MINING NEWS.

Evening Star, Issue 11663, 23 January 1902, Page 6

MINING NEWS.

The Mokoia dredge-master reports: "Started dredging yesterday morning; wash up on Friday." THE SHARE MARKET. DT7NBDIN EXCHANGE. Sales were made at the following prices on the above Exchange yesterday afternoon:—Aldinga, 22/; Charlton Creek, 20/; Endeavor, 16/9; Gold Queen, 3/3; Golden River, 7/104, 7/104 5 Molyneux Kohinoor, 2/ dis; Olrig, 13/, 12/9, 12/6, 12/44; Rise and Shine, 15/9; Victory, 24/, 24/3, 24/3, 24/3. This morning's sales were as follow:—Aldinga, 21/, 21/, 21/, 20/6: Alexandra Lead, 6/; Endeavor, 16/9, 16/9, 16/9; Ettrick, 12/, 12/: Gold Queen, ?/, 3/3; Golden River, 7/9, 7/9, 7/9, 7/9; Leaning Rock, 15/6; Magnetic, 9/6; Olrig, 11/9. OTAOO EXCHANGE.

The following sales were effected this morning : —Golden River, 7/6 ; Hokitika River, 15/; Trafalgar, 24/, 24/3. Quotations : Ahaura River—Sel 3/. Aldinga—Buy 21/, sel 22/6. Alexandra Lead —Sel 6/6. Alpine Consols—Buy 18/6. sel 20/. Alpine No. 2—Buy 25/3. Bendigo—Buy 13/6, sel 14/9. ■ Boundary Creek—Buy 4/6. sel 6/. Central Charlton—Buv 7/6. Charlton Creek—Sel 21/. Cromwell —Buy 69/. Dunstan Lead—Buv 6/6. sel 7/6. Electric—Buy 37/6," sel 40/. Electric Extended—Sel 10/. First Chance—Buy 9/6, sel 11/. Fourteen-mile Beach—Buy 15/6. Gentle Annie—Buv 18/6. Gold Queen— Buy 3/3. Golden Bed—Buv 4/6. sel 7/6. Golden River—Buv 7/6, sel 8/. Golden Run—Sel 20/. Great Central—Buy 7/3. sel 8/6. Halfway House—Sel 11/6. Hartley and Rilev—Sel 50/6. Hokitika River—Buy 14/6, sel 16/. Inchdale—Buv I*2/. Junction Electric—Buv 24/, sel 25/6. I Kellv and Casev—Buv 9/6, sel 11'3. I Leaning Rock—Buy 15/6, sel 15/10 J. Magnetic—Buy 8/, sel 10/. Mannherikia —Sel 40/. I Meg and Annie—Buy 23/9. sel 25/. I Molyneux Kohinoor—Buv 2/3 (lis, s-el 1,6 ! dis. Monte Christo— Sel 30/6. Nelson Creek—Buv bo,, sel 55/. No Town Creek—Sel 18/6. Olrig—Buv 11/6. sel 13/. Pactolus--Buy 35/6, sel 37/. Point d'Or—Buy 1/ dis, sel par. Prince Albert—Sel 6'6. Rilev's Beach—Buv 6/6, sel 10/. Rise and Shine—Buy 15/6. sel 16/9. River Molyneux—Sel 9/Roval Maori—Buy 22/6, sel 23/, Sailor's Bend—Buv 35/. Teviot—Buv 9/, sel 10/3. Trafalgar—Buy 24/, sel 24/9. Upper Magnetic—Buv 2/9. Victory—Buy 23/3, sel 24/9. Vincent Extended—Buy 9.'. Waimumu Central—Sel 14/. Waimumu Extended—Buy 12/6, sel 1,v9. STOCK "EXCHANGE NOTES. The river to-day was Bft- above minimum at Alexandra, and the -weather fine. There were a number of sales 011 'Change this morning, and prices ruled firm nil round. We mentioned yesterday the increasing volume of business in West Coast stocks, and also the fnc t that they are of a higher average value than similar lines in Otago. The explanation may he that the whole colony is more or less directly interested in the Const, and conseqnently stocks have an appreciating tendency which is quite often independent of their actual value. For instance, they are not so_ susceptible to the "bulling"' and "bearing" influences as local stocks, which can be operated upon with less anxiety as to the ultimate possibility of getting squeezed. Principal quotes today are :- -Aldinga— Sides 21/, buy 20/, sel 21/6. Alexandra Lead—Sale 6/, buv 5/9. sel 6/. Alpine 2—Buv 24/6, sel 26/9. Bendigo—Buy 13/, sel 15/. Endeavor—Sales 16/9, buy 16/3, sel 16/9. Ettrick—Sales 12/, buy 11/6, sel 12/6. Gold Queen—Sale 3/3, buy 3/, sel 3/6. Golden River—Sales 7/9, buy 7/74, sel 7'9. Inchdale—Buy 12/6, sel 15/6. Junction Electric-Buy 24/6, wl 25/. Leaning Rock—Sale 15/6, buy 15/3, sel 15/9. Magnetic—Sale 9''6. sel 9/6. Meg and Annie-Buy 24/3. sel 24/9. Olrig—Sale 11/9, buv 10/9, sel 11/9. Rise and Shine —Buy 15/, sel 17/. Royal Maori—Buy 20/. sel 21/6. Trafalgar—Buy 23/6, sel 24'6.

