, Mr A. H. Williamson suggested that, if every shareholder of the company would subscribe £lO each, there would be quite sufficient funds to carry on for the whole of the next season. This suggestion W’as enthusiastically adopted, every shareholder present deciding to contribute. A substantial sum w T as thus guaranteed in the room.

It was decided to circularise those shareholders not present, asking how much they would be prepared to pay in cash by way of loan to the company, without interest, so that the dredge may be worked for another season.

Mr S. C. Fache stated that the boring done by the company’s neighbours had revealed that a lead of gold more suitable for dredging lay on the eastern side of the company’s property. This lead had never been tapped by the Upper Nevis Company. All the company’s dredging operations had so far been carried out on the western side. If a sum sufficient to warrant a further trial could be raised by loan, as proposed by Mr Williamson, he would suggest that a portion be set aside to put a line of bores across to the river on the eastern side. Should these bores prove the continuation of this lead through the eastern side of the Upper Nevis Company’s property, there was un-

doubtedly a long life on good ground both ahead of and behind the present location of the dredge. The lead had proved nar row and faulty’ to the western side and indications showed that it was wider and much richer on the opposite side. As the dredge was built for deep ground, and it had been proved that the lead on the eastern side ran from 40 to 50 feet deep, the company’s dredge was admirably adapted to work it. He was of the opinion that a hand boring plant would prove adequate for the company’s pur poses and that the boring suggested would not cost more than £250. Votes of thanks to the chairman and his co-directors for their continued assistance in support of the company’s finances and their efforts on its behalf generally, and to Mr S. C. Fache for his advice concluded the meeting. KINK SOLOMON DEEP LEAD MINE. INVERCARGILL. June 6. The manager of the King Solomon Deep Lead in me reports that for the week ended June 6 the wash-up totalled 72 ounces. DUNEDIN STOCK EXCHANGE . Friday Afternoon. Owing to the broken week, the share market has been somewhat irregular and the general tone of banking shares has been in favour of buyers.

Bank of Australasias have gone back slightly, buyers offering £8 10s. and sellers demanding £9 Is. Bank of New South Wales shares are obtainable at £25 10s, but buyers have not been attracted. Bank of New Zealands are inclined to case, and there are sellers at 49s with no buyers forward. The long term shares are in continual demand at 265. These quotations are cum dividend, the dividend usually being paid this month. Commercial Banks are being inquired for at 14s. with a seller in the market at 14s 6d. The preference shares have buyers at £5 ss, but no seller has come forward. E.S. and A. Banks have also eased to some extent, the latest quotations being £3 5s (buyers) and £4 (sellers). National Bank of New' Zealands have been offered at £5 Is without attracting a buyer. Union Banks have also eased slightly, and there are now sellers at £7 10s and buyers at £7. National Insurances, after easing somewhat during the week, have made a recovery, and the market closed with a buyer at 12s 6d, sellers then demanding 13s. New Zealand Insurances have been offered at 42s without attracting a buyer. There was a sale of Standards at 475, and the close of the market found sellers offering the shares at 49s without a buyer forward. In the shipping section Huddart. Parker preference shares have been inquired for at 18s and the Union Steams at 19s 6d, neither offer attracting a seller. Kaitangata Coals have had sellers at Is 6d discount, no buyer making an offer. There has been business in Westport Coals at 24s 6d and 24s 3d, ex dividend. The market closed with a buyer at 24s and a seller at 24s 6d. There is an occasional sellers of National Mortgages at 495, and of the B issue at 295, but neither offer has attracted a buyer.

Inquiries for Trustees, Executors at 58s have not met with any response. New Zealand Refrigeratings have been inclined to firm during the week, and the closing offer was Ils. Sellers, however. would not do business at less than 12s. The contributing shares have seen business at 3s 9d, the mr ket closing with a buyer at 3s 7d and a seller at 3s lOd. There has been a considerable easing in British Tobaccos, which were wanted at the close of the market at 22s 6d with a seller forward at 255. D.I.C. ordinaries have been in good demand at 15s, and the preferred shares have also been wanted at 19s 6d, neither offer attracting a seller. Dominion Rubbers continue to have a w’ide market, the latest quotations being 5s 6d (buyers) and 12s 6d (sellers). Eclipse Petrols have continually been on offer at 10s, but there has been no demand for the shares. Kaiapoi .Woollen ordinary shares have continued in demand at 7s, no response being made by sellers. Milburn Limes and Wilsons Cements have had sellers at 31s and 40s respectively, but there has been little demand. Mosgiel Woollen are still being inquired for at £6 Bs, and there is a seller of National Electrics at 10s 3d. New Zealand Drugs have eased during the week, and they are now being offered at 51s, the best offer being 48s. New Zealand Paper Mills are now being quoted ex. dividend and there has been some inquiry at 17s, no seller responding. Otago Daily Times continue to be offered at 53s with no buyer* in the market. An occasional offer of 25s for Christchurch Gas shares has failed to produce a seller.

