MINING.

Otago Witness, Issue 4033, 30 June 1931, Page 30

MINING.

MAHAKIPAWA GOLDFIELDS. .The following is a progress report on the mining operations at Mahakipawa Goldfields, Ltd.:— In No. 6 'east crosscut the north drive is out 24 feet from the crosscut, and is now being carried along six feet wide on timber. Good grade wash has been met with. Have not met No. 8 borehole; think it is a little east of the drive. Owing to an irregular and rapidly rising bottom in this section, we made a jump of four feet in No. 6 east crosscut, and are filling the trucks there with a wheelbarrow. As we have now located the continuation of the payable wash to the east of the south drive, we propose to extend No. 4 east wing drive to the main truck way, and I expect that it should soon be brought into the payable run. . The south drive off. No. 4 crosscut has been taken out 51 feet south, and the drive has been widened out to 10 feet. There is good grade wash dirt for three feet above the bottom, and it appears to be continuing equally good east, with a tendency of the bottom rock to dip in that direction. We are starting a second face on this good grade wash at 40 feet south to reach for the west wall, which We have not seen for the last 16 feet. . The north drive off No. 4 west crosscut and the No. 1 south-west blocking drive have holed through. Although nothing but low-grade drift was encountered, it was necessary to have this connection to ensure ventilating safety for the men to have a second exit and to give better trucking facilities. Later on we propose to search for the west wall at about 118 feet south in No. 1 south-west blocking drive and thus get a line on its course as it extends north. The No. 1 west crosscut has been extended a further 10 feet, making a total of 40 feet west. We are keeping the grade nearly level. The bottom rock rose so much at one time that we had six feet of bottom rock showing. _ It is now falling again, and may be just a bump in the old river bed. The wash encoun--tered, being on a rise, was of poor grade, just a light discoloured speck occasionally being seen in the dish.

PROGRESS AT KING SOLOMON. INVERCARGILL, June 20. A wash-up held at the King Solomon Deep Lead yielded 90oz 17dwt for four days. When further developments are completed the mine promises to be one of the richest ever worked in Southland. The following report on work done at King Solomon Deep Lead for the week ended June 19 has been received by the Dunedin Stock Exchange:— The drive east was extended 18 feet, making the total drive 31 feet. At this point driving north was started, driving in this direction being completed for 25 feet. Both drives were in wash for the distance driven. Driving north from station 7 was continued for 31 feet; the total distance of this drive being 85 feet. Driving west from this drive was started at two points, the total driving being respectively 12 and 26 feet. Cross-driving connecting two of the drives which are being produced north was done, the completed cross-driving being 46 feet. The 'wash in the above drives averaged from Ift 6in to 2ft. The total dirt treated ■was 260 yards. The gold return for the above period was 2050 z 17dwts. Considerable work has been done in dismantling the Stoney Creek buildings, with a view to having "them transported and re-erected at the mine. NEW GUINEA GOLD. While gold production is proceeding apace in New Guinea, and there is every hope of an increasing output, working expenses are very heavy, according to Mr James Burns, chairman of. directors of Burns, Philp, and Co., Ltd., who returned to Sydney recently after spending a month in New Guinea. The copra trade was hardly payable, he said. Prospectors were numerous, he said, but fortunately there was a great deal of gold spread over a wide area. The existing claims were very rich, and even if no other finds were made would provide a steady output. Work on the Bulolo field had recently been accelerated by the installation of a dredge by the Bulolo Gold Dredging ‘Company, for which a second dredge was now under construction in Sydney. The small prospector was frequently deterred when he learned that it required a capital of from £5OO to £lOOO to establish and work a claim. Transport caused the bulk of the expense. Owing t.i the ruggedness of the country, supplies and equipment had to be carried inland by aeroplane or by large contingents of native carriers.

