MINING NEWS.

Evening Star, Issue 11609, 20 June 1902, Page 6

MINING NEWS.

The Spec Gully report no wash-up. The Fairdowu Company are advised by the secretary, who was present at the boring operations, that the results are satisfactory. THE SHARK MARKET. dunedin bxchakos. This morning’s sales were as follow; Alexandra Lead, 5/3, 5/3; Junction Electric, 18/9, 18/9; North Reach, 12/5, .12/6, 12/6; K.ver Molyneux, 2/6, 2/6, 2/6, 2/6, 2/6; bailor’s Rend, sa/6, 36/; Unity, 18/6. Quotations; Al—Bel 20/. A.dinga—Buy 16/6. Alexandra Bonanza (paids)—Buy 11/, sel 13/. Alexandra Lead—Buy 5/, sel 5/6. Alpine No. 2—Sel 20/. Bendigo—Buy 2/6, sel 7/. Charlton Creek —Buy 8/, sel 12/. Dunstan Lead—cel 5/. Endeavor—Buy 5/, sel 10/. Enterpr.se—Buy 25/, sel 25/6. Erickson’s Reward —Buy 9/, sel 10/9. ’’ Fairdown—Buy 10/6, sel 18/. Four teen-mile Beach—Sel 15/. Gentle Annie—Buy 10/, sel 13/. Gold King—Buy sel 4/3. Golden Bed—Sel 13/. Golden Gate—Buy 85/, sel 90/. Golden River —Sel 6/. ‘ Halfway House—Buy 2/, sel 6/6. Hokitika River—Sel 10/6. Junction Electric—Buy 18/6, sel 18/9. Kokin oor—Sel 10/. Lafranchi’s Freehold—Buy 6/, sel 10/. Leaning Rock—Sel 8/. Leviathan (pref.)—Buy 5/. Manuherikia—Sel 35/. Meg and Annie—Buy 15/, sel 16/3. Molyneux Kohinoor—Buy 4/6 dis, sel 3/6 dis. Monte Christo—Sel 19 1. North Beach—Buy 12/3, sel 12/9. No Town Creek —Buy 36/9, sel 37/6. Old Dunstan—Buy 3/, sel 4/. Olrig—Buy 23/3, sel 24/6. Pactolns—Buy 70/, sel 72/6. Rise and Shine—Bny 20/9, sel 22/. River Molyneux—Buy 2/3, sel 2/6. Roval Maori —Buy 1/6, sel 3/. Sailor’s Bend—Buy 34/6, sel 35/6. Teviot—Sel 5/. Unity—Buy 18/3, sel 18/9. Upper Magnetic—Buy 5/, sel 6/6. Victory —Sel 21/. Vincent Extended—Sel 4/. STOCK EXCHANGE NOTES. The Molyneux level had this morning dropped to 2ft Bin. Bus.ness at the early call was in most respects very similar to what it has been for the past week or two. Some stocks firmed a little, others fell a bit, bnt there were no startling changes. Aldingas were one of the rising stocks; they were wanted at 16/6, and no sellers responded. There was ‘ a buyer for Alexandra Bonanzas at. 11/, but holders demanded 13/. A 3d drop was noted in Alexandra Leads, two sales taking place at 5/3. Endeavors once more were in request, but the parties could not agree about terms, buyers offering 6/ and holders asking 10/. Enterprises were steady at unchanged prices. Fairdowns seemed firmer, and could have been sold at 10/6 if holders had been agreeable. The quotation in Golden Gates is gradually getting closer, only 5/ own separating buyers and sellers. Junction Electrics maintained their value, two parcels selling at 18/9. Molyneux Kohinoors firmed, buyers offering 4/6 discount. Several transactions took place in North Beaches—the first for some time. The opening transaction was at 12/3, the others at 12/6, after which each party retired by the width of a threepenny bit No Towns are still rising, buyers offering 36/9. Olrigs also firmed, 23/3 being tendered. Five parcels of River Molyneux shares changed hands at 2/6, Sailor’s Bends sold at 35/6 and 35/, and Unitys fetched 18/6. Investment stocks were quoted as follow : —National Bank—buy 78/, sel 85/; Bank of New Zealand —buy 66/; Union Bank—sel £4l; Trustees, Executors—buy 36/; Milbnrn Lime and Cement (20/ paid)—buy 26/6, sel 28/; Alpine Extended—buy 2/s'; Roxburgh Amalgamated—ordinary, buy, 4/6— contributing, buy 4/. Two sales were made in Milbum Limes at 27/6 and 27/.

