MINING NEWS.

Evening Star, Issue 11668, 1 October 1901, Page 6

MINING NEWS.

The Upper Waipori Alluvial report 17oz Idwt for 130 hours.

The Waikaka United report 6ooz 12dwt amalgam, equal to 28oz gold, for the week ended September 28. ■ The Celtic report 240/, amalgam, equal to lOoz gold, for four days’ work. The Reliance report 17oz 2dwt 12gr for the past week. The Reeves’s Proprietary report 16oz sdwt for the week ended Saturday.

The Erickson’s Reward report lOoz for 12a hours’ dredging. Messrs Reeves and Co. report from the foUowing dredges:—Alpine No. 2: “Have closed down and put off aU unnecessary hands. River graduaUy falling to-day.” North Beach: “ Stopped dredging. Repairing elevator; will hike about five days.” Halfway House: The company’s local director (Mr L. D. Macgeorge) reports: “Yisited the dredge 26th, and found hands engaged in extending the ladder. I instructed the dredge-master to finish the work he was doing, and if the river was not going down rapidly to shut down and discharge all hands, including the engineer, and wait for a more favorable opportunity. I also arranged that when work was again commenced it should be at a point some distance higher up tbe claim. There has been a rise of tue river some six or seven feet at the dredge.” THE SHARE MARKET. OTAGO EXCHANGE. The following sales were effected yesterday afternoon: Golden River, 4/10£; Junction Electric, 28/. And this morning: Golden River, 5/, 5/3; Leaning Rock, 10/9. DUNEDIN EXCHANGE. The foUowing sales were effected yesterday afternoon : —Central Electric, 8/; Electric, 36/6,.. 36/9; Electric Extended, 12/; Kelly and Casey, 8/; Magnetic, 8/, 8/; Rise and Shine, 9/6 ; Upper Magnetic, 1/9. This morning’s transactions (the highest of the corresponding day of last week being shown in porentheses) were:—Alpine No. 2, 18/, 18/, 18/ ; Electric Extended, 11/ (10/6) ; Golden River, 5/3, 5/5 (6/); Sixteen-mile Beach, 2/3. Quotations:— Ahamra River—Buy 3/3. scl 3/6. Alexandra Lead—Buy 4/. Alpine No. 2—Buy i 7/6, scl 18/6. Bendigo—Buy 10/9. sel 15/. Boundary Crock (preference)— Buy 5/6, scl 7/. " Cairnmurr—Buy 4/. sel 9/5. Contra! Charlton—Buy 8/, scl 10/. Central IT.ectrie—Buy 7/, sel 7/6. Duns tan Lead—Sel 16/. Electric—Buy 35/. sel 37/6. Electric Extended—Buy 10/9, sol 11/6. Endeavor—Buy 5/, sel Of. Knfield—Buy i 4/6. Enterprise—Buy 50/, sel 60/.

Ettrick —Buy 6/6. Fourteen-mile Beach—Buy 15/, scl 16/6. Gold King—Buy 5/7J), sel 61. Gold Queen —Buy 3/, sel 5/9. Golden Beach—Buy 7/6, sel 15/6. Golden Bed—Buy 8/, sel 12/. Golden Gravel—Buy 9/6, sel 12/6. Golden Link—Sel 8/9. Golden River—Buy 5/3, sel 5/6. Great Central—Buy 3/, sel 5/. Grey River —Buy 7/, sel 9/9. Grey River Consolidated—Buy 3/6. Junction Electric—Buy 27/, sel 28/5. Kelly and Casey—Buy 8/, scl 8/6. Kohinoor—Sel 2/. Lady Charlton—Buy 6/3 dis, sel 9/ dis. Leaning Rock—Buy 10/, sel 11/6. Leviathan—Buy 5/, sel 9/. Magnetic—Buy 7/6, sel 8/9. Majestic—tScl 20/. Manuherikia—Buy 26/, sel 32/. Mat an—Sel 50/. Meg and Annie—Buy 17/, scl 25/, Metallic—Buy Bd, sel 1/1. Mokoia—Sel 16/. Monte Christo—Buy 30/, sel 35/. Nelson Creek—Buy 45/, sel 46/. No Town Creek —Buy 14/, sel 16/. North Beach—Buy 13/6, scl 20/. Old Diggings—Sel 9d. Olrig—Sel 8/. Otago—Buy 10/6, sel 14/6. Perseverance—Buy 62/6, sel 70/. Rise and Shine—Buy 8/, sel 10/3. Royal Maori—Sel 10/. Sixteen-mile Beach—Buy 2/3, sd 2/6. Upper Magnetic—Buy 1/, sel 1/9. Vincent—Buy 1/6, sel 2/3. Vincent Extended—Buy 7/3, sel 8/6. STOCK EXCHANGE NOTES. We get quite accustomed to the monotonous chant about the height of the river and the speculations concerning the next company to take refuge in voluntary liquidation. These things are inseparable from the stock market, and after a while they lose their power to depress. We always console ourselves that *the former must subside some day, unless the whole meteorological system has changed ; and the latter, we are thoroughly convinced, is calculated to do more good than its formation ever did harm. One point worthy of notice is that all the fancy and high-priced stocks with the sensational and erratic record are tumbling down to mediocrity, and something lower. Take, for instance, Manuherikia. Meg and Annie, and Sailor’s Bend. These have all got good returns, but their inflated price at one time was only the result of handling by sensation-mongering speculators, who wanted to delude themselves and everybody else that they would startle the universe with the weekly product. Tins never eventuated, and,' while we are ready to believe they can do something handsome at times, we must, in buying, allow for the other and more frequent times when they can’t work and so forth/ Their real value is now being regulated, and probably they will be none the worse on that score. We are glad to observe the growing inclination towards amalgamation on the part, of companies in financial difficulties—with good claims and bad dredges, and vice versa. It is very wise, and quite a number of claims whose shares to-day are worth nothing could amalgamate with advantage with others, and bring their stock to life again. It is a system which is; going to he largely carried out, and companies, before adopting the single-handed Af liltßLicjttff Mr wffflp

