MINING NEWS.

Evening Star, Issue 11692, 25 September 1902, Page 6

MINING NEWS.

Our Christchurch correspondent wires that at an oxtraordmaiyi meeting of the Grey River Extended Dredging Company, held at Christchurch yesterday, a-motion in favor of voluntary liquidation was carried. The dredge-master of tho Riley’s Beach wired yesterday that the gxoiind was improving, and prospects were slightly better. ■ The Pater son’s Fre.hold report last week’s return os 20oz. The dredge-master of tho Matau wires that ho lost the ladder yesterday, but has since got it up. The hangers and crossbar are broken, but a borrowed set has been arranged for. The dredge-master of the Cromwell wired yesterday that he had washed up 148oz 18dwt for the half-week. Prospects continue very good. Ths New Nevis has been compelled to suspend operations owing to the snow. The £6,000 proposed to be raised by the creation of preference shares in the Four-teen-mile Beach Gold Dredging Company will provide for the purchase of the Main Lead Hercules dredge (£2,500), the shifting and fitting up again on the Fourteen-mile claim (£1,500), and wiping out the present liabilities (£1,500), leaving a balance of £SOO for contingencies. The British Lion Gold Dredging Company have decided to wind up. Mr S. T. Mirams was appointed liquidator. It is expected that there will be from £3OO to £350 available to go in payment of a dividend to those who had paid up the fifth call. Those who had paid to less than tho fifth call would not participate. THE SHARE MARKET. ■DUNEDIN' 'EXCHANGE. This morning’s sales :—Alexandra Lead, 15/6, 15/6, 16/6, 15/3. 15/; Alpine No. 2, 17/3, 17/; Golden Beach, 2/S; Golden River, 1/9; Riley’s Beach, 20/. Quotations ; Alexandra Lead—Buy 14/6, sel 15/3. New Alpine Consols—Sel 17/3. Alpine No. 2—Buy 17/, sel 17/3. Bendigo—Buy 10/6, sel 11/9. Central Charlton—Sel 6/9. Commissioner’s Flat—Buy 6d, sel 1/9. Cromwell—Buy 60/. Davis’s Bend—Buy 3/6 dis, sel 3/ dis. Dunstan Lead—Buy 7/3, sel 8/3. Electric—Sel 54/. Endeavor—Buy 4/, sel 5/6. Enterprise—Buy 26/. Feddersen—Sel 21/. First Chance—Buy 15/, sel 15/6. Fourteen-mile Beach—Buy IJ6. Gentle Annie—Buy 5/, sel 5/6. Golden Beaeh-<*3ny 1/6, sel 2/6. Golden Bed —Buy 6/. Golden Gate—Sel 1006 Golden River—-Set 1/9. New Golden Gravel—-Sel 26/. New Halfway House—Buy 2/3, sel 3/. Hartley and 'Riley—Buy 20/, sel 29/. Junction Electric—Sel *lO/. New Leaning Rock—Sel 5/ p. Leviathan—Buy 4/, sel 5.'6. Maori King—Buy 4/, sel 7/6. if eg and Annie—Sol 8/. No Town Creek—Sel 30/. Old Dunstan—Buy 2/, sel 5/. Prince Arthur—Buy 14/6, sel 15/. Prince of Wales—Sel 10/. Reeves’s Proprietary—Buy 10/. Riley’s Beach—Sel 20/6. Rise and Shine—Buy 25/, sel 26/. New Roxburgh Jubilee (pa ids) —Sel 23/6; contrib., s»l 7/ p. Sailor’s Bend—Buy 17/, sel 20/. Trafalgar—Buy 12/6, sel 17/. Unity—Buy 11/, sel 12/. Alpine Extended—Buy 1/. STOCK EXCHANGE NOTES. The river is at the sft 9in mark at Alexandra, and it is snowing slightly there. Now that it is beginning to be recognised that the best of the winter dredging season is over a number of Molyueux stocks show an casing tendency. Alexandra Leads, in particular, have come clown 2/ since yesterday, though this fall may be principally regarded as a forecast of a possible drop in this week’s return, as the quotations from Thursday in each week are usually a pretty acturate guide as to what the return will be. After selling yetserday from 17 j down to 16/4 2, the first sale was made at 15/6 this morning, the final lot told having quittance at 15/. Alpine No. 2 stock was fairly strong, with sales at 17/3 and 17/, but Bendigos, after selling yesterday at 11/9, were little sought after to-day. Davis Bends and Dutstan Leads are firm, but Endeavors are a siade easier, and First Chances are gradually easing. Fourteen-mile Beaches were asked for at the improved price of 1/6, due no doubt to a wish to get in and participate in the taking up of preferential shares. Gentle Annies are firm, while Golden Beaches had quittance at 2/5, *and Golden Rivers at 1/9, buyers in neither case being keen to go on. Hartley and Rileys are now in the twenties, while Old Duostans are less buoyant than yesterday afternoon. Prince Arthurs hold their own, and a sale was made in Riley Beaches at 20/, after quotations had opened rather wide, both buyers and sellers showing a disposition to meet. This dredge reports slightly improved prospects. Sailor’s Bends seem rather lifeless, and Unity stock is unchanged. Investment stock quotations :—National Bank of New Zealand—buy 81/, sel 83/; Bank of New Zealand—buy 62/; Standard Insurance—buy 18/6, sel 19/; Oaraarn Wool —buy 32/ ; Wellington Wool—buy 105/ ; Dcnaghy’s Rope—set £l2 5/; Otago Harbor Board (debentures)—buy £llO 10/. WEST COAST NOTES. GREYMOUTH, September 25. The Woodstock dredge is expected to bo ready to t ecumnenoe operations on Monday. The Greenstone Three-mile Company will declare their first dividend next week. The Greenstone Junction and Greenstone Creek are working steadily, and should give fair returns this week. A meeting of Hokitika shareholders in the Aylmer Lead Company will be held in a few days to endeavor (o infuse new life Into the management of the company. About 10!b weight of specimens were brought to town by tho manager of tho Paparoa mine. The Croesus reef is literally studded with gold. NELSON CREEK GOLD DREDGING COMPANY. The annual meeting of the above was held yesterday, and was attended by ten shareholders. Mr T. R, Fisher (chairman of directors) presiding. The Chairman, in moving the adoption of the report and bab nce-shect. said that the directors were gratified to be able to present su hj a satisfactory ba’ance-sheet. Although dredging was only commenced in January, 1901, they had paid off a debt of ovt r £I,OOO, and bad paid £9,530, or 23s per share, in dividends, placed £BOO to a reserve fund and also placed £233 15s to the credit of Income Tax. The directors were of opinion that the reserve fund should he considerably increased, as there was great wear and tear on the machinery, which would in time have to he re ns ated, and upon the pontoons, and it was desired that, as far as possible this work should bq done without interfering with the dividends. The dredge-master advised that up to the present the total area dredged was about fifteen acres. He expected the ground to get deeper and richer. There was still a very large unworked area (about seventy or eighty acres), which would take some years to get over. The motion was carried. Tho retiring directors (Messrs Fisher and Angus) were re-elected. Mr T. Chalmerwas reappointed auditor at the same fee. FOURTEEN -MILE BEACH GOLD DREDGING COMPANY. A general meeting of shareholders in the Fourteen-mile Beach Gold Dredging Company was held last night in the Stock Exchange Buildings to consider the advisability of increasing the capital of the company by the creation of preference shares, as proposed in the circular issued to shareholders. About twenty shareholders attended, Mr E. A. Tapper occupying the choir. The Chairman, m moving the resolution, said that the directors had had on anxious time the last nine or ten months. They were perfectly satisfied that it was useless to try and work the claim with the present dredge. Some people might think the dredge could be altered so os to be able to work tic clais;. but such was not the case. Thqy felt tbattheonly way

