MINING NEWS.

Evening Star, Issue 11675, 6 February 1902, Page 6

MINING NEWS.

"Our Own" at Wellington wires: "The difficulty between the farmers and thp dredge-owners at Mataura being still unsettled, Mr H. A. Gordon (chairman of the Rivers Board Commission) will leave for Gore at an early date, with full powers to adjust all grievances in respect to the Waimumu and Charlton streams. I understand that the terms to be submitted by Mr Gordon will be more favorable to ail parties concerned than those previously offered »to them on behalf of the Government." ' - * SHARE MARKET.

DtrNEDIN KXCHANGE. Sales were made at the following prices on the above Exchange this morning : Bendigo, 13/; First Chance, 9/9; Gold QuetnT 3'6; Monte Christo, 30/; Rise and Shine, 15/6, 15/. OTAGO EXCHANGE. The following sales were effected this morning:—Bendigo. 12/6, Golden River, 7/9; Leaning Rock, 14/9, 15/. Quotations : Ahaura—Buy 1/, sel 2/6. Aldinga—Buy 18/, sel 19/6. Alexandra Lead—Sel 6/. Alpine Consols —Buy 17/6. Alpine No. 2—Buy 21/9, sel 23/. Bendigo—Buy 12/3, sel 13/6. Boundary Creek —Sel 5/. Charlton Creek—Sel 20/.. Cromwell —Buy 65/. Davis Bend—Sel 1/ dis.' Dunstan Lead—Buy 5/6. Electric—Buy 37/, sel 40/. Electric Extended—Buy 5/6, sel 11. Endeavor—Buy 15/. First Chance—Buy 8/6, sel 10/3. Fourteen-mile Beach—Buy 17/, sel 18/3. Gentle Annie—Sel 18/. Gold Queen —Buy 3/6. Golden River—Buv 7/6, sel 8/. Golden Run—Sel 19/. Great Central—Buy 6/. Greenstone Junction —Buy 24/6, sel 26/. Halfway House—Sel 11/6. Hokitika River—Buv 12/3, sel 14/. Inchdale—Buy 15/, sel 16/. Junction Electric—Bu-" 22/, sel 24/6. Kellv and Casev—Sel 9/. leaning Rock—Buy 14/9, sel 15/6. , Magnetic—Sel 8/. Meg and Annie—Buy 23/, sel 24/6. Mokoia—Sel 15/. Molvneux Kohinoor —Buv 2/6 dis. Monte Christo—Buv 28/6, sel 30/. Nelson Creek—Sel 54/6. No Town—Buv 21/9, sel 23/. Olrig—Buv 11/9, sel 13/. Pactolus—Buv 33/, sel 34/. Point d'Or—Sel 1/ dis. Reeves's Proprietary—Buy 15/. River Molyneux—Sel 7/6. Royal Maori—Buv 17/6, sel 19/. Sailor's Bend—Sel 36/6. Trafalgar—Buy 22/9, sel 24/. Upper Magnetic—Buy 3/9, sel 4/6. Vincent Extended—Buy 7/, sel 9/. WaJmunm Central—Sel 13/6. Waimumu Extended—Buy 12/, sel 13/6. STOCK EXCHANGE NOTES. The river continues to subside, and the registered height this morning was 9ft 2in, a drop of 3in since yesterday. The weather at Alexandra was fine, as usual.

