MINING NEWS.

Evening Star, Issue 11677, 8 February 1902, Page 6

MINING NEWS.

The Royal Maori report lloz for 60

hours.

The Buffer Junction report 440z for 132 hours’ work.

The Reeves’s Proprietary report 240z for 116 hours.

The Point d’Or report 12oz for 134 honrs’ dredging. The Waimumn Central report 220z for 132 hours’ work. The Globe report 15oz 2dwt for 132 hours.

The Cromwell report 590z sdwt for eighty-four hours; prospects good. The Mokoia report 240z 3dwt for 120 hours.

The dredge-master of the Leviathan wires:—“24oz sdwt for 123 hours’ dredging; dredge working well; stopped today; shifting top tumbler and tightening buckets.”

The Endeavor report lloz Idwt 18gr for 105 hours’ dredging.

The Waimumn report 18oz 7dwt for fifty hours’ work.

The Golden Link report 9oz 18dwt 17gr for 137 hours.

The Enterprise No. 1 report 320z 13dwt Igr for 136 hours’ dredging. The Enterprise No. 2 report 360z 7dwt 20gr for 127 hours’ work.

The Prince Albert report 220z lOdwt for 108 hours.

The Pactoius report 670z lOdwt for 130 hours’ dredging. The Junction Electric No. 2 report 720z lOdwt. The No. 1 dredge report no washup. The Electric report 730z 6dwt for the week.

The Magnetic report no wash-up; river high, ajid repairing. The Gold King report 20oz lOdwt for 128 hours week ended Friday, February 7. The Spec Gully report 16oz 7gr for 119 hours.

The Dnnstan Lead report 240z 17dwt for 174 hours.

The Gabriel report 17oz sdwt Bgr for 120 hours.

The A 1 report 240z for 115 hours. The Hokitika report 340z for 128 hours. A Press message states that Dongald Paterson, of Christchurch, sharebroker, and formerly a member of the firm of Magnus, Paterson, and Co., was charged before the Magistrate’s Court this morning with obtaining a cheque for £l2 10s from Alfred Butcher by representing that he was authorised by the Leviathan Gold Dredging Company to collect deposits for preference shares in the company, with intent to defraud. He was remanded for a week, bail being allowed in one surety of £SO.

SHARE MARKET. OUSTEDIN EXCHANGE. Sales were made at the following prices on the above Exchange yesterday afternoon :—Endeavor, 16/; First Chance, 9/3; No Town Creek, 23/3, 23/6; Teviot, 6/9. This morning’s sales were as follow; — Endeavor, 15/; Enterprise, 27/6; Greenstone Junction, 25/9: Mosquito, 22/3,22/3; No Town Creek, 23/, 23/, 25/IJ,, 23/1J); Reeves’s Proprietary, 16/; Royal Maori, 17/, 17/. OTAGO EXCHANGE. The following sales were effected this morning : —First Chance, 9/6; Leaning Rock, 15/; Olrig, 12,/3. Quotations;— Ahanra—Buy 2/, gel 2/6. Aldinga—Buy 18/, sel 20/. Alexandra Lead—Sel 6/. Alpine Consols—Buy 18/6, sel 20/. Alpine No. 2—Buy 22/, sel 24/6. Beaumont Lead—Buy 12/6, sel 13/6. Boundary Creek—Sel 6/. Charlton Creek—Scl 20/. Cromwell—Buy 69/, sel 72/6. Dunstan Lead—Buy 5/6. Electric —Buy 58,6. Electric Extended—Buy 5/9, sel 7/. Endeavor—Buy 15/3, sel 16/6. First Chance—Buy 9/6, sel 10/3. Fourteen-mile Beach—Buy 16/3, sel 17/9. Gentle Annie—Sel 18/6. Gold King—Buy 4/6, sel 5/9. Gold Queen—Buy 5/6. Golden River—Buy 7/6, sel 8/. Great Central—Buy 6/, sel 7/6. Greenstone Junction—Buy 25/5, sel 26/. Halfway House—Sel 11/6. Hartley and Riley—Sel 46/6. Inchdale —Buy 15/3, sel 16/6. Junction Electric—Buy 23/, sel 24/6. Kelly and Casey—Buy 8/, sel 9/6. Leaning Rock—Buy 14/9, sel 15/6. Magnetic—Sel 8/. Meg and Annie—Buy 23/3, sel 24/6. Monte Christo—Buy 28/6, sel 31/. Nelson Creek—Buy 51/6, sel 55/. No Town—Buy 22/6, sel 24/. Orwell Creek—Buy 12/, sel 12/9. Pactoius —Buy 34/3, sel 35/6. Point d’Or—Sel 2 j dis. Reeves’s Proprietary —Buy 15/. Rise and Shine —Buy 15/5, sel 16/. River Molyneux—Buy 6/6, sol 8/. Royal Maori—Buy 17/3, sel 18/6. Sailor’s Bend—Sel 36/. 1 Trafalgar—Buy 23/6. Upper Magnetic—Buy 3/9, sel 4/6. Victory—Buy 22/3, sel 23/6. Vincent Extended—Sel 8/6. Waimomu Extended —Sel 13/6. Woodstock—Sel 10/.