The Hartley iind Riley Company's bal-ance-sheet for the year ended December 31, 1901, is to hand. It is satisfactory inasmuch as it shown that the company have just about kept level with the expenditure, but it possesses a very different complexion to former statements with the dividend item figuring far and away Via largest on the sheet. However, no company—not even of the dredging varietycan go on for ever, and even if a recurrence of former prosperity does not overtake Hartley and Riley, 'it will still be a name to conjure with in the succeeding dredging generation. The profit and loss account shows the total expenditure for the half-year, from June 30 to December 31, to have been £2.771 6s 9d, including a balance of £1,302 17s lid from the preceding half. The value of gold won for the\x months was £2,559 is 7d, which, with interest £6 2s 6d, leaves a further balance of £206 2s 8d to be carried forward. The companv havo a reserve fund of £1,500, also £7lB 17s 4d cash in the Bank, and sundry creditors £326. The financial position is therefore quite sound, and a short season of some former retains would speedily place the company on the paving List againA few facts from the "statement of affairs" will give a fair idea, of what the Hartley and Riley claim has contributed towards New Zealand's gold production. The total quantity of yellow metal produced since registration, which will be five years ago next July, is 18,5900z 12dwt llgr, valued at £71,943 7s lOd. The total expenditure since registration is £18,491 9s lid, and the total dividends paid £57,687 10s. This constitutes, on the capital of the company, a dredging record, and serves to explain why so many people began to regard the business as the on« infallible way to become rich.

The reconstruction of the Roxburgh Jubilee Company has proved an unqualified success, the shares being 1,600 over-subscribed. Last night the directors met for the purpose of allotting the share*, this being duly accomplished. We understand only four old holders refused to apply for their quota in the new venture, and there will be no difficulty in disposing of their interests. The future of the company is now assured, so far as funds are concerned, and the wisdom of reconstruction in preference to de-benture-issuing is once more made apparent. The Coal Creek Flat Company expect to get a start by the end of this week. The dredge-master (Mr Kitto) havS got a crew on board, and is making final preparation before effecting a sta.rt. THE DREDGING OUTLOOK ON THE COAST. The following are some further notes the above: The Callaghan Creek Company's claim is on- a creek bearing the same name, and running parallel with Ahaura River, a few miles further south. The dredge is nearing completion, and seems to be a compact and capable machine. The claim is well thought of locally, some rich ground having been worked in the immediate vicinity in days gone by. A few miles further south, and running parallel with Callaghan's, we come to die famous Nelson Creek, which is indisputaLly the creme de la creme of the West Coast dredging fields. The creek is skirted on one side by the Tryagain Terrace, from whhh it is stated gold to the value of £5,000,000 has been won, and on the south side by Hatter's Terrace, which has also given up its thousands of' ounces. Previous to the advent of dredging many futile efforts were made to work the ground on the lower terraces and creek bed. Tunnel tail-races were brought in and shafts sunk, but of no avail, there being insufficient fall in the ground to allow of bottom being reached and a scheme of drainage obtained. At last private c&pi-