The market responded to the exhilarating influence contained in the above news, and assumed a decidedly more chirpy aspect Even if heavy business is not always transactable and there are no alarming " jumps " in certain stocks, it is reassuring to feel by the telepathic indicator that beneath the surface there is a strong galvanic reserve which would quickly set the market in motion if the opportunity arose. Most people are now pretty well agreed, upon~4his point, even if they have not yet made practical acquaintance with it, that our dredging season proper, as applied to the rivers, at all events, is limited to a few months; that during this period we shall doubtless do exceedingly well and experience all the tremors and sensations incidental to speculation, but that during the off-season there must be a period of inactivity which will make business on 'Change unproductive. Having clearly established and denned this position, it ehould not be a hard matter for investors and others to regulate their operations in a manner satisfactory at least to this extent, that they will not delude themselves that any market is going to hold up the price of stock out of any philanthropic desire to benefit the comnMinity at large or. from any sentiment regarding the prospects o fthe "following season. In the "dog.days" (or high-river time) holders of stock, if they get landed at the end of the season by missing the market, will simply have to sit tight till next time. As evidence of how prices can be maintained by this means we know of one company with a heavy capital, likewise liabilities and a machine, that is not too well liked even by "its fondest admirers, and yet the stock keeps up in a wonderful manner. Had the position been fffrnttar in other companies, they would have been torn to pieces by the "bears." In this case, however, holders are determined, and very commendable it is no doubt, to see it through. If there is any hitch< however, and they begin to lose confidence, the wolves will be down on them like the Assyrians" of ancient time, and the end of-the present (Constitution will be nigh. - The moral is for shareholders to hang together till the last minute, always remembering that someone has to " nurse the baby" if the policy of scuttle obtains. 9 ■ .Principal quotes to-day were:—Alexandra Lead, buy 4/9, sel 5/9; getting a start

■«,' >, " v"■•*>*, f »' —"-t - ; ft last ; N will H]favfilta#a£ in spite of heavy preferential loading of shares. Alpine No. 2, buy'2l/3, sel 24/; 4nni!ijj. Bendigo, sale 13/, buy J3/, sel >3/6.. Dunstaa Lead, bay 5/; eel 6ft getting a fair run this week. Bodeavor, buy 15/,, /«ji 16/6; firm. First Chance, saiep 9/9, buy 9/9, sd 10/. Gentle Ainue/ boy 17/6, >el 19/6. Gold King, buy 4/6, sel 6/; hardening. Gold Queen, sale ,3/5, buy 3/6, sel 4/; also firming. Golden Rivex, buy 7/9, sel 7/10£. Greenstone Junction, bay 25/, sel ,26/6; not easily negotiated. Inchdale, buy 14/9, sel 16/6. Leaning buy 14/9, sel 16/; firm; should be a certainty with suitable river. Meg.and Annie, buy. 23/3, sd 24/6; steady. Monte Qaista, safer 30/, buy 29/9, sel 31/3; strong. : No Town < Creek, bu f 22/6, sel 33/9; hardening., Pactolus, buy 33/9, sel 34/3; these are now fully paid. Rise ans Shine, sales' 15/6 and IS/, buy 14/9, sel 15/6; is reported to have struck "good gold, hence the rise. Royal Maori, buy 17/, sel 17/9. Trafalgar, buy 22/, sel 24/6; hard. Upper Magnetic, buy 4/, sel 5/; this is a pure spec. Victory, Tmy 21/, eel 24/; hard. Waimumu Extended, buy 12/, sel 13/3. Investment Stocks,—Bank of New Zealand, sel 45/; Standard Insurance, sel 17/9; Union Steam, eel £ll 8s 6d; Westport Coal, buy 84/6, sel 86/; CommetcJal, Property, buy 2/, sel 2/9; Trustees, Executors, bay 34/; Mosgiel Wool, sel 78/; New Zealand Drug, buy 50/, sel 52/6. The new Jvawarau Bridge Company promoted by the syndicate headed by Mr H. Shrtrapton will have a capital of £4,000, iu 4,000 shares; 1,850 of these will be of the. contributing order, 150 paid-up contributing to constitute, together with £l4so^the amount for the dredge at auction, the vendor's consideration, and 2,000 fully paid-up shares, one of which will be allotted to every contributing share applied for. This makes a very handy capital, and will leave abokt £6OO in the Bank to give the claim a fair trial. It is a most,unsatisf..ctory thing to know, that there has been no run for the money, and it is owing to this fact, no doubt, that so many of the old shareholders are anxious to embark in the new company. They naturally want to bo satisfied one way or the other. The Leviathan Company seem to be full of trounles, and one would be almost inclined to think that some sprite had cast an evil spell over the concern. Happily we are not superstitious nowadays, and in the case of mining troubles it is generally possible to unravel the cause without prodding very deeply beneath the surface. In the case under ndfcice the company have j what is termed ofl the' Coast a "roadway " running down one side of their property for a certain .distance. This is neutral—otherwise a reserve—and separates the Leviathan rla.im from private ground, which, let it be noted, is also said to be auriferous. The original agreement was that the compan ywere to be allowed to dredge 63ft into tins reserve of 66it. This* they have done with good effect, but now some " obtuscated '' County Council intimate that according to tue Act, or their reading ,of the Act, which may or may not be dependable, the company have no ri< T nt to aredge within one cnain of the said roadway (pardoning the misnomer) without the consent oi v the local body controlling the same. Why at this law hour in the montn they suouid proceeu to object we don't profess to understand at such a 'distance, dud it either resolves itself into a most benighted attempt to oe officious or, what is more likely,' an endeavor to force a point. The owners oi iue private land on the other side of the roadway must likewise leel annoyed, lor ft spons their cnauces ol amalgamation witu the LeviaUiau completely, even if the company were disposed lo buy them ! out Those strategic private plots are sometimes the source ol great annoyance, but it us a pity ttiat the; Grey Council cannot see tne nijury they are aouig themselves in this' unwarrantable attempt to stop a dredge irom working witnin her authorised sphere. Under date February 4 the dredgemaster of the -Dunstan Lead writes, inter aua, mat tne river rose veiy hign on tne previous Monday night, and a large amount of drift came down and neany nlled the paddock. This caused a considerable uelay. Ho thinks tne ground is improving, as it is getting more so.id, auu tne wash is harder to break down. One of the elevator bucket liuks breaking caused a big break in the elevator/tUree top and three bottom roller spindles being bent and two rollers broken. Some of »the angle irons and diagonal straps holding tne ladder together were also carried away. They were fixed up again on Friday and Saturday. He started dredging again on Monday night, and had to bale a good deal of" silt, which had accumulated in the paddock while the dredge was stopped.' Ford's Creek is a most unfortunate company, and since the dredge sank the last straw, as it were, was broken. However, there are not wanting shareholders who believe in the claim, and an extraordinary meeting will shortly be held to consider the reconstruction process. The basis contemplated is a capital of £6,000, of wliich £3,000 will bo contributing and 3,000 paid-up shares. 11 successfully reconstructed, £1,700 will be nsed to pay off the mortgagee, creditors, etc., and the balance will be required to uplift and renovate the dredge and provide working capital, etc. The scheme seems fanenough, and it is now only a matter of faith in the claim.

