MINING NEWS.

Alexandra Herald and Central Otago Gazette, Issue 351, 29 January 1903, Page 5

MINING NEWS.

The rivr has kept steady during the week, the height at the Alexandra bridge last evening being about 7|ft above " normal." • Tho Perseverance Company has declared another dividend of Is per The fitting-up of the Coronation Co.'s dredge is nearly completed, and a trial run will be made early next week. The Dunstan Lead dredge, which has been undergoing a thorough overhaul for some time past, will probably be ready to resume work next week. The Unity dredge will resume work shortly. The Last Chance Sluicing and Dredging Co, Bald Hill Flat, has declared a first dividend of Is per share. The Cairntrodlie dredge (Ida Valley) had to stop last week owing to a broken • pinion. Work will probably be resumed before the end of the week Mr W. B. Leeder, who was last week appointed manager of the Alexandra Bonanza Ca's claim, arrived on Tuesday, and took over charge of the works yesterday. The Moa No. 2 dredge has lately been troubled a good deal with silt. The manager has arranged with the Golden Beach Company for a supply of water, and a jet is now at work sluicing off the accumulation of silt on the surface of the beach where the dredge is working. This will facilitate dredging operations considerably. The following items are taken from the " Cromwell Argus ":—The Riley's Beach dredge will begin • dredging about the middle of the week.—The work of overhauling the Hartley and Riley, and putting new machinery on, is now in full swing.—The Cromwell No. 2 will be moved to that point of the river where the No. 1 was silted up, and got good gold,—The Royal Maori is still in a state of enforced idleness, awaiting the arrival of her crown wheel. A fortnight may elapse ere a start can again be made.—The Rise and Shine dredge was employed last week in cleaning up her paddock, and started dredging at midnight (Sunday), with every prospect of a good week's run and return.

BALD HILL FLAT. In December, Messrs Dowdall and Ewing finished a paddock, two chains square, and washed up 107oz. This was the result of five weeks' work Last week a small paddock was washed up for 460z., but the bottom was not quite cleaned up. Since work has been commenced on this claim, an acre and a-half has been worked, the total yield from which has been 2700z. Eight men axe employed on the claim. Water is plentiful just now, and the snow which has fallen on the hills during the past few days will materially help to keep up the-supply.

MOLYNEUX HYDBAULIO DREDGING COMPANY, LTD. The following is the director's report, to be submitted to the annual general meeting of shareholders on Monday evening next : " Your' directors beg to present the Balance-sheet and Report for the year ending December 20tb, 1902. We are pleased to say that the year's operations have been very successful; 7s 6d per ■hare has been paid in dividends and a reserve fund started, which now; amounts to £SOO. j " The amount of gold won during the year totals f6oßoz ldwt 18gr (the most gold won in the time since the' dredge started). Beckoning 52 weeks, this would be an average of 30oz 18dwt, but taking the actual dredging time 48 weeks (average working time j per week, 123£ hours), the average would be 33J ounces. " The cost of running the dredge is considerably less than last year, principally owing to the extensive overhaul and alterations effected the previous year, and the reduction in the foundry prices. The total expenditure for the year, £3349 9s Id (not including the debt due from last year, £329 5s 4d), would be an average for the 52 weeks of £64 88 per week. " The dredge, which has just had an overhaul, is in good working order, and is still continuing 'the same cut up from where she started in November, 1901. This is the third cut at this part of the claim, and the ground proved to be richer working the present cut than the previous ones, showing that the ground is better the further the dredge works into the bank away from the river, and we have no reason to doubt that it will continue. " For some distance ahead of where the dredge is now the overburden has been sluiced off, and there is good reason to believe that the most of it will be payable. The returns for the last few weeks were not quite so good, but we hope to get on to some good ground again shortly. "The directors are Messrs John Pattison (chairman), James Kelman, _ George Spencer, W. A. Theyers, Stephen Foxwell, and John Gartley. Messrs Spencer and Theyers retire, and offer themselves for re-election. The retiring auditors (Messrs Grimstone and Young) also offer themselves for re-election. MATAU DREDGING COMPANY. The sixth ordinary general meeting of the above company was held at Dunedin last Friday. Mr J, Blair (chaiiman cf directors) presided, and there were ten shareholders present in addition. The Chairman said that anything of importance relating to the company had alreary been communicated to the shareho ders by the report and balancesheet TUy would notice by tfel