STOCK EXCHANGE NOTES. The river is still falling steadily, at the rate of about 4in per day, and this morning registered Bft 6in; weather fine. It this drop continues next week without interruption a number of the gorge dredges will be enabled to start. Whether this consummation is likely to be in the best interests of those companies remains to be seen, but the temptation to begin work is strong enough to counterbalance any risk that may be run of the river rising to an unworkable height again. The market this < morning resembled closely previous Saturdays, and there was. a slackening of business pending the publication of returns for last week. There were really no features of exceptional interest, and the only stocks which experienced much inquiry were Mosquitos, No Town Creeks, and Royal Maoris. The two former maintained their prices (vide quote list), and the latter showed an actual weakening. The lloz for sixty hours put tip by the Royal Maori was evidently considered considered not good enough to warrant their price, but we are informed that the dredge is now on a fine piece of the river, and is expected to do 50oz per week. The next few- weeks will prove toe tenth of this view, but looking at what the dredge did before she got on to the rocky bottom it is not improbable that similar returns may now be obtained. The following are the principal quotes: —Alexandra Lead: Buy 4/, sel 5/9. Alpine No. 2: Buy 21/, scl 25/. Bendigo: Buy 12/9, sel 14/. Dunstan Lead: Buy 4/6, sel 6/6. Electric Extended: Buy 6/6. Endeavor: Sale 15/; buy_ 14/, sel 15/; return must be smaller this week. Ettrick: Buy 10/, sel 11/6. First Chance: Buy 9/, scl 9/9. Gentle Annie: Buy 17/, sel 19/. Gold Queen: Buy 3/, sel 4/. Golden River: Buy 7/7J,, sel 7/10^. Greenstone Junction : Sale 25/9; buy 25/6, sel 26/6. Inchdale; Buy 15/. sel 16/. Leaning Rock. Buy 14/6, sel 16/. Meg and Annie: Buy 23/9, sel 24/6. Mosquito: Sales 22/3; buy 22/, sel 22/3. No Town Creek : Sales 23/ and 23/1J ; buy 23/1 j, sel 23/6. Olrig: Buy 12/, sel 12/6. Pactoius; Buy 341 Reeves’s Proprietary: Sale 16/; buy 15/6. Rise and Shine: Buy 14/, sel* 14/9. River Molyneux: Buy 6/6, sel 7/6. Royal Maori: Sales 17/; buy 17/, sel 17/3. Upper Magnetic: Buy 4/3, sel 4/6. Victory: Buy 22/, sel 23/6. Investment Stocks: Bank of New Zealand: Buy 45/. National Insurance: Buy 20/3. sel 20/9. Standard Insurance; Buy 17/3, sel 18/. Westport Coal; Buy 84/, sel 86/. Godward's Spiral Fin; Buy 2/3, sel 2/9. The Grand Junction Company is now m liquidation, and active steps are being taken to reconstruct it. The capital of the new ronipanv will he £6.800. half of which will be contributing and half paid up, one share of the latter to he allotted with each two contributing applied for. Shareholders in the old company, irrespective of the foregoing arrangement, will divide amongst them the balance of the paid-ups, amounting to 1.700 shares, which will give them one share in the new company for every five held in the old. It Is anticipated that £2,500 will suffice to complete and start the’ dredge, and when that amount has been subscribed the"directors will proceed to allotment The pontoons are launched, and the machinery is all ready for erection, so that if shareholders want a run for their money this winter they would do well to decide without delay, and send along their applications. If position counts for anything, the location of this claim at the confluence of the Nevis and Kawaran Rivers should sufficiently justify the desire to get the dredge to work. The Central Charlton dredge is now working a face seven chains in width by a depth of about 12ft. The machine is now about thirty-seven yards from where the shaft which gave good prospects was put down. There was "no wash up this week, as the dredge was repairing in the earlier part, and only started again on Wednesday night. The dredge-master expects now to have a good and unbroken run. It is expected that the Gentle Annie dredge will be completed by the end of this month, after which she will be run by the contractors for a month on trial. The Golden River statement of affairs up to December 31, 1901, is instructive, and of a very satisfactory character. The total amount of gold won by the company for about three weeks’ work was 34Soz 3dwr, valued at £1,328 18s 10d. This yield turned

