MINING.

Otago Witness, Issue 4031, 16 June 1931, Page 30

MINING.

CENTRAL OTAGO. The Nevis field is again idle for the winter months. With the exception of Jones and party, yields secured have been low, but better things are hoped for from the Upper Nevis dredge when work is resumed next season. Jones and party ■were operating in the bed of Whittons Creek during the season, elevating 90 feet, and had a very successful run. It is the intention of the management, when work is resumed in the spring, to shift further down the flat. The lead has been proved in that direction, extending towards the paddock where O’Connell and party years ago won bi"- returns. Another advantage is that in that locality the ground is shallower. The claim is certainly a wonderful gold producer. OKARITO DREDGE. , The following telegram advising that the dredge has been completed has been received from one of the directors of the Okarito Five Mile Beach Gold Dredging Company, who is at present at Okarito: “Dredge a splendid machine in every .way; active commencement of dredging on Monday.” . ALEXANDER REPORT. The clean-up for the month of May at Alexander Mines saw 390 tons of ore crushed for a return of 1690 z 4dwt of melted gold. The cyanide plant treated 209 tons of sands for a return of 670 z Sdwt of bullion. The total value of the gold is estimated at £845, exclusive of the premium on the sale of gold.

GOLDEN PROGRESS MINING COMPANY. The secretary of the Golden Progress Quartz Mining Company, Ltd., reports that he has received the following report from the mine manager:—“ For the month of May the total development frontage completed was 65 feet occupied in driving, rising, and cross-cutting. Crushing commenced on May 12, and has been continuously carried out until May 30, working one shift, the engine driver working nine and a-half hours per day, the amalgamation of eight and a-half hours per day for six days per week. Everything has worked smoothly during the period. During the first week a number of adjustments had to be made. The plates have built up very satisfactorily during the crushing period under review, the yield of amalgam increasing from 440 z the first week to 128 oz the second week, the third week’s yield having not yet been cleaned and freighted.” KING SOLOMON DEEP LEAD. The mine manager for the King Solomon Deep Lead, Ltd., reports that the wash-up for the week ended June 13 gave a return of 115 oz. BLACKWATER MINES. The following is the report of the mine manager of Blackwater Mines, Ltd., for the month of May:— The plant crushed 4157 tons, yielding 1597 fine ounces of gold, valued at £6782. Working expenses were £5506. In addition, the furnace treated 93 tons concentrates for a return of 116 fine ounces of gold, valued at £492. Working expenses were £127, working profit £1641, capital expenditure £76, development expenditure £656, and profit over all is £909.

WESTPORT OUTPUT. The output from the Westport Coal Company’s mine for the month of May was 21,865 tons, compared with 32,209 tons for the same month last year, a decrease of 10,344 tons. WESTPORT-STOCKTON RETURN. During the month of May the West-port-Stockton mines produced 12,692 tons of coal, compared with 15,934 tons for May, 1930, a decrease of 3242 tons. WAIHI GOLD MINES. The following are the crushing results for the period ended May 2 for the Waihi Gold Mines on 204 crushing days:—Tonnage crushed, 16,898; amount produced, 5850' fine ounces gold, 19.635 fine ounces silver. This included 1866 tons mined from the Grand Junction area, which yielded 922 ounces of gold and 9736 ounces of silver. NEW PLYMOUTH OIL WELLS. WELLINGTON, June 12. The weekly report of New Plymouth (N.Z.) Oil Wells, Ltd., for May 8 is as follows: —“ Drilled ahead to 2212 feet m sticky mudstone, with occasional hard concrete layers, showing oil and gas present in well.” COAL OIL (N.Z.), LTD. WELLINGTON, June 11. The Omata No. 1 bore drilling report, dated June 11, is as follows: —“Cleaned well to 2917 feet; drilled to 2965 feet; formation soft mudstone, with sandstone bands between 2932 feet and 2936 feet; good showing of gas and oil at this point.” . ■ WAIHI GRAND JUNCTION. AUCKLAND, June 11. Gabled advice has been received from Lqndon by the local attorney of the Waihi Grand Junction Gold Company that the net profit for the year ended December 31, 1930, was £10,672. To this had to be added the amount brought forward from the previous year, £3635. At the annual meeting the directors will recommend payment of a dividend of 4d per share, free of tax, amounting to £6906; transfer

