MINING NEWS.

Evening Star, Issue 11891, 20 May 1903, Page 6

MINING NEWS.

Having found the top end of the claim unprofitable, the Molyneux Kohinoor dredge has been shifted down stream, and the dredge-master expected to "have her down at the bottom end and ready to moor by last night. He states that the frosts have set in, and the river should shortly allow him to work the deep ground there. He expects to strike gold crossing the river at the end of Hanghton's old woi kings, and hopes to be able to start work by Thursday. The manager of the New Skippers Sluicing Company wires that a partial wash-up yielded a return of 88oz. The Island Block tributers report having washed up for a return of 28oz 17dwt. The annual report of the Charlton Creek Gold Dredging Company for year ended 20th April states: The amount of gold won during the year was 9370z 12dwt Bgr, valued at £3,614 17s Id, as against 9940« 17dwt 18gr, valued at £3,870 12s lOd for the previous year. The dividends paid during the year amounted to £B70 v making a total of £3,750 paid in dividends since commencing operations; and £IOO has been placed on fixed deposit as the nucleus of a reserve fund. The area of ground dredged during the year was approximately 5£ acres, the ground being deeper accounting for a smaller area being worked than last year. The dredge has been working steadily, forty-nine returns being obtained during the year; and the machinery is in good condition. The expenditure in wages shows a slight saving, and the expenditure on maintenance and stores shows a saving of £419 138 4d as compared with last year's balance-sheet. According to arrangement jnade with the Government for construction, of a tail race, the Company have during the past year contributed £BO towards the cost, and the directors do not anticipate this company's proportion to greatlv exceed the amount paid. The balanceshetf shows liabilities (including wages) to amount to £172 7s 2d, while cash and gold in hand and at the bank (exclusive of the £IOO at fixed deposit) amounts to £l9l 7f Id. The manager of the Golden Crescent had I another wash-down last Saturday. He got I

21oz Bdwt, which represents eight .days' elevating. About four days of last week there was no water on, all bands being out at the head of the race, on the part that was lately cut, putting pipes across one gnlly and fluming (four boxes) across another. The manager expects to finish the paddock this week.—There was no washdown in the Local Industry last Saturday. The paddock will be finished this week.— 'Tuapeka Times.' Dredge-masters' reports for the week ended 16th inst. : Point d'Or.—They were still working straight into the bank, prospects being the same as before. The height of the face above water level was from 25ft to 30ft. and as every fresh cut makes it a foot or two more they do not expect to be able to follow the run much longer, Tor the dredge can only stack her tailings about 14ft high with the present elevator. They were dredging on a false bottom about 25ft below water level. An attempt to get down to the main bottom had to be abandoned when they were down 35ft, owing to being unable to stack the tailings. • Island Block.—Last week's return was not a fair average of what the ground would yield, as considerable time was spent in taking out an awkward corner, and a larger amount of top dirt in proportion to the bottom cleaned up had to be shifted. Owing to the difficulties of working, considerably below the average quantity of stuff was treated. THE SHARE MARKET. DTTNEDIN EXCHANGE. This morning's sales:—Davis Bend (contribs.), 2/6 p; Majestic, 12/; Manuherikia, 30/6; Waimumu Central, 3/3. Quotations : Aldinga—Buy 8/, sel 10/6. Alexandra Lead—Buy 12/9, sel 13/3. New Alpine Consols— Buy 17/6, sel 18/9. New Bendigo—Buy 29/6, sel 31/6. Bignell's No Town—Buy 6/6, sel 8/. Davis's Bend (contribs.)—Buy 2/44 p, sel 2/9 p; pds., buv 13/9, sel 15/6. Dunstan Lead—Buv 10/6, sel 11/9. Electric (ex div.)—Buv 59/6, sel 41/6. Endeavor—Buy 7/, sel" 8/. First Chance—Buy 21/, sel 21/6. Fourteen-mile Beach (ord.) —Buy 1/9, sel o/9. Golden River—Buy 21, sel 2/6. Golden United—Buy 8/, sel 9/. Grand Junction—Buy 7/6, sel 10/. New Halfway House—Buy 4/9, sel 5/. Junction Electric—Buy 13/9, sel 14/. Kobinoor (ord.) —Sel 7/. Leviathan (pref.)—Buy 2/6, sel 3/3. Majestic—Buy 11/6, sel 12/. Manuherikia—Buy 30/6, sel 31/6. Perseverance—Buv 32/, sel 36/. Rise and Shine—Buy 29/, sel 29/3. Sailor's Bend—Buy 29/9, sel 31/3. Sandy Point—Buy 7/ p, sel 8/ p. Unity—Buy 10/, sel 12/6. Waimumu Central—Sel 3/6. Alpine Extended—Sel 5/6. STOCK EXCHANGE NOTES. The river remains at the 4ft 7in mark. The only feature of. this morning's call was the advance made in the offers" for "Gorge" stocks, which, with the exception of Golden Rivers, were all in very good demand. Holders, however, were not anxious to quit, and only a couple of parcels changed hands, Davis Bends and Mannherikias being dealt in. The former stock showed a smart advance, the contribs. realising 1/ more than on Monday, while Manuherikias showed a further rise of ]/ on yesterday afternoon's opening sale. A meeting was effected in Majesties at 12/, and Waimumu Centrals were quitted at 3/3. Electrics, ex a 2/ dividend, show little alteration, while an increase in the buying offers for Fourteen-mile Beaches has disclosed a holder. In investment stocks a much closer market was established in Donaghy's Rope, buyers advancing to £l3 4s. Quotations: National Bank—buy 89/; National Insurance—sel 22/; National Mortgage—sel 45/; Perpetual Trustees—buy 15/; Trustees, Executors—buy 40/; Mosgiel Wool sel 81/; New Zealand Drugs—sel 47/6; Donaghy's Rope—buy £l3 4/, sel £l3 7/. WEST COAST NOTES. [Special to the Stab.] WESTPORT, May 20. Feddon's dredge has been working on a very irregular bottom, with holes here and there, containing little or no gold. The dredge is to work on a new spot, where it is expected better results will be obtained. The Mokoia continues on a fine run of gold, and a good number of shares have changed hands lately at a premium. Local opinion, which was always doubtful in so far as the Buller was concerned, on account of the heavy wash to be operated on, has become much more hopeful since the handsome returns were obtained by the Mokoia and Buller Junction dredges. The latter dredge has fallen back.a little to take up a new strip. Last week's return was 15oz. This week's should show a marked improvement, and there is just a possibility of the rich lead being picked up again. The Welcome has been working with only fair success. There does not appear to be any great extent of claim to cover that can be bottomed, unless the ladder is lengthened. The Premier dredge has been hampered by heavy wash, and is making a new cut. The Waimangaroa dredge is doing intermittent work, but no results have ever been published. A notice of motion has, I am informed, been sent to the Buller Junction Company • providing for the publication of weekly reports from the dredge-masters. Such a provision seems to be very necessary, so far as the West Coast dredges are concerned.