MINING NEWS.

Evening Star, Issue 11656, 17 September 1901, Page 6

MINING NEWS.

The Champion report 14oz 2dwt 14gr for the past wetk. The Golden Treasure report lloz 6dwt for the week ended Saturday, September 14. The Reliance report 250z lOdwt 6gr for the we k ended the 14th inst. The Upper Waipori Alluvial report 15oz 15dwt for 129 hours. The Lawrence report 15oz sdwt for five days' work. The Nelson Creek (West Coast) report 520z for 156 hours' dredging. Our Chri tchurch correspondent wires that the Hokitika Company's dredge will be finished in ten days. The company want funds, and contemplate issuing preferential shares. An (x'raoidiriary general meeting of shareholders in the Upper Magnetic Gold Dredging Company was held yesterday afternoon. E ghteen • persons were present, and Mr James Brown occupied the chair. After a loig discussion, the Chairman move;!—" That the con.pai ygo nto liqu:dat on." This was lost, and an amendment previously proposed by Mr Solomon to the effect that the meeting be adjourned for a fortnight to allow the directors time to make a further effort to pay off the mortgagee was put, and carried unanimously. THE - \RE MARKET. ■KQtJTTABLK EXCHANGE. report as follows :—Sales: Central Chariton, 11/. DUVWnrST EXCHANGE. . S:<les were effected at the following prices ve=t<rd:ty nfternorn:—Boundary Creek, 5/9; L«an'-ig Rock, 1?/; Christo, 33/, 33/, 3?/; Olrig, 6/3, 6/; Wmeatea, 5/ dis. There was only one sale this morning : Nelson Cp ek, 55/. OTAGO EXCHANGE. The following salts were effected yesterday afternoon :—Hartley and Riley," 66/; Iv'lly and Casey, 7/9." Th : s mornin?: Golden IW, 12/6, Junction Electric, 2S/; Monte Christo, 33/. Quotations: Al'aura River—Buy 3/3, sel 4/. Alpne Consols—Buv 18/, sel 2'/. Alpine No. 2—Buv"22/6, sel 27/. Arrow Junction—Sel 3/. Bendvo—Buy 9/, sel 11/. Boundarv Creek—Buy 5/3, sel 7/6. Central Charlton—Sel 12/. Central Elec'ric—Sel 10/. Charlton Cr-rk—Buy 22/6, sel 28/. Cromwell—Buv 60/. Dunstan T^ad—Buv 17/, sel 20/. Electric—Buv 36/, sel 39/. Electric Ext-nd'd—Sel 17/. K-deavor—Buy 9/6. First. Ch:>nc-—Buv 9/6. sel 14/. Fourti-en-mile B^ch—Sl 21/. Galvanic—Buv 1/6, sel 8/. Gold Qu en—Buv 5/. Golden Bid—Buv 11/9, sel 14/. GoMen Gate—Buv 110/. Golden River—Sel 5/. Or-at Certral—Si 10/. Halfway Hou*'— Bu<- 1 ?/6. sel 14/6. Hartley and Rilev-S'l 65/. Ju-ction E' chic—Bin- 28/, sel 29/3. Kdlv snd Ca r V —Buv 6/. sel 8/6. Leaning Rock—Buv 11/, sel 13/. Magnetic—Sel 9/. " Manuh rsk : .i—Buv 34/. s-1 37/6. Mokoia—S.l 17/6. Monte Christo—Buv 7?/9. Nelson Crerk-B- 55/\ sel 57/. New Alexardr?—Buv 4/6. Olric—Buv 5/6. Otagn—Bin- 15/. sel 17/. Peevrs's Proprietary— v nr 13/6, sel 16/. R : ver Mo'.vneux—Sel 10/. Fov-il Maori—Sl 11/. Sailor',? Bend—Sel 30/. Scond Magnetic—Buv 7/6. T viot—Buy 6/6. Thref-mil" GrrerFtone—Pc-1 19/. Upper Magnetic—Buy 1/. Vincnt—Buy 1/9 Vincent Est nded—Buv 6/3, sel 8/6. Wa'mumu Extended—Buy 9/, sel 13/6. Wareatea—Buy 5/ dis STOCK EXCHANGE NOTES. The river stands at 4ft Bin above normal, and should commence to fall again, if report speaks truly. What the precise connection is between this height of the river and the pulse of the market is difficult to say, but one thing seems pretty clear: that in the " good old days " —twelve months back—the rise find fall of the Molyneux was a barometer of prices, and had a remote effect upon returns. That it was also used by brokers and others to further personal ends is also rumored. But that day is gone, and a man who holds sound stock and would quit it because of a rise in the river does not deserve to make money. The marl-et this .morning maintained its quiet character of the past week, and there were few transactions. Ahauras still wanted at 3/, sellers 4/, and at 1/6 discount they should be worth the money. The, list of Coast' returns is enlarring, and when the character of that wild and woolly country comes to be known and competent dredge-masters begin to understand its peculiarities it is quite likely it may do something to astonish us down here. Bendieo: Buyers 9/, sellers 10/6; no news to relate. Central Charlton easier; buyers 10/. sellers 12/. Central Electric stiff f 9/6 best offer ; no " b : z." Cromwell advanced, being wanted at 58/; no sellers. Electric and Expanded no change. Fourteen-mile Beach still weak; buyers 17/6, sellers 21/9. This is a stock which should see a rise. " Can't beat the silt out of her paddock." is the trouble. Regular offers of 1/ for Globes. This claim ought to be a payable one. Gold King: Bnyers 4/3, sellers 5/9. Golden Beds were for rale at 12/9, and on their past record, when working properly, are worth it. Grey River: Buyers 5/, sellers 14/. How have the mighty fallen! Junction Electric steady, 29/. Leaning Rocks: Buyers-12/3, sellers 13/9. We should be hearing how thinirs are shaping soon. Leviathan wanted at 7/9. sellers 13/6; worth holdi™. Magnetic wanted at 5/, sellers 12/. The sport of dropping buckets and fishin? them up a<rain is neither conducive to gold-getting nor patierce of shareholders. Monte Christo 32/9, severs 33/9; no change to relate. Ne'son Creek sold at 55/; further sel'er 56/3. No Town Creek are inqrrred for at 12/6. sellers 15/6. S'xteonmile Beach very feeble; buyers 5/3. sellers 6/6. Teviots firm; bnvers 61, se'lers 10/. Waimurnu stocks.at 10/ and 12/ find no buyers, but are probablv better investments than many flasher things with gilt-edged prospects.