NOTES FROM THE WEST COAST. [Per United Press Association.] HOKITIKA, June 20. Welcome rain is falling after a rathe/ long period of fine weather. The want of water has cons derably hampered alluvial mining operations, wh ch in some districts have been at a standstill. The river is rising to-day. A syndicate, who contemplate bringing water by way of a back creek into the goldfields district, applied for 400 acres for

sluicing purposes. The miners of »the district, at a public .meeting, resolved that they had no objection to granting the areas, provided the company gu rantee fifty heads of water out of the hundred to be applied for for the use of the miners, at current rates. The meeting also approved a general proposal to bring in a water supply for the field, [Special to ran Star.] WESTPORT, June 20. The pontoons of Feddcrsen’s dredge are now almost completed, and a good part of the machinery is on the ground ready for erection. The Mokoia has been working steadily, with fair success, but the river at present is in flood, and all dredging is suspended. The Bullcr Junction Company’s coal mine is now open, and a fair sample of coal has been sluiced down to the river’s edge. The directors anticipate being able to land coal on the dredge at 10s a ton, and hope to supply the adjoining dredges. The Welcome is located in a good part of the river, and is in splendid working order The directors of the Premier dredge have declared a 15 per cent, dividend, on preference shares, and carried forward a good mm for a dividend on ordinary shares. Profitable returns are likely to be obtained for a good time to come The OM Diggings dredge has been drawn in to the river’s side, after working away for some tine with little success. There have been no developments in reference to the Eldorado Company. Although it is reported that the directors are looking out for a property in Otago, the local shareholders incline to the opinion that there has been bad management in connection with the rffairs of this company. The Stony Creek dredge at Ngakawau has resumed work, but will take some time to get the paddock clear. WAIMUMU CENTRAL DREDGING COMPANY. The annual report, to be submitted to shareholders at Mataura on Monday, 30th June, states that the profit and loss account shows that the dividends declared and paid during the year amounted to £1,400, or, taking that and the preceding year together, a sum of £3,150 —a record unequalled by any other dredging company in the Waimumu Valley field. The directors are hoping the unworked ground will be of a profitable nature and occupy the dredge for some time. A thorough overhaul of the dredge has been made during the year, and it is in capital working order. The value of gold won during the year amounted to £4,498 14s lid, or, with the preceding year, £8,317. Messrs MacGibbon, Collins, and Penny retired during the year. The directors elected Mr David Kay only to the Board in their place, leaving the other positions vacant until the general meeting, when they purpose suggesting they be not filled, to save directors’ fees. EXTENDED FOURTEEN-MILE BEACH GOLD DREDGING COMPANY. An extraordinary general meeting of the above was held last evening for the purpose of considering the following resolution ;—“ That it has been proved to the satisfaction of this meeting that the company cannot, by reason of their liabilities, continue their business, and that it is advisable to wind up the same, and accordingly that the company be wound up voluntarily.” Mr C. J. Payne (chairman of directors) presided, and there were ten other shareholders present. ’The Chairman, after stating the purpose for which the meeting had been called, and giv ng the history of recent negotiations, said that he did not see any course but liquidation, because if they went on any lo iger the expenditure would only increase, and they would never get the dredge completed. He therefore moved the resolution, which was seconded and carried unan mously. In reply to questions, the Chairman did not think shareholders would get anytliing back, but there should be sufficient to 1 quidate without making any more calls. The shares of those who had not paid the first call had been forfeited. The appointment of a liquidator was then considered. Mr Ivimey proposed that Mr Monkman be appointed to the position, the motion being seconded by Mr Scoular. —Mr Knox proposed that Mr S. Spain be appointed, but this was opposed by nearly all the shareholders present on account of Mr Spain being interested as a vendor Mr Spain being asked to express his views on the subject, said that he had an agreement ' under which the vendors would relinquish their claims on the company if paid not less than £175. He thought they might be induced to accept less. Eventually it was resolved to adjourn tffl Monday week.