MINING NEWS.

Evening Star, Issue 11673, 4 February 1902, Page 6

MINING NEWS.

The Upper Waipmi report 340z 17dwt fur 138 hours’ dredging. 'The Waiknka report 15oz 18dwt 18gr frr 110 hours’ work.

The Prince Albert report 14oz lOdwt *-.r 98 houfs.

The Lawrence report 7oz for the past week.

The Nelson Crees report 530z for 118 hours’ work. The, Dunstan Lead report: “Started dredging last nignt at seven o’clock.”

WEST COAjsI TUNING NOTES.

[Special to the Star.]

The late fresh in tne river put the dredges back for a time. The Mokoia is now working away steadily, and with favorable weather should give good average returns.

The Boiler Junction has moved back f o the near ride of the river again. In working on the far side she dammed up the water and made it difficult for the Mokoia to reach the bottom.

The Welcome is putting through a lot of work, but so far I have heard of no returns. The Premier broke her head line during the fresh, but was safely secured, and continued work through last week. She is still on old ground. The Rocklands is working freely on improved ground. The Old Diggings dredge has again been unfortunate, this tune in breaking the ladder. It will be some time before she is ready to resume work. The El Dorado pontoons, which are well made, have been safely launched. There is still no sign of the machinery. The local director is also unable to supply any information, in > tnswer to numerous inquiries. When Sir J. G. Ward visits Westport he will be taken to the Cardiff mine, and work will be commenced there shortly afterwards. SHARE MARKET. IKTKKTIIN EXCHANGE. Sales were made at the following prices yesterday afternoon: —Aldinga, 19/3; Boundary Creek, 3/; Fourteen-mile Beach. 17/9; Alpine Extended. 7/. This morning’s sales were as follow; —Olrig, 12/; Victory, 21/3, 21/. OTAGO EXCHANGE. The following sales were effected this morning:—Olrig, 11/9; Upjier Magnetic, 4/6. Quotations: — Ahaura River—Buy 1/9, sel 2/6. Aldinga—Buy 18/6, sel 20/. Alexandra Lead —Sel 6/. Alpine Consols—Buy 17/6, sel 19/. Alpine No. 2—Buy 20/6, sel 23/. Bendigo —Buy 12/6, sel 14/. Boundary Creek—Sel 5/. Charlton Creek—Sel 20/. Cromwell —Buy 65/. Davis’s Bend—Sel 1/ dis. Duns tan Lead—Buy 5/3, sel 6/6. Electric —Buy 37/6, sel 40/. Electric Extended—Sel 9/. Endeavor —Buy 15/9, sel 15/6. First Chance—Buy 8/6, sel 10/. Fourteen-mile Beach—Buy 17/3, sel 19/. Gentle Annie—Sel 18/. Gold Queen —Buy 3/. Golden River—Buy 7/6, sel 8/. Great Central—Sel 7/3. Greenstone Junction —Buy 25/, sel 26/6. Halfway House—Sel 11/. Hartley and Riley—Sel 47/. Hokitika River —Sel 14/6. Inchdale—Buy 14/6, sel 15/9. Junction Electric —Sel 24/6. Kelly and Casey—Buy 8/6, sol 9/9. Leaning Rock—Buy 14/9, sel 15/6. Magnetic—Se! 8/6. Meg and Annie—Buy 23/3, sel 24/. Mokoia —Sel 14/. Molynenx Kohinonr—Bur 2/6 dis. Monte Christo—Buy 28/, sel 30/. Nelson Creek —Buy 50/. se! 54/6. No Town Creek —Buy 21/, sel 22/. Olrig—Buy 11/3, sel 12/6. Pactolus—nSel 35/. Point d’Or—Sel 1/ dis. Reeves’s Proprietary—-Buy 15/. Rise and Shine —Buy 11/, sel 15/9. River Molynenx—Sel 8/. Royal Maori—Buy 18/, sel 19/6. Sailor’s Bend—Sel 37/. Upper Magentic—Buy 4/6, self/3. Victory —Buy 21/, sel 22/6. Vincent Extended—Buy 7/6, sel 106 Waimunra Extended —Sel 13/6.

STOCK EXCHANGE NOTES. The wire this morning stated that th*. river is down to 9ft 6in, and the weather fine.