It is Ve'iHiins to dawn on many people that a full Tivpr dredging claim of one mile is not in reality what it represents itself to be. The surprising; thinj; is that more attention has not beeti paid to this point in the past. To the ordinary lay m»n<} the word river conveys the impression of a w'de stretch of water flowing placidly alone, and enring nauefot for the slump in stocks or the price of dredges on the K-werau. It would require a fervid imaig-nati-Mi, consequently, to accept some nf the dribbling, perverted streams labelled " rivers" under the Mining Act as consistent with the general meaning of the word. Parts of the Molvneux certainly ris? to some importance, hut a very large number of river claims are located on ribbons of water trickling- down between two wnl'.s of precipitous rock. These are correctly d signated gorge claims. How, in many cases, dredges were ever built there is something to marvel at. Nor must it

be supposed that one mile of gorge represents a mile of dredgable ground. The constant report of break-downs to machinery testifies to the hard nature of the struggle. It is, in fact, a continuous contest between machinery and boulders. The latter generally wins in the end. Certainly, a very handsome recompense may be furnished in the shape of rich patches of golden wash, but this is nearly always the exception. Now, a mile of gorge, averaginc a chain and a-half in width, gives exactly twelve supcrfic : al: acres, and of this area fully one-third, in the majority of casesf, would be impossible from a .dredging point of view. Does it seem reasonable, therefore, that a company should spend £7,000 or £B,OOO on a machine, get. into debt in consequence, mortgage itself, fall out with it elf, and th?n start work in financial difficulties to look for dividends on a nineacre srlection? Why, a bank or flat claim has infinitely water chances of proving a success even on poor ground, for its life can be calculated with some degree of certainty.' What is wanted in these gorees is a much greater extent of area^—two miles at least—and in the case of many of our existing companies an amalgamation of inon some practical and equitable basis.

There is considerable local interest awakened in the doings of the Cairnmuir dredge. For several weeks no returns have been chronicled, and coming on top of a balance-Fheet with an attenuated credit it is thought to be time some explanation of the dredge's whereabouts was .forthcoming. And right here it might be advisable to remark that country secretaries are not prodigal with their information, if they were more considerate of- shareholders, the bulk 'of whom are located in and around Dunedin, they would confer a mutual benefit.

The return given last week for Junction Electric (550z) is somewhat ambiguous. The secretary is usually very particular to state the returns of each dredge. Do we understand that the 550z was from No. 1 or No. 2, or both combined? The arranging of a cipher code for communicating returns must be a fearful and wonderful thing, judging from the mistakes that occur. Are we to take it seriously that the average code employed is a simple one, or is the average dredgemaster subject at times to eccentric habits? This is asked in anticipation of the inevitable correction which will be forthcoming on some future occasion. DABT RIVER GOLD DRjaKHNG COMPANY TO LIQUIDATE.

An extraordinary general meeting of shareholders in the above company took place yesterday evening at the registered office, Bond street. Mr A. Kyle was in the chair. Barely a quorum of shareholders was present. The following resolution was carried : —" That it has been proved to the satisfaction of this meeting that the company cannot, by reason of their liabilities, continue their business, and that it is advisable to wind up the same, and accordincly that the company be wound up voluntarily." Messrs H. i'\ M. Mercer and J. N. Lawson were appointed liquidators.