bad, would do well to consider tbeir chances in the direction mentioned.

Ahanra River: Buyers 3/3, sellers 3/6. Will probabljwdo business at the latter Snote. Alpine Consols and No. 2 both oh _ie slide. Most have returns you introduce fresh capital. No.' 17/6, sellers 18/6, sales 18/ —should be a fair spec. Bendigo, no change; buyers 10/9, sellers 13/. Central Electric: Buyers 7/, sellers 7/6. Will know more this time to-morrow. Electric Extended: Sales 11/, buyers 10/9, sellers 11/. Expect will have another fair return this week. Endeavor: Buyers 5/. Enfield: Buyers 14/6. Ettrick: Buyers 6/6. And nothing the matter with them either. Gold King will start in about a week’s time; buyers S/6, sellers 6/. Golden Beach were wanted at 7/6; sellers 13/6. Golden Beds: Buyers 8/, sellers 12/. Both good standbys at the money. Golden River, putting up between 40oz and 50oz for the first wash up, is not to be despised; sales 6/3, buyers 5/3, sellers 5/6. A pity the shares are not £1 ones. Grey River, with 20oz last week, firmed a little, 7/ being offered for them. They should do better yet. Grey River Consolidated: Buyers 3/6, no sellers quoted. The same remarks apply here. Leaning Rock found buyers at 10/, sellers want 11/6. Should be financially strong enough to withstand some adversity. Magnetic: Buyers 7/6, sellers 9/. The bad luck attending this dredge is proverbial. Mann-"' herikia weaker: Buyers 26/, sellers 32/. Monte Christo firm; no change from previous day. Rise and Shine: Buyers 8/, sellers 10/3. Should start iu a month’s tftne, and if boring tests are worth a pinch of snuff she will get gold. Vincent Extended : Buyers 7/3, sellers 8/6. Hardened after yesterday’s meeting. No change in other stocks.

OTAMA SHAREHOLDERS WILL SUE DIRECTORS.

The first case to take definite shape of a dredging company’s shareholders suing their directors for damages on account of of maladministration will shortly be witnessed. Last Saturday night a meeting of shareholders in the defunct Otama Gold Dredging Company was held, when the above course was decided upon. The Chairman, in stating the facta which led up to the present position, mentioned that the directors had bought the old Enterprise Gully dredge for the sum of £4,000. This machine, it was alleged, was totally unfitted to do the work of the Otama Company. The price paid for it was also said to be excessive; and it was not in accordance, it is contended, with the advice and design given by the company's engineer. To this alleged imfittedness the Otama shareholders, in a measure, owe tbeir present position. They could not work the claim, as the machine got blocked, and operations had to be suspended. The chairman further believed the claim to be a good one, and had they been fortunate in having a modem dredge the company would not now be in liquidation. Other shareholders spoke warmly on the subject, and maintained the necessity of sifting the whole “deal” with the Enterprise Gully to the bottom. Eventually it was decided that the Otama shareholders instruct- the liquidator of the company to take legal proceedings against the directors.

We understand that Mr J. BL Hosting has been retained for the liquidator, and that the shareholders 'will also be represented by counsel.