MINING NEWS.

Evening Star, Issue 12164, 7 April 1904, Page 6

MINING NEWS.

Additional returns for last week are: Earntcleugh No. 1, 450z lodwt for 175 hcurs' work; No. 2, 30oz 15dwt for 87 hours' work: Sneddon's Freehold, 390z; Waikaka Syndicate, 20oz; New Teviofc, 9oz 2dwt; Ngapura No. 3, 7oz. Tho W r ainiumu Queen dredge has for some time been an absentee from the return list This is because of the substitution of an oil engine for steam power. The oil engine is now being placed in position on board, and it is expected that the dredge, which has undergone a general overhaul, will be at work again within a month at the outside. The secretary of the Clyde Company reports : '• The work of overhauling the dredge is now finished, and the dredge-master hopgs that the river will allow of his starting work in about two week's time. At present drift is travelling in heavy quantities." Ihe New Lufranchi Company's dredge made a start last week, the first few days being taken up in cleaning out- the paddock. It is the intention of the dredge-master (Mr D. A. Craig) to work up the claim towards a point where shaft prospects give promise of satisfactory returns. To reach this he has surface dredged a portion of the poor ground, as he did not Chink it wise to putthrough a lot oi unprofitable stutF. During this week he will dredge to the bottom, and is hopeful of beginning a new term nf goldgetting. The dredge has had a good overhaul, and is now in capital woTkini order. The ill-effects oi lying idle during the long, dry _ summer were very apparent when Mr Craig took charge, but everything is now tight and taut, and the whole "structure braced and strengthened. If the coming winter should prove a moderately mild <*et there is not likely to be a serious stoppage of operations through failure of the water supply.

Mx Wm. Mercer has been appointed dredge-master of the Junction Waikaka dredge, wluch is expected to be ready to begin work in about a week. Mr Mercer is at present dredge-master to the Cairntrodlie Company. At a meeting of shareholders in the Wat-terson's-Ahaura Company, held last night, it was -unanimously decided that the company should be put into voluntary liquidation. Mr A. S. Adams, the chairman, said an offer had been made by Mr Macanlay, of the West Coau;t, to refloat the dredge and strengthen her for £l6O. The company's liabilities were £249, and the assets (exclusive of the dredge and claim) were £162, of which £lls was in cash in the bank and £47 in calls due. The formation of a new company with a small capital of £SOO or so was mooted, but nothing definite was decided on pending the receipt of reports from the dredge-master and others on the position of affairs at the claim.

The Gold King No. 1 started on Monday night after a week's overhaul.—Kins No. 2 had a good return last week, about°ssoz. The Teviot dredge is working steadily, and the elevator is now giving satisfaction. Tic Golden Treasure is getting opened out into the Flat, and has struck good wash, and very fair returns should be got from now on They inteDd putting on a new elevator shortly, as the one on the dredge at present is fax too short to work the bank.— 'Mount Benger llaiL' From a paragraph in this week's ' Ihinstan Times' it appears that the Hartley and Wiley dredge narrowly escaped the fate of the Riley's Beach dredge last week. Only through a passer-by noticing her settlinclown and hastening into Cromwell to sjive the alarm, she was saved from sinking " \ rather bitter attack is made on the management, for the writer continues: " Had that occurred, but scant s.vmpatkv would have been extended to the company here, which although it is the wealthiest among the dredging companies, is too parsimonious to pay tor a caretaker or watchman to look after the dredge while laid up. I stroiHv recommend this matter to the shareholders to find out by whose advice such a riskv state of matters is allowed to exist." The Loch Lomond dredge is working steadily. a

Ihe Monte Christo dredge had steam up on Saturday to try the machinery. Everything went satisfactorily, the dredge beinff in very fair order for another seasons work The Unity dredge is still idle, but the manager expects to be able to resrane work very shortly, as the river is falling steadily i x P re - ssio » » made use of by the Cromwell correspondent of the ' Dunstan Times,' who states that the Revival claim is being murdered through having a dredge o n it not powerful enough to bottom. THE SHARE MARKET. DUNEDIN EXCnAXGIJ, -Ji?" mornin S' s :—Electric, 37/6 0.7/6. Quotations: Bignell's No Town—Sel 20/6. Dunstan Lead—Buy 10/3, sel 11/9 Electric—Sel 38/. ' New Fourteen-mne Beach—Bnv 1/9 r> Golden Bed—Buy 13/6. l ' Golden Run—Buy 27/6. Hartley and Riley—Buy 75/, sel 78/. Junction Electric!— Buy 4/6, sel 5/. Lady Roxburgh (contrib.)-Lsel par. Manuherikia—Buy 45/, sel 46/6. Nelson Creek—Buy'36/, sel 41/. New Alpine Consols—Buy 13/9, sel 14/6 No Town Creek—Buy 22/3, sel 23/. No Town No. 2—Bnv 5/. Rise and Shine—Buy 27/, gel 29/. Sailor's Bend—Bnv 21/, -sel 25/. Sandy Point—Sel '24/6, Unity—Sel 7/. Bank of New Zealand—Bny 89/, sel 91/ National Insurance—Sel 22/9 Westporfc Coal—Buy £6 15/ Perpental Trustees—Buy 15/. STOCK EXCHANGE NOTES. River height, sft Bin. The tendency of the share market is still towards a hardening of values of mining scrip. The amount of bosmeas passing on 'Change is still merely nominal, for though inquiry is good and tends in many cases to §amm -in J?dce former offers,, JbaUers a&-

pear confident of higher rates ruling in the near future. Electrics are gradually Hearing £2 in value again, a couple of lines bung written at within 2/6 of that mark. These were the only transactions, with the exception of an odd line in Golden Buns at buyer's quotation. The even parcels of this stock were unobtainable at that ficure holders not even dis-closing thems/Ives! The same remark applies to Golden Beds, as no sellers could be induced to come forward in response to improved buvmo- offers Junction Electrics, Hartley and Rileys, and *ew Alpine Consols had better inauirv also In West Coast stocks the dernan'd for Bignell s No Towns appeared and the only senp of that division showman improvement was No Town No. 2 In Nelson Creeks buyers are still advancing the.r offers, but holders refuse to concede ground. The announcement of 1/ dividends m the Perseverance and Happy Valley Companies failed to bring forward either buyers or sellers. In investment stocks the best inquiry is commanded by Bank of New Zealand and Westport Coal" scrip.