NEW COMPANY FORMED. A new company, formed and- shortly to be registered, is Coal Distributors and By-products (New Zealand), Ltd. The objects are the exploitation of West Coast small coal, and it is intended later to obtain capital in England and fopm a large company to undertake a comprehensive scheme. Mr J. W. Greenslade is a provisional director. WINDING CREEK REPORT. ■A Report from the directors of the Winding Creek Gold Mining Company states that in February, on the advice of the inspector of mines and the mine manager, driving operations, on the low level were stopped, as. it was impossible to continue operations owing, to running sand. Sluicing operations on virgin ground were then carried out until May, when the directors, in the interests of the shareholders, decided to abandon operations and to apply for a protection of claim and water race.

The company was fortunate in being able to arrange for the sale of the plant and water race. There was not sufficient finance to comply with the working conditions of the claims, and the company was unable to use the race, which was of no use to any but the King Solomon Company. The King Solomon Company realised the position, and took forfeiture proceedings in the Warden’s Court against the races and claims. Owing to the case not being heard till August, it was impossible for the directors negotiate a sale with anyone else. It was evident

that the races must fall to the King Solomon Company in August without payment, and the directors ha< no option but to make the best bargain they could with the company, which had the advantage of a breach of the conditions of the license, together with the principle in Warden’s Court procedure that a forfeiture of a water race will u; ually be granted where the work in a mining field had been held up and it could not be satisfactorily used by the company holding it. Had the .directors not accepted the offer of the King Solomon Company at the time, it seems clear that the races would have gone for nothing and the shareholders would have been so mush- worse off. Altogether the shareholders are extremely lucky in the way the business was negotiated. CORNISH POINT REPORT. The mine manager of the Cornish Point Gold Mining Company, Ltd., reports that owing to the dip in the bottom he has been compelled to drive over the wash fur some 16 feet. By the use of a hand pump he has been able to reach bottom in this wash—approximately two feet. Dish prospects were much the same as on the surface, but he was agreeably surprised on shifting the pump out of the mine and washing it out to find a go'vl prospect of shotty gold, which, he contends, had been sucked up from the bottom. He proposes, by the use of extra water pipes, to facilitate the drainage thus enabling him to clean up the wash right up to the face' and also making driving possible right on the bottom. By doing this, he states, there is a chance of striking a good lead of gold. NEW'PLYMOUTH (N.Z.) OIL WELLS. The following is the report for the New Plymouth (New Zealand) oil wells for the week ended June 22: —“At 2280 feet we struck excellent oil and gas showings. We stopped drilling to insert a casing preparatory to testjng our first objective oil horizon.”

DUNEDIN STOCK EXCHANGE Friday Afternoon. The following is a list of the sales recorded on the Dunedin Stock Exchange during the past week:— E.S. and A. Bank, £3 19s. New Zealand Refrigerating (cont.), 3s 9d. 3s 7d. Milburn Lime and Cement, 29s 9d. Waihi, 15s 3d. Mount Lyell, 18s 6d. Mahakipawa, Bd.. Okarito, 8s 4Ad, 8s 6d (nine parcels), 8s 7d (two), 8s 6d, 8s 6Jd, 8s 3d (three), 9s, 9s Id, 9s 2d (four). 9s 3d. 9s 2d (10), 9s 3d. King Solomon, 3s, 3s 3d (four), 3s 3Ad, 3s 3d (five), 3s 6Jd (two), 3s sd, 3s 7d, 3s 6.d (three), 3s 3d (two, after-call). Paddy’s Point, 2s lid (three). Four and a-half per cent. Inscribed Stock (1939), £9B„ss. There has again been considerable activity on the Dunedin Stock Exchange during the past week, most of the business being concerned with Okaritos and King Solomons. No fewer than 35 parcels of the former shares were turned over and there -were' 18 sales of King Solomons. The only business done in the banking section was a sale of E.S. and A. Banks at £3 19s. There was an offer of £4 for a small parcel at the close of the market, but no seller was attracted. Bank of New Zealauds have continued in demand at 46s 6d, a seller coming forward at 49s 9d. Offers of up to 14s 4d for Commercial Banks have failed to attract business, the best selling quotation being 14s 6d. The insurance section has experienced a quiet week. Nationals have been asked for at 12s 9d, but sellers have remained firm at 13s 6d. No business has been done in the shipping,. coal.'or loan and agency sections. Around Us has been the offer for paidup New Zealand ..Refrigeratings, sellers being unwilling to do business at less than Ils 6d. There was a sale of the contributing issue at 3s 9d and another transaction took place later at 3s 7d. When the market closed there w’as a buyer of these shares at 3s 6d, but sellers would, not then accept less than 3s Bd. British Tobaccos, which were in demand early in the week at 235, have tended to firm, and at the close of the market the offer was 23s 9d, sellers quoting 25s 6d.

