MINING NEWS.

Evening Star, Issue 11707, 16 November 1901, Page 6

MINING NEWS.

The Royal Maori report 89oz for the week. The Waimuum Central report 510/, Sdwt for 151 hours’ dredging. The Inchdale report 16oz 2dwt for 128 hours’ work. The Inch Valley report IToz lOdwt for 152 hours. The Lady Charlton report Boz 2dwt for 89 hours’ dredging. The Globe report 14oz 16dwt for 156 hours’ work. The Stafford Wairnea report, looz 4dwt; still opening ont. The Reeves's Proprietary report 28oz Sdwt for 120 hours. The Endeavor report 28oz Sdwt for 145 hours. The Buffer Junction report 520z lOdwt for 133 hours' work. The Greenstone Creek report 12oz 4dwt for 152 hours. The Electric Extended dredge-master wired this morning ; “ Stopped on account of drift.” The secretary of the Dunback dredge reports having received the following from the dredge-master under date 15th inst. : “ 1 beg to advise you that I finished the lips to-day, and having a few small repairs yet to do I shall probably start drudging on Saturday morning.” The return from the Pleasant Valley Company for the fortnight ended last ,Saturday was 19oz 4dwt. of tho value of £73 11s 3d.—‘ Mount Bcnger Mai!.’ The Hokitika, report 16oz 4d\vt for 117 hours. The Al report 28oz for 75 hours. Tho secretary of tie Electric Gold Dredging Company reports 40oz sdwt for week ended 16th inst. Tho Gabriel report 2loz Sdwt 17gr for 121 hours. The Charlton Creek report 21 oz 16dwt for, 125 hours. The dredge has stopped owing to the dredge-master having to put a new top tumbler in. The Spec Gully report 20oz for 136 hours. The Lady Charlton report a return of Boz 2dwt for 89 hours. The dredge-master reports as follows, under date November 14 : “ This hits been a broken week, and the return is for only four days’ dredging. On Wednesday we were overhauling and putting stronger tie rods through the framing. and on Thursday we pnt in a save-all. The ground is pretty hard, though nothing like it used to be. The narrow run is getting wider, and making straight for No. 3 shaft (splendid prospects were obtained in this shaft), and we may strike deeper wash at any time.” The Leviathan report. 520z for 114 hours. The North Beach report 15oz ISdwt for 107 hours. The Paul’s Beach report: “No wash-up this week; stopped dredging want of firewood.” The Enterprise No. 1 report 51oz 19dwt 15gr for 220 hours. The Enterprise No. 2 report: “ No washup ; shifting ahead; shallow prospects further on.” The Halfway House advertise that applications for shares in the new company must be in by the 19th inrt. The Golden Gravel report 15oz of amalgam fox 118 hours. The Golden Reward report 9oz amalgam for'l2s hours. Shepherd Creek Company’s return for last week, lloz Idwt. The work has been retarded owing to a new cut being taken. Pactolus report 106oz for 151 hours. This is the conclusion of a. somewhat vitriolic article on mining company promotion in today’s 'Tuapeka Times’: " If the inner history of the rings and conspiracies could be known it would be found that some of the most promising companies have been deliberately ruined and put into liquidation so that they might afterwards be acquired by tho wreckers. The prevention of such offences as the dredging boom has given rise to is possible only by the knowledge that tho law is far-reaching enough to meet the unscrupulous at every turn, and to inflict exemplary punishment when their guilt has been brought homo to them. Were it possible to make such a law retrospective Dunedin Gaol would not hold all the boom swindlers that might easily be rounded up in that. City, as well as up and down through the province.” THE SHARE MARKET. DUNSDIK KXCHASOB. Sales were made at the following prices yesterday afternoon : —Electric Extended, 7/6, 7/6; Junction Electric, 21/6; Leviathan. 2/6; Meg and Annie, 20/, 20/, 20/; Monte Christo, 27/6; Rise and Shine, 11/, 11/. 11/. This morning’s sales were as follow : —-Buller Junction, 1/6 premium ; Electric, 28/6, 28/6; Electric Extended, 7/6; .Enterprise, 24/; Junction Electric, 22/; Meg and Annie, 20/3, 20/, 20/6; Olrig, 10/, 10/; Pactolus. 25/, 25/, 25/; Rise and Shine, 13/. 15/; Royal Maori, 19/, 19/3, 19;, • OTAQO BXCTBUKOK. The following sales were effected this morning Leaning Rock, 12/5; Pactolus, 26/6 ; Rise and Shine, 11/5. Quotations ;