New Zealand Breweries are inclined to ease, sellers asking 35s 6d. There is a

good demand for the debentures, but no sellers has come forward. A fair amount of business has been done in the mining section. Waibis are in good demand at 14s sd, and the Grand Junctions are being asked for at 2s lOd without attracting a seller. Mount Lyells have seen business at 17s an d 16s lOd, the market closing with a seller at 17s. Okaritos are always quoted, and the last sales took place at Bs. There was a buyer at the close of the market at 7s 9d. but sellers would not accept less than Bs. Cornish Points have a fairly close market, buyers offering 5d and sellers demanding 2d more. King Solomons have had a large turnover during .he week, sales taking place at 2s and 2s OJd. The closing offer :>f Is lid found sellers firm at 2s id. No business has been reported in the oil shares. In the Government Loans section, 4J per cent. 1938 Bonds are in good demand at around £9B 10s and the Inscribed Stock is being asked for at £9B, with a seller forward at £9B 15s. Saturday Morning. Bank of Australasias had a buyer at £8 12s on the Dunedin Stock Exchange this morning, but sellers did not respond. The majority of mining stocks showed no change. Golden Progress were in demand at 20s, but sellers’ quotation left a margin of Bs. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage: — BANKING. Bank of Australasia—Buy £8 12s. Bank of New Zealand—Buy 48s, sei 49s 6d. Bank of New Zealand (long “D”) — Buy 265. Commercial Bank—Buy 14s, sei 14s 6d. Commercial Bank (pref.)—Buy £5 ss. National Bank of New Zealand—Sei £5 Is. Union Bank—Sei £7 12s. INSURANCE. National Insurance Company—Buy 12s 6d.se] 13s. New Zealand Insurance Company—Scl 425. Standard Insurance Company—Sei 495. A.P.A. Insurance—Buy 4s. SHIPPING. Huddart, Parker (pref.)—Buy 17s 9d, sei 20s. U.S.S. Co. (pref.)—Buy 19s 6d. COAL. Kaitangata—Scl Is 6d dis. Westport Coal Company—Buy 245, sei 24s 7tl. Westport-Stockton (pref.)—Sei 3s. LOAN AND AGENCY. Goldsbrough, Mort.—Scl 19s 6d. Trustees, Executors, and Agency—Buy 58s. MEAT PRESERVING. New Zealand Refrigerating (pd.)—Buy Ils, sei Ils 6d. New Zealand Refrigerating (cont.) — Buy 3s 6d. sei 3s lOd. South Otago Freezing—Sei 80s.

MISCELLANEOUS. Brown, Ewing (pref.)—Sei 20s. 19.^ IUCe 00^fc ‘ u 011) Pany (pref.)—Sei Crystal Ice Company—Buy Sis, D.I.C. (ord.) —Buy 15s. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber —Sei 12s 6d. Eclipse Petrol—Sei 10s. Kaiapoi Woollen (ord.) —Buy 7s. Milburn Lime and Cement—Sei 31s. Mosgiel Woollen Company—Buy £6 Bs. New Zealand Drug Company—Buy 48s. New Zealand Farmers’ Fertiliser—Sei 13s 6d. New Zealand Paper Mills (ord.) —Buy 17s, sei 18s. BREWERIES. New Zealand Breweries, Ltd—Sei 355. New Zealand Breweries Debentures— Buy 21s. Dunedin Brewery—Buy 15s. MINING. Waihi—Buy 14s sd. Waihi Grand Junction—Buy 2s 9d Mount Lyell—Sei 17s 3d. Mahakipawa—Sei lOd. Kildare—Sei Is. Okarito—Buy 7s 9d, sei 8s 2d. Cornish Point (pd.)—Buy sd, sei 7d. Golden Progress—Buy 20s, sei 28s. King Solomon—Buy Is lid, sei 2s Id. WAR BONDS. 4J per cent. Bonds, 1938—Sei £99. 4i per cent. Bonds, 1939 —Sei £99. 4J per cent. Inscribed, 1938—Sei £9B 10s. 4J per cent. Inscribed, 1939—Se] £9B 10s. 5$ per cent. Soldiers’ Bonds, 1933—8uy £99. 5i per cent. Inscribed Bonds, 1931— Buy £95 10s. 5J per cent. Bonds, 1936—8uy £99. SALES ON 'CHANGE. The following business was done on 'Change during the week:— June 2.—Sale : New Zealand Refrigerating (cont.), 3s fid. Sale reported: King Solomon, 2s Id. June 4. —Sales reported : Mount Lyell, 17s 2d (cum div.); Standard Insurance, 47s 6d; Westport Coal, 24s 6d (cum div.), late sale. June s.—Sales : Westport Coal, 24s 3d (ex dividend); Mount Lyell, 17s, 16s lOd (cum dividend). Sales reported: Westport Coal, 24s 6d (ex dividend); King Solomon, 2s (three), 2s lOJd; 5J per cent. Bonds (1933), £99 10s. NORTHERN EXCHANGES. The following business was done on Changes during the week:— Auckland—Sales: Inscribed S Stock (1927-41) 5 J per cent., £97: Inscribed Stock 0938) 4J per cent., £9B; War Bonds (1938) 4J per cent., £9B ss; Auckland Harbour Board M? 41 LA40R er r ? ent ’ flOl 10s i Wanganui City (1943) 5 J per cent., £97; Commercial Bank of Aust, (two parcels), 14s Id* South British Insurance, £2 Us; Dominion Investment and Banking, 18s; Farmers’ Trading, 6s lOd: Waihi Mining, 14s 7d. Wellington.—Sales reported: Bank of New South Wales, £25 (two sales late

