MINING NEWS.

Evening Star, Issue 11676, 7 February 1902, Page 6

MINING NEWS.

The Waikaka United report 360z for 131 hours.

The Celtic report Boz for about five and a-half days’ work. A Greymouth message reports the following :— Alpine, 118oz retorted gold from 65 tons; Keep-it-Dark returns for January—Battery, 181oz gold from 973 tons, and by the cyanide process 920z gold, total 2730z. The dredge-master of the Molyneux Kohinoor dredge wires that the dredge reached the Roxburgh bridge yesterday. It is now fair sailing on to the claim. The Warmumn Extended report 220z 15dwt for 129 hours. The Three-mile Greenstone report 350z for 110 hours. SHARE MARKET. OTAGO EXCHANGE. The following sales were effected this morning ; —First Chance, 10/, 9/9; Gold Queen, 3/9. DPNKMN EXCHANGE. Sales were made at the following prices on the above Exchange yesterday afternoon :—Gold King, 4/9, 4/9, 4/9; Gold Oueen. 5/9, 5/9; Golden River, 7/9; Inchdale, 15/; No Town Creek, 23/9, 24/, 24/, Z-t/o, Zh/3 ; Wuimamn Extended, 12/6. This morning’s sales were as follow: Ahaura River, 2/5, 2/5, 2/5, 2/3, 2/3; Ettrick, 11/, 11/; Golden River, 7/9; Mosquito, 19/, 22/, 21/9, 22/3, 22/3, 22/6, 22/9 ; No Town Creek, 23/; Olrig, 12/3 ; Pactolus, 54/9; Upper Magnetic, Quotations :

Al—Sel 51/. Ahaura River—Buy 2/3, sel 2/6. Aldinga—Sel 20/. Alexandra Lead- Buy 4/3, sei 6/. Alpine Consols—Buy 19/, sel 20/. Alpine No. 2—Buy' 21/6, sel 22/6. Bendigo—Buy 12/, sel 13/9. Central Charlton-—Sel 9/. Cromwell—Buy 70/6, sel 71/. Duustan Lead—Buy 4/6, sel 6/6. Electric Extended—Buy 6/3, sel 6/9. Endeavor —Buy 15/9, sel 16/ I]. Enterprise—Buy 26/6, sel 28/. Ettrick Gold Steam—Buy 10/9, sel 21/9. First Chance—Buy 9/5, sel 10/3. Gold Deposit—Buy 4/6, sel 6/. Golden Mile—Sel 3/. Golden Molyneux (paid)— Buy 4/9, sel 10/.

Golden River—Buy 7/9, sel 7/10]. Great Central—Buy 6/6. Greenstone Junction —Isuy 25/3, sel 26/6. Grey River Extended-—Sel par. Grey River—Buy 5/3, sel 8/. Inchdale—Buy 14/9, sel 16/. Inch Valley—Sel 17/6. Kohinoor—Buy 10/. Leaning Rock—Buy 14/, sel 16/. Magnetic—Sel 9/. Maauherikia—Buy 30/, sel 40/. Meg and Annie—Buy 23/3, sel 24/6. Molyneux Hydraulic—Buy 2/6 dis, sel 2/1] dis. Mosquito—Buy 22/6, sel 23,'. North Beach—Buy 11/6, sel 17/6. No Town Creek—Buy 23/, sel 23/3. Olrig—Buy 12/, sel 12/6. Otago—Sel 13/. Pactolus —Buy 34/6, sel 55/. Reeves’s Proprietary—Buy 14/. Riley’s Beach—Sel 7/6. Rise and Shine—Buy 15,43, sel 17/. River Molyneux—Buy 6/6, sel 8> Roxburgh Jubilee—Sel 17/. Royal Maori —Buy 17/, sel 17/9. Sailor’s Bend—Buy 33/, sel 3 </. Teviot—Buy 6/6, sel 7/3. Trafalgar—Buy 22/6, sel 25/. Upper Magnetic—Buy 4/, sel 4/6. Victory—Buy 21/6, sel 24/. Vincent Extended—Buy 7/6, sel 8/3. STOCK EXCHANGE NOTES. The river is still falling, under the influence of the prevailing fine weather rpcountry, and now registers Bft lOin above minimum.

