MINING NEWS.

Evening Star, Issue 12205, 25 May 1904, Page 6

MINING NEWS.

The stoppage of the Sandy Point dredge cm Friday for a few days is: explained by the fact that the ladder hangers had cracked. They are novr being repaired, and the dredge may resume work to-morrow afternoon. After considerable delay the contractors for raising the Riley’s Beach dredge* have succeeded in their pumping operations, the local director of the company wiring yesterday that the pontoons had been emptied and were floating nearly level. 'I he Alpine Extended Comf'any (Roefton) report a yield of 1250z lOJwt from a crushing of cOO tons of stone. The dredge-master of the First Chance Company washed up yesterday, and obtained 89oz for 55 hours’ work. A Johannesburg message of April 5 to the London Press says : —A marvellous discovery has just been made in the Hope Valley, Orange River Colony. A syndicate had been mining in that district for months past without the least result Finally, a promising field was prospected, and here the sensational discovery was made that precious stones were scattered over the ground in richest profusion. The gems found include rubies, sapphires, emeralds, beryl,, topaz, amethysts, turquoise, carbuncles, and small Hundreds of pounds’ worth of gems were washed front twenty cartloads of gravel, and it is declared that there arc millions of tons of similar wash in sight. Tlie farm has been leased to the syndicate, with the option "of purchase for £25,000. Some of the stones have been exhibited in Johannesburg, and are pronounced by local experts to be of the highest quality:” The Rocklands Beach dredge, which was stopped on account of the low state of the river, skirled again on Saturday morning. ’Urn T'.tkaka Sluicing Company report a return of S4oz of gold for three and a-half weeks’ work. At the fourth annual meeting of shareholders in the Welcome Cold Dredging Company. held in Christchurch on Monday, Mr G. King was re-elected to the directorate unopposed, and Mr H. A. Bruce was re-elected auditor. It was stated that the dredge had won 2820z less gold than in tire preceding year, this being partly duo to the small time worked, owing to a variety of adverse circumstances The chairman, who lias lately visited the claim, said that the macliinery of the company’s dredge would be as good as new when some slight repairs were effected and the pivot shaft had been replaced. The pontoons would in time, perhaps, cause some trouble, but not in the near,future. The dredge had been working in the mouth of (he Inangahua Kiver, and was now on the northern side, and it was thought could obtain pretty good gold with a fair run. Failing this, it was intended to drop down the river to where the trial run of the dredge had taken place, where, on originally starting to work, the returns for five weeks had averaged sooz, including one rather had week. The expenses this year had been actually about the same, but £9O liad been expended in iaw costs, through their neighbors, the Buffer Junction Company, smug for damages. The secretary of the Clyde Company reports that the dredge' has stopped work, being unable to beat tb© drift. The dredgemaster Is endeavoring to lengthen the ladder. ’The sample of gold got by the Electric No. 2 dredge last week was slightly coarser than that obtained the previous week, but tlie prospects and mats showed a falling off. The ground has been becoming shallower, principally on the Bannockburn side, where lb© depth is only 20ft, increasing up to 36ft. The best gold is hi the deep ground, which now is very narrow, and is likely to remain so for a few weeks, after which time the dredge-master ex-pects it to widen again. The width of the cut was 80ft, and the distance worked ahead last week was 18ft. The company’s No. 1 dredge was on very rough ground last week, and on Saturday a short stoppage was made to put in new buckets. Prospects were keeping about the same as before. The Junction Electric No. 1 dredge was on rough ground last week. Prospects were very fair on the west side and jioor on the east. The gold was coarser than any got the previous four weeks. The bottom tumbler bush, which cracked during last week, gave out on Monday morning. A new one was ordered, and in the meantime the dredge-master states there was plenty of repairing to be done about the dredge. The Dnnstan Lead dredge-master reports that the ground, winch became poor a week or so ago, has not been showing much sign of improvement, and therefore he will pull ahead, if there is water enough, to where the dredge was working in March of last year. The ground now being worked can be left for wlicn tlio river is high. Hie secretary of the No Town Creek Company advises that there will bo no wash-up this week on the dredge. The dredge-master wires that there has been a big flood m the creek ever since Monday, and the surrounding country is flooded. The dredge-master of the Voltaic, reporting on Saturday, states that the dredge iv nrked steadily all the week just below the '-■• iTiims opposite which she * had been i ■ d up-stream, but the wash was very v . and the little gold that was got was • very finest nature. The dredge bottomed on tiie reef, but it was very hard,