tal, assisted by Government subsidy, brought in an expensive water race, and efforts were made with the limited supply of water to work the ground by what is sometimes described as a dry-land dredger. Similar in some respects to our ordinary dredge, the buckets revolve on tumblers, which are driven by a water wheel jr pelton. When bottom is reached jets of water are brought to bear on the Kin-round-ing material, which is washed down to the buckets and then elevated in the ordinaryway and treated on the surface. I tinderstand that when a fair-sized paddock had been taken out in tiiis way the water was then pumped out and the bottom cleaned up, after which the whole plant would have to be pulled down and re-erected on the solid face. In this cumbersome manner the Bendigo Company worked a paddock rf several acres for a large return. These old workings are prominent on the lower end of the Nelson Creek Company s claim, and there also are tons of old plant—buckets, tumblers, and shafting, etc.—monn- i ments to the skill, energy, and pluck of our I mining men. The first company to commence steam dredging in Nelson Creek was the company bearing that name. The dredge has "been working over twelve months, and during that time a considerable debt has been wiped off and about 30 per cent, of the original capital returned to shareholders in dividends. It is anticipated some large returns will be got when the dredge gets ahead a short distance, whe>e the creek flat is more confined. The dredge, although on the light side, has turned over a tremendous quantity of material since starting. The claim has still a long life, and it "would probably be worth the attention :of the company to buy another and cheap up-to-date dredge, when so many are offering. What is a few thousand pounds in secpring a machine that will repay ; ts cost in a few months? THE LADY CHARLTON SHUTS DOWN PRO TEM. The Ladv Charlton dredae-mastcr reports that he washed up last Tuesday for soz 12dwt for 67 hours' dredging. All hands have been dismissed, and the dredge will be closed down until the sludge channel difficulty is settled. THE GOLDEN~RTPPLE COMPANY. An extraordinary meeting of the above company was to have been held last night in the Stock Exchange rooms. About sixshareholders put in appearance, and waited patiently for half an hour in the rain for some official of the company to appear. Then ono of the number, more adventurous than the rest, struck a match, and explored the vestibule of the Exchange, with the result that a notice was discovered on or near the interior doors. This stated that, owing to an informality in the notice calling the meeting the same would be postponed till some future date, which would be advised by another printed reminder. The informality alluded to referred to the date, which' in the notice was stated as "Wednesday, 23rd inst." The shareholders expressed themselves very strongly about this treatment, and promised the mining public of Dunedin and themselves a very interesting discussion when this meeting does eventuate. It appears that at the last meeting, held three or four months back, the directors, anticipating «. warm discussion, resolved to exclude the Press. They were not disappointed, we believe, regarding the anticipated rumpus, but if the feelings of last night's representatives don't belie them there will be even a stormier encounter at the next extraordinary gathering. On that occasion the Press will be present, and the public will have an idea of what has transpired. Something certainly wants satisfactorily explaining in connection with the financial affairs of this company. We have seen the " statement of affairs " up to December 31, 1901, and it points to. an expenditure apparently unproductive of a single asset or benefit to shareholders. The company were registered in February, 1900, with a capital of £10,500. £IO,OOO of this was allotted, including £I,BOO in paid-ups. Since that date 5s per share has been called, and more or less paid up, producing £1,542 7s 6cL There is £507 12s 6d in arrears, of which amount £4OO is said to be recoverable. There is £lB6 Os Id (not forgetting the penny) cash in the bank, and a few pounds in hand. Now, during this year and ten months the total sum of £1,355 3s has been expended. On what? That is just what shareholders want to ascertain. The company have no liabilities; they have let no contracts, done no prospecting; in fact, there is nothing discernible to the human eye. The secretary, we believe, got £IOO a year for a start, but this was subsequently reduced, but even this is an insignificant part of £1,355 odd. The whole thing demands investigation, and the contributing shareholders should turn the X rays on "that £1,355 item.