Mining.

Dunstan Times, Issue 2087, 30 July 1901, Page 5

Mining.

It is reported that the Kawarau Bridge dredge is on good gold. The work of fittine-up on the Dunstan Lend, which was suspended recently owing to the non-arrival of some nriohinery, was resumed on Wednesday 1 St. A load of limber for tha Riby's Beach landed at the claim 0.1 Saturday last. A boat for the Leaning Book dredge arrived on Saturday las . The Cairnmuir has been shifted to the top end of her claim. Repairs to the Half-way-House dredge Were completed yesterday, and dredging was to be resumed this morning. The Vincent, though dehyed w good deal last week with minor bre kages, washed upfor!9oz. VVe understand that, the wash is improving, The Vincent Extended has, it is now confidently expected, struck a good ran of wash. Last weeks ope ations resulted in a return of 18oz-nearly all of we believe, was obtained in the last three shifts. The elevator has been dispensed with. A load of machinery for the old Dunstan d edge was landed at thi claim last Friday afternoon, We cull the f llowing from the ' Mount Benger Mail':—Tbe Bed is continuing her cut, and the ground.is dipping siightly with a soft bottom into the tlat. Good progress is being made vith the machinery on the Excelsior. —The Gibbs Beach is working steady.—The Moa Flat had a mishap to the winch last week. After it is repaired tlie dradge is going to be shifted down tc near the bottom of the claim.— The Queen is working steady.—The pontoons of the Main Lead Hercules were launched on Saturday last.—The machinery is being fitted on the Gold King.—The Endeavour is nearing completion, and is expected to be ready in about a fortnight, —The Teviot is working steady, and we undertsand the ground is improving.—The Long Valley has started working shifts. The Christchurch ' Ttuth* says : —The ditectors of the Vincent Extended Company are increasing the capital of the concern by the creation of 20U0 additional shares. This has been necessary as tbe dredge has been unable to get on to payable gold, and it is intended to lengthen the ladder by eight feet, so that the dredge wili be able to work to a depth of 5G feet. A meeting of shareho'deis to pass the necessary resolution is to be held on the 31st inst. The Matau is confining her operations to mid-stream with satisfactory results. Last week's return was 32 ozs. The Unity was stopped at the beginning of last week, but has since worked steadily. The dredges at Cardona are expected to resume next week. The Monte Christo commences dredging to-day. The result of her operations are eagerly looked for, as the claim is locally generally supposed to be a highly auriferous one. The river continues to fall from an inch to two inches per night, but it is still about three feet above winter level. The Boundary Creek is now practically completed, and a start will, probably, be made next week.trome delay has been caused in the work of completing the Leaning Rock dredge owing to the non-arrival ot the steam pipes, but as these came to hand yesterday, the work will, probably, be completed next week. Ihe splendid returns of last week should do a great deal to firm the share market, and to satisfy the most pessimistic of the great future of, the industry. No less than six dredges, in our own immediate district, yielded 1009oz each for the week's work, averaging close on 169 oz, a profit (after paying working expenses) ol about £4OO per dredge, and there is so far no appreciable rise in the price of shares. With the continued fall in the river, however, and such handsome returns, we feel sure that there will be a substantial rise, and shares will again reach something approaching their real value. The Blue Duck dredge and claim was offered at auction la;t week, but was passed in at L 1,500. 'lhe Alpine No. 2, though troubled "with a huge rock last week, yielded the very handsome return of IU4 02. Her sister, the Alpine Consols, showed considerable improvement, washing up for 41 oz. odd.

HALF-WAY HOUSE DREDGING COMPANY.