the whole position of the company, which now rejoices in holding £Bl6 odd in the bonk, against which the total indebtedness amounts to only £66 2s. It means that when this company get to, work on a low river they should do well, and they will not be tormented by the knowledge that every shilling spent in getting to the gold is bringing them a step nearer to the bankruptcy court. INCHDALE GOLD DREDGING COMPANY. The annual general meeting of the above company was held last night. There was a good attendance of shareholders, and Mr G. L. Denniston occupied the chair. Business : To receive report and balance-sheet, etc. The Chairman, in moving the adoption of the report, said he need not say anything more in respect thereof. There was a time when thsy were face to face with financial difficulties, but they had negotiated a loan, and so met them successfully. Since the report was printed they had got two weeks’ returns, totalling Tlox, and allowing 220z for working expenses and interest during that time, it would leave £2OO to be added to their present, cash strength. The £3O calls In arrears which figured in the bal-ance-sheet had since been paid. There was also an item 575 forfeited shares. These had now become the possession of the company.

Mr W. L. Hooper, in seconding the motion, said that at the last annual meeting they were in serious difficulties, but, thanks to the directors and secretary, the company were now on the high road to success. They had a good dredge and a claim that was turning out second to none. The Chairman said he should mention that the directors and shareholders were under an obligation to Mr Pearson, who gave up 500 vendor’s shares as part consideration. when the loan was negotiated. As some return to him now, he understood Mr Pearson would receive 100 of the company’s forfeited shares on his paying the balance of calls due.—(Applause.) Mr Thompson thought that the dam and race on the claim had cost too much money to construct, and were not as effective as they might be. He also alluded to some sheep which strayed on the company’s grassy clowns and browsed on- the pasture thereof without consulting the directors or the dredge-master. Mr Pearson, in reply, stated that the dam and race were passed by their engineer (Mr Cntten), who was fully competent and in whom they placed full confidence, therefore there was no benefit in carping over a matter of £BB. As for the sheep, he could assure them they were very inoffensive ; they might eat the grass, but they would not interfere with the gold. He believed the claim to be one of the best in the colony, and they should get steady 30oz returns weekly, while if they happened to strike a lead any time they might, get as much as 60oz or 70oz per week. The dredge was a splendid machine, and they had a first-class dredge-master and crew. The property was an investment, not a speculation, and should last for years. The Chairman intimated that steps would he taken to pay off the mortgage of £I,OOO without delay; negotiations would be opened up within a few days. The report and balance-sheet having been adopted, Messrs G. L. Denniston and J. A. Cook were re-elected directors, and Mr W. Vivian reappointed auditor at a fee of £7 7s. Votes of thanks to the directors and Mr Pearson terminated the proceedings.

OLRIG DREDGING COMPANY. The third annual meeting of the above company was held last night, and was attended by about a dozen shareholders. Mr Thomas Glendining (chairman of directors) presided. The Chairman, in moving the adoption of the report, said that since the balance-sheet was issued tue position of the company had improved. The bank had now been paid off, together with nearly .all the company’s creditors, and they had about £212 to their credit. The dredge was in good order. The directors had deemed it advisable to take up the old Springvale claim, close to the boundary of which the Olrig was now working. The working expenses had been heavy, but this was accounted for by the tightness of the wash, which was hard on the buckets. Mr Payne, engineer to the company, said that the dredge was in good order, anl should run for eight or nine months without anv very extensive repairs being required. Mr Rivers, one of the local directors, thought they had done wisely in acquiring the Springvale claim. It was said by those who uad worked on the latter dredge that she had never really bottomed, not being strong enough to tackle the heavy wash. The Olrig dredge was now working towards the neighborhood of the Springvale, and he confidently expected that payable returns would be maintained. The report and balance-sheet having been adopted, Messrs Rivers and Luke were reelected directors, and Mr E. R. Smith was reappointed auditor.