MINING NEWS.

Press, Volume LVII, Issue 10755, 7 September 1900, Page 3

MINING NEWS.

THE GREY RIVER. COMPANY'S DREDGE.

Statements that the Grey River Gold Dredging Company's dredge had broken a shaft were current in local mining circles yesterday. It is not known when the supposed accident occurred, and as far as could be'ascertained no information direct from Greymouth had' been received in town. One telegram on the subject is said to have been received from Hokitika.' From a comparison of the various -statements made regarding the matter, it appears probable that the breakdown took place early in the Week, and was not the main shaft. Our Greymouth correspondent telegraphed last night;—. . The Grey River dredge's'machinery broke down, the shaft giving way. It is expected to be in full work on Monday. Gold is showing, oh the tables, though in small particles. As the result of investigation the services' of the" man in charge' of the engine department have been dispensed with,-as the machinery was not oiled as it should have been.

The statutory meeting of the Waipuna Creek Gold Dredging Company was held yesterday at the office of the company in this city, when five thousand -and twenty shares were represented personally or byproxy. Reports were read of a highly satisfactory character, it being stated that the results of the bonng operations had: proved the company's property to be of exceptional value for dredging p_rposes. Arrangements are being made for- a dredge, and under the favourable conditions it is expected that the ground will be broken at an early date. Mr J. Cunningham was appointed chairmaii of directors. \ The first statutory meeting of the Rocklands King Gold Dredging Company was held yesterday in this city, when the following directors were elected: —_ilessrs W. Vincent, W. Broadway, il. Louisson, E. Mulcock, G. B-. Ritchie,, and G. King. At a meeting of directors, held afterwards, Mr Vincent was elected chairman. It is expected that the pontoons of the Al Gold Dredging Company's dredge will be floated nest week. All the machinery is expected to be completed by October.

Although the proprietors of the Totara dredge, near Ross, keep the result of their operations aa secret las they possibly can, says tho "Grey River Argus,",.what information leaks out goes to show that the claim is highly profitable. One gentleman who knew of what he was talking, while declining to make any specific statement as to the exact results, said he might go bo far as to say that he would very much like to be one* of the few shareholders who form the company. A great deal of trouble is given by a layer of-heavy boulders that has to be gone through. These huge stones are very severe on the buckets and strain the machinery greatly. Hence the company have entered into a contract for the construction of a new dredge better adapted to contend with tho difficulties of the ground. We have received from the Zealandia Syndicate, Dunedin, a compact brochure dealing with the history of the Syndicate with respect to the flotation of dredging claims on the West Coai.t,-and giving valuable information respecting the progress made in connection with the different; companies, xAs indie-ting the value of the systematic prospecting done by the Syndicate, it is stated that their experts on the Coast recently advised the directors that -they had had to throw up several options on the Little Grey River on account of the boring operations Bhowing that, the gold did not live down. The very fair dredging prospects -obtained on the surface would doubtless, with ihsufiicient prospecting, have resulted in tho claims being placed on the market—the promoters assuming on the surface indications that better and heavier gold would bo found in the lower stratas and on the mam bottom. The boring rods had, however, corrected this "fallacy, and had shown how careful -owners should be to thoroughly, test areas before offering them to the public. ' Mr'W. Gilbert: manager of the Greenstone Junction Gold - Dredging. Company, has informed the "Kumara Times" that the directors have decided that the machinery in connection with the dredge shall be placed on the pontoons at the launching site. Tho Woodstock Gold Dredging Company have called tenders for the construction of the pontoons of the dred?-. The report of the Denartment of Mines, Queensland, states that dredging for gold can, as y«?t. ha-rdly bo seid to be even in the experimental stags, in that colony, although the lucrative nature' ot the method ia Now Zealand New South Wales, and Victoria has attracted attention to tho alluvial deDosits in tha colony, and abr.ut one hundred mile-a of rivers and fiats have been pegged out. It is expected that on mere than one river dredges will be at work daring the current _••{__,

THE CANTERBURY STOCK EXCHANGE. The following are j-esterday'a sales:—Paid, Junction Electric, 295; premium, Grey Monarch, 9d. Tho following are yesterday's quotations: — Buyers—Premium, Hokitika River, 2s 9d. Paid," Central Electric, 495; Golden Gate, £6 153; Hartley and Riley, £6 15s; Leviathan, 355. Sellers—Al, 3s; Aldinga, ls; Bendigo, Fox Creek, 6d; Golden Standard, 6d; Golden United, la; Great Central, 7s 6d; Great Woodstock, Is; Grey River Extended, ls 6d; Grey Monarch, ls; Kobjnoor, 7s 9d; Kohinoor Extended, Is 3d; Moonlight, 6d; New River, ls 9d; Pactolus No. 3, 3d dis; Ross Day Dawn, ls; Royal Sovereign, Is dis; Reefton United, Is; Saltwater Creek, Is; Victory, 3s 3d; Westland, 6d. Paid, Go]_don Gate", £7 ss. Par, British Lion, La Franchi, Major Robin, Per-ret-t's Junction, Red Jacks, Reeves's Proprietary. Sullivan's Lead, Waimea "(contributing), Waiora.

(PEESS ASSOCIATION TKLEOR-M.) DUNEDIN, September 6. Stock Exchange sales:—Premiums—Kohinoor, 6s; Three Mile Greenstone, ls 6d. Paid up—Central Electric, 455; Cromwell, £4 lis 9d; Dunedin. 43 8d; Dunstan Lead, 255; Evans Flat, 225; Hartley and Riley, £6 15s, £6 15s 6d, £8 16s, £6'lss 6d, £6 15s, £6 145,. £6 14s 6d, £6 13s 6d; Halfway House, 2Ss; Manuherikia, £4 17s. £4 18s, £4 19s; Mokoia, 20s 6d*. Nugget, ss; Vincent, £2 9s 6d; Vincent Extended, 37s 6d.