balance-sheet that the sum of £583 14s 9d had been written off the the dredge and machinery. This was \lone to equalise the assets, apart from the cash in the Post Office Savings Bank and the Bank of New Zealand. He bad always held that the dredges and properties figuring in balancesheets should be regularly reduced, as it must be patent to everyone that the claims were being gradually worked out, and so could not remain at the value they were when first acquired by companies. He concluded by moving the adoption of the report and balance* sheet, which was carried unanimously. Messrs Black and Lee were reelected directors. In answer to a question, the chairman said they had been trying to enlarge the claim. DREDGING RETURNS. The following are the returns for the week ending Saturday, January 24th, 1903 :

oz dwtgr Golden Ran. Millers Flat 70 10 0 Perseverance No. 1, Alexandra!... 59 15 0 Upper Waipori, Waipori. 140hr... 51 0 0 Ettrick, Roxburgh, llObrs 50 4 0 Waimumn, near Gore, 104 hoars 49 18 0 Earnscleagh No 1, Alexandra 75b 47 5 0 Waimamu Queen, Gore 45 6 0 Otago No 2, Beaumont, 118hrs 40 5 0 Roxburgh Jubilee, Roxb'rgb,l37h 40 4 0 Perseverance No 2, Alexandra... 39 0 0 Waikaka, Waikaka, 134hrs 36 12 0 Mystery Flat, Waikaia, 34 0 0 Royal Walmumu, near Gore 33 10 0 Olrig, Manuherikia, 125h . ... 31 12 0 Earnscleugh No 2, Alexandra 126b 30 8 0 Happy Valley. Tuapeka. 6dys 20 10 0 Central Charlton, near Gore, 134hr 27 14 c Chicago, Alexandra, 127hrs 27 0 0 Enterprise No. 2. Alexandra, 136h 25 18 12 Matau, Clyde, 4§dys ... . 24 0 0 Island Block, Beaumont, wk ... 23 7 0 Waikaka United No 1, Waikaka 23 0 0 Golden Bed, Miller's Flat, 125hrs 23 0 0 Enfield, Waipori, 20 8 0 Waimumn Extended, Gore 20 0 0 Charlton Creek, near Gore, 116hs 20 0 6 Central Mataura, Mataura, 150h 19 12 0 Empire No 1, Waipori .19 1 0 Golden Gate, Millers Flat, 6dys 18 -9 0 Ngapara No. 3, Nevis, 140hrs 18 "6 0 Globe. Waikaka, 134hrs 17 13 0 Charlton Valley, near Gore. lOihrs 17 11 10 Gabriel. Tuapeka Flat... 17 4 0 Paterson's Freehold, Waikaka 17 0 0 Muddy Creek, Waikaia, 120h ... 16 12 0 Inchdale, near Palmerston, 133hrs 16 7 0 Majestic, Miller's Flat. 15 12 0 Molyneux Hydraulic, Alex'dra,121h 15 10 0 WaikakaQueen, Waikaka, llShrfe 15 8 0 Lawrence, Tuapeka Flat, 5dys is: 0~ 0 MacCharlton, near Gore - ... 15 0 0 Inch Valley, near Palmerston ... 13 0 0 Spec Gully, near Gore. 145hrs ... 12 19 0 Teviot, Roxburgh, 120hrs 12 0 0 Rise and Shine, Up'er Clutha . „ 12 0 0 Grand Junction, Nevis River ... 11 0 0 Otago, Miller's Flat, 6dys 9 12 0 Lady Charlton, nr Gore. 8 14 0 New Golden Gravel,Beaumont... ; 9 0 0 Clyde, Alexandra. 8 0 0 Coal Creek Flat, Roxburgh 4 14 0 Total for 51 dredges ... 1287 3 4 Average per dredge 25 0 0 • . - ' The West Coast, Mosquito 67 0 0 No Town Creek 62 0 0 Pactolus No. 2;.. .;. ... 55 13 0 North Beach 51 3 0 Greenstone Creek 47 6 0 Mokoia • - ... 44 15 0 Rocklands Beach 28 1 0 Prince of Wales 26 17 0 Kohinoor ., 26 4 0 Aldinga ... 25 3 0 Trafalgar 21 16 0 Callaghan's ... 20 10 0 Commissioner's Flat ... .. 20 3 0 Leviathan 17 0 0 Shellback 14 17 0 Cornwall 14 0 0 A 1.... 11 17 0 New Greenstone 11 0 9