Ahanra River—Boy 3/6, sel 4/. Alexandra Lead—Buy 5/3. Alpine Console—Sel 15/. Bendigo—Buy 6/6. Boundary Creek—Buy 3/3, sel 4/9. Cainmmir—Sel 4/6. Central Charlton—Buy 10/3, sel 11/6. Cromwell—Sel 60/. Dunstan Lead—Sel 12/6. Electric—Sel 32/. Electric Extended—Bny 7/3, sel 9/6. First Chance—Buy 2/9, sel 5/. Fourteen-mile Beach—Buy 12/6. Gentle Annie—Buy 7/, sel 10/6. Golden Bed—Bel 9/. Golden River—Buy 5/7 A, sel ij/. Great Central—Sel 4/. Greenstone-Junction—Sel 18/. Halfway House—Buy 3d, sel 1/9. Hartley ana Riley—Buy 38/6, sel 42/. Inchdale—Buy 7/. Junction Electric—Sel 21/9. Kelly and Casey—Buy 6/6, sel 8/. Leaning Rock—Bny 12/, sel 12/9. Magnetic—Sel 6/9. Manuherikia—Buy 30/6. Meg and Annie—Bny 20k Mokoia—Sel 16/. Monte Christo—Buy 27/6, sel 30/. Nelson Creek—Sel 50/. Olrig—Buy 7/6. Pactolus—Bny 26/. Eeeves’s Proprietary—Sel 15/. Rise and Shine—Buy 11/3, sel 12/6. Royal Maori—Bur 18/, sel 20k Teviot—Sel 6/3. ‘ Vincent Extended—Buy 7/, sel 8/6. Waimumuu Extended—Buy 12/9, sel 14/6 Woodstock—Sel 12/. •STOCK EXCHANGE NOTES. The latest development in the Chariton and Waimumn water aiflicnlby is the Mines Department s suggestion to Hie contending parties that they appoint trustees for the construction and maintenance of a sludge channel. In pursuance thereof a meeting of landowners and dredging companies will shortly be convened at Gore, when a repetition of the previous deadlock may confidently be looked for. So far as the companies go, it is believed that they would be perfectly willing to conform to the Government s proposal, but the landowners arc by no means so dependable. Any financial handicap on a dredge at the present time is a serious thing, and under these circumstances the farmers’ attitude strongly savors of “Dick Turpin” methods. The companies will resist pecuniary demands at all costs, more especially as the very individuals opposing them are shareholders themselves —vendors to boot—in some of the chums affected. If the parties concerned would fall in to line with the Government suggestion, shake hands over past differences, and combine for the benefit of the whole industry, the spectacle would be an edifying and commendable one, reflecting particular credit upon the foresight of the Minister of Mines, the Hon. Mr M'Gowan. tuould, however, a poliev of further obstruction be adopted, then it is the imperative duty of the Government, iu justice to all concerned, to step in and settle the matter on the lines they have already indicated. From experience of previous legislative methods this can be counted upon with a reasonable degree of certainty. During the “ dog days ” of the stock market, when everything looks more or less blue-mouldily inclined, it requires much evidence and argument to convince some people that they are nob standing on a very thin footing, which may give wav at any minute. We have always maintained that our market possessed latent vitality of no mean order, and the spell of finer weather up country during the last few days, combined with one or two good returns by no means sensational-—verifies onr belief. There was quite a flutter this morning on 'Change, twenty-one sales being recorded iu a dozen different stocks. We do not say that this is going to multiply and increase yet a while, it may even decline again ; but wo consider it a source of considerable satisfaction, inasmuch as the croaking element will receive a rude shock to their feelings when their fondest predictions are not verified by actual experience.