Monday); Union Bank of Australia. £7 9s (two sales on ’Change). Christchurch.—Sales: Union Bank of Aust., £7 9s sd; Mount Lyell (cum div.), 1/s 2d; King Solomon, 2s Id, 2s 2d (six parcels). Sales reported: New Zealand Breweries, 35s 6d; Mount Lyell (.cum div.), 17s 2d. , Thursday. Auckland.—Sales: Inscribed Stock (1938), 44 per cent.. £9B 2s 6d; Auckland Harbour Board (1941), 6 per cent., £lOl 10s (late sale; two parcels); Bank of New South Wales, £25 (two parcels); Union Bank, £7 9s; South British Insurance, £2 Ils; Auckland Gas, £1 3s (two parcels); Waihi Mining, 14s 7d (two nereels); Waihi Junction, 2s Ud; British Tobacco, 24s lid. Wellington.—Sales reported: National Insurance, 12s 7d. Christchurch. —Sales: Mount Lyell (cum div.), 17s 3d (two parcels), 17s Id (two parcels); King Solomon, 2s Id; Mahakipawa, 7Ad; Golden Point paid). Is 2d. Sales reported: Comme’eial Bank of Australia (pref.), £5 6s; Bank of New South Wales, £25 (three parcels); British Tobacco (cum div.). 23s Cd; Mount Lyell (cum div.), 17s 2d. Friday. Auckland,—Sales: Commercial Bank of Australia (late sale Thursday), 14s 2d; Bank of New Zealand, £2 8s 6d; South British Insurance, £2 Ils; Auckland Gas, £1 3s; Huddart, Parker (pref.), 17s 9d; Waihi Mining, 14s 7d; Waihi Grand Junction, 2s lid; King Solomon. 2s Id. Wellington.—Sales reported: Bank of Australasia, £8 19s 6d (on ’Change) ; Commercial Bank of Australia (ord.), 14s 21d. Christchurch.—Sales: Commercial Bank of Australia, 14s 2d; Commercial Bank ot Australia (pref.), £5 ss; E.S. and A. Bank, £3 15s; New Zealand Guarantee Corporation. 5s sd; New Zealand Braveries, 355; Electro Zinc (pref.), 13s Cd; King Solomon, 2s (two parcels) ; Mahakipawa Goldfields, Sales reported: New Zealand Government 41 per cent. Inscribed (1938) (late sale Thursday). £9B; New Zealand Government 41 per cent, inscribed (1938). £9B (three" parcels) ; Commercial Bank of Australia, 14s 2d (two parcels) ; New Zealand Drug Company, 50s, 49s 6d. Saturday Auckland.—Sales: Bank of New Zealand, 48s. Christchurch.—Sales: Commercial Bank of Australia (pref.), £5 ss; Union Bank of Aust., £7 8s 6d; New Zealand Guarantee Corporation, 5s 4d; New Zealand Refrigerating (10s paid), 3s Bd. Sales reported: Bank of New Zealand (cum div.). 48s 6d.