to development reserve account, £3000; provision for income tax, £1000; balance to be carried forward, £3401. The divP" dend will be payable in English currency on July 1. These results show a marked improvement upon those of the previous year, when the net profit totalled £6160, and a dividend of Id per share was paid. DUNEDIN STOCK EXCHANGE Friday Afternoon. There has been some firming in prices in several sections on the Dunedin Stock Exchange and the market generally has been fairly steady. The bulk of the business recorded concerned the mining section. There was a sale of Bank of New Zealands at 48s 6d, the market closing with a buyer at 48s 3d and a seller at 48s 9d. There has been inquiry for Commercial Banks at 14s, but sellers have been unwilling to do business at less than 14s fid. Up to 12s 7d has been offered for National Insurances, but sellers have remained firm at 13s.

Buyers of Huddart, Parker preference chares have been offering 17s 6d, but the best selling quotation was 20s. The early offer for Westport Coals was 245, sellers then asking 7d more. There was no buyer at the close of the market, when the shares were being offered at 24s 6d. Further offers of 58s for Trustees Executors have failed to attract a seller. The demand for paid-up New Zealand Refrigeratings has continued to be firm at He, but sellers have not been willing to do business under 12s 6d. There was a transactioji in the contributing issue at 3s lid, and the shares were on offer at that figure at the close of the market, buyers reducing the offer to 3s 9d.

British Tobaccos have failed to improve to any degree and are still being asked for at 23s 3d, the selling quotation being 255. New Zealand Drugs are being asked for at 49s 6d without attracting a seller. Offers of 16s for New Zealand Paper Mills have found sellers demanding 17s 6d. Wilsons Cements were offered at tne close of the market at the reduced figure of 38s, no buyer coming into the market They are now quoted ex dividend. New Zealand Breweries have been fairly firm throughout the week and there was a sale at 345. This was the final offer for the shares, sellers demanding 6d more. Waihis, which commenced the week with a buyer at 14s sd, have shown some improvement, and transactions were i .corded at 14s 8d and 14s lid. An offer of 14s 9d at the close of the market failed to attract a selling quotation. Kildares were dealt in at lOjl. two parcels changing hands at that price It was again offered before the market closed, but sellers would not do further business at less than Is Id. A sale of Cornish Points took place at 64d, and these shares were later offered at 7d without attracting a buyer. King Solomons have had the lion’s share of the business, no fewer than 12 transactions being recorded during the week. These shares experienced a sharp rise at the commencement of the period and sales were recorded at 2s 9d and then at 2s Bd. They showed some tendency to ease a little in mid-week, and there was a sale at 2s 6d. The close of the market saw another improvement, however, and there was business at 2s lOd and 3s. The closing offer was 2s 9d, sellers asking 2d more. There is a fair demand for Government War Loans, but sellers have failed to come forward. Saturday Morning. There was a sale of King Solomons on the Dunedin Stock Exchange this morning, the price being 2s lid. There was a buyer of the shares later at 2s lOd, but sellers would not accept less than 3s. Buyers of Bank of New Zealands offered 48s 2d, but the best selling quotation was 495. New Zealand Milk Products Bonds were asked for at 20s. but no seller came forward. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia —Buy £8 18s. Bank of New South Wales —Sei £25 10s. Bank of New Zealand —Buy 48s 3d, sei 495. Bank of New Zealand (long “D”) — Buy 265. Commercial Bank—Buy 14s, sei 14s 6d. Commercial Bank (pref.)—Buy £5 ss. E.S. and A. Bank—Buy £3 16s, sei £4. National Bank of New Zealand —Sei £5. INSURANCE. National Insurance Company—Buy 12s 6d, sei 13s. New Zealand Insurance Company—Sei 425. Standard Insurance Company—Sei 47s 6d. A.P.A. Insurance—Buy 4s. SHIPPING. Huddart, Parker (pref.)—Buy 17s 6d, sel 20s U.S.S. Company (pref.)—Buy 19s 6d. COAL. Kaitangata—Sei Is 6d dis. Westport Coal Company—Sei 24s 6d.

