MINING NEWS.

Evening Star, Issue 12523, 6 June 1905, Page 6

MINING NEWS.

Very few oompanies can claim to have had directors' services rendered at so slight a cost as the North Mount Farrell, Tasmania. Tho members of the Jk>ard of that company, in their halfyearly report-, just issued, state that in the early stages of the venture thev received no fees. '"Sine* 189 i." they write, " wo have received an average of £2O per half-year, divisible among the six directors." They have devoted mnch time and work to the affairs of the company,'' and incurred heavy personal liabilities by guaranteeing the overdraft at tna bank. Now that the financial position is good and the company making a profit, they a-sk that their services be better recompensed, as the responsibility of conducting a business with a turn-over of about £IB.OOO per'annum is inadequately remunerated by # the present payment of 15s per week, divisible among' six. Most people will also approve of the reasonable request of" the Board that the fees should be increased to £is per half-year nntil dividends arc declared, and then to £l5O per annum. The scheme of reconstruction sua-frested to tho shareholders of tho New Chillagoe Railway and iUines, Limited—viz., to create a new company, of 700,000 snares of 10s each, issued as paid up to 7s 6d, in lieu of the present company of 1,000,000 shares of £1 each—was unanimously approved at a recent meeting held in Melbourne. In addition, the directors were given power to carry the scheme into effect. Chillagoe is a copper mining field in North Queensland, and tho company, when floated some years ago, were believed to be destined to rival Mount Lyell and Broken Hill as a mining industrial centre. Those expectations have not been realised. The secretary "of the No Town Creek Gold Dredging Company reports having received advice from the dredge-master to "the effect that the No. 2 dredge has bottomed at 47ft, but the buckets have been dragging dirt in from behind whilst opening up and keeping on the bottom. The bottom is now clear for about 90ft, and if a good run is obtained this week ho may be able to form an opinion of what the ground is like. RETURNS. Chicago : 360z, 126 hours. New Fourteen-mile Beach : 390z Bdvrt, 171 hours. Golden Treasure : 28oz lOdwt, 105 hours. Majestic : 270z. 97 hours. Golden Gate : 240z 19dwt, week. Taniwha : 12oz 2dwt, 2 weeks. Ettrick : 16oz lOdwt, 95 hours. Loch Lomond : 2&oz lodwt, week. Waimumu : 220z odwt, 117 hours. Royal Waimumu : 270z lldwt, 136 hours. Upper Waipori : 230z, 142 hours. Waikaka Syndicate : 14oz 2dwt, week. Waikaka Queen : 13oz 18dwt, 114 hours. Waikaka : 13oz 12dwt. 129 hoars. MacCharlton : 12oz lOdwt, 127 hours. Waimumu Queen : 6oz 13dwt, 127 hours. Unity : 6oz, 124 hours. Jamieson's Reward : 640z, week. Pactolus No. 1 : 470z lOdwt, 152 hours. Pactolus No. 2 : 50oz. 11l hours. Mokoia : 220z 12dwt, 4 days. Bellevue : 230z 12dwt. 105 hours. Al : 13oz lOdwt, 128 hours. THE SHARE MARKET. DTJNEDIN EXCHANGE. Quotations: — Alpine No. 2-Sel 10/6. Bignell's No Town—Sel 15/. Blackwater (contribs.) —Buy 2/ (lis, sel 2/6 p. Electric—Buy 35/3; scl 35/9. Golden Run—Buy 28/9. sel 29/6. Island Block—Buy 5/. ' Junction Electric—Buy 4/3, sel 6/. Ladysmith—Buy 1/6 p. Majestic—Buy 3/9. Manuherikia— Sel 32/6. Molyneux Hy.draulie—Buy 5/. Mystery'Flat—Sel 29/6. * Muddy Creek—Buy 33/6, sel 40/. New Bendigo—Sel" 5/6. No Town Creek—Buy 23/, sel 25/. Otago—Buy 31/6, sel 35/. Pactolus—Buy 28/3. Perseverance—Sel 23/. Riley's Beach—Buy 4/6, sel 6/. Sailor's Bend—Buy 14/6, sel 16/. Sandv Point—Buy 20/. Unity—Buy 2/. sel 4/. Waihi (quartz)—Sel £6 15/. National Insurance—Buy 21/. South British Insurance—Sel 93/. * Standard Insurance—Sel 16/9. Westport Coal—Sel £6 15/. Perpetual Trustees—Buy 17/. Milburn Lime (10/ paid)— Buy 12/6. N.Z. Drug (40/ paid)—Sel 48/. N.Z. Portland Cement—Buy 22/. N.Z. Refrigerating—Sel 53/. CRQMWELL NOTES. [From Ora Own Corkespondent.] Tho rivers aro about nsnal winter level here now, and every dredge in the gorge should be at work. The Riley's Beach, being on very deep ground, wants an exceptionally low river to bottom. The

ground is rich. Alpine 2 may drop into a three-figure, return any time. Both the Electrics are keeping up their, reputations as big return ■ getters. Junction 2 keeps getting good returns from the old ground. Messrs Sievwright held !a very successful sale of the 'Cromwell 1. dredge on Wednesday, about £750 being tho price paid. A strong contingent of gentlemen interested \in dredging came 'from Alexandra, ' • ..-...- The Clutha fleet are working steadily.. Rising Snn had a good week's run, and headed the list of the Clutha returns with 470z lOdwt. rjmne 1 will soon be past the spur of hard reef on the eastern side, and her returns should improve soon." I expect Shine 2 and the Punt dredges to improve their late returns considerably shortly. ■ —Goldfields Pioneer Association.— An association called the Central Otago Goldfields Pioneer Association has been formed, mainly through the exertions of Mr John Weiner. Tho preliminary meeting was held in the Council .Chambers on Wednesday evening, when the following gentlemen were elected as Executive, with power. to add to their number : Mr E. Murrell, president; Messrs D. A. Jolly and John Weiner, vice-presidents; Mr Lewis Harris, hon. secretary and treasurer; and Messrs H. Partridge (of Clyde), Charles Holden and James Marshall (of Cromwell), with power to add to their number. Tho entrance fee was fixed at ss. arrivals on the Central Otago goldfrom 1861 to 1865 being eligible. On Tuesday evening a resolution will be tabled authorising on. age pensioners to be. enrolled as honorary members. Several members residing in the outlying portions of tho district have been nominated as conveners, and will canvass for members and subscriptions. Over seventy names wore handed in at the preliminary meeting.