MINING NEWS.

Press, Volume LX, Issue 11547, 1 April 1903, Page 5

MINING NEWS.

— m Additional West Coast dredging returns are:—New Greenstone (,IUS hours), looz; Aniikitoa (60 hours), 10oz; Greenstone Junction, 6oz 3dwt. The secretary of the Feddersen Company reports the receipt of el telegram from the diedgemaster stating that operations were resumed on Sunday nu'ght. The Rocklanda Beach. Company's dredge struck solid wash an, Thursday last. There was no return last week. Our Dunedin correspondent telegraphs: — "The Three Mile Greenstone Gold Dredging Company has declared a dividend of Is a share. The reserve fund totals £600. The Trafalgar Company's dredge ia still engaged in repairing." THE COMMISSIONER'S FLAT GOLD DREDGING COMPANY. An. extraordinary meeting of the shareholders of the Commissioner's Flat Gold Dredging Company was held ia this city yesterday. Mr E. Cuthbert, chairman of directors, presided, and these were ais shareholders present. The Chairman briefly detailed, the steps taken in the direction of raising further capital to preve it tha company liquidating, end' stated that the appeals to the shareholders bad resulted in seventeen (including t/he directors), representing 2120 shares, responding. Most of these mvie it a, condition that all the shareholders should join in subscribing the additional capital. At present tho liabilities, iricluding the mortgage, was .£1725, aaid! the mortgagee had asked for the payment of one-half of the mortgage and of the liabilities, but the amount that would have been realised had'-the application* for preference shares been granted was not sufcient to pay these amounts. The mortgagee had 1 taken possession of the dredge and claim. For the past' two months he had not been paid .any interest. Ho had, however, increased the amount of the .mortgage to £1250, with wbioh most of the liabilities had been paid, otherwise the dredge would have been closed down earlier. Hβ thought that Mr Bruce, the mortgagee, bad treated them with the utmost loyalty, as the Reeves's Proprietary Company, in which he was interested, had been in treaty for the dredge, and could havo obtained it if the mortgagee had insisted on payment. At latest advices the Commissioner's Flat Company's dredge waa, when stopped, on wbat waa believed to be payable wash. He moved—"That it has been proved to the satisfaction of this meeting that the Commissioner's Flat Gold Dredging Company, Limited, cannot, by reason of its_ liabilities, continue its business, and that it ia desirable to wind up the same, and accordingly, that the company be wound up voluntarily, end a. liquidator appointed for that purpose." Mr A. H. Anderson seconded tho motion. Letters were read from two shareholders suggesting methods whereby the necessary capital- to enable the company to continue operations could be raised. One shareholder present pointed out that the great body of shareholders were to blame that the company now possessed no assets, as by subscribing three shillings per share they would still have been in possession of the dredge and claim. The motion waa agreed to without further discussion. Mr H. A. Bruce was , appointed liquidator. DREDGING RETURNS FOR MARCH. During the month of Maicui the amount of gold won by West Ooast dredges was 25820z 12dwt 20 gr, aa compared with 31620z 3dwt for the nsonith of February. The total yield each week and the average per dredge were aa follows: — Average per dredge No. of Total. per week. Week. Dredges, oz. dwt. gr. oz. Mardh 7th ... 21 610 0 0 25J March 14th ... 13 671 4 14 26J March 21st ... 23 573 10 6 25J March 28th ... 23 667 19 0 29 The average number of dredges per week which reported returns was 24. The mean return per dredge per week wae 26£oz. Otago and Southland dredges during March obtained 55330z sdwt 22gr as compared with 5800oz tidw.t 20gr for January. The -total yield each week and the average* per dredge per week for March were os follows: — Average, per dredge No. of Total. per week. Week. Dredges, oz. dwt. gr. oz. March 7th' ... 60 1100 15 11 23 Mardh 14th ... 57 1433 10 18 25 March 21st ... 58 1317 18 17 2-2 March 23th ... 63 1401 1 0 22 The average number of dredgea which reported returns during the month was 59, and the mean re-turn par week was 230z. WEST COAST GOLD DREDGING. RETURNS FOR THE MAZCH QUARTER. For the quarter ending March 31st the total yield of gold from West Coast dredges is 81630z 16d\vt 14gr, or an average per dredge foi\ the three months of 1930z compared -with the average return per quarter last year, whidii was 75000z. The returns .for the tir.it quarter of thds year alhow an appreciable increase. To the total thirteen dredges contributed 51200s 7dwt 23gT. Dredges which gave returns of lOOoz and over for the period are aa follows: — oz. dwt. gr. Mosquito ... ... ... C4l 0 0 Pactolus (No. 2 dredge) ... 528 5.0 North Beach ... ... 605 5 0 Notown CTeek 495 0 0 Buller Junction 393 0 0 Nelson Creek ... ... 390 2 0 Mokoia 356 * 14 0 Three Mile Greenstone ... 344 6 0 Prince of Wales ... ... 318 5 12 Aiding* 2JB 3 11 Callaghan's Creek ... ... 297 9 0 Kohinoor ... ... ... 280 0 0 Feddersen's ... ... ... 272 17 0 Erickson'3 Reward ... ... 2124 9 0 Leviathan ... ... ... lS.'t 8 0 Blackwater River ... ... ISO 4 12 Al. ... ... ... ... 175 13 o Maori King ... ... ' ... 175 10 6 Cornwall ... ... ... 169 18 o Welcome ... ... ... Ij6 1C 0 Heeve-t's Proprietary ' ... 139 15 0 Greenstone Creek ... ... 137 13 0 Stony and Mosquito Leads ... lit 11 o Commitjsiouer's , Flat ... ... 130 17 0 Victory ... ... " ... i>7 l o Stafford Waimea ... ... 124 18 0 Shell-back ... ... ... 123 8 0 Rocklaiid's Beach ... ... 119 13 0 Green s'.-one Junction ... ... 112 2 12 Trafalgar '. 106 10 o New Greenstone ... ... 100 6 9 Otusro -and Scuthlard dredges for the three months ending March 31st gave a- total return of 16.16-2oi lSdwt 4gr