A 1; Buyers 24/6, sellers 50/; will be difficult to do business below this figure on present prospects. Alpine No. 2: Buyers 16/6, sellers 19/; made an appearance on the quote board again; will be hrard of with a. low river. Bendigo, steady: Buyers 7/5, sellers 10/. Buffer Junction Sale 1/6; buyers 1/. sellers 2/ premium; on good steady returns. Central Chari'on: Buvers 11/; about a fair price at present. Cromwell : Buyers 46/, sellers 60/; not anxious to sell. Electric: Sales 28/ and 28/6 ; buyers 20/, sellers 00/; a good spec—no less. Electric Extended : Sales 7/6 ; buyers 7/, sellers (/6: weaker on account no favorable news. Fourteen-mile Beach: Buyers ld/6. sellers 15/; don't know whv they should harden. Golden River: Buyers 5/10, sellers 6/5: their price till dredge starts. Junction Electric; Sale 22/; buyers 22/. sellers 24/; another spec at- the price. Kelly and Casey; Buyers 6/9, sellers 9/; arming on expectations. LeanmnRock: Buyers 12/, sellers 14/. Meg and -Annie: Sales 20/, 20/9, and 20/6; buvers 20/5, sellers 21/; likely won’t go much higher at. present. Pactolus. with her splendid return of 106oz, shifted to 25/ premium, finishing; Buyers 24/, sellers 25/6. Rise and Shine: Sales 15/; buyers 13/, sellers 14/; Roval Maori influence here. Royal Maori: Sales 19/ and 19/3; buyers 18/9. sellers 19/5.

Investment stock.—-B.N.Z. : Buyers 45/. sellers 49/. N atiopal Insnrance: Buyers 18/6. Lake Wakatipu: Sellers 21/. Westport lx>al: Buvers 70/, sellers 75/. Commercial Property : Sellers 2/9. God ward’s Pin: Buyers 2/. sellers 2/6. We are, informed that about two-thirds of the new issue of shares (12,000 of 5s each) in the Leviathan Company have been applied for, and as the time of application has been extended to the 20th inst. it is expected that the balance will be dulv placed. There is considerable. reason for certainty on this score, as the dredge is now getting payable gold, but it does not mitigate the details strrronnding the company’s previous experiences, nor the fact that this 12.000 issue was not the wisest course adopted under the circumstances, it being tantamount to the obliteration of old shares, for the new lot carry a special dividend of 10s per share and aff sorts of preferential c 1 aims. Had the old company gone into liquidation and a new company been formed out of the ashes with this £5,000 capital, all shareholders, including the heavy vendor interest, would have been placed on an equal fooling, and the claim would have had a fair chance of redeeming itself. .-As it is, the whole thing is being worked in the interest of the new shares, many of which will unquestionably be taken up by outsiders, who can qualify by purchasing the old creation for a few shiiilin'ut.

The Central Charlton will shortly hold their annual meeting, which will present a much more prosperous appearance than the last one. Last June the company were £1,500 in debt, and looked like foundering, but the creation of £1,005 worth of debentures saved the situation, and to-day it is on a payable footing. During the last five months 4600z of gold have been won, and during the past fourteen weeks the returns have averaged over 260z. What this means can be understood when, it is stated that 12oz per week pay all expenses, and the claim has barely been touched yet. There is a balance of £361 to pay off on account of the land purchase and the aforesaid debentures—a total, including interest, special dividend, etc,, of about £1,750, or, say, nine months’ work, after which date shareholders may reasonably look for something steady on the original basis. One item figuring on the balance-sheet is £124 0s Id (mark the Id 1) for law costs. This seems a robust sum, and merely for curiosity’s sake it would be interesting to inquire into the history of that solitary penny. Ahaura River have lately been beset by bad weather, sundry repairs, and other inevitable dredging interferences not calculated to benefit shareholders. Better th'ngs are looked for by the dredge-master from this out, however, and the company should soon be in funds and clear of their troubles. There is a debit balance at the bank, guaranteed, of £987, and a credit account of £621, leaving a deficit of £366. This is not a, very serious matter, and with the same kind of returns coming to hand a* were recently obtained the company should prove one of the most reliable on. the Coast, ihiring the last nine weeks on which petwß* M»»md the average was 250z

