MINING NEWS.

Evening Star, Issue 11894, 23 May 1903, Page 6

MINING NEWS.

The Three-mile Greenstone report the ground very shallow. The ground worked last week was very rough, and time was lost through small breakages. On Monday the hangers carried away, but a shift was made with bucket links. The deep ground on the north side of the face was much narrower than previously, but it was expected to widen out again when the dredge got round the bend. The annual meeting of the Maori King Gold Dredging Company was held yesterday, when the chairman of directors (Mr H. B. Courtis) presided, and five other shareholders were present. The annual report and balance-sheet (already published) were adopted. The retiring directors (Messrs J. H. Hancock and W. M'Kechnie) were re-elected, and Mr G. Blyth was reappointed auditor. The Point d'Or dredge has been closed down in the meantime owing to the difficulty experienced in stacking the tailings with the present elevator. There was no wash-up this week on the Olrig dredge. The Molyneux Kohinoor, after shifting down stream, started work at 2 p.m. on Thursday. The dirt was very high, and it was expected to take several shifts to bottom. Prior to shifting down, the ground just below the Old Deposit tailings was tried, but it proved terribly rough, and no gold was obtained. A meeting of shareholders in the New Gibbston Company was held last evening, and some dozen persons were present, Mr T. K. Harty presiding. Messrs Harty, T. Scurr, and R. Ivimey were elected directors, and the fees were fixed at 36 guineas per annum. Mr G. Blyth was reappointed auditor. At a subsequent meeting of directors Mr John Ritchie was appointed dredge-master and Mr H. Morgan engineer. Dredging will probably be •tarted about the end of this month. The Feddersen's stopped dredging yesterday to cut the drop-chute. The Leviathan return was obtained on the Freehold ground. The Grand Junction No. 1 has stopped 'dredging owiug to an accident to the winch, but will resume to-morrow night. The secretary of the Inchdale Company reports that the balance of mortgage has now been paid off, and the company is practically out ol debt, with the exception of the balance owing on the purchase of the Inchholme ground. The dredge is working on a wide cut of chains, at a varying depth of 12ft to 18ft, and as it approaches the original starting-point, where the best gold was obtained, it is anticipated that the returns will gradually improve, RETURNS. Sandy Point: 41oz 3dwt 12gr; 128 hours. New Halfway House: 30oz 13dwt; 4 days' dredging. g Alexandra Lead: 38oz; 124 hours. Giand Junction No. 1: 16oz; 118 hours. New Alpine Consols: 16oz 16dwl; 60 hours. New Roxburgh Jubilee: 320z 18dwt 18gr; 134 hours. New Golden Gravel: 14oz 16dwtj 135 hours. Lady Roxburgh: 17oz 16dwt. Upper Waipori: 740 a; 141 hours. Charlton Valley: 13oz sdwt; 108 hours. Wahnunm Central: 16oz 2dwt; 129 hours. Waikaka tinted Ho.li 28cz; 129 hoots.

Muddy Creek: 30oz 4dwt; 128 hours. Globe: soz 16dwt; 136 hours. Inch Valley : 18oz; 125 hours. Rise and Shine: 230z; 107 hours. Ground improving; machinery working well. • ° Lower Enfield: 3oz 4dwt; 3 days' opening out. New Garibaldi: 7oz lOdwt; 113 hours. Manuherikia: 770z; 91 hours. Everything working well; drift troublesome. WEST COAST. Pactolus No. 1: 20oz; 135 hours. Pactolus No. 2: 21oz 12dwt; 111 hours. Leviathan: 260z 19dwt; week. Feddersen's: 260z; 2174 hours. Three-mile Greenstone: 260z; 110 hours. Blackwater River: 23oz7dwt; 142 Lours No Town Creek: 58oz; 121 hours. THE SHARE MARKET. DUNKDIN EXCHANQF. This morning's sales:—Manuherikia, 32/, 32/; New Halfway House, 6/3, 6/3. Quotations: Aldinga—Sel 10/. Alexandra Lead—Sel 13/3. Bignell's No Town—Sel 7/9. Charlton Creek—Buy 7/6, sel 9/6. Davis's Bend—Contrib, buy 1/6 p, sel 2/6 p. Dunstan Lead—Buy 11/, sel 12/. Endeavor—Buy 6/. Enterprise—Sel 31/. First Chance—Sel 21/9. Fourteen-mile Beach—Ord, buy 2f; pref, buy par. Golden River—Buy 2/IA, sel 2/4A'. Golden Run—Sel 19/. i Golden United—Buy 7/6. Grand Junction—Buy 7/6, sel 9/. New Halfway House—Buv 6/3, sel 6/6 Happy Valley—Sel 8/. " Inchdale—Ssl 6/3. Junction Electric—Buy 13/6, sel 14/. Lady Roxburgh—Contrib, buy 11/ dis. sel 8/ dis. ' Majestic—Sel 13/. Manuherikia—Buy 31/6, sel 33/. Mokoia—Pref, buv 23/. | Molyneux Kohinoor—Contrib, sel 10/6 dis. North Beach—Sel 20/6. Pactolus—Sel 44/3. Prince Arthur—Sel 15/. Riley's Beach—Sel 21/. Rise and Shine—Buy 27/6, sel 28/9. Sandy Point—Buv 6/ p, sel 8/ p. Sailor's Bend—Buy 30/, sel 30/6. STOCK EXCHANGE NOTES. The river is at the 4ft 2in mark. Business rather below the average amount that has been passing during the week was transacted at this morning's call, and for a large majority of stocks the demand was very quiet. The two stocks that were dealt in showed an advance on previous values, Manuherikias being dealt in at 32/ while New Halfway Houses more than maintained the jump they made yesterdaj afternoon, and the return shows that the dredge is on gold. Davis Bends were in slacker demand than for the last few days, and Grand Junctions were on offer at 9/. Fourteen-mile Beach ordinary shares are coming into increasing favor with buyers, who are now offering 2/, but the only' selling offer during the week has been 2/9. Rise and Shines show an easier tone. Golden Uniteds, after selling yesterday afternoon at 8/, were again in fair demand, but Bignell's No .Towns show less inquiry. Investment stock quotations :—National Bank, buy 89/, sel 90/; Bank of New Zealand, buy 74/, sel 75/6; Standard Insurance, buy 18/9, sel 19/; Coal and Oil, buy 3/6; Commercial Property, buy 2/8; National Mortgage, sel 45/; Perpetual Trustees, buy 15/; Mosgiel Wool, sel 80/; New Zealand Drugs, sel 47/; Donaghy's Rope, buy £l3 2s 6d, sel £l3 ss. WEST COAST. The Mosquito Creek now employs a large number of hands, and the result is a considerably increased traffic. The Mosquito No. 1 dredge has had a thorough overhaul, and has b°en working well for some days. A new wheel will be fixed in a couple of days. On the Mosquito No. 2 the work of overhauling is rapidly drawing to a close, and *he dredge will shortly be in full work. Everything about her is quite up to date, and great care has been bestowed on all the dredge's parts. AN AMALGAMATION. Press Association—By Telegraph— Copyright. LONDON, May 22. (Received May 23, at 9.4 a.m.) ' The provisional agreement for the amalgamation of the Mount Lyell and North Lyells mines has been signed. THE ARLTUNGA FIELD CONDEMNED. Press Association—By Telegraph—Copyright MELBOURNE, May 22. A Victorian mining expert who has returned from Arltunga sweepingly condemns the field. He says that there "is no show either at Arltunga or White Hills for a company to handle bunches of stone, as they taper out as they go down. He had seen stone in the ravines with the color of gold on top, but down below the stone was worth nothing