MINING NEWS.

Evening Star, Issue 12028, 28 October 1903, Page 6

MINING NEWS.

The Rise and Si line dredge-master reports that J.ust week the Unxlge worked Bftahead, the cut being 75yds wide and the depth up to 50ft. During the week a deemed improvement set in tow aids the west side, and ; Jhout the end of the week a heavy wash started to make, lids wash is very tight, full of boulders, waah-sumes, and “ Chinamen, ’ with an abundance of Maoris throughout. The bottom carries a very bur prospect of fine gold. The sample got was a hue hut good weigluug one, and brighter in color than had been got for the past lew weeks The bottom is soft red iu pans, and a blue pug m others. Towards the east side a gutter is making alongside a tetr of high reel, so the dredge-master expects also to strike good gold on the side of this at any time. The depth of 50ft is accounted for by the rise in the river, which is of great advantage in workmg the cut. J lie Alexandra Lead dredge-master wired this morning that the mats were looking better.

The Junction Electric No. 1 dredge resumed work at midnight- on Sunday. The No. 2 dredge reached the place where work was to be resumed on Tuesday nigut (ZOth iiKt.j. The day previous to tils tie ladder got, badly bent through, jamming in the well, which was clicked with driftwood. It lias been straightened, and is now nearer to being straightlhan for some time. Since starting work again evciytiiing has la-cn working weld The Electric No. 2 dredge, winch resumed wort on Thursday evening last., lias had to no a certain anioiint of dead work, and the dredge-master did not expect to bottom until about, to-day or to-morrow. The dredge has been opening-out into a beach of ladings overlying solid ground on the north side of the fiver, just about abreast of what is known a-s u the mark.' 1

The " Duustan Times’ states that the Hdev’s Beach dredge resumed operations on Thursday last. The seme authority states that the Matan dredge was greatly troubled with drift last week, and .as a consequence there was no wash-up on Saturday. The dredge has been shifted to Mutton town Gully. The Wattcrson's-Ahanra return last week was 807. 9dwt for 122 hoars’ work.

The most interesting fact in connection with, the operations of the Broken Hill Proprietary Company during tire past mouth was the particularly pood recovery of lead from the smelters. The concentration plant worked at its full capacity during the same period. The company are pushing on with their plant for the treatment of the zinc tailingr. by the oil-cake process. The dredge-master of the Moonlight, subsequent to the accident. washed up lloz 4dwt for thirty-three hours’ work since last week’s wash-up. .Mr W. R Frost, chairman of the Board, leaves for the West Coast to-morrow, and will inspect the dredge. Tiie dredge-mast or of the Rising Bun reports that, last Tuesday week be found that the crossbar and hangers were, badly licnt through a boulder jamming, and he had to stop to get them straightened, resuming dredging on Wednesday at 7 p.m. On Friday another patch of ‘‘■oal bottom, which does not seem to cam- much gold, was -struck. He is still extending the cut eastward. and expects to get clear of the coal soon.

For about thrive years prior toMuv, 1901. the Mount Morgan, the great Queensland mining company, paid a regular dividend nf sevenpence per month, ami the shares with 17s 6d paid were quoted at about £5. Since I hen. however, the mine ha,s gone through a trying time, and the shares have dropped to under £3. The trouble began with the long-continued drought in Queensland, the want of water at one time causing an actual shut-down, and a stoppage of one month’s dividend. The water difficulty, after some temporary relief from thunderstorms, wa,s got over by transporting water by train from a considerable distance, but this- was

<‘in process, and since the end of 1 901 the monthly dividend has been only threepence per share. That is only 5 per cent, on the price of £3 per share,'but the cash dividend alone is not a fair representation of the real results. The directors derided that before again increasing the dividend they would accumulate a reserve fund of £125,000, and also write off the balance of 2.s 6d unpaid on the shares, and this was done out of profits and offsetting the call by declaring a nominal dividend of the same amount. The dividend distributed dor the year ended May 31 consequently appears in the accounts as amounting to £275,000, and compares with £204,167 distributed hi 1901-2, hot while the latter was paid wholly in cash, the shareholders have received only £150,000 for the past year. The mine has been well supplied with water since December last, and it is the failure to increase the dividend that has brought about the present low price of the shares, though it was clearly announced by the directors that they would not increase it until the operations described had been completed. There is, however, a more permanent cause of uneasiness in the falling off in the grade of the ore. During the past year a total of 238,568 tons wera treated, the gold yield amounting to 143,584 ounces, while in the previous year 147,628 ounces were obtained from a mine tonnage of 2113,907. The average value of the ore fell from 13.46dwts. or 52.94 shillings per ton in 1901-2, to 11.69dwts, or 46.51 shillings per ton in 1902-5. A decline in the grade is, however, by no means a new feature in the history of the, mine, and it has been largely offset in previous years by means of increasing the quantity treated and reducing the average cost, of treatment. There seems no reason why tiffs process should not be continued, the ore reserves being ample. The directors look to making a profit from the recovery of copper, which exists in some of the ore obtained from the mine, and there is now, it appears, a supply of'water for all purposes. The exceptional difficulties that have been encountered in the past two years seem to have passed away, and all the surplus earnings should now be available for distribution in dividends.— ‘The Economist..’ THE SHARE MARKET. nUJOtDIN EXCHAXGB. This morning’s sales Ross Dav Dawn 6/9. 5/6. Quotations: Alexandra Lead—Buy TJ6, gd

Burnells No Town—Buy 15/6. Blnckwater—Contrib., Buy 2/6 p. • so] 4/ p. Bnllor Junction —Bel. 11/9. Cromwell—Buy 27/6. Fourteen-mile Beach—PieL. sel 15'. Golden Run—Buy 19/. sel 22/6. Hartley and Riley—Buy 70 . sol 72/6. Inch Valley—Buy 5 o. ;el 5/0.

damiherikia- Buy 50/. s Oceanic Steam—Bel 7’. Olrig—Buy 9 , .sol 12/.' Pactolus—Buy 32/6, sel 42/. Ross Day Dawn—Buy 6/, sel 7/. Sandy Point-ÜBuy 21/3, sel 25/. National insurance—Buy 21/6, sel 21/9. STOCK EXCHANGE NOTES. Ihe river has undergone a further subriantiai rise in consequence of a heavy downpour of ram last night. The wire received this morning by the secretary of the Stock Exchange gave the height as 12ft, while a. wire received by the secretary of the Alexandra Lead Company from the dredge-master gave jt as 6in higher and still rising. The weather, however, was clearing again. The market remains lifeless, the oulv business passing being in Ross Day Dawns ‘ ”‘ l Coast venture, which will proh* ably appear on the return list for the first, time at the end of this week. Shares were in unsuccessful inquiry about a week ago up to 7/3, holders asking 10/6, and but yesterday inquiry was made at 7/ without disclosing a holder. A couple of parcels were quitted this morning at 6/9 and 6/6, inquiry at the finish being weak. A weakening of values has often been noticeable on a dredge beginning work, but in this particular case the easing tendency may possibly have been caused bv a rumor —up to the present entirely lacking in confirmation—of an accident to the dredge. Better inquiry v;ns made for Alexandra Leads and Bandy Points. Bignell’s No Towns remain firm. Buyers are making overtures in Cromwell and* Pactolus stocks! but the markets are very wide so far. Except National Insurance, no attention was paid to investment securities.