per week, which leaves 13oz- over and above working expenses. Messrs Para, Reynolds, and Co. sold by auction to-day the remains of the ill-fated Sixteen-mile Beach dredge, part of which, as announced, is on .the claim, and the rest scattered down ■ the river •as far as Roxburgh. Naturally there is a good deal of uncertainty regarding the nature aud value of the said remains, but, nevertheless, after some spirited bidding, they were knocked down for £9O. SHOTOVER QUARTZ MINING COMPANY. The above company held their half-yearly meeting last night, Mr R. Cleave being in the chair. The directors’ report was as follows:—“We have to report that during the past half-year the mine was closed down for six weeks, owing to severe frosts. For the other four and a-half months gold to the value of £699 has been won from the mine. In our last half-yearly report we recommended that an exhaustive report on the claim be obtained, and a resolution to that effect , being carried, we secured the services of Mr L. O. Beal, jun.,-C.E., who reported very favorably of the prospects of tho property, but was of opinion that much gold is being lost by the present defective battery ; and as the capital of the company is now all called up., a scheme will be presented to you to meet the uecoesary expenditure in connection with battery improvements.” The report was adopted on the motion of the Chairman, seconded by Mr R. Lee. Following on a lengthy conversational discussion, it was decided, on tho motion of Mr Reid, seconded by Mr Brown, that an extraordinary general meeting of shareholders be called to consider the advisability of passing the following resolutions : —“ That tho capital be increased to £7,500, by the creation of 6,000 shares of 5s each. That the directors be authorised to issue such in one issue, or from time to time as they think fit; and that such shares be offered in tho first instance at par to the shareholders of the company pro rata, according to the shares held by them in the register; aud that the directors bo empowered to dispose of the shares not taken in response to such offer as* they consider expedient in the interests of the company. That the directors be authorised to borrow from time to time as required a sum not exceeding £760 : and that, such sum be applied towards payment of a, stamper battery, the plant requit ed in connection therewith ; and that, if thought advisable by the directors, it be secured by a mortgage or bill of sale of the property of the company, or any part thereof.” Mr Reid road the following regarding the objects sought by adopting the resolutions: —“ The object of these resolutions is to enable the company to provide a battery and plant to treat the quartz now being got out of the mine. The plant at present in use is about thirty years old, and quite inadequate to properly, treat the quartz and save the gold. The tables and plates are condemned by all mining engineers who have seen the battery as quite inadequate. There are about thirty tons of blanketings, and these are expected to provide several hundred pounds. The circumstances of the mine justify the directors iu the belief that thev must at once provide the improved plant, and if the mine continues to develop as it has done lately, then the plant can be erected without requiring to borrow heavily. But it is necessary for the directors to have the authority of the shareholders before they can borrow at all. As this is a no-lia-bility company, aud uo shareholder can be held responsible for future calls, the uncalled capital is of no service as security for borrowing. The only security the company can give is, therefore, a mortgage over the plant and assets of the company. If borrowing is decided on by the directors, thev purpose offering tho loan to shareholders pro rata, according to .their shares; but they will be guided in this by the wish of this meeting. The lean would be repaid as soon as the circumstances of the company will warrant it; but as the money may be wanted before sufficient calls could come in to pay for tho plant, it is necessary to have power to borrow, so that the directors may not be embarrassed in carrying out the work. As a mortgage cannot be given to all the shareholders in the event of them lending the money, the mortgage would need to bo given to trustees, who should not be the directors, but two shareholders. Of course, if the directors can arrange with the contractors to build and take part cash and a security on the plant and claim for the balance on good terms, they would adopt that or some similar course. As to issuing uew shares, the directors think it right that new shares should he created, to be issued by the directors if thought advisable. The company would only call up what was necessary, and cannot call more than 2d per share, so that shareholders need have no hesitation in. taking up their quota.” NEVIS WILL RECONSTRUCT. An extraordinary general meeting of shareholders in the Nevis Company was held last- night at the registered office. There was a capital attendance, and Mr D. J. Bews occupied the chair. Business: To consider a resolution to go into liquidation, with tho object of forming a. new company of £4,000, £2,000 of which would be contributing and £2,000 fully paid, to take over the assets of and pay tho liabilities of the old company. The Chairman said they would all concur that luck had been dead against tho company in raising their dredge, which had sunk at her moorings. She had been worked satisfactorily by the previous drediremaster, and the engineer in charge, who was subsequenHy erecting the square gear, said that the pontoons were all right, and the sinking was purely accidental. The unprecedentedly bad weather had spoilt their chances of refloating her. The present dredge-master had had an uphill fight, but the Board had complete confidence in him. Tho present course was the only one open, and would place the company in a good financial position. They had ninety acres of unworked ground yet, the whole of which coulu be dredged. On the motion of Mr A. James, it was agreed that the company go into liquidation, Mr David Larnach to lie liquidator at a fee of £lO 10s, a.nd that the directors be empowered to purchase from him the assets of the old company on behalf cl shareholders in the new one.