MINING NEWS.

Evening Star, Issue 11662, 24 September 1901, Page 6

MINING NEWS.

The Clyde return for last week was 1220z, not 1420z, as published yesterday. The crew on the Great Central have been discharged and the dredge placed in charge of a caretaker. . The River Molyneux dredge is stopped on account of the drift. The return for two weeks is 6£oz. The Champion Gold Mining Company report lOoz 2dwt lOgr for last week's work. The Reliance report 21oz 18dwt for the past week. The Cairomtjir report 19oz for the week ended the 21st' inst. The Waikaka United report 58oz 17dwt amalgam, equal to 260z. gold, for 126 hours. The Celtic report 370z amalgam, equal to 16oz gold, while opening out. The dredge-master reports that the dredge has just bottomed, and prospects are good. The Waikaka Queen report 9oz sdwt for 114 hours' work. The Dunedin Exchange representative at Alexandra wired at nine o'clock this morning:—"River 4ft Bin above normal ; weather fine." The Waihi Gold Mining Company's return for the four weeks ended Sept-ember 14 shows that 12,880 tons of ore were treated for bullion valued at £38*360. This is the second largest retnrn in the history of the company. A Brisbane cable states that a miner had found a nugget of gold at Ebangoola weighing 181b (wnich,. at £3 15s per cm., would be worth about £800). The directors of the Golden Run Dredging Company report with regret that for the year ended 30th June they are unable to show a better state of affairs. The sluicing claim shows a profit for the year of about £400; but circumstances have arisen causing vexatious delay in getting the dredge in proper working order, such as breakages in machinery, etc. The bal-ance-sheet shows liabilities £14,895 5s sd, assets £15,935 18s sd. THE SHARE MARKET. DTJITBDIN EXCHAKOi:. Sales were effected at the following prices yesterday afternoon : —Bendigo, 14A 14/6, 14/6; Central Electric, 8/9, 8/6; Fourteen-mile Beach, 16/6; Gold Queen, 5/9; Golden River, 5/, 5/; Sixteen-mile Beach, 4/6. This morning's transactions (the highest of Tuesday last being shown) • were:—Electric Extend'ed. 10/6. 10/3, 10/; .Golden- Biser* fy;_.JuMUca.j^t%^(>,

