MINING NEWS.

Evening Star, Issue 11683, 15 February 1902, Page 6

MINING NEWS.

The Central Charlton report 21oz 2dwt for 180 hours.

The Ford’s Creek Gold Dredging Company have decided to liquidate, it having been proved to the satisfaction of the company that their liabilities are too great to permit them to go ahead. Mr K. Stuart Ramsay. in association with the chairman of directors, was appointed liquidator, at a fee of 35 guineas. The Mannherikia Company’s dredgemaster wires: “No wash-up to-morrow. Only bottomed last night; very deep. Good deal drift. Raining to-day.” The Spec Gully report 13oz 18dwt for 134 hours. The Mokoia report 24 oz 9dwt for 118 hours. Stopped at twelve last night; river too high. Tho Cromwell report 490z 12dwt for 122 hoars’ dredging. The Ft trick report 470z 17dwt for 126 hours’ work. The Charlton Creek report 17oz 12dwt for 125 hours. The Golden Link- report Soz 16dwt, 10gr for 160 hours’ dredging. The Waimumu report 28oz for 97 hours’ work. The* Upper Clutha report 13oz Idwt for 135 houre. J’he Reeves's Proprietary report 16oz 15dwt for 108 hours’ dredging. The Gold Kim report 260z lOdwt for 135 hours' work. The Enterprise No. 1 report 460z lldwt sgr for 157 hours. The Enterprise No. 2 report 2f7oz sdwt for 131 hours’ dredging. The Deep Stream Hydraulic Sluicing report 36»z for three weeks’ work. A resolution was carried at the meeting of the Digger’s Pride Gold Dredging Company's shareholders last evening—“ That it is advisable, in the interests of the shareholders, that the company should go into liquidation.” The directors will take the necessary steps to give effect to the resolution. The Golden Crescent report 250z 4dwt for the week ended Thursday. Thu North Beach report 27nz, I6dwt for 123 hours. The Paul’s Beach report Soz 14dwt for 128 hours. Tho Tuapeka report 12oz 3dwt for the week The Mystery Flat. Waikaia, report 72cz 12dwb for 118 hours. Tho dredge-master of the Gabriel reports that he had one or two slight breakages during the week, which caused stoppages. He has not got back into the creek since, leaving it to protect the road where the last flood threatened to break over. Everything is miming well now. The Pactolus (West Coast) report llloz 14dwt for 156 hours’ dredging, with wash improving. The Gabriel report 12oz 4dwt 12gr for 111 hours. Tho A 1 report 28oz for 115 hours. The Hokitika report 550z for 111 hours. The Mosquito report 17oz, lOdwt for 65 hours. THE SHARE MARKET, OTAOO EXCHANGE. The following sales were effected this morning;—Bendigo, 13/9; Gold Queen, 3/9; Leaning Rock, 14/9, 15/. DUNEDIN KXCHANGE. Sales were made at the following prices on the above. Exchange yesterday afternoon First Chance, 9/3, Golden River, 7/8. 7/8; Halfway House, 10/; Junction Electric, 24/1 £, 24/, 24/; Mosquito, 20/9; No Town Creek, 25/, 25/3: Paclolus, 38/9, 39/; Rise and Shine, 12/, 12/, 12/; Royal Maori, 16/6, 16/6; Upper Magnetic, 479, 5/, 5/6, 5/9, 0/. This morning's sales were as follow ; —Aiding \ 18/6; Alpine Consols, 18/; Enterprise, 30/6. 30/6; Fourteen-mile Beach, 17/, 17/; Gentle. Annie, 15/; Gold King, 5/3, 55; Leaning Rock, 15/; Meg and Annie, 24/5; Pactolus, 39/; Rise and Shine, 11/6; Teviot, 6/; Upper (Magnetic, 5/6. Quotations Aliaura River—Sel 2/6. Aldinga—Buy 18/. sel 19/. Alexandra Lead—Buy 4/6. Bendigo—Buy 13'', sel 14/6. Dunstan Lead—Bur 4/6, sol 6/. Electric Extended—Buy 5/, sel 6/9. Electric—Buy 38/3. Endeavor —Buy 12/6, sel 15/5. Enfield —Buy 16/6, sel 20/. Enterprise—Buy 51/6, sel 34/. Ettrick Gold Steam—-Buy 11/, sel 13/. First Chance —Buy 9/, sel 9/4^. Fourteen-mile Beach—Buy 17/. sel 17/3. Gentle Annie —Buy 15/, sel 18/. Gold King—Buy 5/, sel 5/9. Gold Queen —Buy 3/, sel 3/9. Golden River—liny 7/6, sel 7/9. Golden Run—Sel 20/.