There -was a sale of Milburn Limes at 29_s 9d, later offers of the shares at 30s failing to attract a buyer. There was business in Waihis at 15s 3d. These shares were asked for to-day at 15s 2d, but no seller came into the market. A parcel of Mount Lyells changed hands at 18s 6d. The demand eased to 18s 2d by the time the market closed, sellers then demanding 18s Bd. Mahakipawas saw business at Bd. A later offer of 71d found sellers demanding 2d more. Okaritos were dealt in at prices varying from 8s 3d to 9s 3d, the tendency throughout the week being to firm. The market closed with a buyer at 9s 3d and a seller at 9s Cd.. King Solomons have also continued to firm and the market improved to 2s lid and 3s, for buyers and sellers respectively, at the commencement of the week to the closing quotations of 3s 3d and 3s 6d for buyers and sellers. During the week busi-

ness was transacted at prices ranging from 3s to 3s 7d. ' Three parcels of Paddy’s Points changed hands at 2s lid, and the close of the market found an unsiipplied buyer forward at 3s. The only business done in Government loans was the sale of, a parcel of 4J per cent. Inscribed Stock (1939) at £9B ss. These were being offered yesterday at £9B 10s, no buye r coming forward. -Saturday Morning. No business was done on the Dunedin Stock Exchange this morning, but two sales of King Solomons at 3s 3d were reported after the call. The closing offer for these shares was 3s 3d, sellers then demanding Id more. An offer of 14s 6d for Golden Points failed to attract a seller. . There was a buyer of Okaritos at 9s 3d, but sellers were firm at 9s 6d. The demand for Paddy's Points continued at 3s, but sellers were unwilling to do business at less than 3s sd. . The offer for M'Leod Bros, shares was increased to £l9 15s, but no seller came into the market. -- The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia —Buy £9. Bank of N.S. Wales —Buy £24 10s, sei £25. Bank of New Zealand—Sei 475. Bank of New Zealand (long “D”) — Buy 255. Commercial Bank —Buy 14s 3d, sei 14s 9d. Commercial Bank (pref.)—Buy £5 6s. E.S. and A. Bank —Buy £4. National Bank of New Zealand—Sei £4 17s 6d cum INSURANCE. National Insurance Co. —Buy 12s 9d. N.Z. Insurance Co. —Buy 40s. Standard Insurance Co. —Sei 47s 6d. SHIPPING. Hudart, Parker (pref.)—Buy 17s 9d, sei 20s. U.S.S. Co. (pref.)—Buy 19s 6d. COAL. Kaitangata—Sei Is 6d dis. Westport Coal Co.—Buy' 23s 3d, sei 245. LOAN AND AGENCY. Dalgety and Co”. —Buy £6 4s. National Mortgage—Sei 50s cum div. National Mortgage (“ B ” issue) —Sei 29s cum div. MEAT PRESERVING. Gear Meat Co.—Buy 255. N.Z. Refrigerating (pd.)—Buy 10s 6d, sei Ils 6d. N.Z. Refrigerating (cont.) —Buy 3s 6d. sei 3s Bd.

