MINING NEWS.

Press, Volume LVIII, Issue 10887, 12 February 1901, Page 3

MINING NEWS.

The Nelson Creek Company's dredge since it waa started hua dredged about. 15Uoz of gold. The gold export from Weetland. during January amounted to 11760z 18grs, valued at over £4700. Mr Vv m. Cookeon has been placed in charge of tho Mokoia dredge. The Woodstock Gold Dredging Company have purchased the Nil Deapenvndum race 3 water rights, etc. It is understood, says the "Hokitika Times," that, the prioe paid to Spenee, Gaylor, and Purty, waa £1200. The company are to be congratulated on having acquired such valuable rights. The direct-ore of the Kohinoor Extended Gold Dredging Company have received a report from Mr D. Wrmgana on ihe company's claim. It is estimated that there are quite fifty acres of dredgable ground, and arrangements aro being made to have a bore put down by the Keystone Boring Company to test the property. A large quantity of blue s,-um was sold by the Brandy Jacks Gold Dredging Company to the Mosquito Gold Dredging Company. About 6000 ft of this timber was taken to the Brandy Jacks chum a few months ago, but is now being taken away again. The "Mining Journal" reports that the company are going to acquire a new claim. Thia looks doubtful, says the Grey mouth "Star," when they are Belling the timber which wae to be used for the construction of pontoons. The boring on the Greenstone Gold Dredging Company's claim is still going on; last week they were down a depth of 27ft, but are Beven or eight feet in the wash, so they should soon find bottom.' Tbe engine for the Hokitika River Gold Dredging Company's dredge arrived at Hokitika on Wednesday. The flywheel of this engine weighs 1 ton 10 cwt 2 qrs. Hie gToes weight of machinery to be fitted on the dredge will be about 200 tons. The work of erecting the machinery on the Greenstone Creek Gold Dredging Company's dredge is neartug completion, saya the "K.Uniara Times." The top tumbler was put in position last week, and all the rest of the machinery is at hand. The dredge, which should be starting to work by the end of the month, will open up close to where the last prospecting shaft waa sunk. As this shaft yielded s}gr to the load, very good results should be obtained. It is now over four years since a few enterprising persons of the town, tirst started to float this claim. They spent a large euui of mon»y in pruepecting, and it is to be hoped they will be well rewarded for their trouble and patience. The work on the Maori Queen Gold Dredging Company's dredge is progreaaing ac rapidly as can be expected under the circumstances, says the Dxtnganville correspondent of the "Grey River Argus." The boiler and engine are in line and tbe greater portion of the remainder of the machinery is in position. The framework of the housing-in is being put up. Tho company did wiaeJy In having a plat* removed from the lower end of the screen and one with larger perforations put on. This will enable them to catch the gold. A aeparate set of table* will be fitted up underneath the screen to carry the rough pebbles into the elevators. Mr Cowan, tho dredgemaster, has taken up his residence here and is engaged looking after the company's interests. Air Crabtree hopes to have everything completed by the end of the month. 1 shall give him till St. Patrick's Day, and will congratulate him if he has the buckets turning by that time. In the Otage Stock Exchange monthly list the following calculations are given:—Yield of gold during 1900: From dredges 62,2750z 2dwt 2gr, at 77a per oz (roughly), £"239,750. Yield of gold for 1901: By dredges, iour weeks to January 29th, 21320z lSdwt lOgr. Monthly dividend* paid in 1900: January £5053, February £4380, March £7133, April £9004. May £7384, June £9912, July £13,802, August £7-241, Septemfcer £13,809, October £10,790, November

£5136. December £6160; total £100,211. These dividends were the results of the working of tweety-eight dredges, whose capitals total £202,652. The return- equals 50 per cent, per annum. There were at the cud of 1900 seventeen dredges (with a capital of .EliS.OOO) working, which up to that time, had not paid any dividends. The amount invested stands: - Paying dividends, £202,052; not paying dividends £125,000; total £327.652. Dividends. £100,211 to capital invested £327.652; tie return on the capita] employed gives (approximately) for the year 31 per cent. A West Coast correspondent state* that it is understood that the report that the Perrett'a junction Lead Gold Dredging Cotnpaev's claim only contained fifty acres of dredgable ground is incorrect. As a matter of fact they have one hundred and fifty acres, and more will soon be heard of the company. The "OUko Daily Times" states that the I>eviath»n tiredge obtained SSoz amalgam for 190 Lours' dredging last week.