There is no '’harm 1 to report in to-dav’? business, and the market may be described as slack, without any corresponding depreciation of prices. Even the remarkably consistent quote for Molynenx Kohinoor st'Kik is 'iiissito.' from the daily call, an 1 when such a favorably-disposed and weT negotiated quotation is retired it is palpable that brokers are waiting, Micawberlike, for the turn nr fall in the tide. Thflia were no movements demanding any note at. this morning’s call, and the principal quotes we furnish Herewith : —Ahaura. buy 1/6, se» 2/3; Aldinga, buy 18/6, sel 20/; Alexand v Lead, bu- 4/, sel 5/6 ; Alpine No. 2, buv 20/6, r>cl 24/; Electric Extended, buy 5/6. sel 7/5 ; Endeavor, buy 14/, sel 1/; First Chance, buv 8/3, sel 9/3; Fourteen-mile Beach, buy "17/3. sel 18/; Gold King, buy 2/9, sel 4/3; Gold Queen, buy 2/6, sel 5/6 ; Golden River, buy 7/6, sel 7/10/ ; Gre >t Central, buy 6/6, sel 7/; Greenstone Junction, buy 24/9, sel 26/; Inchdale, buy 14/6, sel 15/9; Junction Electric, buy 22/, sel 24/; Kelly and Casey, buy 8/, sel 10/; Meg and Annie, sel 24/6; Monte Christo, buy 28/6, sel 30/6; No Town Creek, buy 21/. sel 22/; Olrig, sale 12/, buy 11/9, sel 12/5; Pactolus, buy 55/6, scl 3/9; Reeves’s Proprietary, buv 14/6, sel 16/6; River Molynexu, buv 4/6, sel 5/6; Royal Maori, buy 18/, sel 19/6; Teviot, buy 6/6, sel 8/; Upp r Magnetic, buy 5/, sel 4/9; Victory, sale 21', buy 20 1, sel 21/3; Waimumu Extended, buy 12/6, sel 13/3. Investment stocks showed no material changes on yesterday’s quotes. The Davis Bend Company are following in the footsteps of the gentle tortoise, an i making haste slowly. At December 31, 1901, they had received from shareholders £1,368 15s in cash, and had arrears in ca 's amounting to £351 ss. The amount -i----pended miring the year in managing the concern was £*ls7 7s Id, which does iqt seem out of the way, and the total expenditure since registration was £592 4s 9d. The amount of cash in the bank was £7Bl 10? Id, an dthc bulk of it is going to remain there till the company decide upon which oilier company’s misfortune they are going to make capital by buying a dredge. The time is fleeing, and it would be wise to make an earlv choice.

Grey River Consolidated shareholders are evidently awaiting another revolution of Fortune’s ■wheel before they proceed to supplement their present interests with another donation on account. The debenture issue is now regarded as a failure, and other means must be requisitioned to pull the concern through its difficulties if it bo the desire of shareholders that such be its destiny. We think the reconstruction scheme is really best for this company after all, as the existing capital is quite large enough, and any financing proposition is apparently not in favor. To this end a meeting will shortly be called, the company placed in liquidation, and a simultaneous scheme discussed for the reorganisation of the whole affair. The proposed terms of the new company are: First, a capital of £IO,OOO, in 20,000 shares fullypaid to 8s ; and, second, 20,000 contributing shares of 2s. To eveiy applicant for one of the latter a fully-paid share will also be allotted. The idea is evidently to preserve the present numerical interest to shareholders, with an additional share as a bonus. The idea may be good enough, but it runs into big figures, and it is very questionable whether the scheme possesses the same fascination as it would on a smaller basis of, say, £7,500, of which £2,500 was contributing. However, the subject is open

for discussion, and is the only alternative to straight-out liquidation, failing any revival of interest in the "debenture proposals. Since the Inchdale dredge has done so well for that company, and the shares, from being a drug in the market, have nearly regained their par value, more interest has been manifested in that locality. The Inch Valley Company, pioneers of the place, have paid 6s per share to date, the last dividend of Is being paid in December. Since closing down extensive alterations and improvements have been effected in the dredge itself, and she is now expected to give a much better account of herself, and materially augment the dividend list. A new elevator, bought from the Lady Catdrona Company, is being fitted up, new condensers have been installed, and all the machinery carefully overhauled. The dredge is expected to start work again to-morrow, and she should have a continuous and payable Van, as she starts on a ready-made cut which carries good wash across the whole face. The secretary of the No Town Creek Company had his wire confirmed yesterday relative to the time worked for the last return, and it turns out to be 112 hours, not 45, as at first announced. This is another case of the fitful hieroglyphic code or the prevalence of dredge-masters’ optical, delusion, and is ore of the common variety of blunders th.il needs an early reform.

The Ahaura River dredge crew are busy trying to get their ladder and buckets up from the bottom of the deep blue or sand that is said to exist on that claim. There seems to be no particular reason why their efforts should not be quite successful, although the job is by no means as easy as it looks. By the way, it would be interesting to know how quickly and when that flood came on which caused all this damage; also, whether it was not possible to raise the said buckets in time to prevent the involuntary submersion. This is a costly mode of procedure, and is not the first case on record in which the sinking of a dredge was directly attributable to the buckets being down The Caledonia Company, one of the latest, to commence operations on the Coast, and more particularly on the Grey River, is not doing anything to uphold the dignity of that waterway to be considered a payable stretch. The Grey River Company made a certain splash at the start, and then lapsed into almost total obscurity, and since that date the whole of the payable Coast operations have been confined to tributaries of this and other main arteries. This aeons to bear out the theory that through some great natural convulsion the configuration of the country was so altered in the gold-bearing belt that the present tributaries of these main streams acted as natural water channels to the golden zone, and really carry the disintegrated gold themselves, to the detriment of the main body of water. At all events the Caledonia Company on soz per week have failed to demonstrate so far any particular hope lor the rest of the Grey River claims. It is reported that the Meg and Annie dredge will shortly declare a 2g dividend, and immediately proceed Lo put up good returns again.