MISCELLANEOUS. British Tobacco—Buy 24s 3d cum div. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber—Sei 12s 6d. Dunedin Stock Ex. Ppy.—Sei 50s. Kaiapoi Woollen (ord.) —;Buy 7s, sei Bs. Milburn Lime and Cement’—Sei 30s 6d. M'Leod Bros.—Buy £l9 15s. N.Z. Drug Co.—Bqy 50s. Otago Daily Times—Sei 51s. Woolworths (pref.)—Buy 21s. BREWERIES. N.Z. Breweries, Ltd—Buy 34s 3d. N.Z.- Breweries Debs.—Buy 21s. MINING. Waihi—Buy 15s 2d. ■ Waihi'Grand Junction—Buy 3s, sei 3s 5d cum div. . - Electrolytic Zinc —Buy 14s. Mount Lyell—Buy' 18s 3d, sei 18s Gd cum div. Mahakipawa—Buy 7 Id, sei 9Jd. Kildare—Sei Is. Okarito—Bity 9s 3d, sei 9s 6d. Paddy’s Point —Buy 3s, sei 3s sd. Golden Progress—Sei 28s.' King Solomon—Buy 3s 3d, sei 3s 4d. Golden Point—Buy 14s 6d. Moturoa Oil —Buy Is. WAR BONDS. 4 J per cent. Bonds, 1941 —Buy £9B. 44 per cent. Inscribed, 1938 —Sei £9B 10s. 41 per cent. Inscribed. 1939—Sei £9B 10s. 5j per cent. Soldiers’ Inscribed, 1933— Sei £99 2s 6d. 5£ per cent. Inscribed, 1933 —Sei £9B 10s. r, ' 1 NORTHERN EXCHANGES The following business was done on ’Changes during the week: — Tuesday. Auckland.—Sales: Inscribed Stock (1936) 54 per cent., £99 5s (late sale Monday); Bank of New South Wales, £24 15s (two parcels); Bank of New Zea-’ land, 46s 6d, 46s 41d; South British Insurance, 50s 9d; King Solomon, 3s Id; Waihi, 15s 3d (tw r o parcels); Waiii Grand Junction, 3s 4d (two parcels). Wellington.—Sales reported: Bank of New Zealand, £2 6s 5d (three sales), £2 6s 6d (two sales); New Zealand Refrigerating Company (10s paid), 3s 7d (three parcels); Auckland Gas Company £1 2s IOJd. r Christchurch.—Sales: Bank of Austra’asia, £9 7s; Bank of New South Wales,: £24 Us 6d (two parcels); Bank of New Zealand, 46s 3d; South British Insurance, 50s 6d; Goldsborough, Mort (cum div.), 19s lOd; Christchurch Gas, 25s Id; Mount Lyell (cum div.), 17s 9d (three parcels); Wilsons Cement, 35s 6d; King Solomon, 3s 2d, 3s Id (three parcels)., 3s. 2d, 3s 3d, 3s 3Jd (two parcels); Okarito, 9s (five parcels). Sales reported: Bank of Australasia, £9 7s; Bank of New South Wales, £24 15s, £24 12s 6d (two parcels!, £24 15s; Union Bank of-Aust., £7 10s. Wednesday. Auckland. —Sales: Auckland Harbour: Board (1943), 54 per cent,, £97 10s; National Bank of New Zealand, £4 15s;: Bank of'New Zealand, 46s sd, 46s 6d; New. Zealand Insurance. 40s; South British Insurance, 50s 6d (two parcels); New Zealand Breweries, 32s 9d; Farmers’ Trading, 6s 8d; King Solomon, 3s 3d (two parcels); Waihi Grand Junction, 3s 4d: Mount Lyell, 18s 3d (two parcels). Wellington.—Sales reported: Bank of New South Wales, £24 17s 6d; Christchurch Gas Company, £1 ss; New Zealand Breweries, £1 12s 9d; Colonial Sugar Company, £33 17e 6d (two sales); New Zealand Government 54 per cent, stock (1933), £99 2s 6d; Mount Lyell Mining, 18s 6d (cum div.). Christchurch.—Sales: Commercial Bank of Australia, 14s 3d; Bank of New Zealand, 46s 6d; New Zealand Breweries, 32s 10d (two parcels); King Solomon, 3s 4d (two parcels); Okarito, 9s 2d; Golden Point (10s paid), 16s 6d, 16s 3d, 15s 9d,

15s 6d; Westport Coal, 245. Sales reported: Union Bank of Australia, H 12s; Mount Lyell (cum div.), 18s 4d. Thursday. Auckland.—Sales: Bank of New South Wales, £24 17s 6d; New Zealand Insurance, 40s 3d; South British, 50s 6d; King Sqlomon. 3s 4d, 3s. 5d (late sale Wednesday 3s 3d); WaihL Grand Junction, 3s 4d.