Greenstone (new) —Buy 9d prem. Greenstone Junction—Buy 21/. Grey River—Sel 7/. Hokitika River —Buy 12/, sol 15/6. Inchdale—Buy 14/, sel 15/6. Inch Valley—Sel 17/6. Junction Electric—Buy 23/6, sal 24/3. Leaning Rock—Buy 16/, sel 15/5. Meg and Annie—Buy 24/, sel 25/. Molyneux Kohinoor—Buy 3/, sel 2/6 dis. Mosquito—Buy 20/3, sel 22/. Nelson Greek—Buy 43/, sel 45/. Ngapara No. 3—Sel 15/. North Beach—Buy 10/. sel 13/. No Town Creek—Buv 24/6, sel 26/6. Olrig—Buy 12/6, sel 14/9. Orwell Creek —Buy 5/, sel 5/6. Otago—Sel 14/. Pactolus—Buy 38/9, sol 39/3. Recvt-a’s Proprietary—Buy 15/6. sel 1 ?/. Riley’s Beach—Buy 7/6. Rise and Shine—Buy 11/, sel 11/6. River Molyneux—Buy 5/6, sel 7/6. Roxburgh Jubilee—Sel 17/. Royal Maori—Buy 16/, sel 16/6. Sailor's Bond—Buy 28/6. sel 34/9. Three-mile (Greenstone Creek) —Buy 15/, sel 18/. Trafalgar—Buy 23/, sel 24/. Tuapeka—Sel 20/. Upper .Magnetic—Buy 5/6, sel 6/6. STOCK EXCHANGE NOTES.

Th recent, rains have apparently bad nr> effect on. the river tip on the goldfields, for the wire from Alexandra this morning stated the height at 7ft 9in, with fine weather. This is very welcome and gratifying news, and the chances are that the gorge fleet •will get a start this week after all—at least the most sanguine of them will. The market to-day responded to the call, and for a Saturday it was indeed qnite busy, numerous sales being recorded over a wide selection of slocks. One or two sharp rises were noticeable, notably in Enterprise and Pactolus. The former, on its capital value, we have always considered good stock at the price viz., 28s or 30s, especially as the company have two dredges and are getting payable and steady returns. A seller this morning, opening out at 30s 6d, had them promptly snapped, and further buyers came in at 31s 6d, sellers standing well off. Pactolus also, with llloz for last week, warranted the appreciation, and they hardened up to 395, and will from all appearances top 40s. The dredge must evidently be on a good lead again. The outlook for that Nelson Creek strip of country is just about as bright as it could be. and

we can only express regret that there are not more like it, and a few of them scattered around some of our local auriferous wastes.