LOAN AND AGENCY. National Mortgage^—Sei 50s. National Mortgage (“ B ” issue) —Sei 28s. Trustees, Executors, and- Agency—Buy 585. : MEAT PRESERVING. New Zealand Refrigerating (pd.)—Buy Ils. sei 12s 6d. New Zealand Refrigerating (cont.) — Buy 3s Bd, sei 3s lid. MISCELLANEOUS. Bruce Woollen Company (pref.)—Sei 19s. D.I.C. (ord.) —Buy 15s. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber—Sei 12s 6d. Kaiapoi Woollen (ord.) —Buy 7s. Milburn Lime and Cement —Buy 30s, sei 31s. Mosgiel Woollen Company—Buy £6 Bs. M'Leod Bros.—Buy £l9 10s. New Zealand Drug Company—Buy 495. New Zealand Express (pref.)—Buy 15s. New Zealand Milk Products (debs.) — Buy 20s. New Zealand Paper Mills (ord.) —Buy 16s, sei 18s. - Otago Daily Times—Buy 495, sei 535. Wilsons (N.Z.) Cement —Sei 395. BREWERIES. New Zealand Breweries, Ltd. —Sei 34s 9d. New Zealand Breweries Debentures — Buy 21s. Dunedin Brewery—Buy 13s 6d. MINING. Waihi Grand Junction—Buy 3s. Mount Lyell—Buy 16s 6d, sei 17s. Mahakipawa—Buy 7d, sei lOd. Kildare —Buy lOd, sei Is Id. Okarito —Buy 7s 9d, sei 7s lid. Paddy’s Point—Buy 2s 3d, sei 3s. Cornish Point (pd.)—Buy sd, sei 64d. Golden Progress—Buy 255, sei 28s. King Solomon—Buy 2s lOd, sei 3s.

WAR BONDS. 44 per cent. Bonds, 1938 —Buj- £9B, sei £99 44 per cent. Bonds, 1939 —Sei £99. 44 per cent. Inscribed, 1938 —Buy £9B. 54 per cent. Soldiers’ Bonds, 1933 —Buy £99. 5J per cent. Inscribed Bonds, 1941— Buy £95 10s. 54 per cent. Inscribed, 1236 —Buy £99. 54 per cent. Inscribed, 1933 —Sei £9B 15s. , SALES ON 'CHANGE. The following business was done on ’Changes during the week: — June 10. —Sale reported : King Solomon, 2s 6d (after last call). June 11.—Sales: Kildare, lOd (two). Sale reported: Waihi, 14s 8d (late sale Wednesday). June 12. —Sale : King Solomon, 2s lOd. Late sale Thursday: New Zealand Breweries, 345. Sales reported: Bank of New Zealand, 48s 6d; New Ze’aland Refrigerating (cont.), 3s lid; Waihi, 14s lid; Cornish Point, 6Jd; King Solomon, 3s. June 13. —Sale : King Solomon, 2s lid.

NORTHERN EXCHANGES. The following business was done on ’Changes during the week:— Tuesday. Auckland.—Sales: Auckland Harbour Board (1948), 54 per cent., £9B; Bank of New South Wales, £24 17s 6d; Bank of New Zealand, 48s, 47s 9d; Taupiri Coal, 20s; Auckland Gas (con.), 16s lid; New Zealand Breweries (deb.), 21s 3d. Wellington.—Sales reported: Staples and Co. (on ’Change), £1 12s 6d; New Zealand Breweries (on ’Change), £1 13s 6d. Christchurch. —Sales: Union. Bank of Australia, £7 10s; United Building Society, 13s 2d; New Zealand Refrigerating (10s paid), 3s lid. Sales reported. Union Bank of Australia, £7 9s 63; United Building Society, 13s 6d; New Zealand Breweries, 345; Staples Brewery, 325; New Zealand Farmers’ Co-op. (6j per cent, stock, 1945), £52. Wednesday. Auckland.—Sales: Bank of New Zealand (two parcels), £2 7s lOd; Union Bank, £7 8s 6d; Wilsons Cement, £1 18s lOd; New Zealand Breweries (deb.), 21s 3d; Waihi Mining, 14s 8d; King Solomon, 2s 6d.

