MINING NEWS.

Evening Star, Issue 11944, 21 July 1903, Page 6

MINING NEWS.

The liquidator of the Lady Charlton Company (Mr S. T. Mirams) reports the sale of the dredge at Gore last Saturday, Mr J. Neil, as agent, being the successful bidder at £525. The claim and water rights were passed in. The Cromwell No. 2 dredge has been under repairs since Saturday, pending the breaking of the frost. Both the Waikaka United dredges arc closed down temporarily owing to not being able to obtain coal. The Alexandra Lead began dredging at 4 p.m. yesterday. She is beginning a new cut at the lower boundary. The Central Mataura resumed work at 9 a.m. to-day. RETCJRNS. Earnsclcugh No. 1: 220z sdwt; 126 hours. Success: 20oz; 117 hours. Happy Valley: 18oz 6dwt; week. Reliance : 15oz ; week. Waikaka United No. 1: lOoz lldwt; 59 hours. Waikaka United No. 2: 3oz 14dwt 19°t; 58 hours. ° THE SHARE MARKET. DTJNKIHN XXCHANCJ. Quotations:— Aldinga—Sel 9/. Alpine No. 2—Sel 18/6. Bignell's No Town—Sel 11/3. Blackwater—Contrib, buy 7/6 dis. Davis's Bend—Contrib. sel 4/ dis! Electric—Buy 25/, sel 33/. Enterprise—Sel 29/. First Chance—Sel 20/. Golden River—Sel 2/6. Grand Junction—Buy 1/, sel 3/6 Inch Valley—Sel 6/. Junction Electric—Buy 7/3, sel 8/3. Mokoia—Pref, sel 21/. Monte Christo—Buv 4/, sel 5/. Nelson Creek—Sel "36/. New Halfway House—Buy 10/6. sel 12/6 Olrig—Sel 15/. ' ' Prince Arthur—Sel 8/. Rise and Shine—Sel 34/. Sandy Point—Buy 26/6, sel 28/6. Three-mile Greenstone—Sel 8/. Trafalgar—Buv 1/, sel 2/ Unity—Sel 13/. Upper Waipori—Contrib, sel 7/6 p. IJTVESTMENT STOCKS. National Bank—Buy 90/, sel 92/. Bank of New Zealand—Buy .83/6, sel 90/. National Insurance—Buy 20/, sel 21/. Commercial Property—Buy 3/3, sel 4/. Milburn lime—2o/ paid, buy 26/; 10/ paid, sel 14/6. New Zealand Drug (40/ paid)— Buy 47;, sel 47/3. 'Otago Daily Times'—Buy £ls. STOCK EXCHANGE NOTES. There was no wire from Alexandra this morning, and the river, presumably, remains at the sft 4in maTk. One or two of the dredges have been able to resume work, and from that it would appear that the frost is slightly relaxing its grip, so that the end of this week may see the majority of dredges at work again. The market in mining stocks this morning showed no signs of fife, but investment securities drew fair attention. SOUTH AFRICAN DIAMONDS. Press Association—By Telegraph—Copyright. CAPETOWN July 20—The Select Committee of the Transvaal Legislative Council appointed to dtal with the diamond mining kws disagreed, a majority recommending that the owner should receive an undivided 25 per cent, share in a mine, the remainder gems to tho State. The minority recommends that the owner should receive 40 per cent. The Committee unanir.ously recomnend that the owner should work the whole mine. IMPORTANT MINING CASES. The case of the Bonanza Gold Dredging Ccmpany and David Larnach (liquidator) v. Henry Hotop, of Cromwell, chemist (heard at the Magistrate's Court yesterday), was a claim for £6 ss, allotment and calls due on fifty shares. Mr James for plaintiffs; Mr Gilkison for defendant.—Mr James said it was unnecessary to join the liquidator, and applied to amend the claim by removing his name.—The amendment was made.—Evidence having been given by Magnus James Larnach, Mr Gilkison contended that the prospectus showed the object of the company was to work a claim of 100 acres at Cardrona. The memorandum of association, he found, was to work any claims in Otago, and the authorities showed that in. such a case an applicant for shares according to the prospectus was not bound. As a fact, the claim at Cardrona was found to be only thirty acres, and was neither first-class nor auriferous, as stated in the prospectus, and was thrown up by the directors.—Mr James said that when tho directors found the Cardrona claim was too small they declined to accept it, and subsequently, with the consent of those shareholders who attended a meeting, took up a claim on -the Kawarau, but on the latter also proving unsatisfactory it was thrown up, and the shareholders thus saved a large amount of money.—Mr Gilkison asked for a nonsuit on the ground that while the company purported to have gone into liquidation it had not done so legally. This was so for two reasons—first, the notice of meeting was insufficient: and, secondly, at the second meeting there were only five present to form a quorum, and of these three had not paid their calls. If the person who purported to act as liquidator was improperly appointed, then the action was wrongly brought, as the directors had not authorised the bringing of the action.— Mr James admitted the liquidation resolution was invalid, but contended that Mr Larnach, as secretary, had power to sue. He cited Li re the Equitable Insurance Association of New Zealand ('Law Reports,' xL, p. 605).—The Magistrate (Mr' Carew) said that these proceedings were apparently begun by Mr Larnach under the impression tltat he was the liquidator. As he was not, aud bad no special authority to bring this action, the case was wrongly brought. Plaintiffs would be nonsuited, with costs (£1 Is) Bonanza Gold Dredging Company v. Dominion M'Lou^hlin. —-Mr Gilkison for defendant.—Following the above decision, this cse was struck out, with costs (£1 Is) to defendant. Bonanza Gold Dredging Company v. D. CahilL—Mr Gilkison for defendant.—Cue struck out, with costs (£1 Is) to defendant. Bonanza Gold Dredging Company v. P. CahilL—Mr Gilkison for defendant.—-Case struckout, with costs (£1 Is) to defendant. Bonanza Gold Dredging Company v. G Scoles.—Mr Gilkison for defendant.—Case struck out, with costs (£1 Is) to defendant. The cases of the same plaintiffs against Frederick Brown, Alex. Williamson, T. Cahill (Mr Gilkison for defendants) were all struck out