Wellington.—Sale reported: Canterbury Frozen Meat, pref., £3 2s. *" Christchurch.—Sales: Commercial Bank of Australia, 14s 3d (two parcels); National Bank, £4 15s; Bank of New Zealand, 46s 6d (three parcels); Mount Lyell cum div., 17s Ud, 17s lOd (two parcels); Cornish Point, 7Jd; King Solomon, 3s 6d (three parcels). 3s 7d, 3s 6Jd (two parcels), 3s 7d, 3s 6Jd; Mahakipawa, 8d; Okarito, 9s 2d; Golden Point (10Jd paid). Is 7d.—Sales reported: E.S. and A. Bank, £3 19s; Bank of New South Wales, £24 17s 6d; Bank of New Zealand. 46s 6d (three parcels) ; New Zealand Insurance, 40s; Canterbury Frozen Meat (pref.), 62s 6d; National Bank, £4 15s 6d (three parcels). Friday.

Auckland.—Sales: Mount Roskill Road Board (1960) 5| per cent., £9B; Auckland City (1944), 5J per cent., £97 7s 6d; New Plymouth Harbour (1946). 5| per cent., £97 10s; Bank of New Zealand, 46s 6d (two parcels); South British Insurance, 51e, 51s 3d; New Zealand Breweries, 34s 8d; New Zealand Refrigerating (con.), 3s 6d; Waihi Grand Junction, 3s 4d (two parcels) ; Mount Lyell, 18s 3d; King Solomon, 3s Bd. .

Wellington.—Sales reported: New Zealand Government 44- per cent. Stock (1938), £9B; Bank of New Zealand, £2 6s 6d (three sales); Christchurch Gae Company, £1: ss. Christchurch.—Sales: Commercial Bank, 14s 4d (two parcels), 14s sd; National Bank of Australasia (£5 paid), £4 15s; Bank of New Zealand, 46s 6d; South British, 50s 9d; Dalgety and Co., £6 7s 6d; Goldsbrough, Mort (ex div.), 20s; New Zealand Breweries, 34s 6d,«34s 9d; British Tobacco (cum div.), 24s 6d, 24s 8d; D.I.C. (10s paid), 15s 3d; Mount Lyell (cum div.), 18s 5d (two parcels), 18s 6d; Cornish Point, 7d; King Solomon, 3s 7d; Mahakipawa, 8d (five parcels); Okarito, 9s 2d, 9s 3d; Golden Point (10s paid), 15s. Sales reported: Goldsbrough, Mort, 20s (two parcels); New Zealand Refrigerating (10s paid), 3s 7d; New Zealand Breweries, 34s 9d; Mount Lyell (cum div.), 18s 9d.

Invercargill.—Sales reported: Bank of New South Wales, £24 17s 6d; King Solomon, 3s 4d, 3s 6d, 3s 7d (two parcels), 3s 74d, 3s Bd,‘3s (two parcels).

Saturday. Auckland. —Sales: New Zealand Farmers’ Co-op., Canterbury, 1940, 6| per cent., £53 10s; Bank of New Zealand, 46s 6d; New Zealand Insurance, 40s 9d; Waihi, 15s 4d; Mount Lyell, 18s 6d; King Solomon, 3s 4d. Late sales Friday: War Bonds, 1939, 44 per cent.. £9B; City of Auckland. 1944, 5J per cent., £97 7s 6d. Wellington.—Sales reported: Bank of New Zealand. £2 6s 6d; King Solomon Mining, 3s 7Jd; Cornish Point Mining, 84d.

Christchurch.—Sales on "Change: Commercial Band of Aust., 14s 6d; South British Insurance, 50s 9d; United Building Society, 13s (odd lot); New Zealand Breweries. 35s 2d; Mount Lyell (cum div.), 18s 3d (two); King Solomon, 3s 44d (three). 3s 4d, 3s 34d. 3s 3d, 3s 2d (four); Golden Point (16s paid), 15s sd, 15s (two). Sales reported: New Zealand Breweries (late sale 26th), 355; Mount Lyell (cum div.), 18s 3d.