Christchurch. —Sales: E.S. and A. Bank, £3 16s; Bank of New Zealand (cum div.), 47s 6d; Mount Lyell (cum div.), 16s Bd, 16s 9d; Cornish Point, 6Ad (two parcels); King Solomon, 2s 6d (three parcels) ; Mahakipawa Goldfields, 7d. Sales reported: Ashburton Electric 5.| per cent. (1935), £99 10s; Bank of New Zealand (cum div.), 47s 6d; New Zealand Refrigerating (10s paid), 3s 9d; Staples Brewery, 32s 6d. Thursday.

Auckland. —Sales: War Bonds (1938), 4-J per cent., £9B ss; Inscribed Stock (1938), 44 per cent., £9B; do (1936), 54 per cent., £99 7s 6d; Auckland Harbour Board (1941), 6 per cent., £lO2 (two parcels) ; Commercial Bank of Australia, 14s 2d; Bank of New Zealand, 47s lOd; Auckland Gas, 22s lid; Australian Iron and Steel (pref.), 8s 6d; Wilsons Cement (ex div.), 37s 44d; Waihi Grand Junction, 3s 2d (two parcels), 3s 14d. Wellington.—Sales reported: New Zealand Government 54 per cent. Stock (1933), £9B and £9B 10s; New Zealand Government 54 per cent. Stock, £99 2s 6d; New Zealand Government 44 per cent. Stock, £9B 2s 6d; Bank of New Zealand, £2 8s (on ’change); British Tobacco Uompany (ord.), £1 3s 9d (cum div.). _ Christchurch. —Sales on ’change: Bank of New Zealand (cum div.), 48s 2d, 48s 4d (four parcels); Goldsbrough, Mort (cum div.), 18s 9d; . New Zealand Breweries, 34s 3d; Cornish Point, 64d; King Solomons, 2s 7d (two parcels), 2s 74d, 2s Bd, 2s 9d (two parcels), 2s lOd; Golden Point (10s paid), Ils. Sales reported: Bank of New Zealand, 48s 3d; Goldsbrough Mort (cum div.), late sale 10th, ; 19s 9d (two parcels); New Zealand Refrigerating (10s paid), 3s 104 d. Friday. Auckland.-—Sales: Government Bonds (1933} 54 per cent., £99 ss; Auckland Harbour Board (1940), 54 per cent., £9B; Wellington City (1955) 5J per cent., £92; Auckland City QL944) 54 per cent., £97; Bank of New Zealand, £2 8s 3d (two parcels); Waihi Mining, 14s lOd; Waihi Junction. 3s 2d (three parcels); Goldsbrough, Mort, 19s; Mount Lyell, 17s; King Solomon, 2s lOd.

Wellington.—Sales reported: New Zealand Government 44 per cent. Stock (1939), £9B; New Zealand Government 44 per cent. Stock (1938), £9B (two sales); Bank of New Zealand (cum div), £2 8s 2d (on ’change) £2 8s 4d. Christchurch.—Sales: Bank of New" South Wales, £24 15s; Bank of New Zealand (cum div.), 49s 3d (three parcels); New Zealand Refrigerating (10s paid), £3 10s (two parcels); British Tobacco (cum div.), 245, 23s 9d; Mount Lyell (cum div.), 17s; King Solomon, 2s lOd (six parcels); Mahakipawa, 7|d; Golden Point (104 d paid), Is 2d. Sales reported: Ashburton Electric 5| per cent. (1935), £99 10s; Bank of. New Zealand (cum div.), 48s 6d, 48s 4d, 48s 3d (two parcels); United Building Society, 13s 3d; New Zealand Breweries, 345; E.S. and A. Bank. £3 17s 6d; Christchurch Gas, (10s paid), 12s. Saturday. Auckland. —Sales: Timaru Brewery (late sale Friday), 6s 3d; Colonial Sugar, £34. Wellington.—Sales Reported: Bank of New Zealand, £2 8s sd. Christchurch.—Sales: New Zealand Government 44 per cent, inscr. (1938), £9B; Goldsbrough, Mort, (cum div.), 19s Id; New Zealand Breweries, 345; Mount Lyell (cum div.), 17s; Cornish Point 8d; King Solomon, 2s lOd, 2s lOJd; Golden Point (10s paid). 12s, 12s 3d (2). Sale reported: New Zealand Government 54 per cent, inscr. 1936, £99 7s 6d.