MINING NEWS.

Evening Star, Issue 12027, 27 October 1903, Page 6

MINING NEWS.

Commenting on the progress of mining in the colonies, an English paper says that in New Zealand an interesting development has been the cutting m a borehole of the lode in tie Waihi Grand Junction, at about 1,00Q&, this showing that the lode continues at least 400 ft deeper than the lowest level of Waihi, and that fact ha itself adds to the prospective value of that great mine. "As to the value of this strike far the Grand Junction," continues our airihority, " one can give no opinion; the manager was «o foolish as to cable Horn» that picked i?peeimeDs of fie ore assayed, highly, but for aB the real information that conveys be might as well have saved the expenses of the cable. It is little incidents of this sort which do the mining industry real harm." There seems to have been some friction Lately on the dh-ectorate of the Associated Blocks Gold Mining Company, West Australia, The supporters of Mr Herman Landau, late chairman of that company, together with that gentleman, were outwitted by the directors of the company at the meeting held in London on September 10 (says the 'Argus"). Mr Landau was deposed from office by his. Co-directors, under powers conferred on them by the articles of association. The meeting was held to hear the explanation why such an unusal step had been taken. Mr G. P. Dolefcte, a successful Adelaide mining speculator, was in the chair. Mr Colette eaid that the reason why the directors did not give the reason for Mr Landau's ejectn:ent from office was lecacse of their fear of the libel Ixw. At that meeting, however, he, could speak out openly. Mx Doiette then charged Mr Landau with subjecting the Board to gross insults, even consigning them to a warmer place than the City of London. He asserted further tlian Mr Landau's object in going on to the directorate was to manipulate shares. Therefore, in view of the - lack of haimony prevailing between Mr Landau and his colleagues, .Mr Landau's inability to deal with the company's affairs, and the feeling of the Board that the company was being ran in Mr Landau's interests and those of his frittTids, the fioard had removed him. When Mr Doiette had finished hi) indictment, Mr Landau denied the charges levelled at him, and among other tilings offered to give up all the profits he had m;tde out of the shares if the directors would do the same. For three and a-half hours wrangling went on, and ultimately a committer was appointed to investigate the conduct of Mr Landau whiMi chairman, and of the present directors. A poll was then called to determine whether three directors should be ejected to the Board, and in relation to almost, every resolntion that had been adopted. But Mr Doiette declared that tlie poll should not take place for six weeks. He thus ensured the investigation, and upset the cahrulatioiTS cf Mr Landau's friends, who wanted a vote taken before proxies could bo received from Australia. The manairer of the No. 1 ekvatar of the Nokomai Hydraulic Sluicing Company, Limited, reports good progress to have been made with sluicini;, and under favorable circumstances the paddock will be completed by the end cf the week. The manager of the No. 2 elevator reports that owing to extra l eakage and The stony narure of the wash the work was delayed, and the wash-up will not be finished before to-day. A. bhie wash about 2ft de«*p ha.'? been struck on the west face.

The fourth annual report of the Sailors Bend Company states that only a wry small fraction of the elaiu has been, worked, nnd there is nearly a mile of unweked and untried ground ahead of where the dredge was last operating. The gold won during the year amounted to After providing for all debts and liabilities the credit balance at September 50 (the end of the current year) was £439 17s 4d, the cash on deposit being £3OO. on current bonking account and in wind £144 18s 4d, while liabilities totalled £205 Is. Only one dividend was declared during the year, and that a shilling one in the month of August. The fourth au infill report of tie Golden River Company suites that the financial position of the company is m a critical condition, and it depends altogether upon die shareholders whether the company are to carry on or go into liquidation, the results of dredging throughout the short season of three months discloiwl nothing but a. hard bottom carrying no gold, the- dredge having obtained only I9oa during the whole of tba season. Before closing down, the dredge-master was instructed to put as much coal as possible on the dredge and shift up the claim as far as lit- could get and give the higher ground a trial This he did, but owing to the small quantity of coal he was able to take up on the dredge he was unable to get any great distance up the river, and the amount o: work deaie was necessarily limited. No better prospects were obtained here during the short time worked, although the dredge-master is of opinion that good ground exists further up the claim, as he states that a softer lUil is showing which will probably pinve a good catchment for gold. This opinion is shared in by residents -n the vicinity, and if the" shareholders subscribe sufficient money to enable the company to cany on, tJie directors purpose extending the cool road further up the riv-er during the off-season, thus enabling the dredge to be supplied with coal whim shifted up the river to this likely spot as soon as the river permits. The" balancesheet shows that on September 50 the cash at the bank totalled £72 19s 7d, and rebates on insurances, rent, rates, and interest totalled £54 0s 3d. The sum of £653 12s lid was owing sundry creditors, and other LiabiliUes (including contingent liabilities about £SO. income tax accrued £26 marine insurance reserve £77 lis, and other provisions £6O 16s Sd) totalled £214 7s Bd. At the third annual meeting of the Golden United Company, held last night, before the motion for the adoption of the report and balance-sheet was carried the matter of the trouble caased by tailings cropped up. In reply to a question as to whether the Board were likely to fit a salt elevator to the dredge or lengthen the present elevator the chairman (Mr J. Wright) stated that the latter step at anv rate was not eoueidered necessary so long as the water level in the darn could be raised. Mr Wood Etated that as the dredge worked ahead the tailings would become more compact, and the water level could be kept up. It was stated that all arrears of calls had been paid, and the company had a credit balance of £l7l. It was decided to take steps to transfer to the plant account or preliminary expenses account any part of the debit balance to the profit and In.-* account that couid be legally transferred. The directors' fees were fixed at 75gs. and Messrs H. Adam and W. 1). Ileviugtou (local director) were elected to the Board, .Mr T. Chalmer being reappointed auditor at a fee of fcVnj. The third annual meeting of the Sullivan's Lead Company was held last night, Mr J. Wright presiding. During the discussion on the motion for the annual report and bal-ance-sheet, it was stated that the cantractor for the removal and re-erection of the Orwell Creek dredge, on the claim was well forward with liis work, the contract time for which expires on November 28. The arrears on calls ha-ve been reduced to £443, some of the amonuts being due on preference shares. Effort* are"'being made for the recovery of the balance of "arrears. It was also stated that when work begins the company expect to have some £220 hi hand, there being r o debt on the machinery, while 200 more shares will probably he iorifiteu. which will make up the balance due to the Orwell Greek Company, it was decided to take steps to transfer to the plant account <?ueh part of the balance to debit of the profit and loss account as rovM be n- 1 rnnsferred, the transfer to be made before the dredge starts work. The directors' fe. ■■■ were fixed at 75gs. and as the remit of a. ballot f : r.rds replat-.-d Me-, srs J. Wright and ,1. A. Burnside on ihe directorate, Mr T. Chalmer being m>.ppoii;tcd auditor at a fee of sgs. At lb.: annua! meeting of the Ettrick" Company, held last week at Roxburgh, the Board were reeommended V> devise a scheme to reduce the company's capital by one-half. It was stated that the net credit