GOLDEN RIPPLE WILL LIQUIDATE

An extraordinary general meeting of shareholders in the above was held last night. There were about twenty present, and Mr Peter Miller occupied the chair. The business was to consider a~ motion that the company'go into voluntary liquidation, there being insufficient justification for proceeding with the objects for which the company were formed. The Chairman said that the company had been in existence some tone, and the directors had agreed that it was best for all concerned that they should liquidate. There was a pretty general feeling that the claim should never have been put on the market, but they were not there to discuss that them He would advise that someone propose a liquidator, fixing also the remnneration, and that they proceed to elect him forthwitji. The printed resoluti»n had been worded under legal supervision in such a way that a furtfier meeting would not be necessary. Mr Geddes moved that the remuneration be twenty-five guineas. Mr J. Rhodes moved as an amendment — "That it be fixed at-fifteen guineas."— Mr 'k. S. Ramsay was proposed and elected as liqnidator, but declined the position. - On the motion of Mr Rhodes, Mr 5- T. Mirams was duly appointed at th» above fee. An incipient, wordy altercation then toot place on the question of of the company's funds,, more especially that portion, said to be £560, which was paid for one of the claims. Mr J. Dall adroitly saved the situation by pronouncing the following benediction:—"That the company, being now dead and gone, it was only seemly that they should give it a decent interment; indeed, to make the ceremony complete, a royal safiite should be fired over the grave/' The obstructionists herewith ceased their discussion, and a vote of thanks to the chair germinated the proce«dwg3' 1 ■ ■ ;:;_