The principal quotes were as follow: — Aldinga: Bale 18/6, buy 18/, sell 19/; this company will pull through all right Alpine Consols: Sale 18/, tray 17/, sell 19; easier, for no visible reason. Bendigo; Buy 13/, seU 14/6; firm. Electric Extended : Buy 6/, sell 6/9; there is time for this stock to see a rise yet Endeavor: Buy 12/6, seU 13/3; weaker, as the dredge is’ still amongst old workings; if these are unpayable, is it not possible to look’ for solid ground ? Enterprise : Sales 30/6, buy 31/6, seU 34/; and looks every inch a good investment.' Ettrick; Buy 11/, sell 13/; f once that liability is wiped off should be a dividend-payer. Fourteen-mile Beach: Sales 17buy 17/3, sell 17/3; shares on the present position of affairs are too high. Gentle Annie; Sale 15/, buy 15/, sell 18/; will soon be proving itself. Gold King: Sale 6/3, buy 5/, sell 5/3; must get more than 260z per week to keep the mortgagee and creditors off. New Greenstone: Buy 6d premium cum privileges; what are they since the shares are allotted? Hokitika River: Buy 12/, sell 15/6; firm. Inchdale : Buy 14/, sell 15/6; easier on account of the dredge beiivg stopped during the week. Leaning Rock; Sale 15/, buy 15/, sell 15/3; well worth watching. Meg and Annie: Sale 24/6, buy 24/, sell 25/; firm. Nelson Creek: Buy 55/, sell 55/; have recovered their status again. Olrig: Buy 12/6, sell 14/9 ; inclined to rise. Pactolus; Sale 39/, buy 38/9. sell 39/3; still fit for a rise. Rise and Shine; Sale U/6, buy 11/, sell 11/6; weaker than yesterday. Royal Maori: Buy 16/, sell 16/6; 21oz for last week ; look like hardening. Three - mile Greenstone: Buy 16/, sell 18/; and looks a cheap line on these returns. Trafalgar: Buy 23/, sell 24/; firm. Upper Magnetic: Buy 5/6, sell 6/6 ; reported that the dredge is on good, wash. Investment Stocks ;—Bank of New Zealand ; Buy 46/, sell 49/6. National Insurance: SeU 21/. Standard Insurance: Buy 17/6, sell 18/9; buyers are hardening. Union Steam: Sell £ll 6s 6d. Westport Coal: SeU 82/. Portland Cement; Sell par. Oamaru Wool: Buy 30/. Donaghy’s Rope: Buy £ll, sell £ll 6s. The Molyneux Kohinoor, the quote for which on ’Change is one of the events of the dav, so regular is it, will hold their annual meeting at the end of this month. The balance - sheet shows that, all the available cash has just about been expended, and the dredge is within a week or two of getting into active work. Considering that the company have secured a first-class dredge and claim for Its per share of their capital called up, they have done exceedingly well, and there may be no to call up any more if the simitar good yield obtains that once did gladden the eyes of some previous dredge-master. The profit and loss account shows an expenditure for the year of £495 16s, and contains nothing particularly prominent save, the item engineering charges, £2OO, ’ which may refer to the present dredge. This company should really give a. good account of itself from all reports. The Three-mile Greenstone dredge-master reports last week that the gold is getting much rougher, while examination of the tailings reveals no sign of any getting away. The recent return of 370z is really a first-class one, and it will be a surprising thing if the Greenstone Creek does not turn out second onlv to Nelson Creek. Boulders still impede the dredge’s work, but the derrick in use has proved effective in dealing with them; otherwise, in the opinion of the dredge-master, the boulders are an indication of gold. The. Leviathan Company’s report and balance-sheet for fifteen months has come to hand, and the figures under capital and fiabilitie;: arc fairly dazzling, those relating to thi capital specially to. However, as the 12.000 preference shares virtually constituted the company anew, one shareholder can keep the preference issue well in view, and th°. others will not signify much. The lialar.ee of £1,255 11s 9d, which represents the loss on the fifteen months’ operations, mnst. not be received without qualification, for it is only a few months hack that the dredge started to do any good for itself, and much of the expenditure prior to this event was connected with dams, of the material, and also objurgatory persuasion, which were quite unproductive, and, in fact, futile. For these fifteen months £4,925 2s 6d was spent in “running the show,” and a- ainst these figures we have 9540z 16dwt°of gold, valued at £3,669 10s 9d, which looks up rather well, and makes one more sanguine that preference shareholders during tho next financial year may reap some reward. Regarding the shifting of the Rise and Rhme n dredge after that memorable telegram “On good gold," we understand that the barrel of the winch would not stand the strain of the hard ground in the gorge, and they had to shift her back to the basin where the bottom is softer, and a long way down, and where the gold may reside in large quantities—-also where it may not. A new winch, we are advised, is being despatched to the dredge.