amounted to £645. The dredgMiiaster suggested that the dredge should be taken to fl*e lower end of t&e claim for the snmmejc The mfiring director (Mr W. RsrinJ was reelected, as also was lie aoditor (Mr L. E. Haines), at the trsuai fee.

The Alexandra Lead dredge-master did not wash-op best week, as the grosmd -was eo poor, bat on Friday morning, just before stopping to start shifting the dredge, a bag improvement was found in "tie wash. The dredge has been taken over to the -vest aide of the river.

The master of the Moh/neux: ELohmoor dredge has dropped t2ie*lafcrer back to where the 83oz return was 'won. The centre of the riser cannot be worked wiiih the present river level, but the insSbe of the cat is expected to prove payable. Although rising reef -was got when taking lie outside cat op, he has hopes of getting a dip in the reef close to tie old bank workings.

The proposal to issue 1,700 preference shares of £1 each by the Grand Junction Company has net so far met 'with a very favorable response, only 500 shares having been applied for np till tie 24th inst With 1,400 shares taken up, and with the proceeds of ths sale of No. 2 dredge, it is estimated that a stem of ahont £930 would be available for working capital, after payment of all present debts, except the mortgage of £750 on the No. 1 dredge, which Mr Horn, the mortgagee, has agreed not to foreclose till 2nd November.

THE SHARE MARKET

DCNEDIN JECHANGK This morning's sales r —Hartley and Riley, 72/. Quotations:— Alexandra Lead—Bnv 7/, sel 9/. Alpine No. 2—-Boy 15/6, sel 17/. BignelFs No Town—Buv 13/. Central Chariton—Bnv 57, sel 9/. Chariton Creek—Sel 7/6. Ihmstan Lead—Sel 12/6. Electric—Sel 23/6. Golden Rim—Bnv 19/6, sel 22/6. Golden United—Boy 7/, sel 8/. Happy Valley—Sel 6/6. Hartley and Riley—Boy 71/, sel 72/6. Manuherikia—Bny 31/6, sel 33/. Molynenx Kohinoor (ctbs.) —Buv 12/ sel 9/ dis. Moonlight—Sel 5/. Mystery Flat—Buy 16/. sel 20/. No Town Creek—Buy 25/3, sel 25/9. Oceanic Steam—Boy" 6/, sel 11. Olrig—Bay 9/, sel 11/6. Ross Day Dawn—Buv 7/. Rise and Shine—Bn,v'29/, sel 33/. Sandy Point—Buv 20'6. Waimumu—Sel 10/. National Insurance—Buy 21/6. sel 21/9. National Mortgage—Sel'4s/. New Zealand and River Plate (old issue)— Sel 26/. ' Perpetual Trustees—Sel 15/3. New Zealand Drag (40/ paid)—Bny 48/6.

STOCK EXCHANGE NOTES.

The river remains at the 9& 6in mark.

The tone of the share market remains dull m the extreme. Hartleys fhow no improvement, but in wide markets buyers advanced their offers for Manuherikias more particularly, and also for Alexandra Leads, Golden Runs, Alpine No. 2, and Olrigs. Mysterv FUts were also mentioned. The only alteration noticeable in investment stocks was the strength of the demand for National Insurance scrip.