MINING NEWS.

Evening Star, Issue 11893, 22 May 1903, Page 6

MINING NEWS.

An American syndicate are making inquiries regarding the cinnabar properties in tie Thames district.

As no quorum attended the meeting of the Charlton Valley Company, called for last aight, the meeting was adjourned till next weekReturns from the Waimnmu Extended dredge have shown a faliing-off of late, but it is expected that they will improve when the dredge gets through the poor, swampy ground in which she now is. She should clear this in nine or ten days, during which time there will probably be no wash-up. The finances of the company are in a satisfactory condition. The repairs to the boiler of the North Beach are expected to be finished this week. The 25 horse-power oil engine for the Molyneux Falls dredge left Dunedin on the 9th inst., and is expected to have reached the claim by now The Kelly and Casey dredge, offered for sale to-day by Messrs Park, Reynolds, and Co., was not sold, being passed in at the vendor's bid of £l,lOO. The claim was secured by the Riley's Beach Company at a cost, of £sl. The New Garibaldi dredge, having been working poor ground, was turned on Wednesday, and is now working due north. Mr J. Smith is on a visit to the claim, and presumably as a result of a conference between him and the dredge-master the course above-mentioned has been followed. The dredge-master reported early in the week that he was much disappointed with last week's return, considering the amount of ground worked. For the dredning time (156 hours) he expected to see things improved, as the wash had been extendin'.,' right across the cut, and was very solid. The gold apparently has been left on the right side of the cut. The dredge was working the full extent of the old river bed, with bnsh on both sides. There is some ground dredgeable on the right side, but to reach this the dredge would require to be turned down stream and the river turned hack into the old bed to keep the dredge safe against flood. The 'Cromwell Argus' contains the following dredging items:—The Riley's Beach was not working last week, pending the arrival from Dunedin of new bushes for the bottom tumbler.—The Prince Albert dredge is working away steadily, and evidently is doing well, although the owners are very close about returns.—Arrangements have been made by which the Golden Chain dredge, on the Upper Clutha, will t'Pt her coal mpply from Bannnckmim. and the dredge may now be expected to run Mtoadily under the management of Mr F._F\itto. —Thr> Mpfr and Annie is under repair, and when she comes out of dock she will almost be a new dredge.—The Upper Magnetic is to change hands again, for she is going np the Clutha, where the Rni-al Mnnn Companv intend putting her —The Waikaka Junction is working away steadily at the top end of the Eclipse claim, and she is amongst the metal, and it is to be hoped that she gets payable gold there, for there is twelve months' work at the least before her. THE SHARE MARKET. mTNEDW EXCHANGE. This morning's sales:—Davis's Bend (contrib.), 2/6 p. ?,6 p, 2/6 p; Dunstan Lead, 11/; New River Molyneux. 7/. Quotations : Aldinga—Sel 10/. Alexandra Lead—Sel 13/. New Bendigo—Buy 29/6, sel 31/3. Bignell's No Town—Buy 6/6, sel 8/. Blackwater—Pds., sel 16/; contrib ' sel 2/6 dis. Central Charlton—Sel 11/9. Charlton Creek—Sel 9/6. Davis's Bend—Contrib., buy 2/41 v sel 2/6 p; pds., sel 14/9. P ' Dunstan Lead—Buy 10/6, sel 11/6 Electric—Sel 40/. Endeavor—Buy 7/, sel 8/6. Ettrick—Buy 6/9, sel 7/9. First Chance-r-Buy 21/, sel 21/9. Fourteen-mile Beach (ord.) —Buy 1/9 Golden River—Buy "2/, sel 2/6. Golden United—Buy 8/, sel 8/3. Grand Junction—Buy 7/6, sel 9/6. New Halfway House—Buy 4/6. Happy Valley—Sel 8/6. Hartley and Riley—Buy 60/, sel 65/6. Junction Electric—Buy 13/7£, sel 14/. Leviathan (pref.)—Buy 2/6, sel 3'6 Majestic—Buy 11/, sel 13/. Manuherikia—Buy 30/6, sel 33/. Meg and Annie—Buv 6/. Mokoia (pref.)—Buy'23/, sel 26/. Pactolus—Sel 48/ Perseverance—Buy 32/, sel 35/. Rise and Shine—Sel 29/. New River Molyneux—Buy 6/9 sel 7/3 Sandy Point—Buy 6/9 p, sel 8/p. STQCK EXCHANGE! NOTES. The river has made concessions to the extent of 4in in the last two days, and is now at the 4ft 3in mark. The tone of the market is fairly brisk, but business at present is confined within a very moderate compass. Davis's Bends continue to exhibit more activity than any other stock. This morning they were a shade easier than yesterday, and buyers had no difficulty in filling their orders at 2/6 p. Dunstan Leads changed hands at 11/, and New River Molyneux at 7/. The demand for Manuherikias was quiet, holders asking 33/. Electrics were rather easier, and were on offer at 40/ without drawing inquiry.' Junction Electrics are still on offer at 14/, and holders of Grand Junctions have come down to 9/6, while Charlton Creeks were on offer at the latter figure without response. • New Halfway Houses, which were secured yesterday at 4/7s, were again in demand at 4/6 without any seller declaring. The market in Perseverance stocS still shows ft gap of a few shillinsa between

