MINING NEWS.

Inangahua Times, Volume VIII, Issue 1286, 20 August 1883, Page 2

MINING NEWS.

. * [From our Mining Reporter.] Saturday 18. A rather better feeling has prevailed in the sharemarket during the past week and in one or two lines some real business has been done. Welcomes have been gradually but steadily foregoing ahead for some time past, and on Wednesday last stood at £7 12s 6d. (buyers), with still a pronounced upward tendency. The shares are now higher than they have ever been before, and the advance is the more significant from the fact that the company have not been paying dividends for some time past. The increase is of course due to the fact that crushing will shortly be started from the low level, when a long continuance of profitable work is looked forward to. The last level paid close upon £100,000, so that the mine being now assessed in the market at £114,000 is still considerably under the mark, in view of the fact that the present level opens up a much larger area of stone. In Fiery Crosses there has also been some business done, and prices remain very firm, and in view of the fact that the company has got through with all the dead work, has a respectable cash surplus on hand, and a large extent of stone accessible for future crushings, the advance of these shares is more than probable. The resumption of work by the Imperial Company aided by the result of recent developments on that line, has had the effect of raising the shares from a nominal to a marketable value. - They were quoted during the week at 4s, at which figure sales were effected. The Just-in-Tiine also holds a firm place in the list of marketable stocks, and the wotks now in progress may be expected to shortly add to thenvalue. Interest quickens in regard to the Globe, the works of which are now on the eve of completion. In regard to the Lankey's Cement Company operations have been delayed awaiting the result of a meeting of shareholders in Dunedin. The meeting came ofi during the week, when it was decided to appoint a mine manager experienced in cement working, and to take out another crushing, Work will therefore be resumed at once. What with the works going on at the Inkerman and the resumption of operations by the Balaklava, that portion of the district is now the seat of considerable activity. The cleaning up of the Oriental Company after their first crushing has proved disappointing, as indeed most first crushing do, but good hopes are entertained that the undertaking will yet come out right. In the Murray Creek locality the Golden Treasure are within a few months of crushing, and when the stampers are once set going their work will be permanent. ■ Good progress is being made with the erection of the Ingle wood Extended,- ptant, and a couple of months ' ought to find the battery in readiness for stone. It is too soon yet to look for any result from the operations of the diamond drill at the Golden Fleece mine, but the machine is working well. It will thus be seen that there is a deal of work going on in the district, and in the course of about three months from now, the five batteries now in course of erection will be tinished and at work, bringing the total number of batteries on the field up to sixteen, the gold yield from which ought, and no doubt will, figure up largely by the end of the year. The following are the battery returns for the past week : — Oriental. — 1490z5. lodwts. of retorted gold, (about five weeks crushing). Keep«it--Dark. — 3340z5. of amalgam, from 190 tons of stone. Welcome.^ — 42Gozs. of amalgam, from 75 tons of stone. Oriental. — 43ozs. of amalgam (three days crushing). FIERY CROSS EXTENDED. Crushing will be resumed by this ! company on the 1 st of September next, with a considerable parcel of stone. INGLEWOOD EXTENDED. The rise started on the reef from the lower to the upper level is now up something over 100 ft, leaving about 20ft still to go to make the connection, when the ventilation of the mine will be complete. The ris_e has proved the reef to be regularly formed, and its average thickness throughout is shown to be not less than 3fb. . The stone carries a good show of gold, and there can be no doubt as to its payable character. About 100 tons have been broken out during the progress of the rise and this is paddocked ready for sending to the battery. Excellent progress continues to be made in the preparation of the plant, and with fair weather a couple of "months will no doubt find the works well advanced.