to’ get out 'pi their. / ’dfKcnlties’ -vis -to' getga’ first-daes dfqdge, such as the one that trap) now under offer tothem—namely, the Main 1 Lead Hercules dredge, one of the finest) dredges built for .the’.'Molyneux. The di-’ rectors believed sufficient gold would be got in the claim to piy off not only the preference shares, hut also to return somethe old shareholders. Shareholders would have the preference in taking ‘ r.p their quota of the new issue, and’ then. pro. rata of the balance. Then, if there were not sufficient applications, the public would be asked to come in, though the directors hoped'this latter step would be unnecessary. During the year the Golden RiverCompany had been approached with a view to the Fourteen-mile Company obtaining a loan of the Golden River dredge, either that tho latter company should work it themselves or that they should lease it to the Fourteen-mile Company, but the terms asked had been exorbitant, and negotiations had fallen through. The electric plant and water power had proved very satisfactory. They hud not taken the dredge to the top c c the claim, because a bar of rocks prevented them. , The financial statement showed the company's liabilities to be: Outstanding accounts, £73 13s lid; owing to the bank, £943 6s; contingencies, wages, etc., about £loo—amounting to a total of £1,116 19s lid. The secretary had, been good enough , not to draw his salary, and the directors also bad not drawn their fees, and these brought the total liabdities to £1,281 11s 7d. The chairman then moved the following :—“ That the capital of the company be increased by fhe creation of 6,000 new shares of £1 each, to be called preference shares.” This motion was seconded by Mr J. M'Pherson. In replying to questions the Chairman said the company Intended paying £2,500 for the M a m Lead Hercules dredge. Mr Steel explained that the latter dredge would dredge to a depth of 53ft, and was a first-class machine. They would take the engine and boiler with her, and take them, out and put the electric plant on the new dredge. It would cost £I;3CO or £1,500 to pat the dredge on the claim. She would have to be taken to pieces and re-erected, which could be done in four months. The Chairman stated that the Main Lead Hercules Company were willing to accept a mortgage. Mr C. R. Smith, iu supporting the resolution, mentioned that it was intended to keep the engine and boiler and a supply of coal as a stand by, in ease of the electric power failing. The directors had spared no trouble on the company’s behalf, and were personaJ.y liable to the bank for the overdraft. Mr Ewing wished to know on whose report the present dredge was condemned, and he thought the present dredge should have won thousands of ounces py working the beaches. He was speaking from personal knowledge acquired during thirty years. Their dredge was a sister ship to the Cromwell, which had worked -rough ground. He thought that what was wanted was to issue enough preference shares to pay the debt and create a fond, and to give someone eke a chance to take charge of the present dredge. He moved an amendment which would alter the amount of preference shares from £6,000 to £2,000, the rate cf interest from 50 per cent, to 25 per cent., and provide that preference shareholders should not participate with the holders of the ordinary shares in the surplus (if any) after the preference dividend had been paid. Mr Donnelly seconded the amendment, which was lost. The Chairman then put the original motion, which was declared carried unanimously. The Chairman announced that applications had been received for 2,200 preference shares, and 400 or 500 more were applied for in the room.