The market this morning opened briskly, and the ball was set roling by a run on Ahatrra River stock, a large number c-f shares changing hands at 2/3, the suppliers finally being forced to withdraw under 'lie buying pressure, which made the market for itself. Of course-, the stock is a cheap one, and a line of a hundred or two shares is in the aggregate not a serious matter, so that the spirit thus given to business therein may be reckoned more as a speculation than any real appreciation on information. If the dredge is found not to be seriously injured, and the company back to the lead they were reported to be on, doubtless, in common with most Coast stocks, the shares will rise a shilling. The other movement, which occurred in a stock that has been passed over in silence for weeks, if not months, back—viz., Mosquitos, a claim on the West Coast creek of teat name—was quite an unlooked for, though not unlikely, event. The first parcel of twenty-five, offered at 19/, was immediately snapped, and the following sales were made at prices ranging from 21/9 to 22/9, finishing strong. It is held by some of the best-informed brokers teat all these tributaries of the Grey River on the south side will claim attention now, and companies located in this belt will see the hardening process in the value of their shares. In other respects business was also twister, and prices had a stiffening tendency in most of the leading lines. The principal quotes are: Abaura River: Sales at 2/3; buyers 2/3, sellers 2/6. Alexandra Lead : Buyers 4/6, sellers 6/. Alpine No. 2; Buyers 21/6, sellers 24/6. Buyers are inclined to advance. Bendigo: Buyers 12/, sellers 15/9. Weaker. Cromwell: Buyers 70/, sellers 72/. This is a good stock to hold at par. Endeavor: Buyers 15/9, sellers 16/11,. Firm, and will probably rise. Enterprise: Buyers 26/6, sellers 28/. A good investment concern. Ettrick: Sales at 11/; buyers 10/9, sellers 11/9. Should do better yet. Gold King; Buyers 4/6, sellers 6/. Will move on the return. Greenstone Junction: Buyers 25/3, sellers 26/6. Not finished yet. Mosquito ; Sales at 19/ to 22/9; buyers 22/6, sellers 23/. Is well thought of. No Town Creek: Buyers 23/, sellers 23/3. Will rise if this return is better than the last Olxig: Sale at 12/; buyers 12/, sellers 12/6. Steady, and will improve it the dredge get on to the same ground when she resumes. Pactolus: Sale at 34/9; buyers 34/6, sellers 35/. Steady. Rise and Shine: Buyers 15/3, sellers 17/. If return is a good one will move up a bit. Royal Maori: Buyers 17/, sellers, 17/9. Awaiting next return. Teviot: Buyers 6/6, sellers 7/3. Should do well yet when steadily working. Upper Magnetic: Sale at 4/; buyers 4/, sellers 4/6. A fair gamble.

Investment Stocks.—National Insurance: Buyers 20/3, sellers 20/9. Standard: Buyers 17/2. Union Steam; Sellers £ll 6s 6d. Westport Coal ; Buyers 84/. ’’ National Mortgage:. Bayers 32 1. New Zealand River Plate; Sellers 26/6. New Zealand Drugs: Buyers 61/, sellers 52/. T,he dredge-master of the Three-mile Greenstone Company, writing under date January 26, explains., that he bad a trying time with a succession of floods, which kept him busy baling silt out of the paddock, and conduced in a large measure to diminishing the return, which nevertheless was satisfactory, being 60oz for three weeks. The buckets are well down now on the bottom, and the next wash qp should show a further improvement. The Broad Greet Company are looking forward to an early completion of their dredge. The claim is situated at Welsh’s Flat, Waipori, and is expected to prove one of the steady sort. Most of the heavy machinery is erected, and they expect to have a turn out of the dredge early next month. Tno statement shows that there are about £B7O now in arrears of calk, which will doubtless be paid up in time, and debts owing by the company amounting to £1,218. Tlicre is £lßl 2s 2d cash in the bank. The exploitation of this part of the Waipori district will push that locality to the front.

It is always a pleasure to congratulate a company that have surmounted their difficulties, and their experience should serve a useful purpose to stimulating others which may be laboring under a veil of despondency. The Endeavor Company was not named hi vain, evidently, for a few months ago they were financially in queer street, snd only the. pertinacity of some of the shareholders. who applied for £1,025 worth of debentures out of a possible £1,500, saved the concern from possible liquidation. Since getting - to work the faith of the believers has been amply justified. Up to December 51, 1901, the company had won 2400z Sd wr, of gold, worth £925, and daring the part four weeks £689 worth. The amount of cash at the bank on the above date was £629 12s lid, which, added to the estimated profit on the last month’s work, gives a total cash strength of £1,009 at the present time. Now, it, is provided that one month’s notice must be given to deben-ture-holders of the intention of the company to redeem. We believe such action is contemplated, and can be well afforded, and debenture-holders will then have the option of taking up sliares (of which Iberu axe 1,500 in reserve) or the cash. It most be highly gratifying to shareholders to see their tight little company in a solvent position, and they should soon have the sensation of receiving dividends.

The Three-mile Greenstone statement shows that company to be in a better position than might have been imagined. The capital is small (£B,ooo|, they had produced £1,603 8s 7d worth of gold up to December 51 last, and the {prospects now are for payable returns. The cash in bonk was £239 14s sd, the debts outstanding £312 10s 3d. and the contingent liabilities £466. It will not be surprising if this company are clear of debt in a month or two. At an extraordinary meeting of shareholders of the Maori Queen Gold Dredging Company it was decided, by extraordinary resolution, to go into voluntary liquidation, and Mr B. Tyerman was appointed liquidator. It was also decided to reconstruct, with a capital of £2,500, the scrip to be offered in the first place to original shareholders. This will, it is estimated, pay off all liabilities (about £1,600), and leave enough to further improve the dredge. This claim is situated on the Maori Creek, a tributary of the New Biver, sixty-seven miles from Greymouth, West Coast, Hie office of the company is in Wanganui.