MINING NEWS.

Evening Star, Issue 11890, 19 May 1903, Page 6

MINING NEWS.

The Manuherikia began dredging yesterday, everything working well. The Grand Junction No. 2 dredge-master wired last evening that he had got the bucket belt coupled up, and began dredging for the lost buckets yesterday afternoon. The New Halfway House began dredging yestefday. 'lTiere was no wash up on the Perseverance No. 1 dredge last week, as the bottom tumbler shaft broke during the week. The New Alpine Consuls recommenced dredging at midnight on Sunday. There was no wash up last week on the Lady Roxburgh dredge, which was on worked ground, with here and there a patch of solid. They were working the ground in a face, the depth being from 38ft to 44ft.

The Golden Gravel dredge-master reports the river to be falling fast, and if it continues to 'do so to the end of this week he will shift to the winter ground. The ground worked last week was rather deep. The dredge-master of the Blackwater River reports that the dredge has just got through the seam of clay on the east side of .the face. The bottom there has jumped up nearly 10ft, but this is believed to be only a bar. as the bottom has begun to dip again. There was also a bank of clay on the west side of the face, but as there was no wash underneath it they wete going over the top of it. The prospects were a little better about the centre of the face, on account of there being no clay to deal with. The dredge will be stopped a day or two this week to allow of altering the tables, etc. This, when completed, will enable the dredge to treat more stuff, and on that account better returns are looked for. RETURNS. Waikaka United No. 2: 20oz 16dwtl6gr, week. Reliance; 20oz, week. Tuapeka; 14oz, week. Taniwha: 4oz 7dwt, week. WIST COAST. Nelson Creek: 320z, 133 hours. THE SHARE MARKET. •narniN This morning’s sales; Junction Electric, 14/; Mokoia (ord.), 21/; Bank of New Zealand, 73/6. Quotations:— Alexandra Lead—Buy 13/, sel 13/3. New Alpine Consols—Buy 18/, sel 19/. New Bendigo—Buy 28/6, sel 30/. Bignell’s No Town—Buy 6/6, sel 8/. Blackwater—Contrib., sel 2/6 dis. Davis Bend—Contrib., Buy 1/9 p„ sel 2/6 p. Dunstan Lead—Buy 10/6, sel 11/6. Electric—Buy 41/6, sel 42/6. Endeavor—Buy 7/3, sel 8/. Enrich—Buy 6/6. sel 8/. First Chance —Buy 19/5, sel 20/9. Fourteen-mile Beach—Ord., buy 1/6 Golden River—Buy 2/, sel 2/4^. Golden Run—Buy 18/9, sel 20/. Golden United—Buy 7/6, sel 9/. Grand Junction—Buy 8/6, sel 10/3. Inchdale—-Sel 6/3. Inch Valley—Sel 6/. Junction Electric—Buy 13/9, sel 14/3. Kohinoor—Ord., sel If. Levia-han—Pref;, buy 2/9, sel 3/. Manuherikia—Buy 27/, sel 30/. Mokoia—Ord., sel 22/; pref., buy 23/6. Mosquito—Sel 25/. Mystery Flat—Sel 14/. North Beach—Buy 19/, sel 20/6. Otago—Buy 26/6, sel 29/. Perseverance—Buy 32/, sel 36/. Prince Arthur—Buy 12/. Rise and Shine—Buy 28/9, sel 29/6. New Roxburgh Jubilee—Raids, sel 29/6. Sailor* •• Bend—Buy 29/6, sel 50/6. Sandy Point—Buy 6/6 p., sel 8/ p. Trafalgar—Buy 6d, sel 2/6. Unity—Buy 10/. sel 12/. Waimumu—Sel 13/. Waimumu Central—Sel 4/. Waimnmu Extended—Sel 7/. Alpine Extended—Sel 5/6. STOCK EXCHANGE NOTES. The river has fallen to the 4ft 7in mark. Limited business only is passiqg on ’Change at present, but there seem to be slkht indications of the demand for shares

improving. Now that the gorge dredges are starting with something like a prospect of a continuous ran, shares in those ventures are naturally hardening. Davis Bend con triha., after selling yesterday at 1/6 p. were asked dor up to 1/9 p, hot sellers held for 9d mote than this, ertrt ■

Sailor’s Bends were also in more general inquiry. Junction Electrics w.ic ucu.. at a slight decline on yesterday’s price. Mqkoia ordinary issue were quitted at a suinea. , Northßeaches showed a little more life, but Trafalgar stock has come down with a run

Investment stocks have been very quiet of late, but Bank of New Zealand stock was dealt in this morning at 73/6. and Perpetual Trustees, after selling yesterday at 15/3, was again in demand at that price. Quotations w—National Bank—buy 89/, sd 90/; Bank of New Zealand—buy 73/; .Standard Insurance —sd 19/3; Perpetual Trustees—buy lo'3; New Zealand Drugs—buy 46/6, sel 47 (J ; Donaghy’s Rope—buy £l2 17/6, sel £l3 5/. THE WEST COAST. ; GREYMOUTH, Hay 19. The Mosquito dredge is now in good repair, and good returns and a steady run are expected. Both the Pactolus machines are off the main ran of gold. The North Beach blew the crown off the boiler on Thursday. Another start will be made at the end of the week. The Great Woodstock dredge is being dismantled, and will be re-erected on the Stafford Waimea claim. The Aldinga is looking for good returns from the ground ahead. Nothing has been done yet to raise the Trafalgar dredge. The Jamieson’s Reward machinery is expected to be ready for work in a month The Eohinoor ground is still poor. A small -company is being formed to give the Woodstock another trial. The Wattersons-Ahaura is still on poor ground. WAIMUMU AND CHARLTON CREEK. At Gore on Saturday the Minister of Mines was interviewed in respect to the Waimumu and Chariton Creek tail racas. Mr M’Nab, M.H.R., explained that the farmers affected were desirous of having the channels extended in order to give the further drainage to their properties, and that in addition they wished certain angles in the Charlton Creek between the road and the railway straightened, and the bed of the creek itself cleared of silt and debris, so that the land through which the creek passed in the lower parts of its course would not be so liable to flooding as it was at present. The Hon. Mr M'Gowan. in reply, said he could give them his assurance that he was fully prepared to carry out evrything stated in the agreement. Later in the day he accompanied members of the deputation in a drive to the Waimnmu and Charlton Creeks. In each instance it was found that considerable progress had been made by the contractor in cutting the tail races, and some of the farmers present expressed their appreciation of the good that was likely to accrue from the drainage of their land. The Minister spent Sunday at Gore, and on Monday morning paid a visit to the upper end of the Charlton race, where Mr Martin desired that a deviation should be made from the original plan in order to more effectually drain his land. As, however, the contract for this section of the work had already been let, the Minister could not promise any alteration would be made. Mr M'Gowan expresses himself as being veiy well pleased with the regularity with which the Charlton Creek dredging companies had paid up their'contributions, their moiety of the cost of the channel as provided by the agreement having been nearly all received by the officer appointed for the purpose. He returned to Dunedin yesterday, and left for the North this morning.