1 (29/fc ReDy and Ca»ey,;3/6; Olrig, 8/, 7/9; Vincent Ertended, 7/6,(7/),: ;. , OTAGO EXCHANGE. . •;' The following sales were '•■ effected "yesterday afternoon:—Gold Queen, 5/9, bfGolden. River, 5/3. And this morning: Fourteen-mile Beach; -16/; Golden River, 6/'; Halfway House, 12/. XQUITABLK EXCHANGE. The Equitable Stock Exchange report as folows:—-Sales: Bendigo, 14/; Golden River, 5/. Quotations:— Ahaura 'River—Buy 3/, gel 4/.. Alpine Consols—Sel 22/. Bendigo—Buy 15/6, sel 14/6. Boundary Creek—Buy 4/, sel 5/6. Central Charlton—Buy 9/, sel 10/6. Central Electric—Sel 10/. Dunstan Lead—Sel 18/.' Electric Extended—Sel 12/6. Electric—Buy 56/, sel 37/6. Enterprise—Buy 52/6. Evans Flat—Sel-15/6.. Ford's Creek—Sel 10/. Fourteen-mile—Buy 15/, sel 17/. Galvanic—Sel 7/6. Gold King—Buy 5/, sel 6/6. i Gold Queen—Buy 5/9, sel 7/. J Golden Bed—Buy 11/, sel 14/. ' Golden Gravel—Sel 17/6. i Golden River—Buy 5/, sel 5/9. Great Central—Sel 10/. i Grey River—Sel 12/. Halfway. House—Buy 11/. sel 13/. Hartley and Riley—Buy 61/, sel 65/. Inch Valley—Sel 20/. Junction Electric—Buy 28/, sel 29/6. Leaning Rock—Buy 9/, sel 12/. Lower Enfield—Sel 20/. Manuherikia—-Buy 54/, sel 56/6. Meg and Annie—Sel 25/. Mokoia—Sel 17/. Monte Christc—Buy 30/, sel 33/ Nelson Creek—Sel 55/. Olrig—Buy 7/6, sel 9/. Reeves's Proprietary—Buy 14/, sel 17/6. Rise and Shine—Sel 12/6. Second Magnetic—Sel 10/. Sixteen-mile Beach—Sel 5-'. Spec Gully—Buy 14/, sel' 21/. . Teviot—Buy 7/6, sel 10/. Upper Wapori—Sel 20'. Vincent, Extended—Sel 8/. • Waimumu—Sel 23/6. STOCK EXCHANGE NOTES. [ Therb is no depending upon the state of the market. It is full of vagaries. One day general attention is centred upon certain stocks and the next it is gone, through no apparent cause whatever. This might be interpreted as a sign of weakness, but on the other hand it might be taken as a sign of straight-oat business, in which brokers do not figure. Wo think that there is less jobbing now than that of any previous time in the history of the Exchange. Of course brokers' " deals " are at all times dependant upon the measure of public support, and as that support at the present moment is small compared to what has been, there is necessarily less of the jobbing propensity. Speaking generally, however, it seems strange that with so many genuine inducements there is so little transaction. We are glad to see that stock-holders are not ruthlessly sacrificing their interests under the influence of pessimism induced by other causes, and in explanation of the present slackness on 'Change we must decide that the selling element is determined to hold on at all costs rhile the buying is standing back for a better and calmer survey of the whole business. To-day's market was decidedly less interesting than yesterday's, and we are at a loss to account for it. Presumably it is because of returns which are below those of last week, and the fact that the public generally leave their business till the middle or latter part of the week, when information is forthcoming. The market to-day was very quiet, and looked as if it hadn't a vigorous kick in it. It would be a mistake though to put too much reliance on this impression. Ahanras vindicated their position by buyers coming in at 3/3, sellers wanting 3/6. The capital in 5/ shares is certainly kirgc, and at this point it strikes us as strange that 5/ shares should ever have been instigated. It really does not matter much when the capital involved is considered, but on tho question of dividends per share it is of paramount importance. And just now people base their opinions upon the divi-dend-paying capacity of a company. Al were called for at 21/3, but no sellers responded. This has been a decided Coast success, miming from 250z to 40oz per week on an £8,500 capital. They are good holding, and are just as good buying at a little above par. Alexandra Lead still produces the inevitable buyer at 4/ ; no respond. Alpine Nt>. 2 are firm at 26/ sellers, buy 22/. We should like to see this company get a haul, as its position really warrant* it. Bendigo showed no disposition to do business : Buy 14/, sell 14/9. Tins is up to yesterday's figure, but information will have to be forthcoming soon to relieve the tension. We think the company should supply some news. Boundary Creek: Buy 3/6, sell 6/. We mentioned yesterday they would be likely to remain about this figure till the dredge starts. We are not dogmatic on this or anv other speculative point, and would explain that nothing warrants much fluctuation till the time referred to. Central Charlton : Easier; buy 9/6, sel at 11/. Tliis stock, under a sincere desire on part of directors to pay off debentures, should be worth the money. Central Electric: Buy at 7/, sel 8/9. *Wc are not suro that an attempt is not being made to roll it right out, and should advise high-premium shareholders to see it to a finish. Electric Extended caused the first move, selling freely at lo,j, 10/3, and 10"/, with further sellers at 10/, buyers 9/. This surely means that tho dredge is right off the wash, otherwise at the price they should be worth, sticking to. Fourteen-miles weakened still more; buy 15/, sel 16/9. If this dredge shut down and waited for a suitable river it would not be the worst thing in the world for shareholders. Gold King and Gold Queen are very firm at about 6/. They should be sound at the money. Golden Bed: Buy 10/, sel 15/. They are worth touching, as returns will improve. Golden River: Sales 5/. About their value till we show how the ground is shaping. Junction Electric : Sale 28/6 ; buy 28/, sel 28/9. To be hoped they get something decent this week. Kelly and Casey were done at 8/6. Another stock that won't shift much till dredge starts. Leaning Rock: No change; buy 12/6, sel 14/. No cause to change opinion that they are a good spec at the price. Monte, Christo' declined 1/, for no palpable reason but buying indifference; buy 29/6. sel 52/6. Nelson Creek were for sale at something below 50/ —nearer their proper,value. . Olrig went off, selling at 8/ and 7/9, with more to quit. Investors want a stamped guarantee nowadays. Sixteenmile Beach: Jnst as weak as ever; q£ the price, if the concern is not worth £2,000 all told, it is worth nothing. Hang on. Vincent Extended: Weaker; buy 7/6, sel 7/9. The annual meeting on 30th inst. will determine the course of this company's natural life. Waimumu stocks showed strong inqniry. They are a better investment than anything we have seen for some time at 12/ or thereabouts. An undeniable "cinch," without prejudice one way or the other. Investment stocks were slow as dredging. Nothing worth commenting on. The secretary of the Clyde Gold Dredging Company informs us that they have purchased the Moa Fla,t Company's dredge for the sum of £3,000. All things considered, this is a very fair price, and should procure a dividend for the unfortunate Moa Flat shareholders. The Clyde wilL with their two dredges, be able to satisfy the most inordinate desires of shareholders. Golden Bed are now within a chain of tihe spot where their best returns were obtained. The weekly product is consequently expected to increase. Every dredge must look forward to a certain amount of dead work, and it is a pity shareholders don't anticipate the same, and quietly wait for the .tide to turn. Golden Beach last week had a poor return. The explanation is that the dredge struck a reef covered with silt, which carried only a little gold. They are now over this, we understand, and the previous standard of returns may now be looked for. Central Electrio are certainly in a bad way, and unless somethbg happens the company will join those who have already passed out. Only eighty-three out of 400 debentures issued have been applied for, and the last opportunity, for taking up same is the 30th inst., for which date a meeting is called to liquidate or otherwise. It is one of the most inexplicable things in the history of Otago dredging that this company have not. struck it. Shareholders would do well to examine carefully the whole position before deriding Affy Sf^m-