The annual meeting of the shareholders of the Halfway House Dredging Company was hold in Messrs. Reevesaud Co.'s offices, Vogel Btreet, on Tuesday last, when there were about twenty shareholder* present. The balance sheet for the year showed expenditure for that period totalling £587 3s 3d, or from the initiation of the compacv A,1,150i7s Id, and liabilities, outside of capital, £l,lOO 17s Bd, Mi T A Hunter, chairman of directors, who presided, in moving the adoption ot the report and balance-sheet, regretted the long delay in beginning operations. The directors had done their best to hurry on the completion of the dredge, but had everywhere been met by delay aud difficulty. . Notwithstanding this they had fully expected to take advantage of the present low river,but an unfortunate breakdown of the winch had caused a fuither delay. However, it was now probable thai a start would bo made at the close ot the present week. Mr James, in seconding the motion, said that he visitad the ehim at Easter, and was greatly impresseu with the look of hj. aud judging lrom the results of working the banks he thought it could not fail to prove rich ; but there was the qutstion ot finance to face. The company owed a loan of £1330, which must be paid next month, and the necessary funds must be raited. If Ibis was done by ishuiug new shares the vendors were entitled to participate ; theiefore it svas deemed wise to issue debenture?. The lesponse of shareholders to directors' invitation to take up these debentures had not been so geueral as had been hoped, aud he must urge on them the absolute need of providing the necess saiy funds to avoid disaster. Mr Roberts said thut while it was admitted that the building of the drer'ga had taken locger than it had hen anticipated, it would he well to keep m mind that tha was not an unmixed evil, as the river had beeu too high till lately for dredging, and had the dredge been completed earlier there would have been a considerable unprofitable outlay fcr wages. In the course oi a discussion regarding the construction of the dredge several shaiehohlers <repressed the opinion that as regards coiiitritctlon and suitability for its work the Halfway House dredge was one of the best on the liver. In reply to a question, Mr Sawell said that all the directors paid for their shares, some holding vendors' shares,

be deMra'deto appoint trustees for tbe df benture holders before making a further appeal to shareholders to take up the debentures. This view was-generally ac* cepted, and Messrs Jai. Samson, Henry Stokes, and A James were appointed truttees, and the secretary instructed to se.-.rl another ci-cda- t ■ Mi r« holder", p ! t'.ing the coT.p ">'" positi'.n fully before t em, and urging them to take up their quota o f debentins.

Tba "etir'r'g dir-c'or* —Messrs S»well and M Geo ue —were it- lasted, as w«ie the auditor?, Mu srs Birr, Leaiy & Co.

BANNOIKBUHN

FROM OUH OWN CORRESPONDENT All alliivi'tl rr>i ing is at a fdancU still, King Frost having taken charge of the w ter Jhe Banno-kbum Creok »nd ShepherJ's (-reck dredges are working aw i). The returns are nobut better things are hoped for- V The river dredger being- pretty well all a work, the coal trade i< in full swing. The pits a»e the only things tbat are keeping the B*n«» nockburn alive jus* now-

ALEXANDRA

[from our own correspondent,] The river is sti'l suitable for mid stream dredging, consequently we *»<• not surj)iis"d at the returns <f some' of <ur dredges. The M-vnnherikia heals the lisi this week with tbe handsome return, of 1940z 4dwt, »n increase of 86 1 from last week, Her return*, until the river rises, are expected to keep in tlies-.inie vicinity. The Sailors Bend is still on good ground and f.»r last weeks work, obtained 105oz. The Earnscletigh No : 2 also washed up for 105t js. This claim though not a gorge one «s evidently the best irthis district and for consistent retarns cannot be beaten. The First Chance had tne mis* fortune to break the motion shaft at the early part of last week. The repairs were rffected locally. On Thursday afternoon the dredge made another start, and then washed Un for 230z. Given a good weeks work on the same ground, a fair retur.-. will be the result. The Moa has pulled ahead and is now just below the midge- She starts diedging again to night. The river Molyneux has been floated down to the Bridge to enable the smoke stack tr be put in position. A few honr? run to test the machinery was tat en out of het, and from all accounts, things wei"? uot as they should be, The Gulden Link is now- taking np a return cut. having dredged down the western bank. The ctold w»n last week amounted to 6 )z, The Manorburn is still frozen up Tt was intended to start dredging ff>m to«nigot, but the rnrn frosts lately, have caused large blocks of ice to freeze up tbo pa !dock. Woik is now being pushed O'l with the erecion oi the machinery on the Becdigo.

LATEST QUOTATIONS

Mr N. 1). Parcell reports asf follows: Alpine Consols b 41s s 43s Od Alpine No 2 b 47s s 48s 9J Boundary 'reek b 16s (3d s ISs Cairnrauir b 18s 0 s 20s Od Electric b 46s s 46s 6d, Electric Extended b 24s 6d s 2"s Fourteen-mile b 29j Od s 30s fid Fii«' Chance s '27s Od Half-way House b 28s 6ds3ls Junction Electric 32s 3d s 32s 9 Kelley and Casey b 19s s 20s « Mfg and Annie hj 49s 6d s 50s Monte » hvisto b 21s Od, s 22s (id Sdlo-s Ren I b 46s s 48s 01 Vincent b 31s Od s 32s Vincent Extended b 28s 611 s 24s Od Second Mngnetic b L'ss s 25s 0d