buyers and sellers, the latter having lately come down to 35/. In West Coast stocks there was better demand, with a closer market for Golden Uniteds, and Mokoia preferential were on offer at 26/. Investment Stock Quotations:—Bank of New Zealand, buy 73/6, sel 75/; National Insurance, sel 22/; Westport Coal, buy 122/6; Coal and Oil, buv 3/6, sel 5/6: Perpetual Trustees, buy 15/; Trustees, Executors, buy 40/6; Mossriel Wool, sel 81/Donaghy's Rope, buy £l3 2/6, sel £l3 5/.WAIMUMU EXTENDED COMPANY. The fourth annual meeting of the above was held this morning at the secretary's office and was attended by eight shareholders. Mr J. A. Park, who presided, in moving the adoption of the report and balance sheet (already published) said that there was little for him to add to it. The last report from the dredge-master was not very favorable, as they were working in hj swamp, and the wash "had disappeared and there was nothing but drift and loose ground, which gave very small prospects. The long, stringy grass tussocks were giving a great deal of trouble, as they clogged the bucket lips badly. However, in another 120 ft the face was expected to improve, and until they worked ahead that distance, which would take nine or ten days, it would not be worth while to stop and wash np. It was after leaving a corner where they had been getting verv fair returns (18oz or 20nz) that they had got into this swamp, and they were making for the ground near the Waimnmu Queen claim, where there was better gold. There was still a large area of ground to be worked, exclusive of the swamp, the dredge-master opining that it would take two or three years, perhaps four, to work it out. The dredge was in very fair order, but some alterations and repairs would' soon be necessary The bottom tumbler shaft, lately broken, had been got out, and a new one was being forwarded on Saturday, so they would be able to use the old tumbler for some months yet. As to finances, the directors held a meeting yesterday, and the statement of accounts showed That they had £l5O on deposit and £2B in band after paving all accounts to date. The most serious item had been the coal bill. They h:»d burnt Kaitangata coal, which Mr Coomer s-upplied on contract at 24s 3d per ton, but the contractor did not wish to renew on these terms, and arrangements had been made for a supply from a coal pit in the district at 10s per ton, but until a tram line was laid down the cost would be 12s per ton. In the meantime, Mr Coomer had generously agreed to supply them with Kaitangata as before. He (the chairman) understood that the Waimumu Company had reduced their coal bill by one-half by changing from Kaitangata to the local* coal Directors regretted that dividends had not been forthcoming lately, but it was entirely due to the class of ground the dredge, had been on, and they thought it wise to carefully nurse the deposit in the bank. The report and balance-sheet were adopted, and Messrs G. L. Denniston and C. R. Smith were re-elected director and auditor respectively