MINING NEWS.

Evening Star, Issue 12313, 30 September 1904, Page 6

MINING NEWS.

The directors of the Golden Gale Dredging Company have declared a dividend of Is per share, payable on Monday next. The secretary of the Sandy Point Company reports that the accident to the elevator will mean a longer stoppage than he at first expected, as it has been decided to work it in future with a top drive, the bottom drive never having given satisfaction. When the dredge stopped work the dredge-master was sure that a run of a full week would have resulted in a return of fully 60oz. At the first annual meeting of the Garden Gully Dredging Company, hold last evening, there was a "fair attendance of shareholders. Mr H. Adams occupied the • chair. The annual report stated, amongst other things, that the results of the six-months’ dredging had not been so good as expected. Although the dredge started working in March, the great difficulty experienced in opening out prevented returns being secured till May. The balance-sheet showed that 2250z 2dwt, valued at £B4O 3s 3d, had been won, and that the expenses had exceeded that sum by £487 15s 2d.—The Chairman, in moving the adoption of the report and balance-sheet, spoke encouragingly of the future prospects. The position smce August 31, when the balancesheet was made up, had improved very much. After providing for known liabilities, and making allowance for current debts, there was a deficiency of £l2O odd—an improvement of £260 since August. Owing to some rotten planks the dredge was stopped for repairs. The cost of repairs would, in all, amount to less than £IOO. Two months ago an overdraft of £250 had been appHed for. There had not yet been much call upon it, but they expected there would be presently. The directors had up to now not drawn their fees, rather than increase the. overdraft.—The motion for the adoption of the report and balancesheet was, carried, after a good deal of discussion. Two vacancies on the Board of Directors were filled by the election of Mr H. Adam and Mr G. K. Elder. Messrs Wm. Brown and Co. were reappointed auditors. RETURNS. Garden Gully : 240z 4dwt, week. New Fairdown : lloz lOdwt, for last week. THE SHARE MARKET. DUNEDIN EXCHANGE. This morning’s sales Junction Electric, 3/3; New Fourteen-mile Beach, 18/ p, 18/6 p. Quotations: — Bignell’s No Town—Buy 18/, eel 20/. Central Charlton—Buy 10/, sel 12/6. Electric—Buy 26/6, sci 28/6. Enterprise—Sel 15/. New Fourteen-mile Beach—Buy 18/ n, sel 20 1 p. Golden Red—Bel 10/6. Golden Run—Buy 19/3, sel 21/. Hartley and Riley—Buy 41/, sel 50/. Junction Electric—Buy 5/5, sel 3/10^. Lady Roxburgh—Pds., sel 12/-, contrib., sel 2/5 dis. Ladysmith—Buy 2/9 p. Majestic—Buy '3/6, set 4/5. New Bendigo—Buy 1/, sel 2/1 New Roxburgh Jubilee (pds.)—Buy 25/, No Town Creek—Sel 17/. New Perseverance—Sel 24/ Rise and Shine—Buy 19/6, sel 23/. Rising Sun—Sel 21/. Alpine Extended—Sel 1/6. Big River—Buy 5/9. National Insurance—Buy 22/9. Westport Coal—Buy £6 15/, sel £6 17/. Perpetual Trustees—Buy 15/9. Mosgid Woolen—Sel 81/. N.Z. Drug (40/ paid)—Sel 45/5. S STOCK EXCHANGE NOlfes. River height, 4ft (unchanged). The market bad little appearance of Efe yesterday, but this morning there was quite an eddy of business. Four-teen-mile Beach shares, which were untouched yeaten!ay morning, and in which sellers on Wednesday were quoting at 22/ p., came in for-general inquiry, with the result that two sales were brought off, one at 18/ p. and the other at 18/6 p. A buyer was Asking for Golden Runs at ’3d over yesterday’s offer of 19/, but no seller disclosed himself under 21/. A tranaction in Junction Electrics was put through at 3/3. the final buying tender also standing at that figure. There was a* perceptible weakening of the market in New Bendigos. Investment stocks were practically untouched.