MINING NEWS.

Press, Volume LVII, Issue 10765, 19 September 1900, Page 3

MINING NEWS.

THE DUNEDLN MINING MARKET. (SPECIAI. TO "THE FBESS.") DUNEDIN, September 18.

I am glad to be able to report a considerable revival in mining matters again. For some time the market has been going from bad to worse, till it almost became a farce for the Exchanges to meet at all. The Dunedin Exchange i. the leading institution in the share world, and has about fifty members who were meeting regularly twice each day for an average of about ten sales. Every day, too, prices went lower, till there seemed no telling when they were going to stop. The amazing part of it all was that all this was going on at a time when the returns were far better than ever they had been since the dredging fever set in. Twelve months ago a thousand ounces a week was a large return, and of this it was common to see one dredge (the Hartley and Riley) accounting for half of it or more. Now the returns total twice this amount weekly, and the amount is gradually going up, this week's total being nearly 23000z from thirtvfuur dredges, or an average of 6700z each. The Electric topped the list with 6620z and the Clyde was next with 3520z, but it must not be* forgotten that the former company has a capital of £26,000, while tbe latter has only £4000. Among the steady winners of gond returns lately is the Cromwell, another small company which this week secured nearly 200oz for the second week in succession. With these good returns an improvement in the market might naturally be looked for. As mentioned above, the revival has come, but it is very noticeable that it is of a very different nature to the rises which took place in boom times. Then one good return was sufficient to bump up prices for every other claim in the same district. Now, however, only claims which have had good yields benefit much by the rise in the price of Hartley and Riley shares are being sold every day, but the price has become weaker and weaker, and the comparatively small return last week (under EOoz) seems likely to drive them back still further before long. The Meg and Annie return, though not large, is satisfactory. This claim is watched with interest, as it is locked on by many as supplying a pretty reliable guide to the value of gorge claims. One of the most pleasant features in connection with mining matters is the steady dividends being paid, more than £10,000 having been declared in dividends during the last fortnight. So far as general prices are concerned, I do not look for great improvement before tbe end of the year. In fact, in some stocks there may even be a further slump. The fact is people have far more than they can conveniently hold at present, and not a Court day passes but finds a whole host of cases by companies for unpaid calls. The over-floating of companies is reaHiy responsible for nearly all the trouble. While he is getting such fine returns from the working dredges as were coining in during the last few weeks there is no need for the legitimate investor to trouble about the future of dredging. As one big holder said to mc the other day, "The market is certainly in a very bad way, but dredging is all ri -it " Meantime rumours are rife of more than one share gambler being very hard hit of late.

A meeting of shareholders in the Croesus (Paparoa) Gold Mining Company, Limited, washeld -n the company's office at Greymouth on the 12th inst., when the following directors were elected for the ensuing year:—Messrs Bi _.ell, O'K-ne, Smith, Jay, Gittos, Neilson. E__s (Christchurch), Lee (Dun-din) j uO. Kember (Wellington). Messrs E. A. Wickes and G. S. Smith were re-appomted auditors. The annual meeting of the Go.den Gravel Gold Dredging Company was held m Dunedrn on the 7th inst. The director, report stated that the contract for a complete dredge had been let in one lot to Messrs Stevenson and Poole, the contract time being December l-t_, 1900 The work ol building the pontoons was in hand, and was being vigorously prosecuted, and the contractors say the dredge will be completed in the time specified. Owing to tho pressure of wort at the foundries, it had teen impossible to get the work done in any shorter time than that fcr which they had arranged. In moving the adoption of the report, the chairman said they had contracted for <_ dredge to cost £5800, and to dredge to a depth of 40ft to 50ft. In reply to a question, he explained that there was now only about £150 outstanding in calls, and he thought that there were very few companies .so well circumstanced in this respect. He thought it was rather an exceptional proceeding for directors to put the law into force in connection with the recovery of arrears until the money was actually wanted. The sum, £5800, would be the total cost of the diedge till it had been working one month. The report and balance-Bheet were adopted.. The retiring directors, Mr Hugh Crossan and Captain Hodge, and the retiring auditor, Mr William Reid, were re-elected. The next annual meeting is to be held on the second Friday in September next.

THE CANTERBURY STOCK EXCHANGE. The following are yesterday's sales: —Electric, Sis 9d. The following are yesterday's quotations:*— Buyers: Callaghan Creek, par. Sellers: AJdinga, ls; Earnscleugh No. 3, 2s 6d; Golden Reward, par; Great Woodstock, 9d; Grey River. 16s; Grey River Extended, 6d; Grey Monarch, ls 6d; Hokitika Junction, 3d dis; Kohinoor Extended, ls; Major Robin, par; Moonlight, par; New River, Is 6d; Pactolus No. 3, 3d dis; Perrett's Junction, par; Point dOr, 3d dis; Perry'b Reward, 6d; R_i Jacks, par; Reefton United, ls 6d; Sullivan's Lead, par; Teremakau,.Gd; Teviot, par; Waimea, Sd dis; Waiora, 6d dis; Watterson's Consols, ls Cd; Welcome, par. Paid: A.1., 235; Leviathan, 375. CHRISTCHURCH STOCK EXCHANGE. The following are yesterday's quotations:— Buyers: Fourteen Mile Beach, 37s 6d; Vincent, 40s. Sellers: Al, ss; Ahaura River, 6d; Boundary Creek, 6d; Cornish Point, Ib 3d dis; Dunedin, 4s 6d par; Ford's Creek, ls dis; Galvanic, 355; Golden Gravol, 2s; Island Creek, __; Leviathan, 40s; Pactolus No. 2, ls 6d; Richard's Beach, 255; Roxburgh Jubilee, 4a 6d; Sixteen Mile Beach, 3s 6d; Teviot, 8d; Vulcan, 3d; Welcome, Is.

(PBESS ASSOCIATION TELEGRAMS.) j AUCKLAND, September 18. i The Wait-kauri Gold Mining Company's return for four weeks is 2148 tons treated for bullion valued at £5024. DUNEDIN, September 18. Dunedin Stock Exchange sales—Premiums: Bendigo, 3s 6d; Electric Extended, 225, 22s 6d, 24s 3d, 235; Golden United, par; Great Central, 9s 3d; Grey River, 15s Cd, 16s, 15s 9d; Kohinoor, 6s; Orwell Creek, ls 6d; Sixteen Mile Beach, par; Waika Queen, ls. Paid up: Charlton Creek, 33s 9d, 345; Chatty Creek, 28s, 27a 9d; Clyde, £4 7s 6d; Electric, £2 14s, £2 14s 3d, £2 14a 6d, £2 14s 3d; Golden Bed, 235; Golden Link, 15s; Hartley and Riley, £5 13s, £5 12a 6d, £5 lis, £5 10s, £5 9s; Junction Electric, 28s 3d; Magnetic, 365; Manuherikia, £4 10s; Meg and Annie, £2 7s 6d; Perseverance, £5; Sailor's Bend, £2 ls; Second Magnetic, 32s 6d; Upper Magnetic, 27s 6d; Vincent, £2 6s. At discount: Cornish Point, ls 3d; Lady Charlton, 3s 6d, 3s; Mikonui River, 3s 6d.