and covered with large boulders, making it impossible to open out a face. If the gold did not improve by Monday evening last, the dredge-master intended to paU ahead about a chain in the hope of better ground being got. 1116 secretary of the Hartley and Riley Company reports that the dredge-master wired to-day; “Ground improving.” The Havelock, Imperial, and Gordon dredges are putting in go.xl time, and (says the ‘Tuapeka Tunes’) about four years hence will have the ground on the Havelock Flat nearly all turned over. There is some talk of taking in a large race from the Waitahuna River, and working the ground behind the dredges over again by hydraulic. The Now' Bendigo dredge resumed work yesterday, the dredge-master having, by borrowing buckets, completed his string. It is probable that those lost some little time ago will be recovered by dredging in the near future. THE SHARE MARKET. DI7NUDIN KXCHANGE This morning's sal 6=l; —Electric, 31/5; Hartley and Riley, 61/6, 61/6; 1 Nelson Creek. 35/6; Ladysmith (contribs.), 5/ p. Quotations: — Alexandra Lead—Sel 8/3 Alpine No. 2—-Buy 27/, eel 51/. BigneU’s No Town—Buy 19/, sel 19/9Blackwater (contribs.) —Sel 10/6 p. Central Chariton—Buy 9/6. Cromwdl—Sel 35/. Dnnstan Lead—Sel 10/6. Electric—Buv 31/, sel 32/6. Ettrick—Sd‘7/9. First CSianoe—Buy 15/6, sel 18/. New Fourteen-mile Beach—Sel 19/ p. Golden Bed—Se] IL‘. Golden Run—Buy 29/6. Hartley and Riley—-Buv 61/6, so! 62/6. Inchdale—Sel 4/6. Lady Roxburgh— Raids, buy 17/, sel 18/; contribs., r;el 6d p. Ladysmith (contribs.)—Buy 2/3 p. Mauuhcrikia—Sel 48/. Mosquito—Buy 8/, sel 12/. Nekon Greek—Buy 34/6, »el 35/6. New Alpine Consols—Sel 15/. New Bendigo—Buy 17/, sel 18/5. New Halfway Homo—Sel 9/. New Roxburgh Jubilee (contribs.)—Buv 6/ p., sel 9 I p. No Town Creek—Buy 15/6, sel 18/. Olrig—Buy 13/, sel 14/6. Perseverance—Bel 30/. New Prince Arthur—Buy 5/. Riley’s Beach—Buy 7/6, sel 95 Rise and Shine—Buy 24/3, pel 25/6. Rising Sun—Buy 14/, sel 20/. Sandy Point—Buy 21/. sel 22/. Sullivan’s Lead (ord.)—Buy 4/, sel 4/9; pref., eel 20/. Unity—Buy 6/6, sel 7/3. Waikaka Queen (ord.) —Sel 12/. N.Z. Oil and Goal—Buy 5/9, sel 8/. Commercial Property—Buy 2/6. sel 4/. National Mortgage—Buy 45/9. Mosgiel Woollen—Buy 7/6, sel 78/. STOCK EXCHANGE NOTES. River height. sft. Only a few of the prominent stocks were dealt in tins morning. One bolder of Electrics quitted at 31/6. while any Hartley and Rileys placed on the market at 61/6 still find ready buyers, and as the dredge-master wired to-day that the ground is improving share values will possibly harden. Nelson Creeks realised 35/6. Demand was made again for Alpine No. 2 shares and also for First Chance, while Cromwells, offered at gradually reducing rates, are not commanding buying support at present. Lady Boxburghs are attracting some attention just now, and good demand was made for New Bendigo and Riley’s Beach shares, the first steps towards a recovery from accidents sustained at either claim having been successful. Other stocks, both mining and investment, showed a quiet market, aproaching dulness.